I have read a lot of old threads, but I still can't decide.
Should I take an offer from BAML capital markets (ECM/DCM) or should I keep interviewing?
From what I have read, FT recruiting is incredibly hard and I'm worried about even getting interviews coming from a non-target and a summer role with no modeling. Would I be better off at a boutique as an M&A generalist?
Goal is to move to buy-side within ten years.
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I don't have long now. If I take it I'll be sure to carefully network hard this summer within BAML. When you say I have a good reason for switching when I'm asked in an interview, what would that be?
All of the "top" groups are probably already filled. If you're convinced you don't want to be in ECM/DCM, then either 1) try to move internally or 2) suck it up for 2 years and get your MBA
What do you mean filled? I know people with GS, JPM, and BAML offers and they only received generalist offers. Group placement is not until the Spring?
BAML has strong internal mobility opportunities for summer analysts. The process to transition begins near the end of the summer. That said, capital markets can be a great place to start.
That's good to hear. I have been told it would be very hard to get FT interviews elsewhere or even lateral interviews in the future with capital markets though. I don't know if I want to depend on internal mobility to move to coverage.
Hi there! I am an incoming 2023 ECM summer analyst at BAML, and I was thinking about optionality as well. I am excited about ECM, but ultimately I want to end up in coverage or LevFin. Do you mind if you share your internal transfer process? Any advice would be greatly appreciated!
You only have one offer, I'm not sure what question you're trying to have answered honestly. Take your only offer and be grateful for it
My question is do I take the offer or do I decline and continue interviewing? Sure, there's the BAML name or would I be better off at a boutique like JMP or DeSilva doing M&A?
Reiterating other people's comments above, I'd try to (1) see if you can get another position before your BAML offer explodes, though be careful that it doesn't get back to the firm if you're leveraging your offer, and (2) if you don't have any other offers and don't want to enjoy a summer off, take the BAML offer.
If you take option #2, you'll need to work hard over the summer, network, and make sure you get the return offer (without a return offer, it'll be difficult/impossible to transition). When you go in for FT recruiting, make sure that you've studied up on your technicals, can illustrate what your contributions were to the team, and most importantly, you need to have a concrete story about why you want to move from Cap Mkts to Coverage/M&A.
For full disclosure, if you're looking to get into GS TMT, JPM/MS/BAML M&A for FT, it's going to be opportunistic. Those groups are usually full, but occasionally have FT spots open up if someone declines their offer or if the group underhired. However, if you're going coverage, there are often FT openings in certain specialized coverage groups (e.g. FIG) where the group sees a large number of summer declines.
Thanks, this was very helpful.
I was not even considering the top groups at BBs as I realize how unlikely that would be. I was looking more towards coverage groups such as FIG, like you mentioned, maybe the EBs since I know some analysts there, and smaller banks such as Rothschild/RBC for M&A.
My main concern is even getting FT interviews as someone in capital markets because I am sure there will be plenty of people from coverage/M&A groups looking to move for FT too.
A vast majority of FT hires for most banks will be from their SA pool, so those people aside, I think coming from a CM background is an advantage. People from coverage/M&A will have explaining to do regarding why they either didn't get an offer or are shopping around at other firms, and others won't have as much relevant experience.
That said, definitely take the advice of some of the others who have posted and keep looking and interviewing elsewhere, and maybe try to get an extension on your BAML offer, but taking it is nowhere near a bad situation. BAML's a great shop, and you can always spend your summer networking while you're there. If BAML's a place you'd want to go FT, having that SA experience there, regardless of what group it's in, would be valuable.
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