Hello WSO Community,
This might seem like an odd post, since everyone who wants to get in this industry is having difficulty. However, I still feel that I am perhaps doing something very wrong. Also, please excuse me if I make any grammatical errors. So, to give a little info on myself, I attend a non-target, that still has plenty of alum within financial services, specifically in FO roles. Therefore, I cannot say it is a complete non-target.
As a college student, I have been very interested in the M&A and underwriting services that financial institutions provide, and wish to become an analyst, at a boutique or middle market investment bank. I have done plenty of cold calls, with firms and have sent plenty of resumes, but have had no luck even in obtaining a interview. My resume and background, is not uncompetitive for high finance, but is not exceptional either. I have maintained above a 3.6 GPA, with two internships in financial services, specifically one in capital markets. Also, I have four leadership roles, one in an invite only investment club, as a senior analyst, a officer position in a honor society, etc.
My resume if you want to view is on razume
What I cannot understand is why I am having trouble with obtaining even a interview? I have sent roughly 110 applications from August-November, to boutique and middle market investment banks, after cold calling them, and have had no luck. I understand that this year is extremely competitive, which is why I have not even bothered to apply to a BB. However, if there is anyone who can perhaps provide some advice on either my resume, where I should apply, or even my cold calling techniques, it would be greatly appreciated. I am not by any means whining, and I am prepared to accept the fact that I perhaps may not be qualified for IB at any level. Just some advice would be nice.
Thank you for your time.
just some quick stuff-
I'd take pen and coin collecting and video games out of your hobbies section. Would also remove the finance books from your academic interest section (you are a finance major with finance internships/leadership activities)
just out of curiosity how did you do two internships this summer?
seems a little odd to have "fall 12 to present" when you have been sending out this resume during the fall 12 semester
your resume isn't bad, I know for mine I had more for professional experience and less for leadership (don't know if that matters), so could be the way you are going about networking
Thank you for the reply.
I managed two internships, by not having a life over the summer. I did 7 weeks of an internship in capital markets, then 8-9 weeks of a internship in investment management. I just had to complete hours required. Also, this was spread over mid May- late August, which helped spread the hours. I like the comments, I'll adjust my resume. Also, I think it could be the way I'm cold calling the firms, where I might seem too aggressive, so the firms might just put my resume with others. Thanks again
You must absolutely be networking poorly. Stop cold calling and start emailing MD's of the MM banks. I have done this successfully and already received one interview and will probably get a couple other in MM banks for investment banking. I found that for every 4 emails I sent out I would get one back and would talk on the phone with them, sometimes they would redirect me back to head of recruiting, which is not a terrible thing either. I have a similar resume as yours. Also through alumni I have basically sucured an interview with a BB. All of the MD's that I have talked to on the phone said they would pass my resume along to HR and see if they can help me get an interview. Granted this is all for SA roles if you are looking for a FT position I guess this is no help.
Thank you. This is for FT roles. It's just that I have sent my resumes. They have said it was sent to HR, and it depends on their current needs. Also, as far as I'm aware cold calling is suppose to be more effective then cold emailing, but, I will try that as well.
OP, I hope I'm not high-jacking but I got a quick question. Do you think that it's OK to reach out to MDs even if they don't go to your school? I also am in a similar position as the OP in that I have a good resume that's competitive, but isn't exceptional from a non-target and my school has very few alumni on the street, so it's tough to connect with them in that way. Imagine you are an MD at a MM/boutique from a top school, would you be open to listening to someone from a non-target or would they have to go to your school to warrant a response from you?
Also, is it OK to attach a resume in that cold email, or is it better to ask for coffee, etc. first?
Thanks!
Sounds like you only have 5 months left to find a job before graduation. That time is going to fly by man, it will fly by. I would start networking with friends and family as well as alumni. Hate to be a downer, but your chance is less than 1% of getting a banking gig. It's not easy out there.
Well I understand that I do not have a chance with a BB. But 1% chance seems kinda a low. I mean i know things are terrible in terms of recruiting, but i cant have a terrible chance for FT FO roles. Also over December break i plan on grilling out contacts and applications.
Less than 1%, really? It's funny, that number smells like shit because you just pulled it out of your ass.
Just messing around of course, but no need to be a pessimist. Sure, it will be tough to find a job and BBs are done recruiting for FT, but there are plenty of banking jobs.
Network and you can get a job. There are always openings, and plenty of smaller boutiques and MM firms are still looking for analysts or don't even have a specific recruiting calendar/process.
Most places have filled their analyst classes by now, but what you can do is once your grades come in for this semester update you resume and then email every single person that you have made contact with and let them know that you are sending in an updated resume still very interested in said company and want to make sure that if any available positions open up you would be more than glad to interview for a spot. This way you can make contact again with whom ever you have networked with and put your name out there one more additional time.
Thank you very much for your help. I'll follow that method around early January.
Just a quick question. Don't the boutiques, and I don't mean the "elite boutiques" recruit later, more so around February and later? I've read that its because they don't want to give the time to analysts that they have offered spots to use as leverage for a middle market or BB.
It seems that you have only been calling these people. Set up meetings with people(get coffee or something). You will be much more memorable. This should definitely not be a problem considering you go to school right in NYC.
Thank you very much.
I'll set up meetings for December- January. Hopefully, with the 110 firms that I sent applications to at least 20 will set up a meeting. Thank you
ky0ung is right, that is a great idea. Im not sure about the FT recruiting, but I will say that a kid in my class at my non-target set up a meeting with a MD at a BB and it just so happened that the MD had an analyst that was given the FT offer bail so he ended up having a couple meetings and getting the role. Sometimes you just have to be lucky. Note that this is a top BB (MS, JPM, GS) in one of the better groups.
Maybe it's just me, but I don't think books you've read is really resume worthy.
There is no set time for boutiques. Most boutiques have like 2-3 analysts so if they do hire it's most likely one per year. In addition there are many that don't have a strict two years and out policy and thus analysts stick around much longer and hiring is even more rare. Thus it becomes a numbers game and you have to be in the right spot at the right time.
I interned at a very small boutique who recently had someone leave at which point they direct promoted their analyst who had been there 2+ years. Thus I received a FT offer at the end since they just happened to have a need at that exact time I was interning. Had I interned at any other point in the last 2-3 years there would have been no opening.
Frankly it is also going to be extremely hard without any IB experience. Capital markets is finance sure but it's not IB and for a boutique with like 2 analysts, they have to be sure they are getting the right guy for the next 2-3 and it is risky for them to take on someone who hasn't worked long weeks and doesn't have the previous skills in IB.
In summary your best bet is to keep making contacts and hope the right hole opens up while you are doing so. It is really tough out there, one of my friends worked in BB IBD and didn't get a return offer and is also still looking.
Thank you so much. This was really helpful and what I needed. Unfortunately my school cannot provide this advise and knowledge on the overall labor market, for financial services.
Sometimes I don't know how to respond to stuff on this site w/o sounding too rude...so i apologize in advance...but Jesus. Ill be brutally honest. Hope you can take it as constructive criticism.
After reading your post and resume, it is quite apparent why you're struggling to find a job. You seem weird as shit. Pen and coin collecting? Video games? Hahaha. Why are you listing books you have read like its an accomplishment? It seems to me that your trying incredibly hard to be something that you're not. Square peg in round hole type deal.
From my perspective, it seems like a lot of kids nowadays are trying so hard to work in finance and most of them don't even know why. Perceptions of 'Wall St' have been sensationalized and glorified by news, Hollywood, etc. I hope things work out for you personally but be honest with yourself and make sure this is an industry that you truly enjoy. Most people like the idea of working of working in finance more than they actually like finance.
Yes my post did seem show that I have a quite timid behavior. This is an area of financial services that I really do enjoy. The funny thing is a very close family member who use to work in CSFB, advised me to include that. I enjoy financial services, and I'm like many in this blog, who view that the accounting and consulting industry, is useless, but that is another matter.
The funny thing about resumes is that there is no right or wrong - it boils down to personal preference. I would suggest removing the books and pen stuff but to each their own. In my view, it seems that your approach should be simple...use your family member's connections from CSFB to get in touch with ANYONE inside a firm that interests you. Ask for an informal meeting for lunch or coffee. Even if they can't help you directly, they may have a better idea of who is hiring. Such a meeting could lead to a scenario where they then turn and introduce you to someone else at another firm...and so on and so forth. I think this approach would be much more effective than cold emailing strangers.
Cold emailing shows your enthusiasm and stuff but it strikes me as kinda weird. A stranger emailing me at work sounds like spam...and I don't like spam.
By the way, your comma usage is totally fucked. Might want to get that corrected.
The 2nd bullet point in your capital mkts internship doesn't make sense to me.
The "modeled dividend payments, unearned capital gains..."?
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