You Didn't Get Return Offer -- How's FT recruiting going?
Just curious how many people out there who didn't get the return offer after SA stint are getting traction regarding FT recruiting. And what are you guys doing to gain that traction -- is it networking with alumni, web sites, reaching out to HR at various banks?
I am not getting any visible traction yet. So far I've just been reaching out to some of my warmer contacts, but once I comb through those, I may have to resort to some more cold outreach.
dont think it's very possible someone with no return could land a bb/eb/good mm banking job imo. theres many ppl who have returns recruiting for FT now and theres just too few openings overall
This is what I don't get. why would someone recruit for FT if they got a return offer? I guess if your not in a good group. Also if people are moving around then that opens the door for others to jump on.
??? I had 0 relative internship experience and landed a gig doing FT recruiting from non-target and meh GPA. Obviously, this is pre-pandemic, but I'd say it's a battle of attrition and lotta luck involved.
thats not what I was talking abt? ppl might be more willing to trust someone who has a late start with less experience over someone who does have experience but didn't receive desirable recognition. not sure how this is confusing.
Bro what? This thread is about FT recruiting during COVID. Your experiences pre-pandemic have nothing to do with this. are you sure you're a 2nd year?
I’m in a similar position. How did you go about networking and finding the right firm? Was it cold emailing and looking for a smaller local firm?
this is just false. got a ft offer from a LBB without interning there.
Do you have any tips for doing something similar or just mainly networking? And did you get the offer later in the fall?
Yeah, that's why I was curious -- environment seems bad, but there's clearly a lot of qualified students out there who didn't get return offer for arguably unfair reason, so was just hoping that these candidates still had legitimate shots at getting FT work. Sucks if that's not the case.
that make sense but its just this year is different. with so few spots for full-time this year specifically, it just makes it less likely for employers to take someone with no return over someone who does have one. unless all interns in your group didnt get returns / some crazy case like that (even for jefferies I guess its still 50% of the class who did get returns which is bad but not crazy enough to *fully* justify not getting returns from an employer's perspective), its just unlikely.
yep... sad, but true.
I have been turned away because I had a return offer. Literally an analyst told me that this was the only reason I got turned away. Said the team didn't want employees blatantly jumping ship at the next best opportunity.
Nothing, fuck this. And fuck the next Analyst 2 who comes and here tells me to "man-up" or take "responsibility" whatever that means. Sorry, I didn't have the spoon fed to me my whole life. These guys would be shit dirt if they were in my shoes when they went to school. I dare one of these fuckers to try me right now.
keep your head up and try your best
No point wallowing in self pity. Yes, the game might seemed rigged - and to a certain extent it is. And yes, you may have had it much more difficult than most yet they got the offers and you didn't. But focusing on that isn't going to help you get there. Instead, you should be focusing on yourself: what can you do to make yourself a more hireable candidate, what skills can you hone that you haven't mastered yet, what leads and contacts should you follow that you have not yet?
Hating on other people for "making it" while you haven't won't help your life in the slightest.
THIS -- this is the right attitude to have.
Beautifully articulated - comment to bm
Id be mad if I were a failure too
I'll be on my way then
As a super non-target who landed a gig via FT hiring, I feel for y'all. The deck is stacked and more than ever for FT. But, banks don't care. Being mad doesn't help and often wastes time and puts off contacts.
I recommend getting it all out, beating the shit out of something, getting blackout with your friends, or spending a weekend with the family. Whatever helps you get right. Because, if you get an interview, that anger will come through immediately and torpedo whatever chance you have.
On the bright side, I'd expect FT hiring to be dead before labor day. Keep fighting.
Expects FT to be Dead on Labor day ---- Post is on Labor Day
On the same boat my guy. Self-pity does not give me a job but it doesn't kill acknowledging the rough recruiting environment. Yes, luck plays a role in IB recruiting, but perhaps for this year luck wrestles me down at another level. Good luck folks.
MM I interned at gave out no offers. Been networking with a botique and the MM to see if something opens up.
A lot of people I know (including me) look at IB as a stepping stone or a path into a certain career. Whats helped me is looking ahead and thinking about other ways to get into that career.
Personally, Business development/strategy are what I’m interested in, so I’m widening my search. IB is a great place to start but ER, AM, finance for a small startup or business roles at an established company are going to help me learn and grow.
I’m gonna guess most of us don’t truly dream of building DCFs and alligning logos in our sleep. If you put anything close to IB effort towards a different role you’ll stand out and make a name for yourself. Really think about the things you want to do and figure out what you’re open to doing, you’re gonan find a lot more opportunities that way.
What bank if you don't mind saying?
West coast MM focused more in Tech/BioTech. Sorry, not gonna be more specific than that. Great experience though, seemed like a good place to be and I’d be happy to come back if a spot opened
Gonna guess HL or Jefferies
feel its piper
Piper Perri?
It’s going terribly. Feels like I’m on a wild goose hunt
Pretty badly....I tried to stay hopeful after not getting a return offer, but now I'm losing hope. Got positive reviews before my internship ended and was told I did a great job, then got blindsided with no offer. Seems like everyone who I have managed to get over the phone has said that they will not be doing full-time recruiting, and it is always awkward to say I didn't get a return offer when asked. How has everyone else been explaining not getting an offer when asked? To me, it honestly seems like my bank simply wasn't able to hire because of a headcount issue given the environment, but it seems there is no not-bad way to put this in person.
I would try to place the emphasis on your bank continuing to assess headcount needs instead of stating flat-out that you didn't get a return offer. This way, it puts the responsibility on the bank and not faulting you for it. Also see if at the very least your team is willing to vouch for you and corroborate your statements that you performed well and that the no offer was COVID-related.
You did an internship at BAML, mate?
You are not alone. My feedback was great too so I didn't recruit for other FT gigs (well now I learned the lesson the hard way)...Sometimes headcount problem is beyond your team's control. Just sharpen ourselves and keep networking forward then.
Yeah no other way to put it but it’s gonna be a slow FT recruiting season. Banks have seem to do decent with current levels of staff and for those that have seen increase in activity, it’s more immediate so I’ve seen headhunters active again with more immediate hiring needs. Since no one knows what the environment will be like next summer, I don’t anticipate banks will be too eager to spend a lot of time in FT recruiting.
But don’t lose hope. You have a summer in your belt. Continue to sharpen your skills and when the market gets better, banks will need bright and driven individuals who made the most of this time to become better professionally.
lol bit much to say that 4-6 week internships done remote can be considered having a summer under one's belt wouldnt you say mate?
Yeah I mean this year definitely is a different experience than normal. But better than nothing I guess. I’m sure most places didn’t have interns do real work so at least they can’t hold that against them.
The only way to define how I feel right now is by saying that I feel like completely damaged goods. Class of 2020 & 2021 got totally hoed but it’s more or less going to be fine for class of 2022. Not bitter but like what are the freaking odds of this happening 2 months before I graduated and full time offers would be pulled as a result
Really grateful to my alumni who have been extremely helpful, but it’s a drought out there and there’s barely anything to work with in terms of recruiting
Class of 2022 is getting smashed as well. Reduced class sized across the board, delayed recruiting timelines, hiring freezes, etc.
Not to mention a whiplash effect of great candidates that want to still do banking, and will probably be looking to lateral a year or two out.
I know that's how you feel, but fight the feeling to perceive yourself this way. Remain confident and project this in networking/interviews -- that hey, had a good time this summer, learned a lot, they didn't have headcount for normal amount of interns, and here's who you can call for a reference at the firm. Just try to be positive moving forward... and expect that it's going to be hard/take time to land something, but a lot more spaces may open up after new year, when firm's realize "Hey, shit, we're going to be busier than we thought."
Yeah the feeling will sting until you get something else under your belt. It really sucks, but use this feeling to fuel you.
Class of 2022 will definitely be impacted
in what way?
I've been networking all throughout the summer so definitely a better position than the others here. I also haven't been rejected yet, my group just hasn't gotten back to me about return offers.
Same - I had a summer internship, but I knew I was going to recruit for FT. Been networking since like May / June. Still tough out there.
Which bank is it that hasn't given offers yet?
Heard Macquarie, Nomura
There are many entry points to a successful career. The classic Target > IB SA > IB FT > PE > H/S > PE/HF > Greatness pathway is only one of them.
The only reason we talk about this pathway so much, is because its the mode. Y'all remember the mode . . from stats class. There's the mean and median, and then there's the mode; the data point with the most repetitions.
If you gather 100 older guys with the baller resume and net worth that you want, you'll find that the vast majority didn't take this classic path. Probably only like 10 of them did. But because those 10 guys took this clear path, and the other 90 guys took 90 different paths, this path looks has the illusion of being the only one. The mode.
My advice: when you learned the mode in stats class, you knew it was some useless shit. So don't start using it now. There isn't one path. If you miss this on ramp, grab one of the next dozen that's coming your way.
.
Ditto
This is an exceedingly excellent post. My SB doesn't do it justice so wanted to tell you this personally / publicly. Listen to the above advice, y'all, full stop.
Good stuff, as usual, by the Dr.
That's some of the realest shit I've ever read on this forum. If only I could SB it 100 times
Could not have said it better myself! If look up people in your "dream position" such as PE partners or HF PM, you will be surprised by how many started at non-targets or "non-prestigious" jobs. You will also be surprised how many people start at a top BB/EBs and not make it or pursue a less "prestigious" jobs. A career is a marathon. Just because a strong headwind called COVID-19 caused you to run mile 1 in 8 minutes instead of 7 does not put you out of the race.
Perfect response.
love how you broke this down
commenting to bookmark
Doctor's always give the best advice lads
Needed this. Thank you
Anyone got any stats on London? I don’t think ANY bank (except GS) opened FT recruitment lol. Only SA 2021 applications being facilitated.
What other stuff are you guys going to recruit outside of IB?
HR lmao
consulting/corp fin/AM
Hey guys any updates on London banks with FT positions open for 2021?
I was one of the interns who didn't end up with a return offer. I have managed to land a full-time spot already. I utilized connections via my school and connections of my group from this summer. While some of the banks I talked to aren't doing full-time recruiting, there are still some that have spots.
good work
Congrats, where did you get an offer from? or which firms are actively hiring?
Just off the top of my head: Wells, Harris-Williams, FT Partners, Stephens, Citizens, BlackArch, Truist, GCA. Very wide range, but obviously you have to cast a wide net in the current environment.
applying to everything under the sun on Handshake
I have a friend that decided to just go the Teach for America route, and a few others looking into it as a backup. Might just go do it as well - see everyone in 2 years.
Did not get a return from a BB London after a 6-month OC. Roughly 35%-40% of my OC class did not get it. We all have good reviews, good team connections....but my bank just decided to give away offers to all SA.
Hopefully we all can land in somewhere despite this bad year.
Sounds like BAML LDN. BAML seemed to have had quite a few off-cycles this year.
If not BAML then MS maybe. Know of a few people who did not convert there.
Bingo
The problem with OC internships in London is that when push comes to shove, banks retreat and prefer to give returns to Summer Interns. This is partly because the "numbers" on the basis of which opinions are formed about offer rates at banks are the summer figures. Not as much to do with performance/fit. As the name suggests, "OFF-cycle"/out of cycle means that the offer rates are not expected to be the usual 90% even in normal times. Granted if you do a stellar job, in normal times large banks will find a way of keeping you but in these kind of a times, I sympathise with off-cycles especially in London - unlike Europe, the primary pipeline in London is the summer route which means OCs can end up becoming the sacrificial lambs.
Until Covid-19 hit I genuinely thought BAML had turned a page by having so many off-cycles and probably thought it was them thinking that it is better to try out people for 3-6 month internships in IB before giving FT offers. But guess what, Covid happened. Had it not happened, assuming satisfactory performance, maybe the summer interns could have suffered.
In London if people do not convert OCs but can provide robust references about Headcount/macro times (from team members) then I/my team are normally fine.
A lot of hypothesising here, so please take it with tablespoon of salt...
For those of y'all who have got Superdays for FT after no return offer, what was the time frame you heard back? I had one last Friday and haven't heard back and not sure if it takes longer for FT recruiting or SA? (I got my SA call the day of).
Bump - shitting bricks waiting to hear back
same bruh
Wait -- where is FSE?
One round of MS FSE super days have already happened
I didn’t get a return from a top BB and it’s been about a month. Nothing on my end even for corporate roles. Just starting to feel like it’s over :(
Not over! Gonna be jobs popping up this fall, and then decent chance things will even be stronger after New Year's when banks have more visibility... don't give up! It's just speed bump along the way. That's the attitude you have to have, because if you keep grinding and persevere, that's all it will be.
---
Guys, please pray for me. I have a final round for FT. I have had a really hard year and this might be my chance. Wishing everyone good wishes in the FT search.
good luck bro kill it
You got it! best of luck!
a
Well....? Did you get the job?
Will find out Friday!
Trying my best not to feel down but so far it looks like things are headed in the opposite direction to the little improvement that had been shown. I am based in LDN and the impending Lockdown 2.0 is not helping. Honestly, feel like despite another support package this time there will even be cuts. Hoping to convert some leads before this happens because otherwise things will be quite bad.
Will be honest and say I don't know how to feel, seriously considering not doing banking and doing something else as it seems the easy route out (for now) since I was never 100% sold on banking post internship (Was in a sweaty group covering an industry I had zero interest in making the classic work-life balance conundrum less palatable).
In same boat tbh - highly considering corp fin/strategy or growth/private equity in LMM/MM space. Just keep reaching out and applying!
I do not know a single student who has gotten an offer who wasn't given a return this year. Seems to me like the only way to get an offer is to prove that you are superior to all interns they rejected and at par or more impressive than interns who received the return. Got to be the best person in the room. BB's reject interns should try for MM. MM rejects ->regional...
Same but in REPE, Covid wrecked me. I've done like 30 interviews, but 50% have been delayed, 10% I got passed over in the final, and 40% are 6-10 week hiring processes and I graduated in August. It's really tough out there, and I may just end up going the REIT route because there is more opportunities it seems.
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