Preparing for no return offer at AM internship
I am working in the AM arm of a Bulge Bracket in Chicago and the team runs extremely lean. Preparing for no return offer because of headcount, not because of performance.
I go to a non-target so my school does not have a robust alumni network at wall street firms. I know AM is extremely hard to break into right after graduation, especially in Chicago. So am I cooked if I don’t get a return offer? Do I have a better shot at sell side roles? Kind of stressing out.
Just wanting to hear outside input as to what my options look like
If you're preparing for the possibility of not receiving a return offer at your Asset Management (AM) internship, here's what you need to know based on the most helpful WSO content:
Sell-Side Roles as a Backup Plan:
Breaking into the buy-side (like AM) right after graduation is indeed challenging, especially without a strong alumni network. However, sell-side roles, particularly in Investment Banking (IB), are generally more accessible. Many professionals start on the sell-side (e.g., IB at middle-market firms like Nomura or HSBC) and later transition to the buy-side. This path is common because sell-side experience provides the foundational skills and network needed to pivot into AM or other buy-side opportunities.
Networking is Key:
Even though your school lacks a robust alumni network, networking remains critical. Focus on building connections with professionals in both buy-side and sell-side roles. Attend industry events, leverage LinkedIn, and reach out to recruiters, mentors, and even peers. Networking can open doors that might not be immediately visible.
Consider Graduate Programs:
If you don’t secure a role immediately, pursuing a Master’s in Finance (MSF) or pairing it with a CFA® program could be a strategic move. These credentials can enhance your profile and make you more competitive for AM roles in the future. However, weigh the cost of graduate programs against your career goals, as highlighted in WSO threads.
Broaden Your Job Search:
While Chicago may be your preferred location, consider expanding your search to other financial hubs like New York or even smaller markets. Flexibility in location can increase your chances of landing a role.
Stay Resilient:
The job market can be unpredictable, and opportunities often arise when you least expect them. Keep applying, stay proactive, and maintain a positive outlook. As one WSO thread suggests, even online applications can sometimes yield surprising results.
Leverage Your Internship Experience:
Even if you don’t get a return offer, your experience at a Bulge Bracket AM arm is valuable. Highlight your contributions, skills, and the lean team environment in your applications and interviews. This will demonstrate your ability to handle responsibility and thrive in demanding roles.
In summary, while not getting a return offer might feel like a setback, it’s far from the end of the road. Focus on sell-side roles as a stepping stone, double down on networking, and consider further education if needed. Stay persistent, and you’ll find your way forward.
Sources: no return offer, No return offer - advice needed, Non-Target Undergrad to Non-Target Grad to Asset Management, An old man looking for advice
Bump
Should apply for similar stuff on buyside and sell-side remember it’s all about how you frame your experience don’t artificially limit yourself. Not getting returns at places like this is kinda expected just remember to stay in touch so you can ask for referrals and if they tell you they will help you out with landing a job well use them.
if your team likes you (which i assume they do if your lack of return offer was not due to performance) ask for some intros!
Did you work on an investment team or was it more sales? The experience is certainly different
Investments team. Not sales
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