Re-recruiting out of AM internship... where to look?
I'm doing my first real ER internship at a pretty large AM ($100B+) and getting visibility, doing well on my presentations, etc. But the place doesn't hire a ton, especially with the markets looking awful and I don't think I can count on a return offer.
To be safe, I want to start looking for FT opportunities after graduating but I have no clue where to go from here. I could try to find a sell-side spot somewhere or work for a smaller AM for a couple of years in ER. I could try to lateral to consulting or PWM, which don't appeal to me as much. And I don't think my modeling is good enough to hang for some of the PE and L/S opps I know can sometimes be landed out of undergrad.
Did anyone take a similar track out of school as me? Where do you think would be a good direction for FT recruiting?
Bump
Its good that you're being proactive about re-recruiting. Given that you have already done a LO AM internship, you should be able to reasonably get interviews at other large LO AM shops. Regardless of market environment, almost every large AM will have some available coverage meaning demand for research associates. I would use SS ER as a fallback if those don't pan out. Also, as a quick aside, why wouldn't your modelling skills be up to par enough to land a PE/LS role?
Thanks for the advice- sounds like I should start by reaching out to any old networking contacts at large LO and then broaden my search from there.
As for modeling, my first big internship project was more of an industry teardown than a bottoms-up thesis, so I'm only now starting to sharpen the pencil. I think I'd just need to put in too much time vs. guys with FT experience or even people re-recruiting out of more relevant environments. I understand those are the dream jobs out of undergrad, but in your opinion would you put the hours into those apps?
Honestly, aside from the FT programs at the MM pods (Citadel, Millennium, P72) I don't think you would be expected to do any kind of modeling test so I wouldn't necessarily worry about that. I think you should minimize (but not neglect) time spent on other applications right now given that you likely still have a stock pitch or some other deliverable left in your internship that you can focus on knocking out of the park. Ask your mentors or anyone in the firm you are sufficiently close with and trust what historical conversion rates to further gauge how much time you should spend on the re-recruiting process.
William Blair in Chicago has quite a few openings for juniors in ER
Appreciate the heads up- I'm from the Chicago area, so would be a nice bonus to go back after graduating too. Any thoughts on what the career path out of MM SS looks like?
With a buy-side internship under your belt, try your very best not to do sell-side ER.
Once sell-side, you have to re-convince buy-siders that you are investor material. That said, it's still more relevant than PWM or IB.
Appreciate the insight, does that hold for top sell-side opportunities too? Or would you still recommend a smaller buy-side shop if given the choice?
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