So i go to a semi-target, 3.5 gpa, currently during a BB internship in risk management for my sophomore internship, and I was just wondering my chances at Landing a BB internship for equity research next summer if i work really hard.
Also, well rounded resume, head of a student run independent investment fund where we invest our own money, on student government, have two jobs on campus (one as a econ tutor and the other a research assistant)
Not to toot my own horn, but I like to think I'm not socially inept and can relate easily to people.
Looking for perspective.
ER conversions are all demand-based. The only way you get a FT job in ER is if someone dies, retires, or leaves for a different industry. This makes entry into ER highly dependant on luck and timing, which is why job postings for FT in ER randomly pop up during the off-cycle.
Thanks for the advice!
Completely disagree and have definitive proof that the convert rate to FT from BB ER is not always poor, and in fact in some cases is higher than IB. While you can't guarantee you'll get a FT offer and it's possible you could get squeezed out, whatever (likely negligible) difference there is from a typical IB internship is not worth factoring into your decision. To this point, BB ER summer intern classes are orders of magnitude smaller than BB IB classes, so while yes less spots are opening up each year for FT slots, you are competing against significantly fewer summer interns for those slots.
Definitely not correct. Multiple high-level alum, other folks in the industry, etc have indicated to me that generally the number of SA who go FT for BB ER is > 70% (if the financial sector isn't going to shit like it has this year so it might be a little less for the current summer). The people who don't make it are self-eliminating, it wasn't meant for them, etc.
I think your chances are good if you work hard and network well. It's rare to find undergrads that are legitimately interested in ER instead of IB, since most undergrads herd towards IB. You'll have less competition as a result.
Your first priority should be making sure your internship goes well this summer. At the end of the summer, you should express your interest doing an internship in ER the following summer at the same BB. If they don't have any openings, then you'll need to do the traditional networking and on-campus recruiting. If you reach out to alums and other contacts in ER early then you would really stand out in my opinion.
Given the information provided, I'd imagine you have a decent shot at a BB ER position for a summer internship. I don't have a terribly good grasp of what semi-targets are (in my mind banks either recruit or don't recruit for a given role at your school), but assuming banks do recruit at your school for ER, you'll need to focus heavily on the networking - specifically with alums at the BB you're currently at who are already in ER. Happy to answer any other questions you may have.
Also, while I can't speak for other BB, at mine, we had a 80%+ offer rate for summer interns in the research department last summer.
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