What Next? - FT ER recruiting
Just want some general advice. Current junior at a non target, 4 internships, 1 corp finance general company, 1 at biotech HF in spring, 1 in corp fin at a biotech in summer, then 1 in healthcare equity research at an MM this upcoming summer, working under a great analyst from what it seems. Only issue right now is this summer does not convert to FT as they have a set number of associates and I’d have to essentially wait throughout senior year for this company for associate spot to open and would really only become eligible mid second sem. Not too worried as they told me if I do well I’d be in heavy consideration for a FT position, but still as all associate roles are, it’s random when it comes up.
Just curious to what I should do next? I want to be as prepared as I can for when some of these big banks open FT ER roles when the summer analyst return offers are finalized, Ik for a fact a decent amount put out these apps and have figured out the times as well. Should I start networking now or wait till later? I’m well networked at a few places being close with the DoR’s, but want to rly try and get something at a BB. Any advice would really be appreciated as I’ve really really been stressing about this recently.
To maximize your chances for a full-time equity research (ER) role, here's a structured approach based on the most helpful WSO content:
Start Networking Now: Don't wait. Networking is critical in ER, especially since many roles are filled through word of mouth or internal referrals. Reach out to your existing contacts, particularly the Directors of Research (DoRs) you’re close with, and expand your network to include senior analysts and associates at BBs. Focus on building genuine relationships rather than just asking for jobs.
Leverage Your Upcoming Internship: Use your healthcare ER internship this summer to build a strong reputation. Impress your analyst with your work ethic and insights, as their recommendation could carry weight even outside their firm. Additionally, use this time to network within the firm and with external contacts.
Monitor FT Openings: Keep a close eye on when BBs and other firms open their FT ER roles. These typically happen after summer analyst return offers are finalized. Be ready to apply immediately, as these positions can fill quickly.
Tailor Your Applications: Highlight your relevant experience in biotech and healthcare, as this niche expertise can set you apart. Your internships in corporate finance and at a biotech hedge fund add depth to your profile, so ensure your resume reflects this progression.
Prepare for Interviews: Start preparing for ER interviews now. Focus on stock pitches, industry trends, and your ability to analyze companies. If you haven’t already, consider studying for the CFA Level 1, as it can demonstrate your commitment to the field.
Consider Smaller Firms: While BBs are a great target, don’t overlook mid-tier firms or smaller brokerages. These can serve as a stepping stone to a BB later in your career. Many successful ER professionals started at smaller firms and leveraged that experience to move up.
Stay Persistent: The ER hiring process can be unpredictable, as you’ve noted. Keep networking, applying, and preparing throughout your senior year. Even if your current internship doesn’t convert immediately, staying in touch with the firm and maintaining a strong network can help you land a role when an associate spot opens.
Remember, the key is to stay proactive and consistent. Stressing is natural, but channel that energy into preparation and networking. Good luck!
Sources: Two Internships Later: What I wish I Knew While Recruiting! (Toronto), Non-Target to MM IB: My Advice, Breaking into buy-side equity research - my experience, Really unsatisfied with SA group placement and looking for advice?, Simplified Guide to Breaking in as Non-Target (EASIER THAN YOU THINK)
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I think you should start networking sooner than later, so that when these new applications come out for FT roles you're already thrown to the top of the list for interviews. I started interviewing for FT ER roles in September, I was seeing applications get posted late august/early September and some other banks posting a little later than that. Once the new year hits, the postings are all gonna be mainly for direct associate roles, where you'll be competing with other associates/analysts who have been in the industry for a few years.
Sounds like you have a solid resume and can help you get pushed up, but always good to network and have someone you've spoken to before you interview.
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