A COMPLETE GUIDE TO SUMMER INTERNSHIP RECRUITING

I've been writing a guide for for my alma maters business club on IB internship recruiting and figured I'd share it here for everyones benefit. I landed multiple offers and woulda saved a lot of time if all this info was in one place. 

Before recruiting starts

Actually make the mental decision that you want to recruit for investment banking. That means dedicating most of your sophomore year to studying technicals, networking, and submitting applications. Definitely try to maximize your resume while you can. You need a good combination of GPA, finance clubs, and work experiences. 

If you have a blank resume try to get a search fund, which are usually easier to get and provide some real somewhat relevant experience. If you go to a school with super competitive finance clubs and you can't get in one, obviously not optimal, but you could start your own. 

If you have a month or so in your freshman or sophomore year, also consider taking the SIE. It takes about 50 hours of studying and makes your resume stand out. Plus you'll have to take it anyways once you hit the desk full-time. 

Now, once fall of your sophomore year starts you need to focus on these 3 categories: networking, technicals, and applications. 

Networking

Okay first let me put it out there that everybody sucks at the first call. But you gotta do it. 

First, be deliberate about your geographical focus. Most banks only let you recruit for one office, whether that's SF, Houston, or NYC, so decide early and strategically (e.g., if you want to do tech it likely makes sense to target SF) and I would say don't waste too much time talking to like 3 analysts in both the SF and NY office as they typically run separate processes.

Second, when reaching out to bankers, keep emails short and to the point (no need to tell them your love for banking/finance, just mention maybe something in common and then jump to asking them politely for their time). I hand wrote about 1,200 emails over the course of 5 months (October - Feb) Remember, bankers are honestly only like 2-3 years older than you and often just want a casual conversation to break up their day they're not expecting you to impress them dramatically. 

ALWAYS ASK IF THEY CAN INTRODUCE YOU TO ANYONE ELSE AT THE END OF THE CALL. That is a major way to get to know more of the team and work your way up to more senior people. 

       2. Interview Prep

I would say that interview prep needs the most structured approach. You should break it down just like how the various prep resources guides do it (in terms of like core sections to understand).

For technical prep, I am NOT recommending any specific resources, as I hate shills. you can find plenty of FREE resources online, i said FREE. 

The next step is understanding the concepts is not enough - I REALLY RECOMMEND PRACTICING. The best way to do well in interviews is to literally have seen similar questions beforehand. We aren't geniuses doing crazy things out here, we're simply applying rules and observations to similar situations that we've seen before so PRACTICE.

Middle markets are fairly easy, but you need to know the basics on LBO, DCF, accounting, equity & enterprise, merger analysis etc. For BB and EB that will simply not be enough. 

      3. Applying

Lastly, be sure to carefully track recruiting timelines. Staying organized with timelines and deadlines is critical since early applicants usually have a significant advantage (I’d recommend at minimum applying day-of applications opening for every bank). There are free trackers online. 

Most BB's and some MM's have automatic hirevues so don't get your hopes up if you received the email after applying. PLEASE WEAR A SUIT/formal clothing. Many of the questions get leaked online so practice them beforehand. 

      4. Timeline

Sep-Oct:

Start networking / go for easy networking opportunities (i.e. your parents friends)Learn basic technicals if you have no prior knowledge (you can start a bit later if you have a good base/foundation) Polish the resume!!

Nov-Dec:

Start hammering techs. Honestly, they’re not that bad, just spend an hour or 2 a day and get it out of the way. Once you’ve learned it all and done all the questions, it shouldn’t take you more than like an hour to brush up before an interview. Hammer networking. Near thanksgiving and christmas nobody is going to respond but these connections are vital as they'll remember you for when recruiting starts up in the new year. 

Jan

A lot of applications will start opening up, and you should be dropping your resume right away. You should have been talking to people before the application opens, and if comfortable or if they mentioned in on the call, feel free to shoot your contacts an update when you apply. This should also be when your networking calls are peaking.Mock interview! practice those behaviorals!!

Certain interviews will be kicking off (EBs and BB)

Feb

This is when interviews are kicking off. If you get a first round, all on you now. Know your resume, know your story, and kill it.Keep networking until you get an offer. Cast a wide net, it’s really a numbers game and there is some luck involved. You could network super hard and not get a FR, or get a interview somewhere you cold applied.

March

Most EB spots are probably gone. BB and MM firms are definitely still going at it. (unless you are recruiting for non IB i.e. equity research which kicks off later)

Honestly so much luck is involved with the process and kids much dumber than you will get better offers. Try to not let it bother you and realize that this isnt everything. Once you break in you'll stop caring about whether or not your bank is prestigious and will find much more fulfilling things in life.