Advice for late senior student
Hi everyone,
So I am in my last senior year of non-target school in LA. I was hired at the boutique IB as a part-time intern to do remote work on the pitchbook. They don't guarantee me any FT offer or even in person internship. So I feel pressured to secure a job offer for 2023 when I graduate. I would go for Asset Management or Equity Research etc., but IB is ideal. My GPA - is 3.65, which is not the best; Don't want to brag, but I was told by professionals that my resume is great, and I have experience running a small business that I used to stand out during interviews.
So far, I did not do a junior internship for IB (covid year). And it seems no point in lying for the SA position but to try to break into FT more. Any advice or other career paths besides IB that can lead to buy-side jobs? Ultimately I have no interest in staying in IB for more than two years, and my goal is to work in private equity or venture capital.
To keep it a stack, you're late in the process for recruiting, at a non-target, and the GPA is good but not fantastic -- I wouldn't have the attitude of "settling" for AM or ER considering both are still good paths. If you are dead set on IB I'd recommend networking now and looking into some of the smaller no-name banks that hire off-cycle. Some MM firms might have certain openings here and there for Summer 2023 start so keep an eye out.
In terms of other career paths, both AM or ER could allow you to break into buyside, as well as LevFin (sometimes branded within IB, sometimes not -- LevFin is a very strong path to PE given the heavy emphasis on modeling, but keep in mind LevFin can be different at each bank). There's also the corporate banking route which allows for certain exit opps depending on the route you take
Agree, "settling" for any of these roles is the wrong mentality, particularly when there are plenty of other candidates with better creds and academics than you. Any job is a privilege, not a right. Networking day in, day out will be your best bet.
How will I know when these roles become available?
How do I keep my eye out for the positions to be open? Been networking but a lot of we’re full. Will my contacts tell me, or will I see them post the applications?
Can you talk about potential corporate banking exits?
Thanks, do you know any LevFin companies as an example?
How will I find out that these MM firms will have spots that will work out?
Not sure you will even be able to "settle" for a reputable AM or ER firm. Those recruiting processes happened a very long time ago. You are really late and your focus should be on getting a reputable finance job, period, not being picky on what exactly that is (as long as it's not like, bank teller or Northwestern Mutual financial advisor)
I would network with some local IB or PE boutiques who might let you do a spring internship and potentially full time. Think small, 5-20 man boutiques. They won't have formal applications but maybe they could use some extra help. That is a much better look on your resume than a remote only internship.
Thanks, great advice. But is it for PE they want you to have banking experience? I emailed local firms in LA it's the most common answer.
How big were the firms you were emailing? Legit MM or LMM will want banking experience. some of the 5 man shops are more flexible, since no one with legit banking experience is going to a tiny firm, and they can't pay on par either.
Same sitatuon l
Non-target, no reputable SA, pretty crap gpa, and recession / hiring freeze at most places but will “settle” with ER or AM. Lmao good luck with that
Not trying to be mean or anything, but try to be more realistic
Don't be a d*** dude
“Not trying to be mean or anything” proceeds to tear the kid to shreds.
Was in the exact same boat. Ended up doing Vandy MSF. Basically gives you an extra year to recruit, nice network and plenty of opportunities to break in. Plus you get the benefit of recruiting from somewhat a target school. Can only recommend it vs. settling for something else
How much did it cost? Was it worth the cost vs lateraling from a smaller shop
Depends on scholarship. Full price is like $60k, but with scholarship can be as low as $15k or anywhere in-between. I think if you have a boutique role it’s not worth it. Makes more sense to get paid and try to lateral. But similar to OP, I only had one small internship and nothing lined up at all for FT bc I started recruiting spring of senior year. Doing the MSF gave me the chance to participate in a full recruiting cycle, with an internship on my resume and a better school / brand than the non-target I went to before.
Thanks, I think MSF is a great advice for a plan B, in case I have no FT offers secured. Being on a west coast do you think it make sense to get masters in NY ? One of the guy I know got into Math program in Columbia University, and it was the only reason he was hired in reputable NY company. Is it the school name that counts the most here ?
It’s a great plan B. I remember enrolling, and you can drop out by the first day of school and only lose your $1000 deposit. So if you find anything before, just don’t do it. Also it’s definitely only the school name that counts. I’m not sure for math but for MSF Vandy was the only really reputable one few years ago. Many programs have popped up but they usually don’t have the track record yet. Sure some students will get IB but it’s far from easy. Vandy program was the first one and has been around for 15 years or so, so it was a lot easier to find a spot, literally everyone that wanted IB got it. It sounds like a Vandy commercial haha but had a couple friends that did other programs and it was a lot harder for them to find something bc the programs weren’t established yet
Either extend graduation date or just say you’re graduating in a year. I’ve been told to do that by an MD lol
SA is full though
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