Brutally honest advice please. How realistic is it to break into IB as an undergrad senior?
Please be brutally honest.
I'm currently a senior at a semi-target/target bschool (McIntire/Mendoza/Ross) with a 3.7. I came into college unsure of what I wanted to do and I missed IB recruiting entirely. I've done an operations internship and a business finance internship, but I've come to the conclusion that I want to try for high finance, I feel like I'll always regret it if I don't.
I've networked heavily over the last few months and was able to land an Analyst role at a small boutique bank in NYC doing deals in the 10-100M range. I'm intelligent and I'm willing to work hard, I just regret not having done this in my freshman/sophomore years.
I guess I'm asking if lateraling to work at a MM/BB is even possible, and the steps I should take to accomplish this. I understand the standard path for me would be to do an MBA, but I want to try my hardest to break in without one first. I'm willing to dedicate as much time and effort as needed, I was just wondering if anybody had success (or failure) stories of people in a similar position as myself.
My brother in Christ, you are already in high finance lmao
100% you’re fine. You got a good GPA from a reputable college with a full time IB role on your resume. Assuming the boutique is legit and you’re working on standard banking analyses (M&A, capital raising, etc.), I wouldn’t be worried at all.
I appreciate the encouragement man but I'm just trying to aim higher.
My classmates I did clubs with freshman and sophomore year are returning to EBs or BBs working on dope deals with great exit opps if they want. My current role is quite a bit below street (80-90k base in NYC) and I'm afraid of what my exit opps will look like.
My goal is buy-side, preferably public equities like HF or LO AM but I know that's an incredibly long shot if I stay at the bank I'm at. I'm more asking if lateraling from my current firm, to a lower tier MM, to an upper tier MM/BB is possible at all, and if that's needed for the roles I'm hoping to pursue down the line. Deal flow for my current bank is not great either, their last deal was a bit over a year ago.
Wait, to clarify, are you already working there? Like while you’re still a senior with classes? I assumed you meant you secured a full-time spot but haven’t started yet since you’re not yet graduated.
Only ask because I haven’t really heard of any banks working undergrad seniors during the school year but maybe practices have changed.
More than doable even in the current economy. Know of at least two from my target who started at BNP/SocGen to EB/Top BB then to solids shops like Cerberus. Even easier to land interviews at HF after lateralling to a better bank which is very possible.
Thanks for the perspective and definitely encouraging to hear.
As an associate, how does your group approach off-cycle lateral hiring? Right now I'm just cold emailing any group who has an open analyst position on LinkedIn but my response rate is very low (10%) even for alumni. How would you a profile like mine, given I had worked a few months at the boutique but hadn't closed any deals?
Honestly it's just grinding until you land somewhere. Not the best time for lateralling but there will always be positions opening up. I'm sure a lot of non-EB bankers are trying to save their own asses in this market let alone taking networking calls. I would recommend reaching out to every and any bank that has better brand name than your current place even though those may be banks like Stephens, Lincoln, Cohen Capital Markets, DA Davidson, Intrepid, etc. It will become a lot easier once you lateral to more a more known shop.
Hey I am a rising senior and I am trying to get in the position you are currently if you have any advice and could pm I would really appreciate it
Or did you already start there your junior summer
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