I already have 2 IB internships under my belt. One was this December-January full-time during my winter break, the other was this January-present part-time during the school year.
As an engineering major I only realized I wanted to go into IB this past December, so I was a little bit behind the curve in terms of recruiting. As such, I've been working on cold-calling a LOT of boutiques regarding this summer with some traction but nothing cemented yet.
My GPA is about 3.7, engineering/economics, good ECs, non-target. Do you guys think that this is enough, combined with my two internships, to get away with not doing something this summer? Obviously, I'd have some crafty reasoning about travel, etc as why I didn't have a summer internship.
I think it's going to be a question that comes up during interviews, and I don't think travel would be a convincing answer. Coming from a non-target, you need everything going for you, and not doing a junior year internship is pretty much a nail in the coffin for FT recruiting.
It's possible, but I thought that a lot of the full-time spots are taken from their junior internship class.
FT recruiting is extremely tough and you need everything you can to get in. But if you convince them why and are extremely good with the technicals..then maybe. Try to get a boutique internship and keep hammering phones.
I don't think the importance of a summer internship before your senior year can be overstated. If I looked at your resume and noticed a gap between your junior and senior year, I'd chuck it. Why? Because I have hundreds of other applicants who got a junior year internship. Start pounding the pavement, but don't panic. I ended up working at a boutique during my junior year summer and got that offer in June.
Maybe look for something in engineering or other non-finance positions? Obviously finance roles are better, but if you cannot get them. Since you already have IB internships you can say you wanted to explore the industry before getting back to finance or something. I agree with others that not having anything junior summer will be looked on negatively.
Whatever you do make sure you get an internship. Travel will not work as an excuse. If you do not end up at a boutique this summer, it's not the end of the world, as long as you can explain very clearly why IB. While it will be tougher given most offers are made to junior summer analysts, it is not impossible. Worst comes to worst, you can always lateral your way in after 6mo or a year.
Is it reasonable to lateral from a good boutique or MM to, say, GS or MS?
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