I'm currently a freshman at a lower Ivy, and I'm thinking about recruiting for Chicago next year rather than NYC, mostly because I want to live somewhere cheaper. I don't really have any ties to the city or the region, but I'm interning there this summer at a real estate firm. Is this realistic or will I be disadvantaged for not going to a midwestern target school and not having strong ties to the city?
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Recruiting for Chicago IB as a freshman from a lower Ivy is definitely realistic, even without strong ties to the Midwest or attending a Midwestern target school. Based on insights from WSO threads, here are some key points to consider:
Networking is Crucial: Chicago IB recruiting often values networking heavily. Start reaching out to alumni from your school who are in Chicago-based firms. Even if your school isn't a Midwestern target, the Ivy League brand carries weight, and networking can help bridge the gap.
Timing Matters: Some bankers have suggested that starting networking early is beneficial, especially with firms like Baird, Lincoln, and Piper. Others recommend waiting until closer to the recruiting cycle. Since you're interning in Chicago this summer, use that opportunity to build connections and explore the local finance scene.
No Strong Ties? No Problem: While having ties to the Midwest can be an advantage, it's not a dealbreaker. Firms care more about your credentials, interest in the region, and ability to articulate why you want to work in Chicago. Be prepared to explain your preference for Chicago over NYC (e.g., cost of living, lifestyle, etc.) convincingly.
Leverage Your Internship: Your upcoming real estate internship in Chicago is a great way to establish some local experience. Use it to network with professionals in the area and demonstrate your commitment to the city.
Target Firms: Focus on firms with a strong presence in Chicago, such as Baird, William Blair, Lincoln International, and Piper Sandler. These firms are known to recruit actively in the region.
By combining your Ivy League background with strategic networking and leveraging your summer internship, you can position yourself competitively for Chicago IB recruiting.
Sources: Recruiting from Chicago IB to NYC PE - how difficult?, UChicago or Brown for undergrad?, Is Chicago IB Pay Lower than NYC?, Commercial Real Estate in Boston, Chicago SA Recruiting - 2021
Go to a West Coast target but happy to shed light on Midwest recruiting as I recently went through the process…
For background, I recruited CHI, LA, NY, and SF. I would never recommend recruiting for one city, (it’s probably the biggest mistake some people make imo) especially if you are thinking ONLY Chicago.
Please correct me if I’m wrong, but most of people who work in banking in Chicago are from the Midwest (or have some tie to Chicago, for you that’d be working there this summer!)
I would not say it’s a bad idea, but definitely should recruit (and visit) all the major finance cities to see what feels best.
Firm wise, Chicago has a ton of the top names (both HQs and satellite/regional offices) so you can’t go wrong!
Hope this helps
I think this is pretty bad advice. Tons of people recruit only for ny. I don’t see any reason why you couldn’t solely network and recruit for Chicago banks. If anything I think it will likely yield maybe easier results
Depends how you view it…in my opinion only recruiting for once city is an extremely risky strategy. At the end of the day, it’s a numbers game. If you’re willing to run the risks, by all means go for it.
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