Do I Hit The Panic Button?
I graduated a few months ago (target) with a 4.0 GPA. In my penultimate year I did a summer internship at a BB but in areas that just weren't a good fit and I didn't get an offer. This year I did a summer internship at a MM and the team was great and I was doing very well until 6 weeks in, when they told me that they aren't hiring at all unfortunately. This was disappointing as I received a lot of good feedback from my team.
So in a week I'll be a graduate without a job - do I hit the panic button? I've neglected networking and it's an area I'm going to focus on massively but what else can I do?
I've not lost hope, but it's getting tough to feel positive. I finally worked in an area I really enjoyed with a great team and I'm told they're looking to cut some jobs so they're not hiring at all this year - it feels rather devastating.
No, you don't hit the panic button because:
1.) You're from a target (read: networking will be much more critical to you (or anyone for that matter)) 2.) You have a perfect GPA with relevant experience (read: keep networking)
I would ask the MM group you worked at to put you in touch with their contacts.
Do I cold call/email every alumni possible and go from there? Networking 100% works, but I just get the impression that things are a bit more structured than people here seem to think. I can't do a summer internship, and full-time applications seem like a dead end as almost every hire is from the summer pool. Maybe I'm wrong but I'm not entirely sure how to approach the networking given that fact.
Definitely and it's something that I just didn't think about until now really, which is quite bad on my part. I was just always under the impression that if I did well the opportunities would present themselves. Unfortunately, I have done well and the team likes me - but they whole division isn't hiring. That's the issue.
I asked around a week or two ago and some said they'd ask around and help me but I haven't heard back from them. I'll remind them again soon as I also finish the internship soon but I don't know if they just forgot or what... seems odd. Some seemed willing to help, others looked more reluctant to do so.
You spelled it out pretty clearly above.
Stop by their desk and give them a friendly reminder that you would like to get in contact with some of their colleagues soon as your internship is almost up, people are busy and forget things. Whoever seemed willing to help is who you should lean on more. Get out of your head and stop over thinking and start doing, I know how easy it is to think yourself into paralysis I do it all the time.
Follow up, follow up, follow up. Do it in every way possible. Keep a list of relevant articles to send to your contacts. Get in front of people for coffees and lunches. You need to be the first person on your contacts' minds when any opportunity comes up.
How would you recommend keeping in touch with some of the people at this internship?
I find it easy to contact someone at a bank you'd like to work for, less so if you need to ask someone about any contacts they have or for help to apply elsewhere. Not sure how to go about keeping in contact though. Articles could help I suppose but feels a bit weird to me.
You haven't said what you want to do
What happens you hit, THE PANIC BUTTON?
Interested in this as well.
My first thought when I read the title. Same applies for waiting...
Not sure if you are interested in something outside of Banking but recruitment is in full swing for FT right now (and those are positions to start ASAP).
You'll be fine
Recruiting is in full swing. You'll be fine. You've got solid internships, target school and a solid GPA.
Thanks.
That's the issue though, it is in full swing and I haven't networked yet so how much can I do from now? I'm going to try, 100%, but with BBs and most solid MMs they're taking applications already so I feel like I may have been late to the boat in that respect. Should I be worried or am I just panicking?
4.0 from a target? I don't think you need to jump off a bridge yet. Grow a set and make something happen. This is a 1% first world problem dude.
Apply to banks that are having a tough time retaining signing talent for whatever reason (comp, size, etc.). You're clearly a competitive candidate, they would be more than happy to give you an interview at the very least. That way you have a backup plan and you'll have a confidence boost. Then you can try to shoot for better jobs and leverage the offers that you have.
The other thing I would do, is cold-email any bank's contact info you can get a hold of. Just Google maps search investment bank in any city and click on literally every single red dot that pops up. A lot of the smaller guys have individual bios for each person at the firm, email them.
Even if its a sub-tier institution, you can always work there for a bit and then lateral over somewhere else.
What are you some serious pessimist? If you are hitting panic button, should some guy from non target with mediocre GPA be committing a suicide?
Quit bitching and get yourself a job. You have the experience and credentials from what you say.
How lazy and/or intimidated by the Street are you? What did you do all summer in terms of applying? Did you just assume the MM firm would hand you a job? Are you scared of rejection? Getting yelled at? If so, you should probably look into a different career. Maybe auditing is more your pace, I hear BDO is hiring
Fuck you
The world needs ivy league ditch diggers.
right into the lumber yard...
A monkey could land a job with your credentials.. Go talk to like 5 people and I bet you get something
I don't think anyone here realizes you are a GRADUATE, and not a senior. You basically fucked yourself by not taking part in FT recruiting at this time last year.
Why did you take an internship after you graduated? You're at a severe disadvantage to kids with current access to OCR, and if you do land a FT spot, you won't be able to start working for almost another year.
You're not telling us something about what went down when you came back to school senior year... 4.0 from a target with BB IBD experience is a GUARANTEE offer from just about any other bank. How are your social skills?
I applied to a mixture of FT and summer internships purely because of how terrible FT recruiting was. All the BBs got back to me quite late saying they were hardly hiring/didn't even hire for FT - or that was the impression I got anyway.
Regardless, this summer internship was the best opportunity I had so I went with it - better than nothing. I think my social skills are fine. I don't think they're massively impressive but I'm a fairly confident person in this kind of setting. It's definitely not something that's a massive negative and is killing my chances, for example.
Also I don't understand why people are getting angry at me. This is my situation and it's quite a bad one to be in. Yes, good GPA and target is a great opportunity, but I'm now an unemployed graduate (well, soon). If people are angry because I "wasted" this opportunity then that's idiotic - I worked hard to get my GPA and get into the target.
This is like complaining to a buddy you have glandular fever and he says "so? There's people out there with aids and cancer". Perspective is great, I don't disagree, but come on guys...
In the grand scheme, the fact that he's a graduate wouldn't really matter as a) he's from a target b) he has relevant experience and c) he has a perfect GPA.
This is what I'm guessing went down with OP:
1.) Did junior year SA, didn't get FT offer 2.) Went into senior year recruiting, struck out for whatever reason (OP will need to elaborate here) 3.) Somehow landed another SA position meant for juniors (this happens albeit rarely), no FT offer
So OP has two (presumably) good banking experiences on his resume.
Best case: He continues to network/apply and finds a lateral position. He should at least be getting first round interviews. Worst case: N/A
Edit: OP just confirmed it above. I don't think he's in a bad spot at all. Keep networking.
As "The Hitchhiker's Guide to the Galaxy" says on it's cover, don't panic. Start massaging that network for contacts and job leads. I know that sounds like a broken record and many people use that as a cop out for job seeking advice, but it does work.
You have the education and the experience a great undergrad candiate should have. You will find a job.
Remind yourself of that. Job hunting and the networking that goes along with it is a numbers game. Make contacts, apply to jobs online, maximize your chances of getting an offer. Then, come back here and tell us your success story.
Thanks guys.
I guess my big weakness right now is networking and it's something I need to massively improve ASAP. Because we're right in the swing of applying, if I cold call/email alumni do I try be rather direct about what I need? I don't really have time to cultivate a legitimate relationship, I'd imagine.
Any help in regards with who to contact, how, and what to ask would be awesome. Of course reading all the M&I and good threads on here about networking too, but any extra tips appreciated.
I do feel like there's something you're not telling us. How many jobs have you even applied for? The claim that applying online for FT positions is a waste of time is targeted at people who are not you, precisely because they are not you.
You are the rare candidate who CAN apply completely anonymously via an online form and get an interview. You will pass all automated screeners and HR personnel.
If you just fill out all the online forms to all the BBs and EBs in your area I'd be shocked if you got an interview rate below 50%. Maybe post your resume in the resume review forum? There could be something wrong with it.
Networking is great and very important for many reasons, but if you're feeling paralyzed don't let great be the enemy of good. Just apply.
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