Failed to secure a Summer Associate role in my first year as an MBA student... has my IB career window closed?
I'm currently a first-year at a top 15 program (a definite target school for sure). I went through on-campus recruiting, but didn't get much love. I somehow landed a few first round interviews but no super days. I also tried my hand at a bunch of boutiques in the area but nothing came from those either. The general feedback I got was that I didn't have enough financial modeling experience or really any strong industry focus. In my previous role I worked at a well known financial services company but I was in back office operations. I definitely knew a lot about the inner workings of my company but minimal transferable knowledge.
I was still pushing through trying to land anything for the summer but then COVID-19 happened, the well dried up, and I ended up taking an internship in corporate finance (granted, at a Fortune 100 company). Regardless, is my path in investment banking over? Or since I'm addressing both the financial experience and the industry experience, if I can network well enough, is it still possible to have a chance at FT recruiting? If it doesn't pan out, do banks ever take Summer Associates post-MBA graduation, even the smaller MMs? Or is the possibility of graduating with nothing but an internship with the hope of going FT from that just plain ridiculous?
Not having "enough financial modeling experience or really any strong industry focus" is, frankly, bullshit. It's banker code for, "sorry, but we just didn't like you".
I have a good friend who's a 3rd year associate and runs recruiting for his group. Basically, it comes down to being professionally polished, likeable enough, and being technically competent. Most MBA IB Associates are coming from non-IB/finance backgrounds. Banks know that you know fuck-all about finance or banking in general outside of the 400Q guide and what you've researched on your own.
Anythings possible.
One thing for sure that won't make a difference is the responses this forum provides. If you want it that bad, then improve what you lacked the 1st time around & change your strategy. Go network your dick off and prove you have or will have the skill set to be an asset to any team.
I would also reflect on why do you want to do IB? When you take the b.s. things out (prestige etc.), could you actually be happier and a better fit doing corp fin at a Fortune 100? If you crush it and get a FT offer, I don't see why you'd even consider taking a post-mba summer internship at a MM firm..
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