Feeling so defeated - IB FT ‘24
Hi all. I’ve been using this platform since HS, now I’m a senior in college and in a really tough spot. You all have been extremely helpful over the last 5 years, and I want to thank u all in advance. Quick background: I have been pursing IB and networking since Freshman year of college. Landed a PE, HF, and IB internship over the last 3 summers. Didn’t get the return offer this last summer. Told me it was due to market, I received only positive feedback, worked hard, and got along really well with everyone in the office. I also have a good GPA (near 4.0, and at a good college w/ prestigious EC’s). Regarding FT 24: Due to my really strong resume, I’ve received more looks than I anticipated merely from resume drops in Aug/Sept at really good shops like HL/Ducera/etc. Nothing stuck and it was my fault - I was too cocky coming off a IB internship and did not put my head down and study enough - or simply as much as I would’ve in the past. Since September, I have not been in any processes nor have I seen/submitted any apps for full time 2024 analysts. This has been shocking to me and caused extreme regret. I felt so much regret from being ill-prepared, I’ve learned from my mistakes, put my head down, and started to grind overtime. In my free time, I’ve been doing modeling tests and creating M&A case studies. I know this is overboard and is probably over preparing, but 1) I truly enjoy working on excel and pp and honestly dont mind working hard 2) I cannot risk missing another opportunity that comes my way… however, I’m not sure if there will be any more opportunities…. I feel confident to succeed in any kind of interview or modeling test. Is it reasonable to assume that the market may actually pickup and apps roll out this spring? Or perhaps a MSF be absolutely necessary here? Any advice and feedback would be greatly appreciated. Thanks in advance.
Hey there! First off, let me just say, hats off to you for keeping your spirits up despite the setbacks. It's like you've been swinging through the finance jungle and hit a bit of a snag, but you're still holding onto the vine, ready for the next leap. Now, let's get down to business:
Market Pickup in Spring: Based on the most helpful WSO content, it's not uncommon for the market to pick up in the spring. Many firms do ramp up their recruiting efforts during this time, and given your strong background and the hustle you've shown, it's reasonable to stay optimistic about full-time opportunities opening up. Keep an eye on the job boards, stay connected with your network, and maybe even reach out to some of the contacts you've made during your internships for a heads-up on upcoming roles.
Master of Science in Finance (MSF): An MSF can be a solid move, especially if you're looking to bolster your academic credentials and get another crack at recruiting. However, it's not always necessary. Given your near-perfect GPA, prestigious extracurriculars, and the internships you've already snagged, you might just need to find the right opportunity at the right time. That said, if you're truly considering an MSF, think about how it aligns with your long-term goals and whether it's worth the investment at this stage.
Remember, the finance world is a jungle, and sometimes you've got to swing from more than one vine to get to where you want to be. Keep grinding, stay prepared, and when the next opportunity swings your way, you'll be ready to grab it. Keep your chin up, champ!
Sources: https://www.wallstreetoasis.com/forum/investment-banking/will-2020-recruiting-ft-and-sa-be-accelerated-or-be-more-relaxed?customgpt=1, Consistent Gainz? | The Daily Peel | 7/8/22, MBA Apps take a plunge!, https://www.wallstreetoasis.com/forum/investing/tesla-q1-earnings-call?customgpt=1, A Roller Coaster Ride | The Daily Peel | 4/26/2023
I think there was some stuff in Oct and Nov, PJT’s capital markets team and Nomura and EVC’s PCA team were hiring that I know of.. My friend landed an offer in late November.
Don’t give up, just find the closest possible role to IB you can and plan to lateral later. I was in the exact same situation this year and that’s what I did. The more effort and perseverance you put in now, the more pain you save yourself in the future.
Bump, in an extremely similar situation. Starting to get nervous as well.
In the same situation and going through the same. I am sorry and I also don’t know what to do next
Really don't think firms will expand 2024 classes significantly. Maybe 1 person here or there in understaffed groups, but it's easier and quicker for them to just plug in laterals where needed.
I would expand your search to "IB adjacent" roles. Think corporate banking, TAS, valuation etc. Also very small IB or PE boutiques. You can lateral on upwards later.
MSFs are a gamble but it does sound like you might benefit from another season... bear in mind you'd need an internship for this summer too. I'd focus on getting into the roles above, but perhaps hedge your bets by applying to a few of the better 1-year ones and you don't need to really decide on that until the spring.
I made it in last year, did a specialized masters to buy more time and really network and got a strong group. Keep your head up, market is bad but you’ll get something good. Look at consulting and other M&A tangential roles
Sorry to hear of the situation. I was in the same shoes in 2022 but I realise the market is much, much worse. I can only offer up my thoughts and advice that something will click.
In same position. Have internships at a top BB and a top VC along with a smaller buyside internship.
Coming from non-target so not even getting any looks. 700+ apps deep.
I feel your pain
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