FT IB Analyst w/o SA experience?
I am a junior Econ major at a target, and have a good GPA. I didn't network enough and didn't manage to secure an IB SA role, but I did land a role in a Bond Rating Agency in NYC this summer. I'm trying to sell my credit background and target specific groups like FIG, LevFin, and Industrials for a full-time IB Analyst in 2027. What are my odds, and if the odds aren't near 0, what banks should I target?
Breaking into a full-time IB analyst role without prior SA experience is challenging but not impossible, especially if you leverage your credit background effectively. Here's what you need to know:
Odds and Strategy:
Leverage Your Credit Experience: Your summer role at a bond rating agency gives you a solid foundation in credit analysis, which is highly relevant for groups like FIG, LevFin, and Industrials. Highlight transferable skills such as financial modeling, credit risk assessment, and understanding of capital structures.
Target Specific Banks and Groups:
Networking is Key:
Timing and Applications:
Banks to Target:
Additional Tips:
Your odds aren't zero, but success will depend on how well you position yourself and how aggressively you network.
Sources: Undergraduate Opportunities - Credit Funds, Breaking Into Banking: Your Timetable is Everything, CIB Credit Risk J.P. Morgan, BofA Wholsale Credit vs Credit Risk, Guide: Cold Contacting Investment Bankers For Non Targets
Bump
It's doable (I did it), but it's an uphill battle. In FT interviews you'll need to spin your story towards how you found out you wanted to do IB after SA recruiting finished, otherwise you'll get questions about why you weren't able to get a SA spot. You should also evaluate why you didn't get an SA role so you can better prep for FT interviews. If it really was just a lack of networking, does that mean you didn't get interviews? If you did get interviews, you need to figure out what you missed during those so that you can improve on weak areas.
In terms of banks to target, most should recruit for a handful of FT spots from people that didn't accept return offers or people who renege last minute, so just keep an eye on job postings and network with the groups you're interested in to stay top of mind. You'll be competing against people who have SA experience at other banks, so it's important to network otherwise you'll have to get lucky that someone sees your resume and decides to interview you.
It'll be easier to land FT interviews at MMs, LMMs, and smaller boutiques, since they will likely have a higher chance of people reneging/not accepting offers, but cast as wide of a net as possible. It's still possible to get interviews at BBs, but for FT they will likely be recruiting from a pool of candidates trying to trade up from a MM or lower tier BB SA to a higher tier BB for FT.
Thanks for replying! I did get some interviews for MMs, but not a lot. And even then, my behaviorals were quite unpolished because I spent all my time preparing for technicals. I'm polishing up behaviorals and sending out emails right now (probably have to send out 20 emails/day and catch up once a month or smth). Hopefully 6 months should be enough time to network my way through this. Will try to target MMs/LMMs and Lower BBs as you mentioned. Thanks!
is it okay if i DM?
Without repeating everything in the other comment (which is all very good) I had a lot of success coming from a similar situation as you by networking in person during my non-IB SA stint. Since you will be in NY you have a massive pool of people to talk to. Be careful about networking with anyone who might know the higher ups at the firm you're at (a FT job in bond ratings is wayyyyy better than no ft job), but in early July try to get in person coffee chats scheduled with as many people as you can. This will probably entail meeting people before/ after your day at the internship, or popping out for a quick coffee if that's fine with the culture at your internship.
In June, your job is to kick ass at your internship and ensure you get the return offer there. You're cooked if you don't get a return at the place you're interning at. Then in July hit the ground running on networking. The experience you get in June will 100% help in your "why IB" story. Your goal is to be at the top of mind for people who may be running ft processes when/if those processes kick off between early August and mid September.
Thanks so much for your reply! It for sure would be important for me to focus on the Ratings work too. Would you recommend against networking this early (5~6 months ahead of the FT apps' opening) since, as you said, it would be better to be "at the top of mind for people running ft processes"?
I think its fine to network with people now since then they'll be familiar with you with this summer rolls around, but it's gonna be true networking (like genuinely trying to build camaraderie with the person) not just sitting around for 20 minutes then asking to get put into a process. I would wait for SA recruiting to wrap up (basically is done at most banks by now) but then reach out. Quick call now then you have an easy in with the person once you're in ny in the summer to grab an in person meeting.
Not going to harp too much as the other commentaries did a good job, but dont be so group specific, you goal should be to have a job in banking after grad and you dont know what groups will have openings for FT
Yep, will keep that in mind! I thought it would be best to target groups that might favor a credit background, but I definitely should try to hit every opening. I'm rlly desperate lol...
Buddy just did it so possible but extremely difficult. You also cant be picky when it comes to banks imho
I successfully landed FT w/o an SA (Interned in FP&A @ F500). It truly is extremely hard, and you're going to hear that sentiment all the time. I did have a true reason for not interning (did not want to do IB at first), but even if you were unsuccessful in your efforts, I definitely would not let any part of that be in your story.
I actually spun a story about being interested in credit, just like you mentioned, albeit I will say I am definitely not in a group most would consider attractive (DCM). Nonetheless, super happy to be out of FP&A post-grad because I purely made the move for comp and career trajectory.
The guy who gave advice on not being group-specific is pretty spot on. I kept my mind very open and tried to recruit anywhere that had an open opportunity to try and get a crack at interviewing at.
Hey, thanks for replying! While you were recruiting, how many banks or positions did you apply to, and what was your networking strategy? I am definitely going to apply to any FT openings as you said, but I'm worried that I won't be able to network thoroughly if I target everything.
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