FT process?

Based on the most helpful WSO content, here's what you need to know about the full-time (FT) recruiting process for investment banking:

1. Timeline and Process:

   • FT recruiting typically starts after banks assess how many summer analysts (SAs) accept return offers. This means the process often begins late summer or early fall.
   • There isn’t a centralized portal or massive process like SA recruiting. Instead, FT recruiting is more fragmented and often driven by specific team needs in certain geographies.
   • For those without an IB SA internship, the process can be more challenging. Networking becomes critical, as banks prioritize candidates with prior IB experience.

2. Networking:

   • Networking is essential for FT recruiting, especially if you didn’t do an IB SA internship. You’ll need to reach out to specific teams directly, leveraging alumni networks, LinkedIn, and informational interviews.
   • Internal referrals from summer associates or school networks can also play a significant role in getting your foot in the door.

3. Recruiters:

   • Both internal and external recruiters may be involved, but the process is often less structured than SA recruiting. You’ll likely need to cold email banks and rely on networking to identify open roles.

4. Interviews:

   • FT interviews are generally more challenging than SA interviews. While the technical portion may be a notch harder, the focus on fit and motivation remains critical.
   • Modeling exams or case studies are more common in FT interviews, especially for lateral hires or candidates without prior IB experience. Be prepared to demonstrate your technical skills through practical tests.

5. Challenges Without an IB SA Internship:

   • Without an IB SA internship, you’ll be at a disadvantage since banks prioritize candidates with relevant experience. However, it’s not impossible. Highlight transferable skills from other internships (e.g., buy-side roles like AM, HF, or PE) and demonstrate a strong understanding of IB.

6. Key Advice:

   • Start networking immediately and aim to have 100+ informational interviews across multiple banks.
   • Be proactive in reaching out to banks, as you’ll essentially be cold emailing with an unrelated summer internship.
   • Prepare thoroughly for technical interviews and modeling exams to stand out.

FT recruiting is highly competitive, especially for those without prior IB experience, but with strategic networking and preparation, it’s possible to secure a role.

Sources: https://www.wallstreetoasis.com/forum/investment-banking/m7-ib-associate-full-time-recruiting?customgpt=1, My FT Recruiting Process, Guide for Investment Banking Full-Time Recruiting, 2018 Full-Time IB Recruiting Timeline Megathread Page, Private Equity Recruiting Process (From Banking)