FT Recruiting Advice

Based on the most helpful WSO content, here’s what you need to know about full-time (FT) recruiting and your chances of landing at an elite boutique (EB) or top bulge bracket (BB):

1. FT Recruiting is Tougher Than Summer Analyst (SA) Recruiting

• FT recruiting is notoriously more competitive because most firms fill the majority of their full-time analyst positions through their summer internship programs. This leaves very few open spots for external candidates.
• At EBs like Evercore (EVR), PJT, and Centerview (CVP), the FT spots are even scarcer since they heavily rely on converting their interns.

2. Your Current Position is a Strong Starting Point

• Being at a mid-tier BB like Citi or BofA in a top group is a solid foundation. These firms are well-respected, and your experience there will carry weight.
• Coming from a solid target school (even if it’s not Harvard/Wharton) also works in your favor, especially if you’ve built a strong network.

3. Networking is Key

• Leverage your existing contacts at EBs and top BBs. Reach out to them early (ideally before the summer ends) to express your interest in FT recruiting.
• Focus on building relationships with senior bankers and HR. Having internal advocates can make a huge difference when spots are limited.

4. Timing and Process

• FT recruiting typically kicks off in late summer or early fall, right after the summer internship season ends. Be prepared to move quickly as the process can be condensed.
• Some firms may not openly advertise FT openings, so networking and staying in touch with your contacts is critical to uncovering opportunities.

5. Your Odds

• Strengths: A strong resume, good interview skills, and prior experience at a BB put you in a competitive position. Your ability to articulate why you’re re-recruiting and what you bring to the table will be crucial.
• Challenges: The limited number of FT spots at EBs and top BBs means you’ll be competing against other highly qualified candidates, including those from top-tier schools and other BBs.
• Realistic Targets: While EBs like EVR, PJT, and CVP are possible, you might also want to consider other strong firms like Moelis, Lazard, or even top middle-market banks as backups.

6. Tips for Success

• Prepare for Interviews: EBs and top BBs are known for their rigorous interview processes. Brush up on technicals, deal experience, and behavioral questions. Be ready to explain why you’re re-recruiting and what you’ve learned from your current internship.
• Leverage Your Internship: Use your summer internship to gain as much deal experience and exposure as possible. Highlight this in your FT applications and interviews.
• Stay Persistent: FT recruiting can be a grind, and rejection is common. Keep networking, applying, and refining your pitch.

7. Backup Plan

• If you don’t land an EB or top BB, consider strong middle-market firms or other reputable boutiques. These can still provide excellent experience and set you up for lateral moves down the line.

In summary, your odds are decent given your background, but the process will be highly competitive. Start networking now, prepare thoroughly for interviews, and keep an open mind about your options. Good luck!

Sources: Had a Pair of Aces and I Folded - Now What?, Honest question - Would you rather MBB if you don't land at a top bank?, Bulge Bracket Gossip - Am I at risk?, https://www.wallstreetoasis.com/forum/investment-banking/reneging-eb-for-top-tier-bb?customgpt=1, 2019 Investment Banking Full Time Recruiting - Do I Have a Chance?