Getting into IBD from corporate strategy?
I'm currently a senior who worked in corporate strategy for my junior internship. I did not receive a return offer due to market conditions and am now looking for full time jobs.
I have been considering looking for Investment Banking analyst jobs and was wondering if this switch is possible? My thought process was to network with boutiques and middle market groups.
Any advice, and is this a field that could be similar?
The most natural transition would probably be consulting - tier 1 or 2 firms in that space could be possible depending on the quality of the brand name of your internship. What were your exact tasks during the experience? If going for IB, it is possible - but again you will need to network hard and have the following nailed down to a T. Remember you are now not only competing against other IB prospects who have been preparing for this since birth, but many of these prospects are either A: Returning to their bank, B: trying to trade their offer to another firm, or C: Didn’t get a return but still has IB experience which on the face makes them more valuable than you:
You should target banking groups that are in the same industry as your strategy internship. This isn’t really relevant to the junior banking experience, but there is a small amount of strategic experience that is valuable - you can potentially communicate the value proposition and investment highlights of a business, you should understand how a particular business model operates in and out - essentially you could position yourself as a candidate with extreme industry knowledge, which shows true interest and can make you look more informed than the excel monkey who just knows how to model really well.
You need to nail the technicals, and the advanced technicals to demonstrate competency. All candidates have technical questions but you should expect to be grilled to a much higher degree around the topics of accounting, valuation and general corporate finance. These firms cannot evaluate what you know and won’t waste extra resources training you to get up to speed with the rest of the class. You need to impress here vs. “checking the box”
You have to be very aggro with networking. Your resume will get lost in a sea of candidates with IB and PE experience, all coming with the same email template and ask template. You should be more aggro than the average candidate to demonstrate you know exactly what you’re getting yourself into and what you want. These calls need to be your platform to show that A) you know your shit and B) are hungry for the opportunity, which are good traits.
That’s all I can think of in terms of cookie cutter advice without any more information. It’s an uphill battle but depending your ability to execute + quality of internship experience (like corporate strategy at Salesforce or something is a fantastic brand that will immediately set you up for success, but if it’s some random Midwestern auto shop software firm, probably not so much), but should be able to get some kind of good offer.
Great insights, thank you for the recruiting advice!
I had a lot of miscellaneous tasks during my time during my internship so I'll have to try and think of responsibilities that can translate well into an IBD position, or possibly into consulting. Perhaps I'll do some thorough reading on specific industries to build more in depth expertise, that could probably help me stand out when I'm interviewing.
Are there sites out there where I can find models or courses on modeling tests or would these be unnecessary for a FT interview?
Buddy isn't it already december which FT groups are hiring still?
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