How close are MD’s to the recruiting process?
How close is a MD to recruiting? For example would the MD know if spots are open or would recruiting?
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MDs are usually not involved with recruiting - they really don't run anything. Usually, a VP or Associate are the ones running recruiting and have a lot more info than MDs regarding timelines/headcount/etc.
So is having a connection to a VP/associate better than a MD connect?
Depends on the connection. Big power = big pull. If your contact is the VP in charge of recruiting - than that's great. If your contact is an MD who thinks you're a great candidate and he helps you - that's also great. Just because MDs are kind of removed from the recruiting process doesn't mean their input is not valued because it is
how does the process to decide who gets the offer into the coverage group work?
does everyone from analyst to MD come together in a zoom call and go through each person 1 by 1 going through their weaknesses/strength and choose the best of the lot? or is it just the staffer and the managers who come together and decide?
btw I mean after completing the summer internship
It varies greatly by the bank. Ignore my title here, it is not accurate. I was in a situation where I wanted to be in a group and the MD wanted me to be as well, but there were factors outside of their control that did not allow for that. In reality, they can do what they want to an extent, but really not worth them going that far out of their way for a SA. The larger banks are a little political and many of the spots in coverage groups are gone before the matching process starts.
For target colleges and universities, a managing director (or several) will be involved with informational interviews and corporate presentations on-campus, especially if these senior bankers are alumni.
Weekly management of the recruitment process is typically handled by one of the more junior associates. For "high touch" banks, this includes maintenance of outreach trackers and compiliation of feedback from bankers who have interacted with candidates throughout the recruiting process. Some banks expect that candidates achieve a certain number of quality interactions before being considered for the next round of events and interviews. An established threshold assists bankers in determining a candidate's fit with their group while simultaneously providing some sense of candidate interest in the platform and group. This is highly dependent on the platform, of course.
Generally speaking, while a managing director possesses a large amount of absolute power in shaping an interview list, associates can direct and shepherd preferred candidates to various bankers to ensure that the preferred candidates are interacting with enough members of the group prior to the finalization of interview lists.
What’s the best way to interact if you have been networking with several MD’s for FT and without a past internship. How does that process work?
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