If I don't get a banking offer, what's the next best thing?
I think I speak for a lot of people when I say, I've done everything I can to position myself for IB recruiting. I'm a 3.9 at a target, worked in MM PE sophomore summer, networked my ass off, and have several interviews lined up already.
With all that said, there are literally hundreds of people just like me and there clearly aren't enough spots for all of us. There's a strong chance that I will get a good banking offer, but there is just as much of a chance that I don't. I want to be prepared for that scenario and start exploring alternatives for junior summer early to put myself in the best position for full-time recruiting.
So what's the next best thing? Is it really big 4 valuation? Independent valuation (ex. Duff & Phelps)? Corporate development? Perhaps some backdoor path that looks as impressive as banking on your resume, but not as much competition?
Would really appreciate any advice.
Clearly an impressive resume - would focus more on winning these interviews for now. The opportunities you're thinking about beyond banking will generally begin after the IB recruiting cycle.
But to answer your question, I would certainly think that the options you listed are viable although you may also want to target boutiques which hire intermittently rather than at a set time.
Don't psych yourself out and good luck
unless you're a shitty interviewer you're gonna get a job. Focus more on prepping and doing mocks than a Plan B. There's always consulting shit in the Spring so you have time to worry about that if you somehow don't get in.
Unless you go to some easy af school (a 3.9 at my target is like top 5%)
Actually helped someone from WSO. Talked initially online via WSO and then did a few offline chats via phone call and facebook chat. *I agreed to help her offline because she knew my ex-gf, who went to the same school and grew up in the same area as her. Same problem as you. Target - Good GPA - great internship experience. I few things that I did for her that landed her a full time offer at both CS and Citi at their Capital Market teams. Thought this might be the secret sauce that you need to move ahead. Good luck.
Seppuku.
Obviously, the interviewer would like to see you display confidence in your answers without being too cocky. Everyone above is saying not to focus on a Plan B, but in my opinion I don't think it would hurt. I couldn't secure a traditional IB role out of college so I graduated unemployed and started my networking over in equity research, sales, Asset Management, etc. and finally ended up in public finance. Not near as sexy, but as an analyst I have my own office, assistant, and hardly ever stay past 6 pm. I personally wouldn't go Big 4 unless you just loved accounting.
I think you need a bit more self-confidence man. If you think you can or can't, then you're right, and if you think you'll need a plan B, then you will. You're taking yourself out of the game while you're still in the locker room with that attitude.
There are a couple of threads on here that discuss what can separate you from the pack when it comes to interviewing for these roles, and I also recommend checking out Mergers & Inquisitions (M&I).
A couple things that will separate you:
The ability to coherently and concisely discuss your summer internship experiences (look for the "Deal Card" article on M&I)
Knowing about the bank itself via informational interviews that you set up yourself (for instance: knowing that BAML has an M&A group while GS does M&A in-house )
Actually understanding finance, accounting, modeling, and valuation concepts (yes, we add back depreciation because it is a non-cash expense, but what do we mean by "non-cash"? Anyone can memorize how to calculate free cash flow, but why is it that we use FCF for our projections when modeling?)
But, to answer your questions, Big Four Transaction Services, Valuation Services, or a boutique bank will all provide you with a viable platform to break in when you graduate.
Even if you don't end up getting a banking offer, despite what your classmates or college sophomores with no work experience on this website may tell you, it is not end of the world.
Life goes on and there are plenty of people who have broken into investment banking with backgrounds a lot less impressive than yours.
Good luck, you got it!
Japanese honor suicide is the only alternative
Valuation, consulting, or AM. I knew I never had a chance with IB for summer analyst/FT post grad position. I go to a non-target, and while my GPA is good, it is not great (above a 3.5 but below a 4.0). So, I've been networking the hell out of AM and valuation groups in my city hard this summer (their recruiting starts much later than IB), and I've been having great success with this (the amount of people I've been getting coffee with has been off the charts, and I mean that literally, because I made a fucking chart).
My plan is two years of valuations or AM, grad school, and then into IB.