It'll work out
It seems like everyday there are more and more threads by people looking for advice or reassurance in regards to the job/internship search. Many have searched tirelessly for SA gigs and come up empty handed or have had to settle for "less ideal" or non-IB positions. Now, they worry about future prospects.
While I was fortunate enough to land an internship this summer, it was not what I was hoping for (F500). I, like many, initially wondered if this would pigeon-hole me or kill my chances at landing a FT BB position after graduation next year.
I have come to realize, however, that this fear is largely unwarranted. It has always been difficult to land a summer gig at a NY BB. This year it's even harder with the job market in the shitter. We all know that, including recruiters. In my opinion, next year, or however many years you have until graduation, recruiters will be understanding and sympathetic if you don't have BB experience plastered all over your resume. It's not the end of the world that you didn't land your dream internship this summer. Try and do something, even if it's outside your desired field. Take some classes if you have too. Do whatever you can and try and make the best of this shitty situation.
If you find yourself stressing about your options (or lack of options) this summer, take a deep breath and realized there are many others in your same position. In the end, it'll all work out - just my 2 cents.
I certainly hope recruiters will be more forgiving in choosing people for interviews, but in my experience they are quite insensitive and won't hesitate to ding you.
even if its coming from Bernie Madoff.
they let you use a computer in the clink?
I'm making it up as I go along.
Thanks for the insight. It's about time someone actually gives plausible advice around here.
"I wanna Thank the Good Lord for Making me a Capitalist"
Good to keep positive, but the truth of the matter is that most banks will fill FT slots with their summer class. Moral of the story is to know when to recalibrate your expectations.
Networking, networking, and again networking.
I gave up looking for unpaid SA about 3 weeks ago. I sent my resume to over 100 IB/PE boutiques (Doostang, open SA positions, cold e-mails). I figured it was time to start networking for FT recruitment season + I had relevant summer gig (not IB). Last week I talked on the phone with a Partner of one boutique about his experience in banking and helpful advices. After a follow-up he casually offered me to intern for him because he "liked my style". No tech, no fit, no interviews, just "come intern, I'll help you out" (he did see my resume).
Unfortunately networking > GPA & Experience. I have high GPA and experience, but only networking got me something.
Agree 100%. I got my internship offer from meeting a MD for coffee who never even looked at my resume. I could have had a 1.0 or a 4.0, it mattered that I took the initiative to meet him
how did you guys get in touch with these MD's?
also, this seems like a good strategy for boutique recruiting, but i doubt BB MD's can actually take someone just bc they like them. don't they have to abide by their firm's recruiting schedule (beyond putting in strong recommendations on someone's behalf)?
I got my first internship at a low-end BB based entirely on some MD's word.
My school had a semester in NYC program, which I did spring semester junior year. Met the guy, we chatted for a bit, then he gave me a math test (not kidding). I impressed him, and he sent HR an email. Two weeks later, I had an internship. Then a month before the semester ended, we talked about my staying through the summer. He sent HR another email, and again, I was hired through the summer.
The only problem was that since I wasn't part of their formal internship program, I didn't get reviewed for an FT offer afterward. But the trader got me an interview with their other candidates, and I got the job through the regular recruiting channels. Obviously, having worked there in the past certainly helped in interviews.
As for getting in touch: my career center has a list of alums and where they work, and they'll give you email addresses and advice on contacting them. I'd assume yours does the same.
MDs are certainly able to pull strings, and depending on the firm/MD, can hand out offers on the spot if they like. In terms of finding alumni, start with your schools alumni network. Other places to look are on linkedin, career services event records, and blanket google searches. Once you know where someone works, you can come on here and search for the email format for their bank (or ask) and thus figure out how to get in touch with them.
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