Last Ditch Effort
Any advice for a current senior student looking to get into a BB, EB, or top MM bank for summer of '23. Have relentlessly been networking but little traction. I took on a fall IB internship along being an athlete to get three IB internships on my resume. I think I have a great experience but am worried no one is looking to hire for next summer.
By now, any that were hiring are done and any that were looking to surely have stopped. With firms laying off experienced analysts, why would they look to hire unexperienced new ones? Prepare for laterling once you start full time, and look to get a return offer from the shop you're interning at.
Makes sense. I had a friend last year from the same school who had worse credentials and got into a BB, so thought seats might open up over the winter/ spring. I talked to HR who either mentioned cohorts later this year or the usual the class is full but we will keep your resume on hand if anything changes. Obviously the climate we are going into does not help.
Last year was a completely different sentiment to now. People were expecting 2022 to be a record year topping 2021. I know some BBs effectively have a hiring freeze so wouldn't get hopes up too much on them right now.
Are you at a target
DAMN SON WHERE'D YA FIND THIS ONE
Feel your pain man. Took an unconventional route myself and assure you it can be done. Right now is an especially deflating time, but this will pass and markets will become more normal. Definitely look at smaller boutiques and keep networking. If you've got the technicals down and are pretty likeable should be able to get there, just might take a little longer than you were hoping.
Thanks man. Ya tough because I poured a lot of time and effort networking, working multiple internships, and holding roles/ being a student athlete on campus. I am sure others also dedicated a lot of time as well, but thought I could find a way to break in right out of undergrad. I will remain hopeful something may open up and I'll continue to network and tap previous contacts. Just wished I had my offer at the end of summer so I could enjoy my senior year, but the grind goes on.
Yeah your problem is "BB, EB, or top MM bank". You are unfortunately almost a year too late on this and none of those banks are hiring for such a close internship.
Find an IB internship somewhere - regional boutique, LMM bank, etc and start networking early next summer for FT. Good news is sounds like you are qualified you were just too late to the party, which is an acceptable story for FT recruiting
Got it. Ya I go to a well-respected business school but not a great presence on Wall Street. I pivoted into focusing into IB going into my Sophomore Summer. Definitely put myself at a disadvantage but I am happy with my ability to close the gap.
Will stay persistent in networking and monitoring applications. Hopeful an opportunity arises. I appreciate your advice.
Also to clarify I am looking for FT 2023, not an internship.
Oh got it... yeah FT 2023 is over as well unfortunately. I would stick w the same advice but land something in IB, even a small place, and you can lateral upwards pretty quickly
What if I’m graduating this spring ?
Same boat brother
Good luck man. The uncertainty sucks but believe things will turn in our favor if we keep pushing.
Agree... keep going at it. Don't rely on the macro environment getting better in the next few months, because it won't. We likely won't even reach the bottom in a few months. Expect hiring to return to pre-pandemic normal by 2Q24. It's bad luck but we gotta just push thru.
Hang in there my guy. You’re certainly not the only one. You’ll cross that finish line before you know it - keep pushing and don’t let anyone else tell you otherwise. Hindsight is always 20/20
Appreciate it man. Getting little traction is tough but I'll push through. Need to improve my interviewing skills as well.
I’m in the exact same boat man. No traction with FT recruiting.
Keep at it and I am sure things will work out. Best of luck.
Cold email smaller regional boutiques for networking/positions. If you have a great resume, then when you find a bank with an open spot you will be a top candidate.
Got it, thanks.
Keep networking with smaller shops and try to get a full time return at your current place. Market is really tough right now but you may have better luck making a lateral move down the line. Do anything you can to get a seat at any bank that will take you. Ten man investment banks will still be better than unrelated roles at larger companies (audit, back office)
Is it better to try and lateral than internally lateral?
Is it better to try and lateral than internally lateral?
Makes sense. Any idea if seats may open in the larger banks over the next 4-6 months?
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