Lateral to BB/EB after SA at lower-tier bank
Hi all,
I've received an offer to summer with a lower-tier bank (think RBC/HSBC/TD/SocGen). For a bit of context: I went through recruiting and secured 5-6 superdays at "better" firms (BB/EB) but I wasn't able to secure an offer at any of them. I think it's because some of my interview skills could use a lot of improvement, which I can hopefully improve. Although I'm grateful to have a SA offer, I'd like to end up in a group that sees a lot of deal flow and puts me in a good position for buy-side recruitment or other exit opps (edit: the group I've been offered is not historically a strong dealmaking team).
1) What steps should I take, from now, until the beginning, and through, my summer internship in order to secure FT interviews (and hopefully an offer) at BBs and EBs?
2) Is it realistic for me to transition from a low-tier bank to somewhere else (i.e. I know it's contingent on how many spots are available after summers get offers, but is it realistic to think that I'll get an interview opportunity at one of the BB/EBs?)
3) During the summer, as I network, how can I avoid making myself look unprofessional to both the company I'm interning for and the company with which I network?
4) Lastly, I'm interested in IB because, frankly, the work as an analyst seems pretty boring and unengaging, but the entrance salary (can help parents, family, etc.) and the opportunities it affords later on seem unparalleled. However, is IB "worth" the time and energy if you're not working for a top-notch firm/group (say, versus working for Google/FB/F500/etc. for full-time)? What are typical exit opps for those who aren't targeted by MF/MM PE firms or the typical, "hype" positions post-IB?
I understand that many of these questions have been answered previously, and I've searched and read the forum already for relevant info. However, I would appreciate any additional information that people might provide, and I would appreciate specificity above anything else. Thanks!
PS: This site was instrumental in securing an internship, so thanks for everyone who contributes and wants to help others do well.
BUMP
You’re way too concerned with the tier of your bank. Priority #1 for you would be to get a FT offer from your SA position. Without that, you can likely say goodbye to a FT position at a “better” bank. Depending if your stint is in New York, use your summer to network within the company but also reach out to other people at other banks to connect and see if anything comes out of it
I appreciate your insight. Of course, I will work hard over the summer to ensure that I have a FT offer at the bank I work for. However, that's also why I asked question #4. Is it worthwhile to accept a FT offer at a low-tier bank if my long-term goals are to follow the PE route or another opportunity that more-or-less requires a strong analyst experience? I ask because I'm a STEM major and have the background to pursue product management, software engineering, or a number of product related roles at possibly larger companies.
Yes its possible. Your alternative is so different that I’m not sure how that career compares in terms of comp or anything
Yes you can do it. I did it.
Can you pm me with more details? Ran out of pms
Even the so called "lower-tier" banks you mentioned are not the same. Like RBC is definitely better than HSBC/TD/SocGen and HSBC is better than TD and SocGen in the US, and therefore exits from these banks to "better" banks are different too. You should give more info...
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