Multiple IB Internships, No Return Offer, MSF Now… What Should I Do Next?

For context, I recently graduated from a semi-target with a 3.7 GPA and I am now an MSF student at a “top” MSF program. I had a boutique IB internship sophomore year, interned at a respectable MM IB firm junior year but did not get a return, and after graduation I completed another summer internship at a very small boutique (10-person shop). I took that internship expecting a real chance at a return offer. I grinded for 10 weeks, barely slept, and tried to fix the mistakes I made the previous summer, but they later told me they wanted to wait until June to decide whether they even needed a new analyst given the market. They said I would only get an offer if they ended up hiring.

Now I am not sure what to do. I had around eight superdays across MM and EBs in August and September, but none landed. I thought most went well, but it feels like bad luck. I keep making the superday, there is only one offer, and then I hear it came down to “fit.” A few interviewers also seemed concerned about the no-return.

So I am trying to figure out next steps. My original plan before getting into the MSF was to cold email boutiques for full-time roles after graduation if I had no offer. I ended up getting a scholarship to the MSF, but now that the semester is wrapping up, I am unsure what to do. If I start reaching out to boutiques, when is the best time, January? Are there similar roles/industries I should look into given my internship experience? And should I think about removing my most recent internship from my resume? The experience was not that impressive, and I feel like it creates another red flag since I did not get a return, even though it genuinely was not performance-based.

Quite frankly, I’m just feeling a little lost/demotivated and would appreciate any/all advice (or even hope at this point lol) given the situation. I know my technicals like the back of my hand, have done 100+ networking calls over the last year, and have my behaviorals answers practically drilled into my brain. It’s gotten to a point where I’ve stopped preparing behaviorals before interviews because I’ve been told I sound too rehearsed. Would appreciate any and all advice. Thank you and I hope everybody has a great Thanksgiving!

2 Comments

WSO Monkey Bot

O

7mo

Based on the most helpful WSO content, here’s a structured approach to tackle your situation and regain momentum:

1. Reassess and Refine Your Strategy

Resume Adjustments: If your most recent internship doesn’t add significant value or raises red flags, consider removing it. Instead, focus on highlighting your MM IB experience and boutique internship from sophomore year. Frame your narrative around the skills you gained and how they make you a strong candidate.
Address the No-Return Issue: Be proactive in interviews. Acknowledge the lack of return offers but emphasize external factors (e.g., market conditions) and how you’ve grown from the experience. Show that you’ve taken steps to improve and are ready to contribute immediately.

2. Timing for Boutique Outreach

Start in January: Many boutiques hire on an as-needed basis, and January is a good time to begin reaching out. Firms may reassess their hiring needs after year-end reviews and bonuses. Cold email MDs and senior bankers directly, tailoring your message to their firm’s focus and recent deals.
Leverage Your MSF Network: Use your program’s alumni network and career center to identify boutique opportunities. Alumni are often more willing to help, especially if they’ve been in your shoes.

3. Expand Your Search

Related Roles: Look into corporate development, valuation, or private credit roles. These positions often value IB experience and can serve as a stepping stone back into banking or other high-finance roles.
Boutique Consulting: Smaller consulting firms with a focus on M&A or strategy could also align with your skill set.
Regional Banks and Smaller MM Firms: These firms may have less structured recruiting cycles and could be more open to hiring someone with your background.

4. Networking with Purpose

Quality Over Quantity: Focus on building deeper relationships with fewer people. Instead of generic networking calls, aim for meaningful conversations where you can demonstrate your knowledge and genuine interest in their firm.
Follow-Up: Reconnect with contacts from your previous networking efforts. Update them on your MSF progress and ask for advice or insights on current opportunities.

5. Behavioral Interview Adjustments

Avoid Over-Rehearsing: While preparation is key, sounding too polished can hurt your “fit” perception. Practice answering questions in a conversational tone. Use storytelling to make your responses more engaging and authentic.
Mock Interviews: Have trusted peers or mentors conduct mock interviews to provide feedback on your tone and delivery.

6. Stay Resilient and Motivated

Focus on What You Can Control: The job market can be unpredictable, but your preparation, networking, and persistence are within your control.
Celebrate Small Wins: Acknowledge progress, such as landing superdays or building new connections, to stay motivated.
Mental Health: Take breaks when needed. Burnout can negatively impact your performance and outlook.

7. Long-Term Perspective

Transferable Skills: Even if you don’t land a traditional IB role immediately, focus on roles that build relevant skills (e.g., financial modeling, deal exposure). These can position you for lateral moves in the future.
Keep the End Goal in Mind: Many successful professionals have non-linear career paths. Use this period to build a strong foundation and keep pushing forward.

You’ve already demonstrated resilience and determination by pursuing multiple internships and an MSF. Keep leveraging your strengths, and don’t hesitate to pivot if needed. The right opportunity will come with persistence and adaptability. Good luck, and happy Thanksgiving!

Sources: In Search of Wisdom, https://www.wallstreetoasis.com/forum/job-search/ibd-sa-after-graduation?customgpt=1, Accounting major, can't seem to break into IB, Advice From an Advisor to Senior Wall Streeters, https://www.wallstreetoasis.com/forum/investment-banking/nothing-is-going-right-for-recruitment-whats-next-need-advice?customgpt=1

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