Need honest advice - SA 2022
I came into college not knowing what I wanted to do but ultimately during my freshman year discovered IB and never looked back (even transferring to a target in the process). I barely managed to get an internship at a startup HF for freshman summer and spent a considerable amount of time that summer networking for sophomore SA (failed to get a single first-round). During this time, I have applied to loads of diversity programs (also didn't get into a single one.) Many of these were mere resume drops, so I improved my resume and spoke to several analysts/associates who all said it was "very solid" or "strong." Nevertheless, I keep getting rejected from these programs which are supposed to be "easy" to get into (at least according to WSO). I'm afraid this may be a foreshadowing of the future.
I still don't have sophomore summer internship and despite having spoken to several people feel rather unconfident on even getting a first round. Given that SA 2022 is already beginning, what would be the best course of action to take?
Although they are called resume drops, you would still be best placed by networking with folks. One of the mistakes I made while I recruited for SA 21 was I didn't network with a firm that had OCR (all I did was send in my resume) because I thought I was one shoe in (given my relative strength amongst peers at my university). As it turns out, I didn't get the interview, and peers I thought were relatively worse placed got the interview. That was extremely humbling, and I made it a point to never do that again. In Finance, I think networking is the name of the game.
Never overestimate the strength of application/resume, and never underestimate the power of networking.
I didn’t get my sophomore year internship until May and I still was able to land an offer. I was still networking for junior summer but I didn’t let me not having sophomore year one ruin that. To make it easy for yourself, I suggest looking at small PE boutiques/Search funds so you can save yourself some time.
I get what you mean though, it’s stressful and frustrating. I really hope at some point in the future the recruiting timeline can get pushed back because it’s getting ridiculous.
Are you me? I am in the absolute exact same situation right now, losing confidence and also looking for advice. I guess best bet for us is to continue applying to diversity programs and networking as much as possible. Curious to hear perspectives from others who have gone through the junior recruiting process.
The only people on WSO that think diversity programs are easy to get into are idiots. Most of them don't realize that the majority of diversity candidates tend to already be at target schools or have stellar resumes, i.e. these people would've been fine in recruiting without diversity programs.
I go to a school that's not a complete non-target, but I wouldn't say it's a semi-target either and in my freshman year, I didn't get a single diversity program. I still was able to land a SA 2021 as a sophomore at a BB and did not get it because of a diversity program, nor was the application only for URMs.
It's truly all about networking. If you can join programs such as ModernGuild, SEO, MLT, etc. I definitely would, but I got multiple offers from BBs without those programs.
I am now in SEO and MG, and typically get into any diversity program I chose. And I will credit SOME of that to being in those programs, but hope isn't lost, but it's much more about networking than anything.
How many people is several? You need to network - I'm talking intro phone calls with no less than 50 bankers (so 400+ emails) to talk about their career and get on the firms radar for recruiting. Resume drops can be a black hole and diversity programs are very competitive.
Its been more than that.
When you get into one you have a pretty straight shot into any of them, so don’t give up. Make sure you put it on your resume after you make it into one though.
I happened upon one accidentally at the start of the recruiting process last year. It was Goldman’s undergrad camp, and I applied before I was set on banking - I applied just to apply. Then after that I applied to 6 others and got into all except for 1.
Just pray for luck, and definitely network to increase your chances.
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