No Luck in Securing a Summer Analyst Position (Female)
I'm currently a rising senior at a non-target college in NYC. I have a 3.93 GPA, Boutique IB experience from last summer, Active in clubs- the president of the trading club & VP of another business club, leadership experience, volunteer work. My resume has been verified as "perfect" by bulge bracket Investment Bankers. With all this being said I am a white Jewish female so diversity is not on my side. Any opinions why I am having difficulty? Additionally, my guy friends at school secured internships with far less experience and lower GPA's and are very confused why I am having trouble.
You are a female, therefore you are diverse by banking standards. Maybe it's not your credentials or lack thereof, maybe your story needs work and you're not likable.
How could the interviewers know my story if I haven't been given a phone or in person interview?
I am going off of what you originally posted. Not getting any looks was not previously mentioned. Step up your networking.
Why did you do that, Karen?!?! That was worth sixty thousand dollars!!
Did you get interviews and failed to convert, or didn't get any interviews whatsoever? Also, since you mentioned you're a rising senior, did you apply for SA 2019 positions? In that case, were you even eligible to apply for those?
I applied back in August for SA 2018 positions-- didn't get interviews whatsoever
You're female, with a solid resume and couldn't even get a single interview? I'm guessing you didn't network enough, or didn't properly utilize your networking contacts. You mentioned LinkedIn? Didn't you send out cold emails at all? What was your response rate in general?
Do you network?????
Yes, on linkedin I arrange calls and coffee dates.
LOL "dates"
You've highlighted your gender and it makes it sound as if you've got an ax to grind. You must be aware that there's more to this than a resume and checking a diversity box (where your gender helps you). You can't think of any other relevant information for why you're struggling?
I can't think of reasons why I am struggling. I network on linkedin, arranging calls etc. I have applied to nearly every opportunity online, yet no response. Not even a phone interview.
When networking, do you ask for referral (pushing your resume)?
How successful have your linkedin networking efforts been in yielding a phone/coffee informational interview? Once you've had those, are you following up once you apply so they drop a reference for you? Where are you getting stuck in the process?
Hi Karen,
Have you tried broadening your search outside of NYC? Additionally don't exclusively apply for bulge bracket firms, there are some solid middle market and boutique firms on the west coast you might be interested in. You could always lateral to a BB once you gain your finra licenses and a year of experience.
I have not, what firms outside of NYC do you recommend? I have been applying to bulge bracket, middle market, boutique & no name firms in the NYC area.
boston, bay area, los angeles have a ton of ibanks
That's your problem.
Definitely need improvement on your networking skills. If you're cold emailing and getting coffee with people, there shouldn't be any reason not to refer you or help out assuming your resume is as good as you say. You probably need to work on your story and convincing others that your really want to work in the industry. A good story and relevant experiences go a long way. Always try to network before applications close and don't let them defer you
Timing networking right is also huge. Doesn't sound like she did.
Also reaching out to alumni rather than random people at banks is a good way to network. Most alumni I reached out to are very helpful.
Any advice for networking timining? I don’t want to be too late but at the same time, It seems kind of early to be talking about 2020 summer internships with alumni.
This is going to sound harsh and I don't want to make you mad, but if I do I do. I'm also not attacking you, just giving you my observation. Based on your post and responses, you sound like you have a "victim" issue. Why haven't they? Why don't they? etc. My daughter does this all the time and drives me crazy so I'll tell you what I tell her (also in a competitive environment - not IB).
The world doesn't care about you or owe you anything. It's not someone else's fault. It's not about someone else doing something. At the end of the day, it's no skin off any recruiters nose if you don't get an offer. The only one affected by you not getting an offer is you. No matter what, figure it out and find a way to get it done. Be creative, look under every stone. What ever it takes. Some people have to learn to grind. Now would be a good time to start.
You can't expect the world to move you along the funnel. Create your own funnel. It's not fair or unfair, it's just reality.
Thanks! I appreciate your realistic view. Been hustling hard.... one day it will payoff
Keep on hustling. As someone else mentioned, exhaust the resources of your career services department (mock interviews, networking advice, alumni access, etc). Wear them out!
Best of luck to you! You'll do great.
You did not network OR
If you did network, you either did not make a good first impression or you failed to stick out (in a positive way) AND/OR
You did not interview well
I would consider doing some mock interviews with alumni or using the WSO Mentors Program.
Well being a female does make you diverse by IB standards. I think that you not getting internships could be an issue of poor networking and/or lack of likability. Your resume itself is good enough to get an offer but you need to put more effort in. Try contacting alumni from your school on the street. Keep sending out cold emails/cold calls. If you try harder you do have a shot.
Agree with the sentiment of what others are saying above, but also that something is definitely off about your approach.
“Perfect" by bulge bracket Investment Bankers? Not really sure why multiple bankers would comment this but not push you. Apart from that, it’s not all about resume, gpa, or even experience - that’s only half the battle. Many candidates look very good on paper and fall apart during interviews.
For your networking, look deeper into the quality of calls you're having. Are your calls awkward? Do you connect with bankers on a deeper level? You mentioned that the bankers don’t know your story. This is extremely strange. On almost every call I’ve held, I have gotten asked TMAY within the few minutes of the call. If not, I always offered to give background on myself and 100% of the time, bankers say yes. Your story is everything and sets the tone for the call by telling bankers why you are calling and why you’re interested in banking.
As mentioned above, firms want to recruit the best candidates, and it’s not in their best interest to help everyone. You have to be transparent and more aggressive. Your timing was also off. Applying in August for SA 2018, which would be way too late for SA 2019, was still quite late last year. You always want to apply ASAP when positions open and should be holding networking calls before applications are even posted.
I think you also need to find a personal mentor. Perhaps a recently graduated senior working in banking that you’re close with and knows you on a personal level. Ask them for their opinions, for mock interviews AND informational interviews. They would know better than strangers on WSO and could probably pinpoint where you’re struggling.
Meh
unfortunately, its too late for summer 2018. I'd suggest doing whatever you can for this summer (intern/join a startup? many startups don't have formal internship programs...but they are happy for the extra hands)...and at the end of the summer, network hard (before the application process starts) for summer 2019 (internships, as well as FT). Networking helps you get an interview...but once interviews are done, ALL the slots are filled...so waiting until after the official process is winding down is NOT a good strategy....better to be early.
Even tho its not ideal, you can still intern the summer after your senior year at the BBs....and then apply for FT when it opens up (which you would have been networking for beforehand...so starting at the end of summer and the early fall..like Sept). Attend the job fairs in Sept/Oct ...i would even suggest going to the job fairs at the closest target school...even if you don't go there (not just your school...goto Columbia, NYU, etc...use any way to get in front of the recruiting teams). Your goal for 2019 will be to have interviews BEFORE official recruiting starts.
what school are you at?
I agree it's definitely better to be early. I did not realize recruiting started so early on for SA 2018 and was therefore late on the game. I just started networking for a full time after graduation and will attend as many networking events as possible. I am at Baruch College, CUNY.
Baruch is a feeder for operations roles (back office, compliance, accounting, etc...), and maybe for some sales/trading if you are in the quant program. Its rare for Baruch to place into advisory Investment banking (IB) (rare, but not impossible).
I would suggest you try networking (linkedin) into all 20 BBs plus the boutiques starting in august thru early september (yes, that's a lot of work...but that is the price you pay for not attending a target...and that is also why the targets can charge so much money for what is essentially the same quality education...its the value of the network that you pay for).
Had the same experience for SA 2018...got 1 phone 1st round and a bunch of hirevues and nothing past that, but upon reflection, it was because i didnt network effectively. for SA 2019 i started networking in February and got my offer a few weeks ago. network aggressively ASAP! it really is a grind no matter your "on paper" credentials
what did you do differently this time around? i'm sure lots of people here can benefit from learning what you've changed w your approach
When firms were doing resume selection for interviews, I wanted to make sure my chances of someone on the recruiting team recognizing my name and being able to vouch for me were as high as possible...best way to do that is to talk with as many people as possible (and make a good impression on them!)
Some people are saying you didn't network. I am sure your male friends didn't network also, but still secured an internships if I am not wrong. I go to Brooklyn and Baruch is way better for business and student here get internships with less and don't know how to network. Many don't even know simple finance/wall street terms. So reading people's comments don't make sense that you didn't network early when others I know have far less than what you accomplish.
It’s all luck I guess & I haven’t had any yet— but that doesn’t mean to say the future doesn’t hold my share of luck.
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