Re-recruiting as a second-year MBA
I'm an MBA1 at a top fifteen business school (non-M7) who will be working at a middle-market investment bank this coming summer (think Houlihan Lokey / Jefferies). I think I somewhat underperformed in the intern recruiting process and would love to re-recruit next year, but several people I've consulted with have recommended that I accept a full-time offer (assuming I'm lucky enough to receive one) and lateral once I have the security of a permanent job.
Do you all have any advice about how I should approach this? If you think re-recruiting is a worthwhile pursuit, what if anything would you recommend that I do from a networking / general preparation perspective to maximize the chances I find another job at a BB or EB?
Thanks for your help.
You can re-recruit while sitting on a full time offer. It's rare that people are able to successfully "trade up", but it certainly happens. You just don't want to let the offer expire while looking to trade up, because lateraling is much much easier than trading up during full time recruiting.
The process is generally
1) First, focus on getting a full time offer at your bank. Every firm you might interview for will ask if you got an offer and you need to be honest because the alumni do talk to each other about candidates. If you didn't receive a full time offer, "trading up" will be next to imoossible.
2) Around mid july start reaching out to people you talked to and had a good networking relationship with at other banks you rather be at. Let them know you are having a great time at your bank, you've been told you are on track for an offer, but are still really interested in the platform that their bank offers and would love to talk again about their bank. People, if they liked you, will at least agree to meet/have a call. Treat these like interviews. Also, sometimes people will reach out to you if they really liked you and they know they need spots.
3) While doing 2, also keep an eye out on your school career resources as a few banks who under hired or who aren't completely happy with their current summers. As you see opportunities that don't fit into the people you are already talking too, reach out to alumni at those places and participate in resume drops.
4) Interviews will start happening in mid August, so you need to be prepared early on to go through that process again and talk about your summer. So stay sharp.
Again, it's rare that people trade up for full time, but it happens. I know a handful of people at my school who did it or had the opportunity too. But remember the most important thing is to perform at your firm and get an offer first. Lateraling in a year or two is easy as people start leaving banking, so if that's the worst thing that happens too you, you'll be fine.
Good luck.
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