Recruiting at multiple locations

Based on the most helpful WSO content, here’s what you need to know about applying to multiple locations for 2027 SA internships:

1. Applying to Multiple Offices at Firms That Don’t Explicitly Prohibit It

• If a firm doesn’t explicitly state that you can only apply to one office, applying to both NY and Chicago shouldn’t necessarily hurt your odds. However, it’s crucial to tailor your application to each location. For example, highlight why you’re interested in Chicago (e.g., being from the area, familiarity with the market) and why NY appeals to you (e.g., exposure to larger deal flow or specific sectors).
• That said, some firms may view dual applications as a lack of focus. If you’re unsure, it’s worth reaching out to recruiters or alumni at the firm to clarify their stance.

2. Banks That Allow Multiple Applications vs. Those That Don’t

• While there isn’t a definitive public list, here’s a general guideline based on WSO threads and user experiences:
  • More Flexible Banks: Boutique firms (e.g., Evercore, Lazard) and some middle-market banks (e.g., William Blair, Baird) tend to be more open to multiple applications across locations.
  • Stricter Banks: Bulge brackets like Goldman Sachs (GS), Morgan Stanley, and JPMorgan often limit applications to one location or division. These firms are more likely to enforce strict policies, so it’s best to confirm during info sessions or by networking with current employees.
• Pro Tip: Attend info sessions or reach out to alumni to get clarity on specific policies. Sometimes, these details are shared informally but not listed on websites.

3. Should You Diversify Applications to Include Chicago?

• Chicago offices can sometimes be less competitive than NY, especially for firms with smaller Midwest teams. If you have strong ties to Chicago (e.g., being from the area), it can give you an edge in the application process.
• For firms like GS, where applications are limited, it’s worth considering Chicago if NY feels like a significant reach. Chicago offices often focus on specific sectors (e.g., industrials, healthcare, or middle-market deals), so aligning your interests with their focus can strengthen your application.
• However, keep in mind that NY typically offers broader exposure and more exit opportunities, especially for private equity (PE). If PE is your long-term goal, NY might still be worth prioritizing.

Final Tips:

• Networking is Key: Whether you’re applying to NY or Chicago, networking with employees in those offices can help you understand their preferences and improve your chances.
• Be Strategic: If you’re applying to a firm with strict application limits, prioritize the location where you have the strongest story or connections.
• Tailor Your Applications: Make sure each application reflects a genuine interest in that specific office and its unique opportunities.

If you’re looking for more detailed insights, consider browsing WSO threads on specific banks or reaching out to alumni for insider tips. Good luck with your 2027 SA recruiting!

Sources: Is Chicago IB Pay Lower than NYC?, Is Chicago IB Pay Lower than NYC?, Internal Lateraling Guide, What is life like in an IB satellite office?