Hi all, I'm hoping someone could give me some solid advice. I'm finishing up my sophomore year at a non-target with a 3.5 GPA.
I'm currently interning (unpaid) at a small private equity search fund in my area, and I'm hoping to start recruiting for 2018 IBD SA positions this Fall. My semester will finish up at the end of May, and I was wondering if anyone had any advice as to what I should be doing this summer?
I can stay at the Search Fund, but am worried that this experience won't be good enough to compete for SA recruiting. I know its a bit late to start looking for something else for this summer, but does anyone have any suggestions? I assume the classic unpaid sophomore PWM internship would be relatively on-par with my current experience at the PE Search Fund, so should I try cold-calling boutique Investment Banks trying to land something this late?
Any advice would be welcome!
Seems like IBD is something you want to do. In that case, go for the boutiques in PE, Corp Fin, M&A and IB. Apply to them all and more you come from a non-target which means you have to work harder I would say apply 10 shops at minimum every week and make sure your grades and technicals are solid. When the opportunity arrives make sure you seize it by the balls and don't screw it up.
For the medium term goal of a IBD SA position. I would advice prepping your resume. Gather feedback from interviewers, alum and high-flying peers. Make sure it stands out because for each of the ivy leagues at least a 100 people will apply for that 1-2 spots you have your eye on too. That makes 800-1000 candidates who have a leg up over your non-target status.
Start networking now. Message alums and random people on your LinkedIn go for networking, frat, social events.
But at the end of it all, don't lose yourself, keep it together. Remember even after trying so hard, it is still possible that in a year's time you have achieved nothing material on that IBD goal. The job market isnt doing well with Deutsche, Trump and Brexit happening. Play for the long game but keep at it.
Study hard, reach out, apply. Repeat.
Thanks for the thoughtful response. I'll definitely continue cold-calling boutique IB's, HF's, and PE's aggressively.
My school actually has a great Career Services department that's been very helpful with my resume already (WSO standards), but I will continue polishing it.
In the 3 hours I've been at it, I've managed to get two decent email replies from recent Alums (one at a BB and one at a lower middle-market) willing to arrange phone calls with me. Hopefully I get enough solid contacts to fill up a networking trip to NYC this summer, before applications open.
Anything else I should be looking out for?
Nothing much. The formula for you right now is simple.
Study, apply, call, network, repeat. Until you get that offer.
Yeah cold-call boutique banks - you'd be surprised how many there are. Always cold-call before you email, and then reference the call in the email. No one will ever just answer an email...
Also the general rule is it's not impolite to call / email back if you don't hear from them in a week (keep doing so until they answer). It's their fault for being rude assholes and not answering even if it's a polite fuck-off.
I will definitely keep this in mind. I spent an hour-or-so cold calling today, and haven't had much luck on that front yet.
I had to do this 1 summer and I got like 3 interviews on ~100 reach outs, and converted 1 of them. It's a slog...
So I may have a lead to do a 6-month co-op (full time internship through my school) this fall (July-December) in the investor relations department of one of the top-5 asset managers in the US. Would this be better than a regular SA position with a boutique IB/PE/HF?
I would say it depends. If you can't get anything. Its better than nothing.
Of course any front office role beats IR even if it was for a summer.
2ndly, you need to consider how you are going to spin this experience for your FO goal.
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