Still no IB offer ... what to do now?
Semi-target, good GPA, felt like I knew my technicals pretty well, but here I am at the end of recruiting season without an offer. I had 3 first-rounds and one superday at big-name banks (think lower BB and some EBs), but none resulted in an offer. Now, I've been scrambling and trying to network into some smaller boutiques, but I feel like I'm late to the game because I was gunning for higher tier banks all summer.
Anyway, when is it time to throw in the towel? All my friends have offers and from reading threads on here, seems like most places are wrapping up if not already done.
If I can't get to IB this summer (my junior summer), what is my best move? I really was just interested in IB for the exit opps (PE/HF), so are there other careers that can prepare me for these same exits? Is it worth trying to get a different (non-IB) relevant internship this summer and go for FT recruiting? Should I keep going for IB this summer, even if it means working at a garbage, no-name shop?
Go for a no-name boutique bank, get some kind of relevant experience, and network hard AF all fucking year and hope that you get an IB job coming out of your senior year for full-time.
You might have to work at a boutique no-name and then lateral to a BB, could take you an extra year or two to do. How badly do you want to do PE/HF exit opps?
Make sure your grades are stellar and that you have strong ECs.
Other careers you can aim for are Equity Research and Mgmt Consulting.
I heard consulting is more selective than IB, is that the general rule?
I don't think there's a general rule. They're both just as competitive. You need a lot of the same things for both of them but the preparation is a bit different in the sense that you'll have to make your resume geared towards consulting and you'll have to find time to prep for consulting case studies rather than LBO/DCF tests.
MBB is probably as selective as an EB. It requires a lot of prep (casing). People practice by doing 40 cases, each of which take 45 minutes minimum. T2 is way less selective than IB.
Could be wrong but seems like BBs still recruiting. Some EBs are wrapped up.
BBs are ongoing now but that doesn't mean if you applied today, you would have a realistic chance of getting an interview/offer. They are just dealing with the backlog from summer recruiting. Not to mention I've already been rejected by most BBs...
For IB?
I broke into IB with no prior work experience at all. I didn't do any summer internships, and only went to a semi-target. I lateral'd into a boutique off-cycle after a full year of work experience, and afterwards eventually moved into a BB.
My advice is to network as much as possible. Don't be scared of rejection. Up your outreach by 100%, 200%. If you have the technical skills and are a normal human being, it's ultimately a numbers game.
And don't be afraid to get into boutique banks. The work you do at boutiques are largely the same - in fact, you might get more responsibility at boutiques versus BBs. Admittedly, recruiters at BBs/EBs will discount your experience, but IMO it's still better than a corp fin/equity research gig if your goal is ultimately FT IB -> PE.
It's not the end of the road, my friend, you but need to spend some significant time assessing why your superdays did not turn into offers. Knowing your technicals well is not good enough- you need to also crush the behaviorals and come across as a likable person. Additionally, you need to answer technicals at a level above what the books tell you. For example, when walking through a question like "how does a $10 increase in D&A affect the three financial statements?", you should start off by mentioning how expenses on the IS are current period-only and are tax-deductible. Then mention how the CFS exists to add back non-cash expenses (e.g. D&A). I am not saying you did this, but this regurgitating what the book said thing no longer cuts it. Be honest with yourself: where could you have done better? I would also recommend the WSO Mentors program for this.
Next step would be to hit up boutiques. I am not talking about Moelis or Evercore...hit up the shops doing M&A for sub-$5M in EBITDA businesses. There are hundreds across the U.S. The pay won't be the same, nor will the names be as sexy, but it's nonetheless M&A work that you can then spin to lateral to a larger shop. Once you're at this stage, Google "Sil lateraling guide" and read through that.
Good luck.
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