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?
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.