What is the next step if IB recruiting doesn't work out?
Hello everyone,
For context: I went to a sister campus of a target public university in the Midwest (sister campus is not considered a target), worked in FP&A for a year, and I’m now pursuing a non-US MFin in the Middle East (target for MBB in-region, less so for IB). This past summer I interned in PE in NYC and got some insane deal experience and I’m currently trying to recruit for banking.
Recruiting has been brutal this year. I’ve been reaching out to smaller and smaller banks across the US in addition to NYC, with 3–5 new conversations a week at all levels (analyst through MD). Despite being locked in and ready for interviews, nothing has stuck so far.
I graduate this May. If IB doesn’t work out, what’s realistically the next step? Corporate banking and valuation roles seem limited, and going back into FP&A feels like I’d be pigeonholing myself. Is a non-US off-cycle at a boutique or BB the only viable path forward? Even then, the competition is actually insane.
I get the opportunity cost and the “bad look” of doing nothing post-grad. But I’m wondering what am I missing here, and what have you seen work for people in this position?
how badly do you actually want to work in banking? lots of other very good roles in nonbanking fields (ie: consulting) that would have not that dissimilar exits compared to if you did mm banking at a regional boutique
I'm 200% set on working in banking and really would like to avoid the consulting route.
mba
This is not good advice, life is too short to wait years before going to MBA for 2 years to end up at a job that you’ll hate
I agree, the whole point of trying so hard to recruit now is to avoid pausing my goals for 5 years (3-4 work, 1-2 MBA)
I did 2 full years of BB banking from an Mfin and wish I did consulting instead
Super unlikely you get anything in NYC given 1) return offers from last summer and 2) already shrinking headcounts.
I would focus exclusively on non-NYC / “shittier” markets and ping every Associate/VP you can get a hold of. As you rightly pointed out you need to be hitting up small boutiques and should not be picky around coverage area / group.
As a plan B, parallel process IB-tangent roles like valuation (even though you said it’s also brutal). FP&A will not help you for IB.
Thank you so much for the transparency, I think you are completely right. I'll be scouring for smaller banks in every location outside of NYC to just get my foot in the door. I've had a couple conversations with non-NYC banks and I definitely feel like it is more possible to end up there.
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