When will SA 2025 Positions Fill Up? (BB/EB)
I know the general advice is submit ASAP, but as somebody who didn't start taking networking seriously until recently and doesn't have a 2024 internship yet (though at a target), not exactly sure how to proceed. Should I just submit for the EBs that close in like the next two weeks with no networking? Guess there's not much else I can really do about that...but what about those that are open until April/May/June? Will they realistically fill up by then or is submitting in March/April okay? I say March bc cold emailing for 2024 internships is just a very slow process. Also would like to spend more time prepping for interviews. Does the bar increase as time goes on even if there are still openings?
Based on the WSO content, the recruiting timeline for summer analyst positions in investment banking can be quite aggressive, with many positions at both bulge bracket (BB) and elite boutique (EB) firms filling up well before the official application deadlines. Here's some insight that might help you navigate the process:
Early Application: It's generally true that the earlier you apply, the better. Many firms start their recruiting process early and may fill positions before the final deadline. This is especially true for BB and EB firms, which are highly competitive.
Networking: While you've started networking later than some, it's still a critical component of the recruiting process. Even if deadlines are approaching, making connections can be beneficial for both immediate opportunities and future prospects.
Late Openings: For firms with later deadlines, it's possible that they will still have openings, but it's not guaranteed. The competitive nature of these roles means that they could fill up quickly, and the bar for candidates may indeed rise as the process goes on.
Strategy: If you're faced with imminent deadlines and limited networking, it might be wise to apply now while continuing to network. For those firms with later deadlines, intensify your networking efforts and try to connect with insiders who can provide referrals or advice on the firm's recruiting timeline.
Interview Preparation: Balancing networking and interview prep can be challenging, but both are important. Allocate time for interview prep, as strong performance in interviews can compensate for less networking in some cases.
Remember, each firm may have a different recruiting timeline and strategy, so it's important to gather as much information as possible about each one. Keep networking, prepare thoroughly for interviews, and apply as early as you can to maximize your chances.
Sources: SA 2024 Positions Canada, 2023 SA Recruiting Timeline, 2021 SA kicking off?, 2021 SA kicking off?, SA 2024 Openings
90% of BB and EB teams were filled by the end of April last year and the applicants in those last interviews applied early. I’d wager 50% full by first week of March. You’d have a shot at other firms later, especially for specific teams at BB if you go to a target but I recommend applying now
Sheesh. You think mid February (~15-20th) is too risky even if it could make the difference between having no finance and some (incoming 2024) on my resume? I am a top target w/ OCR but honestly most banks dont seem to be coming at all
Just submit now and bust your ass networking and doing technical prep the next 2-3 weeks. Block out the next two weekends to schedule send emails for the following week, and schedule 3-4 hours a day of study time and just get yourself up to speed ASAP.
At a target you will get some interviews even by just doing a resume drop, assuming you have a decent enough resume. It definitely gets more competitive into the summer as banks will host large superdays and have like 1 spot to fill.
I don't think not having a 2024 internship yet is a dealbreaker. Soph internships tend to be kind of ad-hoc and not fill months out, and people will understand if you're still looking. If you get one by mid-Feb just update it in the portals and mention it during interviews. But agree with above, you really don't want to be on the back end of this
Thanks so much, I really appreciate it. Does this sound like a good plan to you:
This Week:
- Send out networking emails for 2025 (~4 to each firm) and cold emails for 2024
- Read through the WSO behavioral guide and Rosenbaum/Pearl for technicals
- Finishing touches on resume
- Attend info sessions
Next Week:
- If any feedback on 2024, pursue ASAP and update resume
- If not, bite the bullet and submit
- Continue reading Rosenbaum/Pearl and draft some bullet point behavioral responses
After:
- Just more of the same: network emails/calls, study technicals
Need waaaaaay more than 4 emails per firm. Start with 10 per firm, you should have alums who are usually more helpful - but response rates are going to be low given it's late and you want to be having 3-4 calls per week. This should continue well into the following week, and really until you get a job.
Rosenbaum/Pearl is extreme overkill for someone that needs to focus on networking + only has a few weeks to get ready. M&I 400 is a starting point for technicals, can google around for more resources. if you are willing to pay a little money I'd buy one of the technical guides/prep courses on here
And finally, you are not going to get a 2024 internship in 1 week unless you have final interviews somewhere. Just get your resume cleaned up and submit it. You can replace the resume later if you land something
OK, thanks--I really appreciate your advice. Does the 10+ emails thing count towards EBs? Even at my top target, some of them don't have 10 current employees, or if they do, it's like all MDs. I understand it's fine to email them, but probably not a bunch of them right? I also mentioned Rosenbaum/Pearl because I found reading the M/I 400 to be impossible. Like I would read a question, read the answer, and forget it because it's just a wall of information. I know Roesnbaum is long, but to me it makes it clear why things matter and presents them more logically. I'm probably going to stick with it as M/I 400 was just not helpful for me, but I'm not going into the weeds in every section--they do a good job of summarizing at the top of each section and a worked example.
Also, understood on the 2024 internship. Will still be gunning for them but prioritize networking, getting interviews (hopefully), and preparing for any that I get through studying behaviorals and technicals.
Cheers.
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