Advice on breaking into IB post-graduation
Background:
I graduated from a target with a 3.6 GPA in 2023. Recruited for IB during sophomore spring/junior fall, made multiple superdays but ended with zero offers. Pivoted to SWE during junior summer and has worked as a SWE most recently (small company).
I haven't enjoyed my FT work as of late, and I'm looking to break into IB at some capacities (aiming for regional and micro boutiques). Although I haven't had SA experience, I have full demonstrated interest in finance along with a PE internship sophomore summer. I would equate my experiences as someone recruiting for SA roles. Unfortunately, alums at my school are largely concentrated in bigger shops (BB, MM, EB, etc) and breaking into these places aren't very realistic for my current situation.
I want to evaluate the feasibility of entering IB either as an intern or FT at this current stage. If not, what other roles should I be looking at?
Based on the most helpful WSO content and insights from previous threads, breaking into IB post-graduation without a direct IB summer analyst (SA) experience can be challenging but not impossible. Your background, with a strong GPA from a target school and a PE internship, demonstrates a solid interest and foundation in finance. Here are some strategies and alternative roles you might consider:
Strategies for Breaking into IB:
Leverage Your Network: Despite your observation that most alums are in larger firms, don't underestimate the power of networking. Reach out for informational interviews, not just with the aim of getting a job directly but to learn and possibly get referred to smaller firms they might know.
Highlight Relevant Experience: Your PE internship and SWE role can be valuable. Emphasize the analytical, quantitative, and project management skills you've gained. Tailor your resume and cover letter to showcase how these experiences make you a strong candidate for IB.
Consider Off-Cycle Internships: Smaller firms might be more flexible with hiring timelines. An off-cycle internship can be a foot in the door and a chance to prove your worth.
Pursue Financial Modeling and Valuation Courses: Strengthen your technical skills through courses (like those offered by WSO) to make up for the lack of direct IB experience. Certifications can add credibility to your resume.
Attend Industry Networking Events and Conferences: These can be excellent opportunities to meet professionals from regional and micro boutiques. Be prepared with your elevator pitch and follow up diligently.
Alternative Roles to Consider:
Corporate Development: Involves working on acquisitions, mergers, and divestitures within a corporation. Your PE experience could be particularly relevant here.
Equity Research or Asset Management: These roles also require strong analytical skills and a deep understanding of financial markets, which could be a good fit given your background.
Financial Advisory or Consulting: Firms like the Big 4 offer financial advisory services, which can be a stepping stone into the world of corporate finance and eventually IB.
Fintech Startups: Given your SWE experience, fintech could be an interesting intersection of finance and technology, offering roles that leverage both skill sets.
Further Education: An MBA or a Master's in Finance could not only refine your skills but also provide another round of on-campus recruiting opportunities for IB roles.
Remember, persistence and flexibility are key. It's not uncommon for individuals to transition into IB from various backgrounds. Keep learning, networking, and applying strategically to roles that align with your skills and interests.
Sources: A non-target's failure, Accountant trying to break into IB, IB Recruitment Timeline for Juniors & Seniors who didn't land a junior-year IB internship, Consulting vs IB for Corporate Roles?, Q&A: HK IBD
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