Any Tips on Full Time Recruiting for IB?
Hi everyone,
I am a junior at a target school studying economics with a 3.8 GPA. I have a MM Corporate Banking SA offer for 2024. While I am definitely keeping my mind open with corporate banking, I ultimately want to have a career in investing, and I believe that the best way to do so would be to first go into investment banking. I have some other finance internships on my resume, but the corporate banking offer is definitely the best thing on my resume.
Any tips on how I should go about FT recruiting this summer? I've familiarized myself with the general process and what to expect, but all the posts on this sight seem to be geared towards people that are already in investment banking. What kinds of banks should I be targeting? How should I frame my emails to bankers in regards to wanting to make the switch to IB? When should I start sending out cold emails?
Any advice would be greatly appreciated. Thanks!
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Ahoy there! It sounds like you're gearing up for an exciting journey into the world of investment banking (IB) full-time recruiting. With your sights set on investing and a solid foundation from your corporate banking offer, you're in a great position to make the leap. Here are some tailored tips to help you navigate these waters, based on the most helpful WSO content:
Leverage Your Corporate Banking Experience: Highlight the transferable skills you've gained in corporate banking, such as financial analysis, understanding of corporate finance, and client interaction. These are valuable in IB and can set you apart.
Target a Wide Range of Banks: Don't limit yourself to just bulge bracket or elite boutique banks. Consider middle-market (MM) and boutique banks as well. These firms might offer more hands-on experience and could be more receptive to candidates making a switch from related fields like corporate banking.
Crafting Your Emails: When reaching out to bankers, be concise yet personal. Express your genuine interest in IB and how your background in corporate banking and other finance internships have prepared you for a career in investment banking. Mention your desire to leverage your skills in a more deal-focused role.
Timing for Cold Emails: Start your outreach early, ideally several months before the recruiting season kicks off. This gives you time to build relationships and potentially secure informational interviews. A good rule of thumb is to begin your outreach in late spring or early summer.
Networking is Key: Utilize your school's alumni network, LinkedIn, and any professional connections you have. Networking can provide invaluable insights into the recruiting process and help get your foot in the door. Remember, it's not just about asking for a job but about learning from their experiences and getting advice.
Prepare for Interviews: Brush up on your technical skills, especially those related to financial modeling, valuation techniques (DCF, LBO, Comps), and accounting. Also, prepare your behavioral answers, focusing on stories that showcase your teamwork, leadership, and problem-solving skills.
Utilize WSO Resources: Don't forget to take advantage of the resources available on Wall Street Oasis. From the WSO Resume Review to the WSO Mock Interviews, these services can significantly enhance your preparation.
Remember, transitioning from corporate banking to investment banking is definitely achievable, especially with your strong GPA and relevant internships. Keep a positive attitude, be persistent in your networking and applications, and make sure to convey your passion for investment banking in all your interactions. Best of luck on your journey to landing that IB role!
Sources: Guide for Investment Banking Full-Time Recruiting, Guide for Investment Banking Full-Time Recruiting
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Will be a little vague - was at a non-BB, non-IB / M&A role at a bank for SA --> did FT recruiting and landed at an EB. It's very very tough, given limited # of spots. Most EBs will have some semi-structured FT process that kicks of July ish once they get a sense of return offer stats. Target + good GPA will help you out for sure
What gave you the confidence to go for an EB? In my position I feel like I should be targeting MM's and boutiques exclusively. Is being able to get into a EB from a non EB/BB and non IB internship common?
Honestly it's not common but it happens from time to time. You have to detach the confidence thing a bit. It's a low probability event anyway, so you just have to try your best not to have yourself precluded from that chance. Aka do the best that you can do in networking, interview prep, maintaining positivity and then hope for the best. Also have a backup plan though.
Definitely don't ask yourself for reasons to be confident about going for an EB - the version of you that actually gets to an EB eventually would be one that shut out all the doubt and was confident anyway. Being at a target with high GPA paired with good networking will be good enough to get you first rounds at at least some places. Once you get to that point, it's pretty meritocratic in terms of interview performance.
do you mind if i dm you?
Really helpful, thanks. When networking, how did you structure/frame your cold emails? I’ve heard that some bankers will not be receptive to you emailing super early bc it seems like you’re not giving your current role a chance. How did you approach this?
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