Chance at FT IB?
Hey everyone, had a question about FT IB recruiting.
Know someone at a top LAC (math major, ~3.7 GPA) who struck out during junior summer IB recruiting and will be doing institutional equity sales at a middle market bank this summer instead. He’s planning to re-recruit for FT IB roles this fall and is trying to gauge what banks are realistic.
Would EB/BB banks still be realistic for FT recruiting from equity sales, or should he mainly focus on MM and boutiques? Any insight from people who have seen similar paths would be really helpful.
Based on the most helpful WSO content, full-time IB recruiting is significantly more challenging than summer analyst recruiting due to the limited number of spots available. Many banks, especially bulge brackets (BB) and elite boutiques (EB), often fill the majority of their full-time analyst positions through their summer internship programs. However, there are still opportunities, particularly at middle-market (MM) and boutique banks.
Here’s what your contact should consider:
EB/BB Banks: While not impossible, securing a full-time role at an EB or BB bank from an institutional equity sales background will be tough. These banks typically prioritize their summer interns and may only have 1-2 open spots, if any. Networking will be critical here—your contact should leverage alumni connections, informational interviews, and referrals to stand out.
MM and Boutique Banks: These are more realistic targets for full-time recruiting. MM and boutique banks often have more flexibility in their hiring processes and may be more open to candidates with non-traditional backgrounds, especially if they can demonstrate strong technical skills and a clear interest in IB.
Preparation: Your contact should focus on sharpening technical skills (accounting, valuation, and modeling) and crafting compelling behavioral stories. Resources like the WSO 400 Guide and technical prep platforms (e.g., IBVine.io) can be invaluable.
Networking: Networking is crucial for full-time recruiting. Your contact should aim to connect with employees at target banks, particularly those in IB roles, to gain insights and potentially secure referrals.
Application Strategy: Given the competitive nature of full-time recruiting, your contact should cast a wide net. Applying to a mix of MM, boutique, and select EB/BB banks will maximize chances.
In summary, while EB/BB banks are not entirely out of reach, the focus should primarily be on MM and boutique banks, where the odds are more favorable. Strong preparation and aggressive networking will be key to success.
Sources: 2019 Investment Banking Full Time Recruiting - Do I Have a Chance?, How to Navigate FT Recruiting: Learn from My Successes/Failures, 2020 FT IB Recruiting Thoughts, Re-recruiting for full time senior year
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