Didnt Convert Twice - Screwed?
Just looking for general recruiting advice, esp from people who've been in a similar position.
Quick intro: graduated 10 months ago from undergrad (UK), done 2 internships both in IBD - first one was an SA role at a large MM during the summer after second year of uni and more recently an off cycle after graduating at an EB. Unfortunately didnt convert either - both due to a combo of repeated small errors + other interns generally being more liked in the teams.
Especially given it's a weird time in the recruiting timeline rn and the major cycle doesnt open till September (at which point it wouldve been over a yr since grad), was just wondering if anyone had any suggestions regarding what I could do? Also, would it be extremely difficult to recruit FT with 2 internships not converted/would I need to keep trying OCs again or maybe even leave my SA off the CV to have a chance? (v sick of internships atm and I seem to find it harder to convert internships even when trying whatever I can during them to work hard/be helpful than to recruit at this point so would obviously prefer FT but also realise I'm not in the best position to choose haha).
Not dead set on only IBD, also would be more than open to recruit for ER/AM/consulting positions but given my background so far recruiting for these seems to be much much harder to get interviews for/be prepared to interview for for me and want to really make sure I land something.
Based on the most helpful WSO content, it's not uncommon for candidates to face challenges in converting internships into full-time offers, especially in competitive fields like investment banking. Here are some actionable steps and considerations to help you navigate your situation:
Reflect and Improve: Since you mentioned that small errors and team dynamics played a role in not converting your internships, it might be beneficial to seek feedback from your supervisors or colleagues at those internships. Understanding what went wrong and where you can improve is crucial. This reflection will also prepare you to address these points in future interviews, showing that you are proactive about personal and professional growth.
Broaden Your Horizons: You're already considering this, but expanding your job search to include Equity Research (ER), Asset Management (AM), and consulting could open more doors. Each of these fields values the analytical skills you've honed in IBD. Tailor your CV and cover letter to highlight transferable skills such as financial modeling, market analysis, and due diligence.
Networking: Continue to network aggressively. Given the off-cycle nature of your job search, reaching out to alumni, attending industry conferences, or even setting up informational interviews can be particularly effective. Networking might also open up opportunities in smaller boutiques or less traditional roles that could value your background.
Skill Enhancement: Consider taking courses or certifications that could bolster your resume, such as CFA (for ER and AM) or financial modeling courses. These not only improve your skill set but also show potential employers your commitment to the field.
Consider a Strategic Approach to Your CV: Regarding whether to leave off an internship, it's generally better to include all relevant experiences as they demonstrate your commitment and exposure to the industry. Instead, focus on what you learned and how you contributed to the teams during these internships.
Prepare for Interviews: Since you've identified interviews as a potential weak spot, consider investing more time in preparing for them. Mock interviews, understanding the STAR (Situation, Task, Action, Result) technique for behavioral questions, and being well-versed with your own resume can help. Preparation can boost your confidence and performance.
Stay Positive and Persistent: The job search can be disheartening, especially after several setbacks, but resilience is key. Continue applying, improving, and networking. Every interview is a learning opportunity.
Remember, your journey is unique, and while not converting internships can be frustrating, it doesn't define your entire career. Each step you take now is building towards a successful placement in the future.
Sources: Investment Banking Recruitment Dying Down... What are my options?, Would appreciate some advice, Two Internships Later: What I wish I Knew While Recruiting! (Toronto), https://www.wallstreetoasis.com/forum/investment-banking/nothing-is-going-right-for-recruitment-whats-next-need-advice?customgpt=1, Guide for Investment Banking Full-Time Recruiting
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