Let's say you do a summer analyst internship in a good group at a solid BB (Citi/CS/BofA). How hard is it to recruit full time for banks like Evercore/Lazard/Centerview?
If you have a BB summer analyst on your resume, are you nearly guaranteed an interview? I'd assume most people trying for FT have MM/Regional Banks.
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Disregarding full time, just getting interviews with those 3 banks are hard. Full-time recruiting tends to start pretty late in the summer or even in the fall. Most banks don’t even start their process until after your return offer expires (assuming you get one). Not every bank will recruit and for those that do will be pretty hard. Nothing is guaranteed. Not even your return offer.
Thanks for the insight. So even if you have a strong group at a solid BB on your resume, you still have to network hard to even just get interviews at Top EB/BB?
Also, do most of the candidates that end up getting FT spots come from BB/EB, or MM?
Yea nothing is guaranteed. Especially because FT recruiting is heavily relied on networking. They will give you the insight if they are even looking for people and referrals play a big role.
It’s probably a mixed bag. It might be skewed tho because people from MM might have more of a reason to do FT recruiting than someone at a BB.
With the way things are going in the markets, I would expect this year to be tough for FT recruiting.
From what I recall from networking, Evercore seems to do a decent amount of FT recruiting since about 10 of their SAs jump straight into PE and decline the return.
CVP tends to have limited spots because people return. On the first day, Blair literally says "we want you to get a PE offer but we'll give you such a good experience you'll turn it down". Their FT recruiting some years is also diversity only.
Not sure about Lazard.
Definitely not guaranteed an interview. There are dozens of kids with BBs or lower EBs trying to get into higher-tier banks or move for various reasons. You also don't get that much cred for being at a BB vs. known MM. There's a minuscule number of spots so networking, behaviorals, and knowledge of why you're switching banks is key.
You 100% need to be holding a return offer, the whole thing is run through networking (online apps rarely even posted) and it will move quickly starting around week 9/10 of your internship up until the first few weeks of fall.
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