I'm currently a senior still trying to break into IB, I realize its incredibly late but i knew from the start i'd have to take an untraditional route into a FT position. I'm currently doing a buy side credit research internship at a solid company, and we have enormous exposure to the private debt placement market. as a result, my department has great relationships with a lot of the BB and MM DCM groups in the industry. the guys in my department have been phenomenal at reaching out on my behalf and i've been in contact with at most one MD at each firm, who distributed my resume etc. to his group and HR. my question is, at this point in the FT timeline is there any chance of some kind of interview to fill vacant spots or is it really just a matter of getting lucky? does contact with one MD mean anything?
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It depends on how much that MD wants to vouch for you since you're only talking to one at each firm. And then there is the headcount issue which can help you, but not until later on.
Say the bank needs 50 analysts, they send offers to 60. 40 accept, 20 don't. They still need to fill in the other 10, which is where you would come in.
Generally I would say 99% of spots have filled up with summer/fall recruiting. However, spots do open up in the spring for two reasons, the group is actively expanding or someone who signed with them dropped out for whatever reason.
Yeah, I definitely wasn't saying that they would be scrambling to find 10 more people to fill up, but there would be a spot here and there that needed to be filled. My example was just for a simple approach to it.
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