Recruiting IB > Corp Finance
Hey everyone, I’m an A1 at a NYC BB and quickly realized that banking is not for me. Would be more fulfilled and happier in some sort of FP&A role. However, I haven’t had much traction at all these past several weeks of applying to different places. Understand that job search is typically a slow process, but am wondering if maybe I’m not going about it the right way-like I haven’t even been able to get past the application step to an HR screening.
Any tips or advice on how to recruit while still in IB? And how does one manage these 80+ work weeks with networking calls, interviewing etc?
Not my place to say this, but I would recommend not making this move until you at least complete your analyst program. If you must get out, I would advise you to do your research and set your sights on certain companies you should be networking your way into. Applying randomly can hurt because, contrary to popular belief, IB is most of the time seen as a red flag when trying to get into corporate finance, not a green flag.
Y on earth would IB be a red flag for FP&A?
Most of the time, they will assume you are looking at it as a step down and will assume you're not serious about the role. They have a specific candidate they want to fill the role. This is why I said in my original comment it's worth a shot to network your way through, because obviously OP has real qualms about IB, and hiring managers would never know that off the bat, just by looking at a resume. Obviously, this isn't the case 100% of the time, but I can say with certainty that most large corporations hire like this at the junior level. I have no clue how anything out of like F500 operates or hires, and I should've mentioned in my original comment that I was referring to that.
I'll provide more color, too, since the comment below took a shot at hopefully clearing things up. I interned at an MM during my sophomore summer, realized I did not like IB at all, and wanted to recruit FP&A for my junior summer. Literally did not get a single look and ended up getting multiple offers once I changed my resume to remove IB, because that is the advice I got from many people. After I did my FP&A stint, I realized I still don't like IB, but the comp really blew, so I decided to FT recruit and got back into the industry.
While at my F100 company, I came across a lot of recruiting files that the company forget to restrict access to and they look for a very particular type of candidate that I can best describe as "above average but not too great". Basically they don't want average or dumb people but they don't want people who are likely good enough to get into IB because they are flight risks. Think the 3.5/3.6 GPA kids, not the 3.8/3.9 ones. You can absolutely get into an SFA role post IB Analyst Program with ease but in OPs case, it might be the IB brand hurting him a little bit–just my two cents.
Yea idk what the original comment is talking about IB being a red flag for corporate finance. I came from research and ended up going into a Senior FP&A role at a healthcare startup. My interview process was honestly very straightforward, they wanted to know my sector knowledge, how I think about a company and their customer base, and what my experience was modeling. I ended up walking them through a DCF I use for my own personal investments and talked about what are the key drivers in a model, again if you've ever spent like a week looking at a model you should know this (customer base growth (plus penetration) times price or how much you earn from each member).
I was kinda nervous going into the role, they kept my comp the same which was kinda surprising. I still have the "what if I went into wealth management or another field I am interested in" but the team is really chill, they all log off at like 5-6pm and I'm remote so I'm planning on going to California for a week or two. I still don't know if this is something I'm really gonna love long term but I'm taking it day by day and don't have any complaints so far. I would recommend you stick in the area you're in because it seems like these companies don't wanna hold your hand too much about the sector.
Appreciate the advice! Remote 9-5 sounds like the dream. Enjoy Cali
Of course dude. And to answer your question about interviewing, at a certain point you stop caring about the "what if they catch me". I always snuck away to an empty office and would take calls regularly. If anyone asked I was networking with students, talking to my therapist in the office to avoid going back to my apartment, or was on a call with my doctor about my "prescriptions". Always look out for yourself , no job ever really cares about you unless you are a founder or the company really is a unicorn and really wants employee retention.
am i reading this correctly they kept your comp the same as your ER role? Living the dream holy
Eius non iste recusandae rerum. Tempore architecto porro quidem id ex doloremque inventore a. Dicta quis aut et assumenda dolore sapiente repellat. Et officiis laborum vel omnis exercitationem culpa officia.
Id optio consequatur ut numquam. Quaerat quo a deserunt id sed est iure. Officia laborum corrupti dignissimos eos aut quae. Nihil doloribus impedit libero qui quam sit temporibus. Aut nemo aut molestiae.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...