How does FT recruiting for IB work? For example, if I am interning at a mid-tier BB this summer (CS/BAML/Barclays), get a return offer but am interested in moving to a top tier BB or EB for FT, would open positions be advertised on the company's websites? When do they typically come up? Or is it purely through referrals or certain target schools? Any detail would be greatly appreciated. Thanks!
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This year might be slightly different because firms could potentially be adjusting headcount. But in general, FT lateral opportunities open up in late summer once firms decide how many of their own intern class they want to take. Until they make decisions on their own interns, they won’t be able to tell how many spots there will be available for lateral candidates.
Makes sense but do you know how the positions (if any) are filled? Do they pop up on Linkedin, their own career sites, through OCR at targets, etc.?
(meant as response to above)
It’s a mixture of all those that you mentioned. I’m sure when you were recruiting for your SA position, you came across FT opportunities on websites like Handshake or LinkedIn as well. But if you have specific firms and groups you want to join, try to stay in the loop by staying in contact with someone at the office.
Mostly networking. Keep in touch with your contacts from your SA search and let them know you're looking
90% of top BB/EB FT recruiting begins and ends within 7-10 days of SAs getting offers. You might see some on LinkedIn/company website, but referrals generally get interviewed before HR wades through 5000 applications. By the time schools start OCR in late August most spots are filled. Networking is your best opportunity
When do SAs generally get offers?
They find out on the last day of their internship.
FT recruiting begins after offers are extended to the SA class, which generally happens in the last week or few days of the internship. Based on the number of returning SAs and the number of FT analysts the bank is trying to hire, they will assess their needs and proceed accordingly. Generally, networking is the most effective path into the interview process. Banks are trying to wrap up their incoming class, so being front of mind through networking is important (although they will officially post an opening online).
The timeline in this scenario (trying to jump from mid-tier to top-tier in IB) might be compressed and a bit tricky. FT offers to SAs are generally exploding and there won't be much time to secure a new offer before needing to accept/decline the return offer from bank you interned at (assuming a return offer, of course). The bottom line: it's more likely than not that the FT hiring process will extend beyond the deadline to reply on an SA return offer.
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