Sophomore in need of guidance
Hey all
Current sophomore at a target school who’s pretty much struck out on banking recruiting after a few Superdays. What drew me most to banking were the exit opportunities —> placements into private equity/credit and secondaries are what I really find interesting, and I saw Banking (while it’s very interesting as well) as the most logical step towards that goal.
I’m wondering what advice anyone might be able to lend—I believe I’m still in a couple other processes, but most banks are too late into their processes to start out fresh in. Are there any other entry careers with the breadth of exit opportunities that banking offers? Thought about trying consulting to build up a skillset in business development/strategy, but afaik getting a consulting gig at a place with good exit opportunities is just as (if not more) difficult than BB banking. Just feel very burnt out—worked very hard to network and study over the last few months and made great connections with bankers who did their best to genuinely help me and push me through processes, just for me to fumble on the last step.
Any advice welcome, just want to learn.
im in the exact same position. we finna get thru this gang
Good luck bro 🙏 hoping some of the people in this forum can give us some advice
Based on the most helpful WSO content, here’s what you need to know:
Consulting as an Alternative Path: Consulting, especially at MBB (McKinsey, Bain, BCG), can be a viable alternative to banking if you're targeting private equity or other high-finance roles. While consulting doesn't offer the same breadth of PE opportunities as banking, it does provide broader exit options overall. Consulting can open doors to strategy and operations roles, corporate development, and even venture capital or private equity, particularly at consulting-friendly PE firms like Bain Capital. However, as you noted, breaking into top consulting firms can be just as competitive as banking.
Private Equity Entry Without Banking: While banking has traditionally been the most direct route to PE, it's not the only one. Some PE shops are open to candidates with consulting backgrounds, especially if you've worked on diligence or finance-focused projects. Additionally, boutique investment banks or smaller regional firms might still be recruiting and could provide a stepping stone to PE.
Broader Exit Opportunities: If you're open to exploring other fields, roles in corporate development, strategy at Fortune 500 companies, or even venture capital could align with your interests. These roles often value the strategic and analytical skillsets developed in consulting or banking.
Reassess and Strategize: It’s worth considering a gap year or additional internships to strengthen your profile. Some students take on internships at boutique firms, smaller consulting shops, or even corporate finance roles to build relevant experience and re-enter the recruiting cycle stronger.
Burnout and Resilience: It’s natural to feel burnt out after intense recruiting efforts, but remember that many successful professionals have faced setbacks early in their careers. Use this as an opportunity to reflect on what went wrong during Superdays and refine your approach for future opportunities.
Networking and Timing: Keep leveraging your network. Even if larger banks are done recruiting, boutique firms and smaller players often recruit later in the cycle. Additionally, consulting firms may still have openings for summer internships or full-time roles.
Long-Term Perspective: Both banking and consulting are excellent training grounds for the first part of your career. Focus on what excites you most and aligns with your long-term goals. If PE is your ultimate aim, consider which path will best position you for that, even if it’s not the most direct route.
If you’re still interested in consulting, focus on firms that align with your goals and start preparing for case interviews. If banking remains your priority, explore boutiques or regional firms that might still be hiring. Keep pushing forward—many paths can lead to your desired destination.
Sources: Q&A: Former MBB Consultant, Q&A: Consulting v. Banking, the age old question. By Former MBB and Bulge Bracket Banker., Why consulting rather than private equity?, Is BCG a viable path to Private Equity?, If You're Stuck Choosing b/w Consulting and Banking, DO BANKING
Here is my 2 cents. First, this a summary of my recruiting journey:
- got rejected from every IB/consulting/SWE internship I applied to with no interview
- got 4 interviews out of 100 applications (all were technical finance roles)
- got an internship after 16 months of rejections (1 month before the job started) at the worlds largest hedge fund
- rerecruited and got a full time offer at the top quant firm as an engineer
I tell you this to let you know that you’re not as badly off as you might feel right now. There is a lot of time to turn things around, as I have done from a much worse position. My advice is to focus on building skills and valuable experiences, and focus less on outcomes. A lot of this process is pure luck, but you need to be in a position to take advantage of that luck when it shows up. Who knows what random opportunities will pop up off cycle? Additionally, you might want to spend time thinking if the IB path is a good fit for you. It clearly wasn’t for me, and I’m actually glad I got rejected or else I would have taken a job I would have hated. Sometimes these rejections are because the firms recognize that you aren’t a good fit, even if you don’t see it yourself yet.
I understand how soul sucking this process is, but this mindset change is what allowed me to land my dream job. Good luck bro, you got this!
Don’t give up before halftime man. I know recruiting has continued to accelerate but there are still opportunities. When I was recruiting it was looking dire by the summer. Hadn’t made it to the final round anywhere at that point. I kept at it though, and finally got my offer for SA 21 in November of my junior year. It was not at a sexy bank, but it was a real program and the foundation for my career now in PE. Widen your aperture, dig in on prep, and mock interview with peers who will give you honest feedback. Face the most uncomfortable truths ASAP about where your gaps lie and fix them. You’ve got this. Best of luck
same exact position as you. had multiple superdays, first rounds, and good convos w bankers all to not convert. hoping it goes well!
I would look into Capital Markets at any of the BBs. Great place to start your career and lateral to a coverage or M&A group. Much better than being at some LMM IB shop.
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