US buy-side recruiting whilst interning in IB
Hi all,
I am interning next summer in a top coverage group at a top 3 BB (ignore my anonymous title). However, I want to keep my options open and want to look at buy-side roles in NY for grad. Alternatively, I have the ability to extend my degree and recruit for summer/winter opportunities in NY before converting to a grad the year after.
I am based outside of the US and attend a target university in my home country (think UK/Australia/NZ).
With that being said, I have two questions about the recruitment process:
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Do US-based PE/HF/MFs sponsor international interns?
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What are grad opps like for top PE shops in the US? Do they exist? Is the AN2/AN3/As1 -> PE switch most common or are there opportunities for grads to skip step 1 and head into PE straight away?
Thanks in advance!
if you don't go to school in the US, your chances for recruiting for any banking role (not to mention buyside) in NY is virtually zero
This is far from correct.
I know of people (admittedly not many of them) that have graduated in NY but went to a target in the UK. I’ve seen a few examples of students based in Aus doing so as well.
Admittedly, the above are exceptions and not the rule but given OP’s circumstances, it sounds like they may align with the former: the exception.
don't compare the job market today or over the next few years to a few years ago. exceptions may have been made when banks were struggling to find enough bodies, that is not at all the case today and unless you've somehow got some incredible advantage like your dad is an MD, it's going to be almost impossible. a target from a non-US university with a BB internship is nothing exceptional. just trying to be real as someone who has seen how bad the market is, you don't want to be caught without a return offer from your SA. just grind and try to transfer a year or two into FT, which should be much more doable
Beyond PE, many HFs (think Bridgewater) have dedicated teams that assist with international sponsoring and encourage interns to come from abroad.
In certain circumstances, SAs at BBs outside the US can convert to A1s at BBs in NY if they have permanent residency/citizenship or are top performers.
Example: know someone who did SA at GS/MS/JPM last summer outside the US, gradded at a top PE shop last year in NY.
not going to debate you, but just think about why any US firm would go through the extra cost and trouble of sponsoring a non-citizen who didn't go to a US college, when there are loads of laid off bankers and jobless graduating students who check all the boxes you probably do
The only times I've ever seen this happen (speaking from UK) 1. Person was US citizen, UK target, BB. 2. Person was US citizen, UK semi-target, already interned with the buyside shop in the UK. 3. UK citizen, UK target, Bridgewater.
I.e. apart from Bridgewater (this company is exceptional in a number of ways), I've never seen anyone move over without being a US citizen.
I believe for Aus it might be slightly different ball game though due to some unique visa.
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