Useless?

tmi

For banking especially in this market, and most likely in any other market, it is completely useless to rely on that. You obviously need to apply, but you need someone pulling for you. They can't physically devote that much time to the amount of resumes they get, even though HR is almost completely useless.

definitely useful! applying online got me an SA offer this summer at a BB (M&A)!

First, I echo what the other above said: always apply online, since it can lead to something and it has no downside.

However, in my experience an online application leads nowhere without some other form of contact (i.e. email, phone call, alumni networking, on-campus event). You should be proactive in your job search and NEVER rely solely on an online application.

This is not useless. I received numerous interviews and one IBD SA offer from applying online.

That said, I would say only about 5% of the places I applied actually resulted in interviews.

My advice for people recruiting or people wanting a SA gig next year, is too start early and apply everywhere. There is really no excuse for applying online. It just takes up your time, but investing that time creates interview opportunities. It is a balancing act though between preparing for interviews, school work, networking, interviewing, etc. Just block off enough time so you can do all of these well and your chances of getting an SA gig will be higher.

its more likely at smaller firms.

My school's a target for basically every good bank except perella, but I applied there just sending in my resume through the website with no other contact withthe firm and got an interview.