What's plan B?
Hey all, currently sophomore at a non-target recruiting for SA26 roles in IB. Have been recruiting/networking since October (75+ calls, 200+ emails). Got to the final stage at a couple banks, but currently waiting in a painful limbo and haven't received an offer anywhere at this moment. What is plan B if I completely strike out? Where else can I recruit? What banks open their apps later? Any advice appreciated. Cheers and good luck to everybody else recruiting.
If you're in a situation where IB offers aren't materializing, here's a solid Plan B based on the most helpful WSO content:
Boutique Investment Banks: Many smaller boutique banks hire on a rolling basis and may not have formal recruiting timelines. Start reaching out to these firms directly. Networking is key here, as many of these opportunities aren't posted online.
Corporate Finance Roles: Look into FP&A (Financial Planning & Analysis) or strategy roles at Fortune 500 companies. These positions provide strong financial experience and can be a stepping stone for future IB recruiting.
Big 4 Valuation or Advisory: Firms like Deloitte, PwC, EY, and KPMG often have valuation or transaction advisory roles that align well with IB skillsets. These roles can help you build a strong resume for full-time IB recruiting later.
Independent Valuation Firms: Consider firms like Duff & Phelps (now Kroll) or other niche valuation shops. They offer solid experience in financial modeling and deal-related work.
Corporate Development: Some companies have corporate development teams that work on M&A and strategic initiatives. These roles are highly relevant to IB and can be a great alternative.
Unpaid or Part-Time Internships: If you're struggling to land a paid role, consider unpaid or part-time internships at smaller firms. The experience can still be valuable and help you stand out in future recruiting cycles.
Networking for Future Cycles: Even if you don't land something now, keep networking for junior-year internships. Many firms start recruiting early, so staying proactive can give you a head start.
Consulting: Some consulting firms recruit in the spring. While not IB, consulting can provide strong analytical and client-facing experience.
Graduate School or Research: If you're open to it, consider building relationships with professors and exploring research opportunities. This can be a backup path if you decide to pursue further education.
Keep an Eye on Late Openings: Some banks, like BAML, have been known to open spots later in the cycle. Stay in touch with your network and keep an eye on updates.
Remember, the key is to stay persistent and adaptable. Many professionals in IB didn't follow a straight path and found alternative ways to break in. Good luck!
Sources: Missed the application season this fall, sophomore, are there any boutique bank applications still freshly open?, If I don't get a banking offer, what's the next best thing?, https://www.wallstreetoasis.com/forum/investment-banking/m7-ib-associate-full-time-recruiting?customgpt=1, No IB offers for the summer...what now?, Full-time non-SA IB recruiting timeline? Summer 2020 PE Internship → Investment Banking Analyst
It’s tough being in limbo, but don’t stress too much—there are still options. If you don’t land an IB offer, consider looking at boutique banks or regional firms, as they might still have openings later. You could also look into roles at private equity, private credit, or corporate finance departments at larger companies. Hedge funds and asset management firms often recruit later in the cycle, too. Keep networking and don’t hesitate to reach out to firms for off-cycle or internship opportunities. You’re not out of the game yet, just stay persistent and keep pushing forward.
Ended up working out! This comment made me feel a lot better in the thick of it so appreciate the words of encouragement. Cheers.
No problem. I'm glad everything worked out for you!
what ended up happening? currently in a similar boat
Ended up getting an SA offer for 26 and took it immediately. Did start to reach out to dozens of small boutiques and coffee chat big 4 as a plan B.
nice congrats! what firm did u sign?
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