2011 grad, chances at analyst program this year
Hey guys...I graduated from a non-target in May. From June-August, I interned in risk management in the asset mgmt arm of a MM bank. I recently just got a back office job at a big, int'l bank, basically doing PL and clearing trades for one of their credit groups. It is a 5 month position with the chance for full-time after.
Last week, my VP sat down with me and broke down the situation. Sparing the details, he made it seem like it was going to be more difficult than originally imagined to stay on full-time after the 5 months, which brings me to my two questions.
Based on this conversation, I feel I am totally within my rights to begin looking for other opportunities. Am I correct in this assumption?
Secondly, how competitive would I be in applying for the full-time analyst class at either firm? I like to think I would be, my GPA meets the cut-off and I have the equivalent of two internships (my HF internship this summer and my current position). I know a lot about each firm and position from my own interests and my experiences, and have exposure to both firms' systems and procedures.
Thoughts? Thanks...
I would think you are definitely within your rights to begin looking for a job after that conversation
Now, as for your positioning...That's a different story. Assuming that you're going for banking, you basically fall within that whole "non-target, BO/MO trying to break into IBD" bucket. Your exposure to systems and procedures won't help you at all. You are coming from a non-target with no real banking experience/internships prior to that, not to mention you already graduated. You're going to have to explore the non-traditional routes by networking, cold emailing/calling, etc. Or you will have to settle down by doing another BO/MO role for another couple of years and going for an MBA after.
I'm assuming you want to break into FO? If so, it may be a little hard right now. You've entered a market that is already really tough for targets, and most Banks are slashing headcount. If you're looking into IBD, I would maybe look at corporate finance programs at F500 companies, get an MBA and then join as an Associate. 3-4 years down the line, the market will hopefully get better.
I think you should broaden your opportunities and go for backups too. Good luck.
Oh, and you're always within your rights to look at other opportunities- employers don't give a fuck about you- despite what they tell you - you're not in some kind of corporate family :) My brother learned that when he graduated in '09- he had an FT offer at Bear Stearns S&T and after they busted they promised him some kind of "special recruiting program" with other BBs which never came.
+1
this deserves to be a sticky.
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