Also interested.

From what I was told about GS though, they will give offers to every SA that at least does decently well, and it has historically resulted in extremely high conversion rates. That is why they typically wait until the end of the 10 weeks to start AR process.

Money4Life do you mind giving background as to your friends' schools or whether they did superdays with GS before? Are they already interning with 2nd tier BB's?

 
EJ85:

Also interested.

From what I was told about GS though, they will give offers to every SA that at least does decently well, and it has historically resulted in extremely high conversion rates. That is why they typically wait until the end of the 10 weeks to start AR process.

Money4Life do you mind giving background as to your friends' schools or whether they did superdays with GS before? Are they already interning with 2nd tier BB's?

Not true. I've heard the retention rate for Goldman SA's is 50-55% depending on the summer.

 

I find it very hard to believe that any firms have already started. Thursday and Friday were the last day for interns and most are given two weeks to a month to decide. Why would banks have accelerated superdays before hearing back from interns? Makes no sense...

 
urbanmonkey141:

Accelerated FT recruiting has 100% started - firms have the incentive to start before internships end because they want to interview kids while they're still in New York

Definitely not true for the majority of shops.

"For all the tribulations in our lives, for all the troubles that remain in the world, the decline of violence is an accomplishment we can savor, and an impetus to cherish the forces of civilization and enlightenment that made it possible."
 

Note that the accelerated process is not structured the same way summer or formal FT recruiting is -- no set first round interview dates, superday dates, etc. Banks will interview various people over the course of the summer/September, and will extend an offer immediately if they really like you or will wait until more people have been interviewed and evaluate comparatively. So, accelerated recruiting may already have started for some ( those who had a strong internal connection or had an impressive resume) and will start later for others.

In short, stop arguing over a timeline that isn't fixed or standardized.

 
wilsonjones:

Black Jack- Which banks in particular do this?

I know that MS, GS, Lazard, and Greenhill have all begun accelerated FT recruiting. But have to understand that nobody is making hiring decisions the last day of the internship (happens 1-2 weeks earlier, and I have to believe they have a good idea even before then), so hiring needs are fairly clear.

 
Black Jack:
wilsonjones:

Black Jack- Which banks in particular do this?

I know that MS, GS, Lazard, and Greenhill have all begun accelerated FT recruiting. But have to understand that nobody is making hiring decisions the last day of the internship (happens 1-2 weeks earlier, and I have to believe they have a good idea even before then), so hiring needs are fairly clear.

i know these banks have started looking at candidates but do you know if they've started interviewing? gone to recruiting events/talking to people but haven't gotten an interview invite so wondering if i'm out of the running...

 
Best Response
kidflash:
Black Jack:
wilsonjones:

Black Jack- Which banks in particular do this?

I know that MS, GS, Lazard, and Greenhill have all begun accelerated FT recruiting. But have to understand that nobody is making hiring decisions the last day of the internship (happens 1-2 weeks earlier, and I have to believe they have a good idea even before then), so hiring needs are fairly clear.

i know these banks have started looking at candidates but do you know if they've started interviewing? gone to recruiting events/talking to people but haven't gotten an interview invite so wondering if i'm out of the running...

I'm not sure if they have had interviews yet- I know a few of them have reached out to candidates to extend interview invites. Some of the smaller banks it is done on a more informal basis ie. kids with offers in hand from other top banks come in to meet with a few people.

 
chak:

Note that the accelerated process is not structured the same way summer or formal FT recruiting is -- no set first round interview dates, superday dates, etc. Banks will interview various people over the course of the summer/September, and will extend an offer immediately if they really like you or will wait until more people have been interviewed and evaluate comparatively. So, accelerated recruiting may already have started for some ( those who had a strong internal connection or had an impressive resume) and will start later for others.

In short, stop arguing over a timeline that isn't fixed or standardized.

Lol someone didn't like that response, apparently they didn't get the invite... SB for telling it like it is

'Before you enter... be willing to pay the price'
 

Yep -- you'll only get an invite if you have an offer somewhere else like a big BB (MS, GS, JPM) or an elite boutique (Greenhill, Evercore, Centerview), and usually you need to know someone there (or figure out how to get to someone) to get connected (they don't advertise). And make it clear you HAVE an offer! I know no one in our HR department is going to waste time figuring it out, and one of the women who works there told me you'd be amazed how many idiots have offers and don't put it in the email, cover letter, or best of all the resume.

"A man is a success if he gets up in the morning and goes to bed at night and in between he does what he wants to do." - Bob Dylan
 
Kiron:

I find it very hard to believe that any firms have already started. Thursday and Friday were the last day for interns and most are given two weeks to a month to decide. Why would banks have accelerated superdays before hearing back from interns? Makes no sense...

Because they already know they have at least x number of spots to fill from people who did not get offers, and there's no reason not to start early.

BX accelerated starts next week.

 
bankerbooey:

Yep -- you'll only get an invite if you have an offer somewhere else like a big BB (MS, GS, JPM) or an elite boutique (Greenhill, Evercore, Centerview), and usually you need to know someone there (or figure out how to get to someone) to get connected (they don't advertise). And make it clear you HAVE an offer! I know no one in our HR department is going to waste time figuring it out, and one of the women who works there told me you'd be amazed how many idiots have offers and don't put it in the email, cover letter, or best of all the resume.

Although the gist of this is true, it's absolutely not true that you will "only get an invite" with a top BB / elite boutique offer. You'll need a relevant offer at a recognizable name with an accelerated time-table to be considered, but that includes a lot of names other than BBs and elite boutiques.

"For all the tribulations in our lives, for all the troubles that remain in the world, the decline of violence is an accomplishment we can savor, and an impetus to cherish the forces of civilization and enlightenment that made it possible."
 
NorthSider:
bankerbooey:

Yep -- you'll only get an invite if you have an offer somewhere else like a big BB (MS, GS, JPM) or an elite boutique (Greenhill, Evercore, Centerview), and usually you need to know someone there (or figure out how to get to someone) to get connected (they don't advertise). And make it clear you HAVE an offer! I know no one in our HR department is going to waste time figuring it out, and one of the women who works there told me you'd be amazed how many idiots have offers and don't put it in the email, cover letter, or best of all the resume.

Although the gist of this is true, it's absolutely not true that you will "only get an invite" with a top BB / elite boutique offer. You'll need a relevant offer at a recognizable name with an accelerated time-table to be considered, but that includes a lot of names other than BBs and elite boutiques.

Agreed. If you had an offer at a BB/elite boutique chances are you'll likely go back. Your chances are just as good if you were top of summer class at a MM or lower BB.

 

Fair point -- but it depends which bank. The BBs need numbers so may go more broadly, but I know elite Boutiques like Centerview and Evercore (both of which have started their accelerated process) need only a few, so can be more selective. But outside of a handful of firms, I agree with your statement.

"A man is a success if he gets up in the morning and goes to bed at night and in between he does what he wants to do." - Bob Dylan
 

Pretty much all the firms have informal accelerated processes exclusively for candidates with exploding offer deadlines. There is no "resume drop" or "official process". The structured FT recruiting process starts in September for most shops.

"For all the tribulations in our lives, for all the troubles that remain in the world, the decline of violence is an accomplishment we can savor, and an impetus to cherish the forces of civilization and enlightenment that made it possible."
 
NorthSider:

Pretty much all the firms have informal accelerated processes exclusively for candidates with exploding offer deadlines. There is no "resume drop" or "official process". The structured FT recruiting process starts in September for most shops.

This.

 

so is the consensus that accelerated recruiting is pretty much set? i can't imagine in a year like this that many BBs will still have spots left open for regular FT recruiting...

 

Barclays - held acc. superdays in the final week Citi - held acc. superdays in the final week CS - has not started yet GS - full. however, you might find 1 or 2 spots left in their product groups MS - rumor is they interviewed mostly GS kids in the final week of the internship and are planning to run a more formal process for other candidates in september EVP - is not doing accelerated recruiting, planning to do OCR (someone correct me if i'm wrong here) BX - full. JPM - FT recruiting is run through individual groups but they are also finishing up

 
NYKnicks92:

Barclays - held acc. superdays in the final week
Citi - held acc. superdays in the final week
CS - has not started yet
GS - full. however, you might find 1 or 2 spots left in their product groups
MS - rumor is they interviewed mostly GS kids in the final week of the internship and are planning to run a more formal process for other candidates in september
EVP - is not doing accelerated recruiting, planning to do OCR (someone correct me if i'm wrong here)
BX - full.
JPM - FT recruiting is run through individual groups but they are also finishing up

EVP-my understanding is they're planning OCR unless you have an exploding offer.
 
NYKnicks92:

Barclays - held acc. superdays in the final week
Citi - held acc. superdays in the final week
CS - has not started yet
GS - full. however, you might find 1 or 2 spots left in their product groups
MS - rumor is they interviewed mostly GS kids in the final week of the internship and are planning to run a more formal process for other candidates in september
EVP - is not doing accelerated recruiting, planning to do OCR (someone correct me if i'm wrong here)
BX - full.
JPM - FT recruiting is run through individual groups but they are also finishing up

BX isn't full yet. They're still interviewing (both M&A and R&R) so if you know someone there, get a resume over asap. Their superdays are extremely tough though.

 

Assuming you did IBD over the summer, they'll ask you about the deals you worked on, what you did, how you did it, why you did it, why the firm was doing it, etc. Know the deals inside and out.

Also, for me, my technicals were framed in the context of the deals I worked on. "Oh, what if the target had NOL's of $100 instead, how would your results have been different?"

 
chak:

Assuming you did IBD over the summer, they'll ask you about the deals you worked on, what you did, how you did it, why you did it, why the firm was doing it, etc. Know the deals inside and out.

Also, for me, my technicals were framed in the context of the deals I worked on. "Oh, what if the target had NOL's of $100 instead, how would your results have been different?"

I agree with this and i'd add that, from what i've heard/experienced, the interviews are actually even more technical. of course this all depends on the firm/group

 

Network. It’s never too early. Plus, who knows, maybe you’ll hate the SA stint and want to move somewhere else. Having a network at other banks could help.

"There's nothing you can do if you're too scared to try." - Nickel Creek
 
  1. Work very hard this summer to get the FT offer.
  2. Network, network and network. This is secondary to your FT offer.

Feel free to start networking now. Most EBs will pick up 3-5ish FT analysts outside of their summer analyst class. BBs will have more openings. You just have get your resume in front of the right people.

Robert Clayton Dean: What is happening? Brill: I blew up the building. Robert Clayton Dean: Why? Brill: Because you made a phone call.
 

The thing is I already applied to the accelerated recruiting. I just wanted to update the associate that I submitted my resume for HR already.

Should I ask her for any additional feedback or coffee again or just leave it at that?

It ain't what you know, it's who you know
 

Dude, RELAX!!! All you have to do is to let them know that your have another offer that expires within two days. There is no reason for them to delay a responce, because they usually know right away if they like you or not.

OR, you can talk to the other firm to possibly postpone the expiration date on the offer as you need more time to decide about your future career...as simple as that.

Now, you can help me out, how did you get an accelerated interview? Did you just network with alumni or talk with HR at the BB?

 
futurenymonkey:
Dude, RELAX!!! All you have to do is to let them know that your have another offer that expires within two days. There is no reason for them to delay a responce, because they usually know right away if they like you or not.

OR, you can talk to the other firm to possibly postpone the expiration date on the offer as you need more time to decide about your future career...as simple as that.

Now, you can help me out, how did you get an accelerated interview? Did you just network with alumni or talk with HR at the BB?

Thanks for the advice.

To get an accelerated interview, you need to have received an offer from that bank so as to be on their "list". I'm pretty sure that's how it works for most banks and that's how I got my interview. It can also be done if you have someone high up (say like a Director or MD) who is pulling for you - though I've only heard of that happening if there is a group-specific need. It's tough to get one otherwise from what I can tell - HR will not be very helpful.

 

superdays are happening, as some BBs are only taking xx% of an intern class. I've heard of them happening for S&T, IBD, and sell-side ER (all sell-side stuff). You had to network your way in to these if they weren't internal transfer requests. Even internal transfer requests were usually the result of networking, unless you just dumped your resume into the pile and they picked you. Some groups are even talking to candidates internally even though they aren't hiring.

 

If you're writing a cover letter, that implies you are probably applying online, which is fairly useless if you want to get into a top group. Unless you have some crazy resume, even that won't draw much attention, as very few people actually read cover letters for more than 15 seconds anyways.

Look, this is an industry with no remorse unless you piss people off. You busted tail for an offer--if you loved your job and the people, you take it. Fuck prestige and exit opps if you simply love your job. If you don't love your job, find a new one, because the intensity will kill you and wasting some of the best years of your life is retarded.

If, however, you want to chase a "better" BB or a "better group", it is far better to find a contact, talk to them, and see if you can talk to the right people through them. People understand if you want to try something different, and if you're a top performer and your boss is a decent human being, they will get you in front of those other groups within the bank. Outside of the bank is your call--I doubt asking your boss would get you very far.

Contact ASAP. There have been tons of networking opportunities across BBs this summer already in NYC.

 

I'm assuming you're talking about accelerated FT interviews. Don't want to make sweeping generalizations, but from my experience, the few interviews I got were entirely from connections and were on an ad hoc basis, all before FT recruiting started (since my bank made me give them an answer before FT interviews started). I don't think my situation was atypical. However, I'm sure some banks reach out to a few schools/candidates to set up more "structured" accelerated interviews.

Also, I wouldn't use your work email/phone to contact your buddies/contacts, for obvious reasons.

 

From what I remember it's a somewhat organized process within the bank's HR department (e.g. they will have "superdays" for the accelerated candidates), but the whole process happens before school starts back up so your campus recruiting office doesn't get involved. So to get invited to one of these interviews you have to have someone at the bank submit your resume and go to bat for you (doesn't have to be a senior guy, can be a SA or analyst).

 

My shop has accelerated tracks for women and people from other groups which are heavily under-represented in the financial services sector.

We still do usual interviews at our targets in Jan-Feb.

Those who can, do. Those who can't, post threads about how to do it on WSO.
 

When I was an analyst I would have to take trips for OCR that took an entire day. Now I just review resumes and conduct phone interviews (Mostly just VP/Analyst combo for OCI). For one school it probably takes 1-2 hours just to go through the resume stack. Say there are 40 resumes there are probably 8 worth calling, each of those taking at least 30 minutes. Then there is deliberation with other associates, superday, more deliberation. Probably 4-5 work days (@14hrs/day) in total for FT and the same for SA candidates. Maybe I'm just inefficient, others can chime in here.

 

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Commercial Real Estate Developer
 

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