Advice for SAs who didn't get return offers
Hello all,
I've been noticing a lot of SAs feeling really dejected on this forum due to not receiving return offers. I figured I could drop some popular alternative pathways to into banking other than the traditional SA->AN route. Quick background on me, I come from a non-target in the south, where most sophomores/juniors that shoot for IB don't get offers. The reality is that with the pandemic, these banks need to cut headcount, which means letting go of a lot of otherwise qualified people. If you're one of those undergrads, there's several steps you can take to have a successful career in finance:
Recruit FT
Once the economic environment improves (hopefully Q4 timeframe), a lot of banks will flip the script and start hiring again. The ones that have been preparing (WSO/Vault guides, accounting basics, etc) and networking will have opportunities to land FT offers.
Consulting/F500
I-Banking is obviously a really good way to start your career, but everyone in banking didn't originally start there. In fact, most current Directors/MD's probably went somewhere else out of undergrad, then pivoted into banking out of an MBA program (see next point). You can build the skillset to succeed long term in banking without working 90+ hours a week. Most of these places look solid on a resume (especially Big 3 consulting), so you're not really limiting yourself by starting out in Corp Finc or Consulting. Starting out at a F500/Consulting firm doesn't mean IB isn't an option in your intermediate term future (one AN I know pivoted from Big 4 Audit directly to IB).
Sit for GMAT/B-School
If you didn't get any IB offers but are set on IB long term, I would recommend sitting for the GMAT. The results are good for 5 years, so you can combine with Consulting/F-500 route to work your way into banking as an associate. The test isn't particularly difficult (was harder for me to get my SA role than to score well on GMAT). Nobody in banking is going to care if you came straight out of undergrad or needed to go to b-school to break into banking (because most senior people didn't themselves).
I would love if other AN/AS's that have ideas on how to break into banking without the SA->AN offer would pitch in. There's no reason that one rejection (with all this other s*** going on) should keep you from finding your way into banking if it's truly your dream job.
Thanks OP, this is super helpful. Not sure on my offer status yet (should know by the end of the week), but good to know anyway.
Is there any stigma against MBAs recruiting for summer associate positions who had IB internships as an undergrad but didn’t convert to FT? Or should that be left off the resume entirely?
I don't think there would be if you have a good reason, which COVID-19 is certainly that.
anyone have advice for navigating timelines? In my conversations, sounds like FT recruiting will happen eventually, but likely much later than normal (as late as the spring). If I were to recruit for consulting or big 4, I would likely end up accepting an offer by the fall. If that happens, do I need to just give up on IB? I don't love the idea of reneging, but is it fine across industries (big4/consulting -> IB)?
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