Background
I'm currently applying to IB internship positions, and I'm having trouble getting to the interview stage because I have no IB-related experience (PE/VC/valuation/financial modeling). I've had an S&T internship at a BB and other trading positions, but they aren't helping me. In my country, they'll prefer someone who interned in a valuation or advisory group at a Big 4 than someone with my experience. Actually, that's the standard route of getting into IB at BB in my country:
Big 4 valuation or boutique IB -> IB internship at BB -> full-time IB offer at BB
My trading experience has pigeonholed me to trading and recruiters seem to think that I'm not that interested in IB if I have all that trading experience. I was majorly surprised after I passed the resume-check, online numerical test, and video interview for an IB summer analyst position at the BB I interned at as a S&T intern, to get rejected and not even invited to the interview stage.
Present
I recently applied to an IB off-cycle internship position at a BB. This is my last chance to get a IB internship at a BB this year. I attended the banks presentation two times and added an IB Director on LinkedIn years ago. He also happened to be my school's alumnus. I set up a call with him, talked to him and asked him about his experience at the bank and the best way I can position myself for an interview. Call went pretty well, and I messaged him the following week thanking him and telling him that I applied, successfully passed online test, and completed video interview. He replied "Thanks and good luck!". I also messaged HR and informed them of the same news, and that I spoke to the Director the prior week, who gave me advice. I reiterated to both that I've taken financial modeling courses and prepared for IB interviews, and that only IB is of interest to me.
Question: Is it a good idea to send the Director financial models that I'm in the process of building with the help of WSP (DCF, trading comps, transaction comps, LBO, M&A) to prove that I'm competent for IB? Will it help my chances? I believe I've done everything possible at this point to increase my chances and this might be the only thing to push my candidacy even further.
I have also applied to MM IB and Big 4 valuation and advisory groups as plan B.
interested why u choose IB over S&T
There are very little S&T openings every year in my country, and most opening are for sales roles, I was interest in trading.
Although I enjoy working with numbers, I'm not in the top 1-5% in quantitative abilities when compared to other candidates (above average for cash equities, below average for FICC, prop trading and quant). I was considering going the quant way, but I realized over time that I'll always be behind math nerds. Considering my natural abilities, I'll be better fit for IB. I believe in doing what you'er good at, not what you enjoy to achieve success. I also happen to enjoy valuation and financial modeling, so its a win-win for IB.
Better exit ops in IB. The skillset built in IB can be of use in different industries. What skills do you have as an execution trader on a cash equity desk? "Market knowledge"?
I want to work with people, not only computers. I know I won't be doing much of this (i.e. 0 of this) as a junior, but I would as a senior. I like the negotiation and transactional aspect of IB.
Thanks for sharing. Do you mind comment more on the "quant/math part of trading", which type of math/quant knowledge you are referring to and mastering it to what kind of degree do you think can be considered as top 1-5%.
Look up quant and prop trading interview questions.
Also, read this. If you're reading the Numerics part and it reminds you of yourself, you're probably in the top 1-5%
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