Analyst without internship at a big bank?

I'd like to hear what do you think about my position:

Let's proceed in order:

I got my eyes on the investment banking sector this autumn. Had to admit that before that I have been...unactive. Meaning that I got exceptional marks and used to read a lot, but didn't care enough about what i would do after the university.

Thus I was clearly unprepared about the selections for summer internships and didn't receive any offer.

I became more and more interested in this sector and I am learning a lot about it. I will therefore apply for analyst position next autumn. But i'd like to know if have chances, given the fact that banks are recruiting less, and will most likely recruit from their own summer analysts (as a few of them told me...anyone can confirm this?)

Luckily, I fared very good at a business challenge for a boutique italian bank (scored in the first 30...the table is not pubblished yet, I may be that I am first or 30th, although I was sixt at the preliminary stage). Thus they will offer me an internship.

From the beginning of September i will be in Finland for as exchange student. What should I do in the meanwhile? Take the GMAT? Take an interest on the stock market or the forex and trade for my own? Try to overcome the extreme stiffness of my university and found an economy club (that may be more difficult than getting a job at GoldmanSachs, ok. There are only political clubs at my university...crazy and fanatic people).


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Comments (128)

Mar 28, 2008 - 10:35am

It's hard to comment on your situation unless you get a bit more specific regarding your stats, etc. Also, I'm having a hard time understanding your role with this Italian bank. They're offering you a position based on your placing in a business challenge? What the hell is a business challenge?

If you have some prior banking experience, then you should have a decent shot during full time recruiting in the fall, as most of your competition will not. That said, if you are in Finland I have no clue when you'd plan to interview.

As far as what you are doing now...I dunno, maybe try contacting some banks that interest you and find out about their fall recruiting schedule (might be a bit early but if you are serious about this and will be out of the country you may want to start planning). I don't see what taking the GMAT would do for you, and if you have no interest in the markets yet then you may want to reconsider your interest in investment banking. I suppose you could start a club, but it has to be somewhat late in the semester for such a thing.

Mar 28, 2008 - 11:18am

Replying in order:
-As only yesterday the names of the first 30 were pubblished, I haven't yet contacted the bank, in order to see in what division I could do the internship. A business challenge, at least in the italian/european(?) sense, means an online simulation of the management of a company, followed by another simulation, in teams, as the finals. This bank offers internship to the first 30...they view this as something innovative (according to them if you made it in the first 30, and you are interested in the internship, you are fit for it. Not my role to judge on that decision). Will have more information in a week.

-I am taking it as if you thing that in Finland they don't know what investment banking is? seems strange, but nonetheless, if they want to interview me, I will fly.

-Who said that I have interest in the markets? The point is, do I feel confident enough, given my skills and my access to information, to risk my money?

I am fully open for other opinions and suggestions.

Mar 28, 2008 - 1:52pm

1) Did you have an internship at a bank already? It sounds like you haven't.

Without a previous internship, working full-time at a bank will be VERY difficult. A few years ago it was easier to do this and I had friends who did, but nowadays hiring is just too restricted to count on this.

2) When is this potential banking internship? Is it during the summer? If so, you need to do it. Even if it's at a boutique, you need it.

3) Being in Finland matters because you typically interview for full-time jobs in the fall. Obviously people in Finland know what banking is; that's not the issue. Studying abroad, however, will make it more difficult to get banking jobs because you'll be on a different schedule.

Mar 29, 2008 - 10:45am

1) No, I am at my penultimate year of the undergraduate. I have no work experience. (that can be documented, it is. I have been giving lessons in mathematics and statistics to other students, but that hardly counts as work experience
2) During the summer, 3 months.

3)I have to admit am unclear on the meaning of "....will make it more difficult to get banking jobs because you'll be on a different schedule."

Mar 29, 2008 - 11:53am

You should probably take the internship at the Italian bank, but that really depends on what other options you have, of course. If it's somewhat related to what you want to do in the future, it will be a great experience and will help you in FT recruitment.

If you are planning to apply to banks in London for FT, you will be able to fill out the online application forms just like everyone else, and the banks will fly you to London for the interviews. Being in Finland won't be a problem.

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-------------------- "It is a fine thing to be out on the hills alone. A man can hardly be a beast or a fool alone on a great mountain." - Francis Kilvert (1840-1879) "Ce serait bien plus beau si je pouvais le dire à quelqu'un." - Samivel
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Mar 29, 2008 - 1:04pm

Ah, well, your suggestion confirmed my idea: I'll take the internship at that bank, whatever it is. There are no other options (here in Italy, internships at banks for undergraduates are rarer than diamonds.

The point is, with my non-target school, not big bank internship, and given the bad season for recruiting that 2008 will most likely be, do I have reasonable chances to get a full-time job in London?

Mar 29, 2008 - 4:00pm

FT recruiting with no SA full-time offer (Originally Posted: 08/07/2010)

Didn't get offer for summer analyst recruiting (regional, decently known boutique --75% offer rate) -- am I screwed for FT ? Had average reviews, others had better reviews but did get mentioned for good attitude

Mar 29, 2008 - 4:02pm

Getting a full-time job in IB with no summer internship in IB and low gpa? (Originally Posted: 05/03/2010)

I am currently a junior in a top ten university. I didn't considering IB until last winter and I didn't get any summer internship in IB. However, I still have lots of passion for this field and I want to pursue a career in IB after graduation. Could anyone give me any advice? I really appreciate your help!!

Here is my situation:

Double major in Econ and Psychology with 3.0 GPA
Junior in top ten school in the U.S.
Leader in a major students group on campus
work experience in a trading company in Asia (Freshman year summer)
research experience in two psychology labs in a major university (Sophomore year summer)
summer internship in a local bank in Asia. (this summer)

I understand that my academic background is not good enough for IB and my work experience are not related to the field either. I am going to contact alums and start networking asap.

But is there anything else I can do to improve my chance?

Thanks a lot!!!!

Mar 29, 2008 - 4:10pm

FT Analyst position without previous IB internship possible ? (short CV summary attached) (Originally Posted: 05/29/2012)

Hi everyone,

How would you rate my chances to get a FT Analyst position at a BB IB without previous internship in M&A.?

To give you a better impression, a short cv summary..

MSc Economics and Strategy (graduating fall 13)
Target School

BSc Business Economics and Social Sciences (ranked among 1% of cohort)
2 specializations: Finance, Entrepreneurship
Vienna University of Econ and Business Administration

Summer Schools:
LSE - Business Analysis and Valuation/ Culture and Globalizaiton
scored A

Bentley University - Business in the new millenium
gpa 3.5

one in a large European commercial bank in performance management on holding level

one with a large European commercial properties investor

Thanks for your opinion!

Kind regards,

Mar 29, 2008 - 4:15pm

Hope for FT Position without SA (Originally Posted: 03/14/2012)

So as of now, It is mid March and I am still without an offer for any SA positions. I've been looking for mainly banking and ER but will take almost anything at this point...
I had two BB interviews (obtained with minimal networking and I go to a non-target), one of which I did not make the cut, and one of which I was placed on hold but eventually did not get as of last week.
I'm currently interviewing with a lower tier valuation company and as of now, it's my only hope.

My question is, having networked very well with recruiters, alumni, and others over the past few months along with strong academics, EC's, and a boutique internship between my sophomore and junior year - what is the likely hood of getting a FT offer in banking or ER?

And I wont stop trying, but how slim are the chances of getting an internship this summer in either of those areas?

Mar 29, 2008 - 4:22pm

Getting a FT IB analyst job without SA (for all those getting denied like me) (Originally Posted: 01/27/2014)

As the recruiting process begins to wind down and more and more denials are coming my way I am starting to panic. I just want to know how I should best go about this spring/summer so that I can secure a FT Ibanking job as quickly as possible.

First of all, is this possible and/or common? I know that most hires come from the intern class and I am imagining insane competition for those that aren't covered.

Second of all is the process the same? Should I still be reaching out to some HR people as well as actual bankers or should I just focus all my efforts on networking with upper level bankers?

If not at a boutique IB which I am shooting for now where would be the next best SA role outside of IB?

Best Response
Mar 29, 2008 - 4:34pm

FT without SA position? (Originally Posted: 05/18/2013)

I'm in kind of a weird position with credits at my school. Because of AP credits, summer classes, etc, I can theoretically graduate in 3 years with this coming year being a senior year. However, I wasn't able to get a SA position anywhere this summer so though my resume is "okay", I feel like it's nowhere near as good as it could be. However, since I can graduate in the coming year, I feel as if it would be a waste extending my experience to 4 years where I will most likely have to take a bunch of bs electives or whatever, just to go through sa recruiting as opposed going directly into FT. I just wanted to know whether it's possible for someone in my situation to get a FT gig somewhere without great prior experience. I could double major in math or something, but that seems like a waste of time, as does an MSF. If I had a great gmat score, and if I went through a bunch of modeling programs, etc will it be possible to get a good FT gig?

Mar 29, 2008 - 5:15pm

BAML NY 1st year analyst offer (Originally Posted: 02/18/2015)

What are the chances of getting a 1st year analyst position here, or similar BBs, without being a summer intern but having interned at a different IB?

Mar 29, 2008 - 5:18pm

Is it possible to break into IB without summer internship (Originally Posted: 08/25/2014)

Recently graduated from very good semi target with 3.5 gpa and very strong resume with a ton of work experience in finance. Only problem is I never had the chance to complete a summer analyst position at a major bank and none of my internships gave me full time offers. Is there any chance I can break into an IB position or should I take what I can get and try to get an MBA in 2 years?

Would love some advice I'm really trying to avoid a career in operations if at all possible.

Thanks guys

Mar 29, 2008 - 5:20pm

Getting into BB investment banks without any BB internships (Originally Posted: 05/25/2011)

Hi, I'm currently senior at non-target school and I have 3.5 gpa
I'm about to graduate with internship experience at merchant bank and market research firm
Is it possible to break into Wall street or BB in LA without any BB internship experience?

Mar 29, 2008 - 5:22pm

IB fulltime without SA-- Possible? (Originally Posted: 08/20/2015)

Hi all,

I have secured an internship with the B4 in assurance. I will be going into my last year of college, so, I've already missed the SA window. I do have a few people that I can reach out to in terms of trying to network.

My question here is, how do I bring up the fact that I wouldn't be able to do the typical SA -> full time route? If anybody has any tips on how to do this, I would really appreciate it.

Mar 29, 2008 - 5:30pm

IB Without SA Internship? (Originally Posted: 05/21/2008)

Just want to gauge the likelihood of breaking into banking if one did not have a SA gig.

Holding school, GPA, extracurriculars constant, I know that without an SA internship, it is highly unlikely to break into banking. However, is it possible? How can you compete with the ones who have done the SA internships?

Thanks in advance

Mar 29, 2008 - 5:40pm

Unsuccessful SA application leads to absolute dropout in FT application (Originally Posted: 11/15/2011)

I'm a new comer here.

Some ppl told me that an unsuccessful SA application means you have no chance to get into that shop even in the full time application. Is that true? horrific...

especially for HK or other asian regions

Mar 29, 2008 - 5:47pm

Breaking into GS, JPM, MS, or Citi without internship at the firm. (Originally Posted: 09/09/2013)

I go to a non-target school w/ 3.5gpa. I have done 2 previous internships in the past but not at the firms listed above. I am a senior now and want to go FT at one of the firms above. (Obviously I understand it's a strike against me since I did not intern with those firms last summer, but hey if I don't give it a shot then there is a 0% chance I get an offer.)

And i'm not talking about IBD. I'm more interested in invesment management and research positions. I want the truth! Grill me if you have to lol. Advice/suggestions always welcomed.

btw, the 2 places I interned at were corporate finance related.

Thanks guys!

Mar 29, 2008 - 5:49pm

If you're looking at New York, you can cross GS off your list. The class is filled, almost every returning summer has signed and there is a surplus of candidates on hold for those remaining spots where offers have been extended but not yet accepted.

Not saying this to be harsh, simply to help you focus your efforts.

I am permanently behind on PMs, it's not personal.

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Mar 29, 2008 - 5:51pm

I think your best bet would be trying to network into a boutique or MM

People demand freedom of speech as a compensation for freedom of thought which they seldom use.
Mar 29, 2008 - 5:52pm

GS, JPM, MS, or Citi only?

Whats wrong with BAML, DB, CS, Barclays, RBS, WF?

Frank Sinatra - "Alcohol may be man's worst enemy, but the bible says love your enemy."
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Mar 29, 2008 - 5:54pm

Pushing for FT at banks that dinged you for internship (Originally Posted: 04/02/2008)

I couldn't think of a better title for this thread, hope it makes sense. Basically, is it appropriate to push for a FT offer from a bank that dinged you for an internship the prior year? On one hand, they may have dinged you because you didn't have enough experience for what they were looking for at that time (this is for associate, not analyst). On the other, they may have dinged you just because they didn't like you or didn't think you were smart enough, and they may be like WTF when you try to get on for FT.

From the guys that are already working FT at banks, what do you think of applicants that apply again for a FT offer after getting turned down for an internship? Is it pathetic, or do you look at them just like any other applicant? Is there any advice you would offer to help an applicant improve his chances the 2nd time around? In my case, I made the final round at two MM banks before getting denied, and these are two banks that I would love to work for FT. I have an IB internship at another MM, but would like to try again for these two banks this fall.

Mar 29, 2008 - 5:55pm

If you are going to be a SA this summer at a different firm, I'm sure that the ones that dinged you would be willing to give you another look. Just show them what you've learned and how you have become a much better candidate in the past few months. If you got to the final rounds they was obviously something about you that they liked, but maybe the competition was just too stiff. If there was someone at those firms that you really connected with, stay in touch with them and grab lunch over the summer if they are in the same city.

It probably would have seemed a bit pathetic to interview with the same people again if you had ended up empty handed for SA positions, but I think you are well positioned to make a play for those firms in the fall. Just make sure you get a FT offer from the firm you will be working at. Good luck.

Mar 29, 2008 - 5:58pm

I actually do know someone who did this.

A few years back he interviewed with most of the BB banks, and ended up signing with Bear Stearns. He did well there and received a FT offer, which he then leveraged into an offer with the people at his current bank, where he had been rejected initially.

Therefore, it can happen.

Mar 29, 2008 - 5:59pm

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