For online applications most banks will segregate undergrad and experienced hires. I graduated in May of 2010 and have been working in a back office finance role for the past 1+ years at a large MF and brokerage company. I'm looking to switch to banking as a first year analyst. Should I be using the experienced hire or campus recruiting option when submitting online applications? Being out of undergrad obviously works against me, so I feel like I should be using the generic campus recruiting submission option and hope I can squeeze through somewhere that way.
Thanks for any input.
Clarification: This wasn't clear in my original post but this question regards applying externally. The company I am with does not have an IBD.
do you know how campus recruiting works? lol.
LOLz
I understand the concept of OCR, but I am looking for an entry level position and not looking to lateral in as a second year analyst. How do you think applicants from non targets submit their apps? There is no formal OCR for them. My hope would be that my application is regarded in the same pool as undergrad applicants
Thanks for all the useful insight!
Experienced hire section.
Generally your firm will have an internal mobility website. This will ensure that your application gets looked at. You'll also have a leg up on campus and outside hires in that the hiring manager will have access to your HR profile.
Remember that a hiring decision is largely about risk mitigation. Interviewers and other folks making hiring decisions would rather be guaranteed a B+ candidate than have an 80% chance of an A+ candidate but a 20% chance of D candidate. So you've got a huge leg up by eliminating uncertainty. It's even better if you can apply to a group that you've worked with in the past year.
I should have clarified- I'm not looking to move within my current firm (we don't have IBD). I appreciate the response though.
At an old (no longer existent) firm I used to work for, we did have a few people get recruited from other BBs in our Research/S&T analyst program. It is probably going to vary from place to place, but these days we don't have those experienced hires coming in through campus recruited analyst programs.
Few people want to do IBD because it is their passion, though, and a lot of people who think they like banking would have a lot of fun in research at an asset management firm.
Additionally, IBD is going to be difficult because they hire:
1.) MBAs to stay on for 5-10 years as Associates and then VPs. 2.) Analysts to work there for 2 years then leave.
If you really want IBD, I'm not an expert here coming from the trading side of the business, but I think your best shot may be to go back to school for an MBA.
If you're not sure- if you just want a front office role, your profile with a year of experience in back office asset management makes you a better candidate for research or S&T. But if that is the case, there's a lot of jobs at your existing firm that look pretty darned similar to what you can find at a bank. So trying to find an opening at your existing firm should be job #1. Better to find 80% of what you want at a firm that you know and like and that likes you back rather than try to get what you think is 100% of what you want at an unknown firm.
Obviously if this is a strong buy-side broker/mutual fund like Vanguard, Schwab, or Fidelity, they have a huge need for people who can do research and help execute portfolio reallocations. The opportunities might not be quite as good as those at a bank but they're close and can get you where you want to go. The one missing piece is obviously going to be institutional sales not being at a sell-side firm, but you can easily land a role that brings you into contact with those guys on a regular basis.
It's a tough economy with 9% unemployment and 15-20% unemployment for traders and bankers, and it's unlikely that it will get better for years. You're going to have much better luck and much less risk trying to find a job within the firm you work for.
I'm sure I want IB, though only if I can get in as an analyst. I realize I'm fighting a bit of an uphill battle trying to make the move from the back office to IBD but I figure with enough perseverance I'll be able to find something (I have seen some success stories posted here and there). I think an MBA is in the cards, but I would really prefer to do a two year or off cycle analyst stint at a bank first. Back up plan is to wait a bit more then try to move into ER (I think I have a better shot at this since I have passed the first and second CFA exams, but who knows)
The reason I asked the initial question is because, like you mentioned, I don't fit into either of the predefined molds that most bankers follow. From what I have seen, the campus recruiting/undergrad options tend to be a more general application whereas experienced applications are role specific. I don't know which option would serve me best.
If you really want a position as an IB analyst, you probably have to apply to the campus hire program- it's your only shot since nobody is going to hire you for just a year. Experienced hire analyst jobs do pop up in Equity Research and Trading- but the typical model in IBD of two-or-three-years-and-out makes this tougher.
That's what I was thinking. I have seen a couple (literally 2) job postings for people out of school for 1+ year to start as entry level analysts.
Hmmm, one other thought is that at smaller banks it could be different. The larger you get, the more formal and more defined and more structured the analyst program gets. A more medium-sized firm like William Blair might take you on with the expectation that you'll stay after completing the analyst program in a year or two.
Yea, I'm thinking more along the lines of MM and boutiques where the analyst cycles aren't quite as structured. BB are pretty much out of the question, although I'll still make sure I get my resume on file at the larger banks as a few shots in the dark.
If anyone has any advice/similar experiences, I would appreciate the input.
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