I graduated from an MBA program in 2017. Over my summer I interned at a BB but didn't get an offer. No real good reason other than the MD's didn't know me well enough. So I left on good terms.
Problem was, that threw me into the lateral bucket, because all the other banks filled their 2017 class before I found out I wasn't getting an offer. I had one 2017 class interview and didn't get anything, only later to find out they didn't actually hire anyone from the process.
So I've spent the past year and a half recruiting. Lateral positions were really tough to recruit for, considering I was still an MBA student, though my past work in lower-MM PE pre-MBA and networking got me some interviews. Unfortunately nothing materialized.
Now I'm at a no-name middle market bank. I guarantee nobody here has heard of the name it's that small. Everyone basically was like "go there and get some deals done then rerecruit once bonuses go out". Well, here I am and it's proving extremely challenging to get anywhere.
My school has a great network in banking, and I've reached out to a lot of people and spoken with them. But when it comes down to it, I get cut immediately. I don't even get a first round interview. Additionally, almost all the roles I find get filled internally or they've started the interview process within a day or two of posting it.
I'm guessing this is because I'm at a tiny bank, so this is really, really frustrating. I mean is this really just based on the name of the bank I'm at? Because that's what it seems like. I thought working in PE for two years, getting all that modeling and deal experience, would be an asset, but it seems that all anyone cares about is if I worked at a firm with a recognizable name. Frustrating, but not surprising.
What would you guys recommend I do here?
Top 10, very strong banking presence. Pre-MBA background is 2 years of private equity, and 3 years in design engineering at a manufacturing company, so no banking experience beforehand but did deals at the PE shop.
FWIW when I first came in here I helped with reviewing SPA markups and working on those negotiations with our MD so I know the deal process well based on being involved in every step of our deals at the PE firm.
EDIT: Also I have very strong modeling skills because I did all the modeling when I was in PE. I interviewed for a PE role last year (came down to me and one other person), and they said I did better on the modeling test than anyone that's taken it (3 hour LBO model with full revenue build, DTL/DTA's, and distribution waterfall to LP/GP). Unfortunately banking interviews don't allow you to communicate that like PE interviews do.
EDIT 2: I also have two references at megafunds, mid-senior level people that are huge advocates for me.
Not sure why I'm mentioning all of this, I guess I just don't know how to translate this to get banks interested.
Based on all of this I’m surprised you’re not getting looks or interviews. The only thing I can think of is that you’re falling through the cracks in terms of timing, or you’re going up against folks that are already at bigger banks and have connections with the team. I’m assuming given you have people giving you positive feedback that it’s not a case of you being strong on technicals but awkward in conversations.
Actually you mentioned you had a PE interview last year and that you have supporters at MFs/reputable places. Is it possible for them to make connections for you at their shops or others? Have they done so/has it resulted in anything. If someone from MF called up their buddies at various banks to intro someone they like, you’d at least get a coffee or two, if not an interview...
I have a little bit of a different perspective than others here. I'm not surprised you aren't getting looks, because there are a lot of red flags you need to address. Let's think about from the banks perspective:
1) You did buyside pre-MBA but then banking post MBA. This is unorthodox. There are a few people who do it every year but it's always a tougher sell that you actually want to be a banker and not that it's a back up plan. You are considered a higher risk to leave at the first opportunity than others. But Good for you, you overcame this stereotype to land your summer gig.
2) But then with that technical experience, you didn't get a summer return offer. This is a HUGE stain on your background. You had a technical background and yet you couldn't leap over the relatively low bar to get a return offer like most of your peers did. This has ruined many people's banking careers before it started, it's just a huge red flag. It doesnt matter if it was luck, people will think you either suck, weren't willing to put in the effort or couldn't get along/play the game.
3) Then you still weren't able to full time recruit for a reputable shop, partly, I'm sure, because of the above two points. But the more people that pass on you, the more that it feels like I am taking a huge risk by taking you on.
I'm not saying these things to discourage you, but you have to understand the context to figure out how to overcome your deficiencies. Right now, on paper and without knowing you, you seem like a HUGE risk with clear indicators that some combination of your heart isn't into banking/You can't get along with others/you don't do good work/etc is true. You need to be able to proactively address these points to put people at ease, not avoid them like an elephant in the room.
Also, with that said, you need to be strategic about how you lateral. First, exhaust your network of people and stay up to date with them every few months. Let them know you are looking and that you are doing a lot of work in X space. Second, narrow your focus to places you have relatable experience (What are the best deals you've closed? Position yourself as an expert in that industry/product). Third, focus on potentially well respected MMs at first and then make a second jump. I don't know a single EB or top BB lateral from an unknown shop at the associate level. It's usually MM/lower tier BB->Top tier BB or BB->EB. I'm sure in the lower BB it happens too, so that is a possibility as well (DB has struggled to keep people, for example). Also try to reach out to recruiters regularly to keep you up to date on their openings.
Hope that helps, keep at it.