Got the BB Offer from a Non-Target... Now what?
I am extremely happy to say that I got accepted into a BB think (BarCap, Citi, CS, BAML) from a non target school state school think (Penn State, UMass, UConn, URI, UDel) within an investment banking role. I can honestly say this site was instrumental in my success of getting that. To all of the users from this site that responded and talked with me, thank you I really appreciate it.
After a week or two of celebration since I got the offer, I have started to think about the most useful ways to use my time and prepare for the internship this year. I'm interested in working in a product group and have a bunch of connections within that area of the bank. I don't know exactly which product specifically I would be working on, but I want to learn as much as possible about all of the products before I get there, and try and become really knowledgeable in a few. I don't know how to model as I have spent all of my time the past year applying, but I have the WSO modeling package so I will use some time to do that.
With these things being said, I want to make sure that I really impress the people at the bank, and am a benefit to my peers. To all of those actually in the industry - what do you think I could do, or any person in my same situation, to best use their time over the next year to make sure that they absolutely kill their internship?
*Additionally do I still network with people outside of the bank? What's the deal with that?
Thanks so much for the help everyone!
interested too
SA 2020 or 2021?
2021
congrats! always network.
Congrats man, I know that feeling you have coming from a non-target myself. It is an incredible accomplishment and you have beaten the odds!
With that being said, It's great that you have an idea of what you would like to focus on- namely, product groups. Going forward you should research as much as possible about DCM, ECM, M&A, and Leveraged Finance. I would suggest going through the rosenbaum book and figuring out what seems most appealing to you. Also- you mentioned modelling so I would certainly go through that WSO package, and also spend some time going through 10-Ks and see if you can go through each line item on all of the statements and ACTUALLY know what they mean- for every item that you don't know- look it up. Then piece together a model as best you can- make simple assumptions about revenue growth and margins, just to get the hang of it. If you are interested in Leveraged Finance then definitely practice LBO modelling!
After you have researched these different groups you should make a realistic assessment about effort/chances of getting into certain groups (for example I have heard leveraged finance at BAML is quite competitive)- going through WSO to see the difficulty of the different groups should help you mentally prepare for the level of understanding you should have going into the placement process.
Lastly, it is important to consider what kind of opportunities different groups may lead to- if you plan on banking forever then ignore this, but otherwise you should see where people from ECM/DCM "place" as opposed to those in M&A/Leveraged Finance roles. Look at linkedin and look through WSO (Will note that much of the content on WSO is composed of college students who echo statements which may or may not be factual- oftentimes there are biases and incorrect info floating around so be careful with this site as a true source of placements)
Remember to keep networking and good luck!
Congrats on the offer! Very exciting stuff. First things first don't stress out about it. They're going to put you through training programs when you get there. Keep reading and expanding your knowledge base but don't think you need to read every single book about M&A.
Group placement involves a lot of networking. However, if you have sent your thank you notes you can take your foot off the gas for now. Especially considering that you are more than a year removed from your start date you don't want to have those conversations too early.
Your work ethic is clearly very high and you are going to keep achieving your goals but don't be afraid to take a break. Make sure you enjoy this summer because it's the last one you before you start working obscene hours.
Yes^ he is right, group placement is too far for you to be worrying about it now. People wouldn't even want you contacting them this early bc some banks (Citi) haven't even figured out groups for this summer. As for next steps, I am a non target that will be interning for BB same as you (Citi, BofA, Barcap). The advice I would give is to really figure out which group you want to be in and learn about the group. The group process is very competitive and its even harder for non targets bc you are competing with people who most likely have alumni connects within the groups. So, you have to make yourself stand out in someway. The best way to do this is to figure out which group you want early (Not now, this is too early) and try to get in office with the team. Maybe go to lunch with a few members, really sets you apart. Usually, group placement stuff is sent out around February the summer before. So I would start heavily networking during around November and then try to get in office during your winter break.
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