Full time/ SA
I have the same question as the guy who posted below me(but with different circumstances). I am a finance/accounting major at a non-target and graduating early (June '08). I would like to apply for FT investment banking positions this fall, but I've heard over and over again that it's almost impossible without a previous investment banking internship.
Technically I'm a rising junior and I have already got a lot of decent work experience in that time. (i.e. summer project management/marketing internship, private wealth internship with a BB, Consulting internship with a Big 4 this summer) I have good grades (3.75+), plenty of leadership/EC's and would be competitive for consulting, Big 4, F 500 jobs this fall. But probably not investment banking?
Why do investment banks only take juniors (in college) for
internships? Is it because of the 1 year gap between the end of the
summer internship and the start date of the full time position
(assuming that a full time offer was extended at the end of the
internship) or is it another issue altogether?
I'm planning on studying abroad in china for a year after my
graduation (covers the one year gap). Could I still apply for an investment banking internship
then, since I know that this is the best way to get my foot in the
door?
Thanks
You can still get in contention for interviews depending on how "non-target" your school is. You don't have to have a summer IB gig to get the interview.
Why do investment banks only take juniors (in college) for internships? Is it because of the 1 year gap between the end of the summer internship and the start date of the full time position (assuming that a full time offer was extended at the end of the internship) or is it another issue altogether?
It's because the goal of the summer program is to feed into the full time analyst program, so yes.
I'm planning on studying abroad in china for a year after my graduation (covers the one year gap). Could I still apply for an investment banking internship then, since I know that this is the best way to get my foot in the door?
I'm not sure but I think so, assuming that you stay registered in your school and are available for interviews.
Thanks, I really appreciate the reply.
It's a Top 40 school (US News)but isn't recruited much by banks because of location(West Coast)
What I don't understand is why (assuming I get an investment banking intership for this fall) I have to be in school for another year after the internship is completed, and then assuming I got the FT offer, begin in June.
Isn't it the exact same thing if I get an internship this fall and then graduate in spring, do the internship in the summer, go to China for one year to study (as opposed to staying at my school) and then come back in june to work full time (assuming I got the FT offer)
wouldn't I still end up working with that bank (that I did the internship with)
btw, the reason I'm not delaying my graduation is because I'm already registered for the December CFA Level 1 exam and you have to be in your final year to take it.
Hmm, I don't know enough on that issue to offer any advice. I've never heard of anyone doing something like you.
Also - Why are you taking the CFA if your desired career is in IB?
Because the recruiting process is structured like that. It wouldn't be fair to the junior summer analysts if seniors who should be applying for full-time positions applied for internships as well, would it? They have plenty of over-qualified candidates to go with the schedule that they have now, so why should they make any exception for seniors who couldn't cut it for full-time recruiting?
Also, I echo the question that the above poster said. Put that along side the internships you've had in the past, and maybe recruiters will start to question whether or not you really want to do banking and/or if you even understand what it is.
So, is it recommended to leave the fact that I'm a CFA level I candidate off of my resume then?
Thanks for the replies, I'll probably just take my best shot at FT recruiting and see how it goes.
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