Funny How Things Work Out...

So I want to start by saying thank you to everyone who has provided me some great information over the past year and a half. I have been a long-time reader of this site.

A few hours ago I was offered a summer analyst position at the PE firm of my dreams. I come from a non-target. This has been more than a year and half in the making and I wanted to share the story associated with the offer because it is a good one.

I started reading WallStreetOasis back when it was IBankingOasis in the summer of 2007. Banking seemed like a good fit for me. I was drawn to the prestige, the exit opportunities and the challenge. I knew I could handle the hours. The work seemed interesting enough, but my true interest was in PE. I had the chance to work at a small no-name PE shop after my freshman year and loved it. But the concept of working for Goldman Sachs, a name that people oohed-and-ahhed at was pretty appealing too.

And so, last fall my search for an IBD position within a top BB bank began. I spent hours and hours cold calling, reaching out to family friends and e-mailing alumni. My free time was spent learning about EBITDA and valuation methods. I landed final round banking interviews with four BB banks and came very close to receiving offers at two of those banks. At one of these close-calls, I received an e-mail saying that they were very impressed with me, but they could not offer me a spot. They would forward my information onto a regional office for consideration for the summer.

Unfortunately, after speaking with one of their associates at the regional office, I found that this BB had filled their summer class already. I was so bummed, this was the one bank I truly wanted. I really connected with the associate and we stayed in touch through the summer. In the fall I went out to lunch with the associate and one of his VPs and we would chat every few weeks about life and the markets.

The past few months really changed my thoughts about i-banking. The lack of job security, reduced dealflow and overall tension made me take a second look at the banking industry, and a another glance at what I had always been interested in, PE.

About three weeks ago, I found out that this PE shop coming to campus to interview a select number of candidates for a summer position. A few days after hearing about the position I received an e-mail from the associate from the BB bank who I had kept in touch with. He suggested I take a look at them and apply. It was a no-brainer, I told him that I certainly would, it was a great opportunity. I thought nothing of his e-mail at the time.

At the PE interview I found out that I was sitting in the interview in large part because I had received a glowing review from the BB associate. Apparently he went to school (although the associate was in undergrad while the VP was in grad school) with one of the VPs at the PE firm and they were good friends. The VP had casually asked if he knew kids from my school that he would recommend for the position. I was the one he suggested.

Of course I knew I had to ace the interview to get the position, but apparently I did.

I have to step back and think how crazy it is that the rejection last year (and the terrible disappointment that followed) led me to this contact who happened to know a top person at this PE firm that I had hoped I would have the chance to work at one day.... after banking. And now, in the worst market in decades, I received an offer in the city I want to be in, with some incredibly bright and positive people with a firm that will provide me with work I truly enjoy and am excited about.

It's funny how things work out...

So for those of you who are frustrated in this market and are still looking for summer positions... keep chugging along. Never underestimate the value of contacts. And most of all, take a step back and think about what you really want to do. It certainly led me in the right direction.