If you are at a relatively large bank doing corporate banking for a summer internship, how hard would it be to lateral full-time to investment banking within the same bank? And what about lateralling to IB at another firm?
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FT recruiting for IB is generally brutal and hearing stories from friends who did FT recruiting this year just proves that. It's possible, but the chances are very slim.
It depends on your skill set. If you were ranked at the top of your SA class, great at networking, and an excellent interviewer it is super easy.
Lol it is not "super easy" to lateral from SA in corporate banking to FT in IBD. Take it from someone who actually went through FT recruiting - it is absolutely brutal even for well-qualified candidates. You can do everything right and still miss out because in FT recruiting you're competing against 5-10 other people at the superday for 1 spot.
Would I have been better taking an IB job at a non-name boutique or doing corp banking at a larger firm? In terms of recruiting for FT
I can only speak for myself. There were 18 candidates for the FT super day and only 3 spots. It was to the point where I personally knew 2 of the 3 interviewers from networking during the summer. Hence my emphasis on networking.
communicate your interests with HR and find a buddy in the group you're targeting. its a networking game
I wouldn't communicate that interest to HR until after you have a return offer for full time.
it depends on the network you've already established. If you made it to superdays at MMs or BBs and you showed them that were a smart kid and a likable person but it just didn't work out for you, you have a solid shot at re-interviewing with them again if you keep in touch with them. but if you don't really have a network right now it will be very difficult to lateral into IB.
a lot of interns that work in corporate banking are trying to make the switch over to IB. low chance to move into IB within the same bank, even lower to lateral to another firm.
I had an easy time with full-time because I networked hard when I was a sophomore/junior and people liked me enough to give me another shot at interviewing or refer me to a buddy at a different firm. FT is not brutal for everyone but there are a lot fewer spots left and interviewing is less structured, so there might be spots available even though a bank won't put a listing up on their career site.
How important is ur internship junior year for FT IB? Or is it mainly just about networking?
For example, would I be in a better position if I took an IB internship at a small boutique vs corp banking at a large bank?
Honestly half/half.
Without the networking you won't get those interviews. But, without the relevant experience (you're fighting 10 kids for 1 spot during superday give or take) you won't get an offer.
Personally i'll take the IB and network
bump
I hate to be a stick in the mud, but honestly, close to zero. I would certainly encourage you to reach out to anyone in your bank's IBD who you have been in contact with before, but you will most likely have to start at a boutique if FT IB is what you are after.
Are the chances close to 0 because i'm doing corporate banking or because there are limited spots available for IB FT?
BBs usually have only a handful of openings and they go immediately to kids with connections/who have networked extensively with the group that has the opening. All the spots are usually filled by the time school starts. EBs and boutiques actually have a formal recruiting process sometimes, but competition is tougher than SA.
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