Hey guys,
I recently received a return offer after a summer at a MM firm doing IB. I had previously networked a lot for full-time positions elsewhere just in case I didn't receive a return offer but even after receiving a return offer, I want to pursue opportunities at other banks for cultural and professional reasons. I've followed the threads on here about FT recruiting and it seems like some people are already receiving first rounds, phone screens, etc. I haven't heard back from a single place yet and all the people that I networked with told me the process starts late August, early September (told me a few months ago during the initial calls). I want to listen to what I was directly told on the phone but I also don't want to send an email too late and have all the spots get filled. It may be counter-intuitive to ask all of you since most of the people answering this are the same people posting on those threads, but how reliable are these threads regarding the recruiting timeline?
Thanks in advance.
Quick clarification for some people commenting: I am US (NYC), non-target, have until mid-September to accept/deny my offer
Seems to me that that recruitment process cadence is firm size dependent, with BB/EB kicking off first, MM following, and LMM/small-no-name boutiques kind of filling on a rolling basis thereafter. In terms of the reliability of the advice, I'd look for posters clarifying that their process pertains to specifically a MM firm.
Important clarifying remark: I am not in IB and have not gone through a formal recruitment process with one, so my advice is also probably not reliable.
FWIW, I went through FT recruiting last year with many of the EBs, and superdays were happening shortly after their summer offers were extended. I would say that these threads are pretty reliable.
It's really firm dependent -- my experience going through FT recruiting in 2018 for 2019 started in late May (Qatalyst), followed by conversations with Citi, Laz, DB, WFS, MS, HL, FTP, EVR, BAML, and a handful of others in June/July. WFS interviewed me in july, with a September super day. Citi was an August interview with superdays scheduled for early Sep. Laz did my phone screen in August. FTP had an info session in July, with the interviews running into Aug/Sep. Cowen didn't start until Sep.
The short answer is it depends on the recruiting cycle, bank, and your personal situation. So while the information above was accurate for my cycle/process, I know it differed slightly for a buddy of mine who went through FT recruiting at my firm and also received an offer. Best advice I can give you is to stay in regular contact with those you connected with at these firms. Push for an intro to other members of the team, so if/when you get a super day, you'll know more people and have a higher chance of landing an offer.
Good luck and let me know if I can answer any other questions.
So just out of curiosity, was the application portal open at those times mentioned above? Or was the recruiting done fully off the books through people you networked with?
Some of the banks that I am referencing don't have their application portal open and there are already people mentioning invitations to super days. It may be that I am coming from a non-target so I don't have any on-campus recruiting but it still seems strange to me.
I also came from a non-target. For some firms (WFS, DB, Cowen, Baml, FTP, Laz, Qatalyst) the app portal was open in line w the above timelines, however I networked with all of the above (except Cowen) heavily 1-9 months leading up to the processes starting (firm dependent, e.g. I networked w/ WFS for 9+ months, DB 1 month, etc.). The other firms were purely networking, so post-first or second call I was invited to interview for FT.
Wait so Qatalyst started before your summer internship?
Yes
Not sure if you’re US or UK but in the UK a lot of the programmes open in late August/Early September.
I used to panic when I first read about recruiting timelines on here but remember that they are for the US. Less than 5 firms have opened for EMEA and APAC so if you're applying there no reason to worry!
The way I’d look at it is that your circumstances have materially changed. You got a return offer - congrats!
If there are a couple of top places, I would reach out to let them know and ask for an update on timelines. It may change how they prioritize you as it’s a demonstration of success in your role and may have timeline requirements. How long do you have until you need to accept your offer?
I was told I have to get back to them by mid-September but I haven't received the written offer letter yet so I was waiting until I received that and had an actual date to start using telling people my timeline.
Watch out for snakes who try to convince people that recruiting is already over to reduce competition for themselves
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