How to target banks for internships
Hi everyone,
I'm looking for a bit of guidance and advice. Im a rising junior at Vanderbilt University and have an interest in investment banking, sales & trading, and private equity areas of finance. I'm looking for a summer analyst position during summer of 2012 and have begun networking with Vanderbilt alumni at the BB and some boutique banks.
I have a 3.5 GPA, ACT of 34, an internship currently with a fortune 200 company (not finance related - some accounting aspects) and attend Vanderbilt University.
How many banks should a person apply to? My goal is to get an internship and get hired on full-time post graduation at a BB. How early should a person apply? Whats the best way to lock up an interview? As said, I've been trying to network with as many people as i can find at these larger investment banks. Any advice on which banks to target, how many, and when to apply would be most helpful.
Thanks,
Some basic advice: (1) Network with as many bankers as possible, at all banks. Doesn't matter if its a Bulge Bracket or a regional no-name bank, you never know where you're going to end up working. I've seen analysts at no-name boutiques become associates at elite boutiques, so keep that in mind. (2) Never apply to any bank off their website. Unless you go to Harvard, have a 4.0, 36/36 ACT, and have summer internships as an SA at Goldman and Morgan, I wouldn't bother. The worst part is that online apps usually have an essay portion. I've spent hours doing these essays, not realizing that they don't even get read. (3) The best way to apply is directly through your networking contacts. Have them forward your resume for you directly to HR. Even if you don't have contacts at a bank, call the bank and ask for the director of HR or the email of that individual, and forward your resume. Your chances are low, but at least that way you skip the tedious, unnecessary online application process.
Thanks rmahal.
So, right now I'm cold e-mailing about 20-30 people a day from BB banks that are vanderbilt alumni. And I will research regional boutique banks in the chicagoland area and begin cold-emailing some employees there.
When I get on the phone with people who work at the bank what are the important things to talk about. I'm a great talker, but knowing the right questions to ask certainly help. I assume asking them about their experiences at the bank, what they like/dislike about their job, their journey to their current job, and asking about getting my resume passed along are important. What else should I talk about over the phone?
Thanks
how do you find 20-30 people to email a day?
this.
Good, keep cold calling/emailing. Keep getting in contact with vandy alumni. One thing I would make sure to do for the upcoming SA recruiting season is to see which banks target your school. I'm not talking about 1 or 2 people go there for SA, but like 5-6. See if you like that bank. Get in contact with them, they probably will have a lot of your alumni. Then reach out. Sometimes on your OCR website, you can see recruiters' contact info. See if you can dig up old postings for SA and contact recruiters before it starts.
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