I can't even get a CF internship

I deleted my post because everyone assumes the worst of me. I never said I was a blessing to CF, and I never said I look down on CF either. I'm probably not a blessing to any career. I did say that, like so many others on this site, I originally had my eyes on IB. I did say I wouldn't give up on IB, but that I would go more after CF. I did say that, to many, CF is a kind of backup. That's it. I would be very happy with a CF job for the rest of my life (at least that's what I think now, maybe if I worked in CF things would change but I doubt it). I would be very invested in a CF job and if I knew how to network or do something to get my apps somewhere I would do it but I'm in a weird (not bad, just weird) spot educationally now b/c I'm transferring schools among other things. 


I just wanted advice. Was that too much to ask for?

 

I'm in the same kind of position now. I can't speak for you but in my position, I can't get either type of internship because I don't want either enough. Let me explain. I do want and fantasisee about breaking into IB. However, I haven't put the necessary effort into networking, preparing myself for interviews etc. On the other hand I don't want an internship at a corporate but in my mind is something very achievable so I don't put an exceptional effort to get it. It's a crossroads of indecisiveness and lack of vision. 

 

You are only a rising sophomore. Most F500 internships are pipelines to full-time positions and thus given mostly to juniors. I bet you got rejected for being a sophomore. Most F500 apps are black holes, so I would not expect to hear back if you are applying online. Since so few network for F500, I would hit alum up and see if they can get you in the process. Otherwise, F500 may not consider you since you are a sophomore. I would also start networking with search funds and private equity shops. Both will give you deal experience. Plus these places often do not post internship opportunities, so you can definitely get a position if you are persistent. Since you want banking, I know you realize your chances of getting an internship are small without networking, so hit up boutiques to see if they are open to a virtual internship.

 
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I hope you don't approach people in corporate finance with the same mindset and tone you used to write this post. It shows a complete lack of maturity and emotional intelligence. Further, you come off as a whiner instead of someone genuinely interested in better positioning himself for success.

Now, all of that said, I'll ignore the tone-deaf semi-insult of corporate finance being a "backup" for people and give you some pointers (Why would you say this in the corporate finance forum???). The first thing you need to understand is that, while interviews for corporate finance are generally easier than IB FO roles, getting your resume into the interview pile isn't a cakewalk. Sure, you have good grades and good ECs, but everyone applying for the top corp fin roles has those as well. Especially if you're applying for the sophomore positions. Any sophomore applying for a summer internship is going to be in a small pool of other forward-thinking, generally high-achieving sophomore candidates. 

What I'm assuming you did was toss in your resume through the online portals and hope that your absolutely fantastic IB positioned resume would just "wow" the HR generalist or first-year analyst who was reviewing the stack and assume that they would just have to move you forward to the first round interview. News flash, just because you're applying to the "backup plan" corporate finance role does not mean it's easy to get the interview. If you're relying on your credentials alone it's still going to be an iffy chance if you come from a great school. Even worse if you don't. F500 roles get a ton of applications, it is very much a black box and it is easy to get lost in the mix. You need to network with people in the groups and companies you're targetting to ensure your resume moves forward. 

Second, your resume could be a weak point. If you're absolutely gunning for IB and have set up your resume to reflect as such, you are not an attractive corp fin candidate. They will assume that you will not be happy in a corporate finance role and they will (rightfully) assume that you will not return the following summer in lieu of an IB role. So why waste their time, resources, and limited position on you when they could give it to someone else who seems genuinely interested in corporate finance work and the company they are applying for? They want someone who will return their junior year and then who will ultimately sign their full-time return offer. That is, after all, the point of an internship.

Lastly, to my understanding, most sophomore summer internships are filled through on-campus recruiting at each firm's respective target schools. There are not many positions earmarked for sophomores, so firms typically give those positions to schools they have active relationships with for the good-will. It's also easier to recruit from their target schools because the schools will filter the best sophomores and push them forward. So, if you're not applying thru your OCR, then make sure you network. Because blind resume drops won't do much for you at this level.

So, if you do end up going for the corp fin roles, make sure you sell yourself properly to the people interviewing you. Make it clear you are interested in corporate finance work, the products & services the company sells, and the company and culture itself. Make sure your resume doesn't look like you will jump ship the moment you can. And get rid of your condescending attitude.

 

You took my panic for condescension. I gave some context that, summed up in one sentence, said this: I was once a high schooler who looked to IB for a career but I am now exploring CF, which some people (not me! but some people) consider a backup. I got denied from two already. I asked rhetorically, if I couldn't get in CF then how could I expect to get in IB. In other words, if I'm not good enough for CF then what can I have for a career in the finance industry?

I don't know how to make a CF resume, or how it's different from an IB resume. I don't know how to network into CF, mainly because I'm transferring schools and the pandemic hasn't allowed me to attend OCR events. I don't think super highly of myself and I don't look down on CF.

I do know that sophomores are not sought after at all and I do understand why. I'm panicking because I have no idea what I can do for the coming summer.

 

I'm so sorry to hear that you already got 2 rejections (it hasn't even been a week) after submitting online applications without doing any networking.

This is you

 

B-B-But dont they know I'm an IB applicant? I'm literally blessing the lowly corp fin folks with my resume drop! I'm a sophomore with mediocre ECs and no prior internships but I'm an IB prospect!! Ugh, I'm so frustrated and I don't know what to do! It's not like every single "breaking into wallstreet" guide, forum, video, comment, book, article has taught the importance of networking and giving half a sh*t when applying for a job. Nope! Those are only relevant when applying to a big bank!

 

I could feel your post emitting your douchiness through my screen 

 

Looks like seppuku is your only option if CF isn't working out.

In all seriousness, you are a RISING sophomore. As other posters have said, 97% of internships go to rising seniors, 2.999% go to rising juniors. If you aren't a rising senior, there is no way you get an internship without networking... No company wants a 1yr college student fresh off of college algebra and intro to communications.

Once you are a rising senior, don't underestimate the power of applying online. It's not as much of a black hole as some people say. You just have to know what they are looking for in a resume. Each resume that passes the minimum qualifications (GPA, prior experience, etc) gets seen at a corporation.

 

I'm getting so tired of this lie being peddled on here that applying online is a "black hole." I remember speaking to various bankers in the industry some said they submitted 300-500 apps during recruiting cycles. People are just justifying their laziness I guess. I get networking is good but lets be real if it's outside the alumni network/friends/family then you're better off beefing up the resume as best as you can and sharpening interview skills. But I'm just a Junior in college so I'm not trying to sound like a know it all, lol. 

 

Agreed. Applying online is sufficient to get interviews if you go to a good school and have a good resume. People overestimate the importance of networking a bit

 

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