2019 IB Full Time w/o 2018 Internship

I am a rising senior at a top tier University. I did not recruit IB this past fall hence I did not get a summer internship this year. This summer I am working at a smaller PE firm. Solid grades, resume, etc but without an banking experience.

If I want to go BB NY full time,
- What are my chances?
- What are some recommendations for what I should be doing now
- What are some things I should be doing down the road?

Thank you for your time and input.

 

Do you have any networking recommendations given that I am in Chicago currently and trying to go to NY IB? Do you think I'd have an easier time networking in Chicago for Chicago IB and that the odds are too far against me to try for NY?

 

I would say it depends on your postgrad program. is it an MBA? I will just guess it is a MSc Finance? How long does it last? For the finance master its gonna be 10-12 months for all of them. That means summer internships are out of question. I think your best shot is to attend all on campus recruiting and to network with a lot of alumni. Given your university indication, there should be loads of those.

If it's a two year program you should be able to get one summer in, giving you your first internship and then hopefully the return offer.

 

I believe that exposure is exposure. After the internship you will not be in the hiring cycle, as the FT offers are usually for the following year, but at least you expand your network and have a higher chance.

Of course you can go for FT analyst roles directly, but I guess your shots will depend on the banks. Might be rather specific. If you're going for an internship somewhere non-London, it is all not that structured, and a master's degree is a much more common route there.

 

Thanks for the insight, that makes sense. I would definitely consider internships as the most important thing right now is to "have a foot in the door". Then, regarding SA internships, applications have yet to open for non-core/non-target universities, right? There is a lot of talk on the forum currently about recruiting and interviews, but from what I understand that applies only to the accelerated track/target school applicants. Non-core will apply over the normal online portal, am I correct?

 

It is definitely possible to get into a no-name boutique or even a MM. I would suggest trying to have a call with someone at a bank 3-5 times a week and get your GPA above a 3.5. Will make your life much easier. Even though your GPA is less than ideal, if the people you network with see that you're motivated and see that you are good with people, someone might put their neck out for you.

 

That's great to hear. With that being said, do you think I should wait until after next semester when my GPA is a 3.5 and I have both internships and ER experience under my belt to start recruiting for FT roles or just start doing so this summer and continue into the year if I am unable to secure any roles?

Alternatively, if I can't get any IB interviews due to my low GPA, what would be the "next best thing" as far as lateraling into IB after graduation? What industries have the highest transfer rate into IB? Big 4 VA? ER?

 

WSJack, have you checked out these or run a search:

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  • MBA full-time Associate recruiting without a summer IB internship- is it possible? wondering if it's possible to get a full-time Associate role without having done an IB internship. ... internship at a large tech company, got the offer to return full-time but dont want to return because ... just a few banks (all MM) that come recruit for FT roles at my school, but the way i understand it, IB ...
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I would strongly advise you to look through existing threads on FT recruiting. Aiming for only BB is just unrealistic - most BBs don’t even run FT recruiting processes, and if they do, its 1-2 spots that are only for well-connected candidates (MD referrals, etc). They want to hire every single FT analyst out of their intern pool. Usually they hire more interns than they’d need for FT recruiting and end up cutting that pool down. I had referrals from heads of groups, heads of HR, etc at various BB banks and all of them said "As much as we'd like to get you involved in our

You should cast your net as far wide as possible, willing to take ANY IB job, because FT recruiting is a bloodbath. MMs like Piper Jaffray, Stifel, Stephens, etc tend to have a decent amount of openings during FT recruiting.

I went through the process myself, you’ve got to hustle your ass off and network every day.

 

It happens. Several people from my school got FT offers without summer internships.

Don't look at Lehman Brothers for this. They aim to fill their FT analyst class with their SAs, hence the 2 Term system. The remaining slots come FT recruiting are typically filled by SAs from other banks; however, one girl I know managed to get an FT offer without an internship which is impressive.

Anyway, that is anecdotal so don't count on it.

 

have you had internships last year or the year before? what about strong ECs? surely you have some substance in your resume

Econ+EE is tough, getting a 3.5 in mccormick is like getting a 3.8 in weinberg... but im not sure if recruiters recognize this. im not in engineering, so i really dont know.

sending your resume out everywhere cant hurt. make sure to hit up plenty boutique firms

 

I'm 30 yrs old. I have one semester left in school. I attend Temple U. I'm looking to get into IB. I fine IB to be very interesting. Now i have two question? 1. Is it to late for me to get into IB? 2. IF not, please assist in the right direct to succeed in this field?

 

I can confirm that it is probably next to impossible for one to get an analyst gig at Lehman with no internship experiance. I'm in the same boat as the OP, and hope that a BB firm will eventually give me a shot.

I have pretty strong experiance outside of this summer. However, everyone I've spoken with thus far says that not having done an IB internship this summer is gonna hurt me come next month.

Is there a BB known for giving offers to kids with no internship junior year?

Thanks

 

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