MBB internship junior summer >> Banking Full time? How feasible?

Hi everyone,

Thanks in advance for reading my post. I searched for the topic online but couldn't find discussions relevant to my questions. I wanted to know if it would be possible for me to do an internship after my junior year in MBB and land a FT BB Analyst position if I decide to go the banking route. I am interested in doing banking after graduation but have also been looking at the consulting route since starting college. I feel that if I decide to play if safe and do banking internship after junior year and then do banking (assuming I get a return offer of course), I will always be wondering what if I did an MBB internship instead. Furthermore, I also want to spend my last summer near my hometown and seeing as how MBB have regional offices around the country and is not fixated in NYC like banking is, it makes this option even more attractive to me. My question, is how hard would FT recruiting for banking be if I spent my summer at say McKinsey. I know that it's getting more and more competitive even for summers to get FT offers at BBs and just wanted to check in with WSO.

Some background: Sophomore at a target school, decent gpa, great extracurricular, and will be doing a business internship at a well-known tech company this summer (Think: Google, Facebook, Snapchat)

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Comments (23)

Apr 26, 2016 - 11:11pm

I understand that and have actually already interviewed with one of the MBB for a sophomore diversity program and although I was not extended an offer, I was told I have an automatic interview spot next semester. I am planning to spend all my free time this summer doing case prep and technical studying for BB interviews as well. So assuming I can get an offer, would this route be feasible?

Apr 27, 2016 - 1:03am

Just from a pure numbers perspective...
Number of interns at a NYC BB bank: 80-120 (this is my best guess of what I saw during my summer)
Number of full-time positions at a NYC BB bank: Likely however many interns they hired the previous summer. Vast majority of people who get return offer accept.

Number of interns at large MBB office: 10-20 (1-5 likely in small regional office)
Number of full-time positions at large MBB office: 40-60. Vast majority of people who get return offer accept.

So more slots are open to make the transition from banking to MBB full-time (doesn't mean actually getting the job is easier). Would assume most people who recruit for banking full-time did a banking internship and either a) didn't like their group/firm or b) didn't get an offer.

If you want to do banking full-time, do an internship at a bank. 20 years from now, you aren't going to be wondering "What if?" about an MBB internship.

Source: Did SA in banking, made switch to MBB full-time, found out my replacement also did banking internship.

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Sep 28, 2016 - 4:33pm

MBB Internship to IB FT (Originally Posted: 10/10/2017)

Hi Guys. I signed for an MBB internship in a US regional office (non-NY/Cali) for the upcoming summer after weighing some offers in consulting and investment banking, but I'm having second thoughts about whether I made the right decision. I was wondering how would be the best way to spin the experience I would gain this summer to position myself for full-time recruiting. For further info, I have somewhat relevant internship experience in PWM and S&T at foreign MM banks. I would love to hear your thoughts and guidance.

Array
Sep 28, 2016 - 4:34pm

I don't think it would be that hard to say that you were curious about that career path and that's why you proceeded with the internship. Something of that nature.

“The only thing I know is that I know nothing, and i am no quite sure that i know that.” Socrates
Sep 28, 2016 - 4:35pm

Possible to move from consulting to banking after consulting internship junior summer? (Originally Posted: 07/28/2017)

This summer I am doing financial consulting in NYC but am looking to jump to banking full-time. I have a 3.7 GPA at a semi-target and have been networking with my contacts (mostly MDs) at BB and boutique banks. Additionally, I had Superdays at a few BBs last fall. Recently an MD at a BB responded to a networking email saying that they do not interview those who have not had a summer of banking under their belt. How hard is it to pivot this late in the game?

Sep 28, 2016 - 4:37pm

Hard, not impossible. Some places fill almost their entire class from their SA class, some do a decent amount of FT recruiting. It's going to be tough for sure, but keep on networking and try and figure out which of the firms you know people at takes a greater number of FT hires who didn't summer

Sep 28, 2016 - 4:38pm

Non-MBB consulting SA to Full Time IBD? (Originally Posted: 12/09/2016)

I am a junior at a target school (U.Chicago, Northwestern, Ross) with a 3.6+ GPA, and I have an internship lined up at a Tier 2 strategy consulting firm in SF focused on M&A due diligence (LEK, Strategy& Deals, Parthenon, Oliver Wyman).

I recently became much more interested in the investment side of PE and am thinking about recruiting for IBD FT as a better path to PE exit ops.

Question:
-How common/possible is this transition?
-Can I get interviews without previous "investment banking summer analyst" experience?
-Can I get interviews at BB M&A or EB? If not, which groups/firms should I target? At what offices?
-Would focusing on MBB FT be better for PE megafunds? Would MBB better than non-BB/EB shops?
-What advice do you have for when/where to start recruiting in my situation?

Any help would be appreciated!

Sep 28, 2016 - 4:39pm

doing FT recruiting for BB/EB is very difficult, regardless of your background (i.e. whether you have that "investment banking summer analyst" title), simply due to the nature of how IBD recruiting is done (summer class conversion). Chances are you won't even get interviews without a lot of networking. (I know plenty of GS/MS SAs who couldn't convert FT after their summer, and they still haven't landed a FT IBD role). So it's always much easier to go banking SA --> consulting FT, than the other way around.

MBB is not the typical route to PE (although at a place like BainCap, it's slightly more common, but BainCap is a MF and we all know how difficult that is even for top GS/MS/EB candidates). MM PE is much easier to break into if you are in MM IBD, as opposed to consulting

Sep 28, 2016 - 4:40pm

IB FT is almost non-existent these days. Add in the fact that you have no IB experience and are not at MBB, and IB FT recruiting will be very tough for you. That being said, top PE shops do recruit from MBB. I'm not too knowledgeable about consulting, but my suggestion would be to try to get into one of MBB and work that angle into PE.

Best Response
Sep 28, 2016 - 4:41pm

-How common/possible is this transition? Possible but not probable. Just too many slots taken up already when FT recruiting begins.
-Can I get interviews without previous "investment banking summer analyst" experience? Yes, but you'll need to network to increase your chances and in particular to overcome the notion (right or wrong) that you're either spamming your resume or otherwise not that interested in IB.
-Can I get interviews at BB M&A or EB? If not, which groups/firms should I target? At what offices? Won't really be able to target specific groups in FT recruiting, it's just whatever is left over from SA's not converting or more junior staffing needs than anticipated. So you should be targeting literally any reputable bank in any half decent location.
-Would focusing on MBB FT be better for PE megafunds? Would MBB better than non-BB/EB shops? No, and if you're asking about PE generally, then also no. But MBB would be better than MM IB if you are dead set on megafund PE (which would be a ridiculous position to take anyway).
-What advice do you have for when/where to start recruiting in my situation? Start networking and get some IB related stuff on your resume. There are still spring/winter internships that might be available but you'll probably have to do some legwork.

Sep 28, 2016 - 4:42pm

Found this very helpful -- thanks! Any ideas which banks offer spring/winter internships in the US? Can these be found posted online or found informally through networks?

Sep 28, 2016 - 4:44pm

Consulting sophomore internship to banking SA (Originally Posted: 01/10/2016)

Hi all. I just had a question regarding sophomore internship choices, but first a little background. I'm a sophomore at what I would call a semi-target school in the midwest. I'm interested in banking and consulting, but my ultimate end goal upon graduation would be MBB.

That said, I received an offer for a corporate finance position at a large industrials company. I also have the opportunity to interview at a second tier consulting firm for their internship program. I think this would give me an opportunity to experience consulting and see if it's a good fit before I recruit full time. However, the corporate finance offer is obviously more applicable to IB and would make more sense for recruiting next fall.

I was wondering if you guys have ever seen someone do consulting their sophomore summer then banking their junior summer?

Sep 28, 2016 - 4:46pm

3 reasons really. First, I want to experience banking to see if it's something I would enjoy full time. Second, banking is a great experience that sets you up well for consulting. Third, assuming I enjoy banking I would like to take a full-time offer at bank after an SA stint assuming I didn't get MBB.

Sep 28, 2016 - 4:47pm

Consulting Internship to IB BB Summer Internship (Originally Posted: 06/07/2015)

Hi everyone!

I'm currently a rising junior at a non H/P/Y target school with a top undergrad business program. Last year as a sophomore, I busted my butt trying to get an IB SA position. I had interviews with two large BB's, but unfortunately, things didn't work out.

Right now, I'm working at a large non MBB consulting firm with very strong name recognition as a mgmt consulting summer intern. I'm just worried that this will put me at a disadvantage in terms of IB SA recruiting this upcoming fall, especially since a pretty sizable number of my peers will have some sort of finance background.

Anyone (especially those who have made the switch from consulting to IB) have any tips? Any advice would be appreciated. Thanks!

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