Mid October with zero offers - Where do I go from here?

Greetings all,

I am a Junior finance major at a nontarget (tier 1, D1, State School) with a 4.0 major GPA and an M&A SA internship at a publically traded software company under my belt from this past summer. I started recruiting in June / July of this year for IB SA 2022 positions (late I know) but I hadn't yet confirmed that I wanted to do banking until my on-the-job experience with transactions. My initial efforts yielded almost zero traction because my school's pipeline to banking is non-existent and I had no clue how to properly network until I figured out effective strategies around the start of this fall semester. As a result, I only started getting legit interviews in the last month. 

At the time of this post, I am hoping for interview invites from extensive networking at 4 MM IB's (but feel like I am being ghosted), have completed 2 first rounds at upper MMs ( which I feel like I crushed but am awaiting a response) and finally, have a first-round tomorrow as well as a final round next week at two other MM IBs

The point of this post is that I am starting to freak out a bit as I have now sunk an enormous amount of time into this pursuit of an internship as I'm sure all of you have for your desired roles and if it doesn't pan out I am going to be pretty crushed.

That said, what should I do now? Just hope I land an offer from one of the shops I'm in the process with? Are there lots of other IBs out there still recruiting who I should reach out to? Do I go for an internship in another LOB and hope to lateral in the future?

Just super lost at the moment and kind of have my hands out. Would greatly appreciate any advice on where to go from here, thanks in advance for the feedback.

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Comments (23)

Oct 13, 2021 - 5:37pm

I was in the same boat but one year later. So I was going into Full-time recruiting with only an equity research internship. Literally applied for like 200+ jobs between July and October. Only got like 9 interviews and zero offers. Going into my last semester senior year I got lucky getting an internship during the school year for a boutique shop in the same city as my university. Then I found out a pledge in my fraternity has a dad who owns a PE firm and I forced the pledge to let me meet him and now here I am 7 months later. Even if you come out empty handed through recruiting don't give up on networking. You're going to get a ton of No's but you just need to get one Yes and then grow from there. 

Oct 13, 2021 - 5:42pm

Can't speak to the IB process but having just gone through FT recruiting for consulting, I think the best thing you can do for yourself is keep your calm and come into your next interviews with a ton of confidence. You've clearly done the prep and prepared well, just rely on the work you've done, believe in yourself, and execute. You got it

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  • Analyst 1 in IB-M&A
Oct 13, 2021 - 8:09pm

If all else fails then you can opt to not enroll in classes next semester (if your university allows for that), take on an internship during the semester in something related, and recruit for SA positions at the start of the cycle next year.

You'll be more prepared than most other students and you'll likely place early in the cycle. Line up anything else that's related (boutique IB or PE shop for example) for next summer, then you just coast until your 2023 SA position. 

Oct 13, 2021 - 8:12pm

I've seen people go from Equity Research internships to banking full time and ER full time to banking full time so that may be an avenue worth exploring, esp if you can get into a BB/EB for it it'll make FT recruiting a lot easier w that brand name on your resume

  • Associate 3 in IB-M&A
Oct 13, 2021 - 9:47pm

You've gotten some good advice here. You still have a decent pipeline so don't get too desperate - it shows in interviews, keep your confidence up. Regional boutiques are next up, I'm sure there is a list somewhere on here. I'd do that over a different sector. IB experience is valued more than anything else even if from a no-name shop, and you still have a great chance at FT recruiting. On that note, focus on SA for now but start making a plan for FT as soon as you've landed an internship. Research the timelines on here, it is all basically done in Aug/early Sept so you need to be networking all summer for it.

Finally, considering how late to the game you were (sounds like you really didn't get started until like 6 weeks ago) you're doing quite well. I had people in my inbox a full year ago reaching out for SA 2022 who still haven't landed anything. Keep your head up.

  • Prospect in IB - Gen
Oct 14, 2021 - 5:30pm

Keep grinding man, keep networking and prepping. Had several SD's before my first offer, honestly takes some luck. You work hard enough, it'll come. Also non-target, big state school.

Oct 18, 2021 - 12:02am

I'm in a similar boat except I didn't decide to do banking until the summer before I graduated (December 2021 graduation) I've landed a couple phone screens and a superday (they rescinded my opportunity to have the superday tho) have an offer for B4 audit and am trying to pivot to Deals ASAP at this point.

Oct 18, 2021 - 12:48am

Had a similar experience, except the nightmare you're worried about ended up being my reality lmao. I come from a state school, grinded for a solid SA role, but ultimately fell short on all the banks I wanted. It was pretty soul-crushing honestly, and I went through a really tough time mentally trying to pick myself up thereafter. I ended up getting my shit together and going the regional boutique route for my Junior summer, then networked that entire internship for FT roles and finally landed a MM shop I'm extremely happy to have. In summary, you should try not to find yourself in that position if you can help it. It's tough now, but keep faith in the process (interview prep, cold email drops, networking, etc.) and it will come. You're in a better position now, though, then I ever was at that time.

Oct 19, 2021 - 1:13pm

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