Need help narrowing down which banks to prioritize in recruiting
Hi all, I'm a sophomore at a semi-target and a long-time lurker on this forum that's gearing up for IB recruiting in the fall. I've already been reaching out to alumni in the industry and have attended some corporate presentations, but I still feel like I can't narrow my search and figure out which firms to prioritize in recruiting. I was wondering if anybody who's been through this process is able to describe the strategies they used to figure out what banks were the right fit for them based on culture, industry focus etc.
To help give some more background, I'm primarily interested in working in a TMT-centric group as that industry is where my long-term career goals lie, although I'm also willing to keep an open mind.
Thanks for any help!
You don't prioritize before applying. It only matters once you get an offer. You should apply to every bank possible. It's pretentious to think you only target certain banks / groups before you have an offer in hand.
I haven't been through the SA process yet while you probably have, but I think OP's argument is pretty logical. Applying to a bank is more than just dropping a resume, genuine networking at each firm is necessary for most candidates. Since this would be impossible to do at every bank, it would make sense to prioritize your time with the banks you like best (i.e. culture, fit, etc.) and not pretentious at all but extremely strategic.
genghis1 What I've found helpful so far is to ask for brief informal phone chats with as many different places as possible and attempting to narrow your focus from there. Far from perfect but probably more efficient than spreading yourself too thin.
To combine the two responses above - initially don't prioritize. See where your network can take you and where you can make connections. Then prioritize those places where you have connection.
If you are pretty committed to TMT, I would recommend looking for boutiques specializing in TMT, as well as bulge bracket banks. I'm not New York based anymore so I can't be specific, but I'm sure there are people here who know the industry well. I would also consider consulting firms with a large presence in the sector. You could have a convincing story here, and they might guarantee you a place in TMT, instead of potentially a random group at another firm.
If banking doesn't work out, I would recommend looking into corp. development roles in industry. It might also be a good idea to be open to valuation positions in Big 4. Some of the best bankers I worked with entered M&A laterally, most often from relevant big 4 positions or from blue chip firms in their specialty industries. They also got to skip being a junior analyst, which might have something to do with why they stayed in banking so long.
Unfortunately even some of the most intelligent and articulate internship applicants don't get offers. You see this from all of the WSO posts that come up each year. Definitely apply to all of the major banks, and pursue the ones where you gain traction. But it may also be prudent to figure out some alternative options where your story may make you stand out, especially if these options also get you to your end goal.
Just to throw a few names out there, quite a few boutiques in SF have a great TMT focus that are worth looking into. FT Partner, GCA, Union Square Advisors, HLHZ, CODE advisors etc...
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