Hi All,
I am a junior at a semi-target. I have a 3.46 GPA with two non-IB internship experience (both business related internships and at S&P 500 companies). Taken/taking all the IB related classes at school (M&A, IB, etc..). Got two Superdays (one MM and one boutique) but never heard back.
What do you guys think I should do? I know at this point most recruiting is over.
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Keep networking. The more I dig, the more I find interesting places that aren't on the typical IB cycle. I'm more interested in HF than IB, and I started reaching out to places in August. Some of them in my area even wait until March or April. Plus you can go ahead and build real relationships with people that work at a places you want to attend post-graduation.
I've been cold emailing, but have not heard back from most of them. Does cold calling work better? Also, do HF recruit straight from undergrad?
a) Find internship you're interested in (unpaid if needed).
b) If nothing comes up by May, take 3hrs Maymester and 6 hours Summer I, and 6 hours Summer II. Get a 4.0 in all to raise the 3.46 for your FT applications.
c) Plan for a hybrid of the two if you land an internship in May/June.
Thanks for your advice @Isaiah_53_5". Do BB/top MM banks hire FT with no IB internship experiences? As for GPA, is there a hard cutoff?
I think they want at least one previous internship at a bank. Also I think gpa should be at least 3.5, but experience is better, so if you have a couple of good internships your gpa could be just below 3.5 without issue. I also prefer cold emailing because you bypass gatekeepers most of the time, and they can still read your email later if they are busy at the moment. Don’t forget to follow up. After a few weeks, call. Do you mind sharing what your cold email generally looks like? This could make a huge difference. Lastly, I don’t think non-mega funds ever recruit anywhere at most levels. You create a position by proving yourself.
I usually write something like this:
Dear Mr. Doe,
By way of introduction, my name is XYZ, and I am junior studying finance and accounting at ABC University. I am interested in pursing a career in investment banking, and would like to learn from your experiences over a cup of coffee or phone call. I have attached a copy of my resume for your reference. Please let me know what time works best for you.
Best, XYZ
I have friends who straight up ask "Are you looking for summer analysts for the up coming summer", but I thought it would be too direct. What do you think? Thanks in advance.
Mine is similar. Pending the age and experience gap, I lean towards first name.
Yours is still fairly direct; there's not really anything about them. I've had way worse results with being more direct. When I tie something in about them, I get way more hits. The way I think about it is that I'm building a relationship, which is true because I plan to stay in this city for a while and I think it makes perfect sense to be acquainted with all the local players in the industry. Who knows what could happen ten years from now?
I'll give some examples: The guy that runs what I think is the biggest HF here is a big advocate for position limits on institutions in commodities markets because it keeps prices inflated. So I checked out his senate testimonials among other things and made the email tailored to him. We talked for about 45 minutes and I ended up with a warm internship lead.
Another guy has his own event-driven (primarily risk arb and distressed) shop, and he cut his teeth at Bear Stearns back in the day. If you don't know, Bear Stearns was very notable for Risk Arb and clearing. Again I made it more about learning about specific things about the person. I got to spend a few hours at the office meeting everyone and because of both the culture and the strategy, it's my top choice to land a role in the near future.
I don't attach a resume or even mention work possibilities until the end of our informational interview.
I've read some things about not starting with your name, and I agreed with those articles before reading them. I'm sure it's not a big deal, but I just don't think it flows.
I almost always avoid imperative sentences; it's like bad body language for this sort of thing. Again, it shouldn't matter and won't to 9/10 people, but I like to play it safe because I know too many crazy people.
Trying to get a particular day and time is definitely a good idea, and I encourage you to continue that.
I've had more success with people in higher positions. Also with my experience, it seems that the people that don't blow me off are the ones that actually have the most to offer anyway. To digress a bit, I went to a career fair at school to practice networking and interviewing, and I got totally snubbed by a recruiter for an insurance company because she saw my major on my nametag. I always find it hilarious to compare that to the other experiences with people that I've had that actually matter. Hopefully that anecdote will keep your spirits up whenever you get blown off.
Last points: I strongly prefer the buy-side, so some things may be different with IB. We never get a feedback loop on our misses, and we don't get enough hits for good data, so everything about this stuff needs to be taken with a grain of salt. I'm not an industry professional yet; this is just what has worked for me so far in the process.
I work in IB. I could use an intern this summer to paint my house. There will be no monetary payment, but I'll give your resume to the HR admin.
I am good at painting houses
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