No more I-Banks left... Where are you applying?
Those of us who are unfortunate enough to be going to non-target schools realize that landing a S&T gig at a BB seems like a long shot at this point. So, where else can one apply to? I've been looking at some prop-shops (trade4size posted a great list of firms with their websites), but other than that, is there anywhere else one can get some entry-level experience? HFs are also blowing up.
I've considered going to school an extra semester, but it seems that this crisis might drag longer than another year or so.... any input is appreciated..
bank holding companies
It is quite a difficult year. Having spoken to some senior people in the industry, I've come to the conclusion that it's going to be crazy hard to do an internship in S&T coming especially from a non target. Even the target schools will have a hard time. At this moment, programs like SEO can be helpful and crazy networking might secure you with an interview or an offer. I also suggest looking into working for some small hedge funds over the summer. It seems you are a full timer from your post. In that case, my best suggestion is apply to what you can and apply to some normal firms after which you can try and lateral into trading provided the market has recovered.
What about IBD? Is that affected just as much as S&T?
Why not target places like SIG, DRW, Jane Street? Jane Street is hiring right now, and these other firms have been recruiting. These are just examples; feel free to shoot your resume over to qonnect.me for a free review, we can definitely help structure your resume and point you towards other firms that we have come across.
http://www.qonnect.me Qonnect.me - a simple resume consultation service for entry-level jobs in finance and technology
boutiques?
=== http://bankertimes.com news for bankers, by bankers
try at least another 3-5 years for the majority of the correction- assumming the marketplace structure hasn't permanently changed. There's more than one way to make good change. try innovation instead of just chasing after "S&T gig at a BB".
NY BBs had the best training programs, networking opportunities and exit opportunities... So it is very justifiable for recent grads to "chase S&T at BB"..
BTW Recent statistics show that most male philosophy students are fags... just throwing that out there...
Do you think that was always the case? As short ago as pre-90s S&T was considered much less prestigious than IBD on average. Before IBD positions became open to pre-MBAs and before finance became more complex? Marketing was the preferred business field to go into and every young man wanted a job with an elite Madison Avenue (=Wall Street) firm.
I'm not saying such a fundamental change is taking place. Finance displaced Marketing as the most crucial business specialty a long time ago, but preferred subspecialties WILL change. Pre-90s working at some po-dunk Connecticut fund management outfit or some DC or Texas "private equity" firm was usually considered inferior to work at a big-name wall street bank in NYC. That changed. And the innovators that took a risk early on in the new business lines are the ones that really profited- not the college kids dreaming of getting a "PE gig" post-2006. I think it would help a lot of young people to appreciate that.
As for philosophy majors- I am not one anymore. But I respect those that able to complete a rigorous philosophy major. They could join the ranks of philosophy majors such as George Sorors or Carl Icahn (lol why not?). But more importantly, a man's inability to appreciate something beyond the simple crap that he already knows tells a lot about him. Do you think your intro finance major is hard or special? It's an application of knowledge from the academic fields of economics, mathematics, and yes, philosophy (a good economic history course might better explain).
You pointed out the trend. Recent grads strive for these positions for a reason: mainly for the training and networking. It's not just because everyone else is doing it. As you've suggested, the preferred field might change, but there is certainly a parallel that can be drawn between each of these occupations (with respect to their time). They all posed great exit/networking opportunities. You can't blame me for preferring a position that opens 2 doors over one that opens less. Call me unoriginal or non-innovative, but more marketing positions yielded successful people (pre 90s), more banking positions did the same in the 90s and the same goes with trading today. I'd rather not gamble the rest of my life on a possibility that a certain field might be the next "big thing", but if it comes down to it, I might be forced to. So, I have therefore posted this question to see what route my peers might be taking.
I'm in a similar situation. Looking to go S&T this summer, top 25 school but non-target. Where is that list that trade4size posted? I did a search and couldn't find it. I'd love to get a prop gig at something just outside the BB, but my gpa is only around 3.5. Where are some good places to look? Susquehanna looks pretty legit and northeastern focused which I like, but I might have read that the are already doing interviews. Any help in pointing me into the right direction on finding something in S&T this summer would be greatly appreciated, everyone at my school seems hung up on IBD or bust.
middle-market banks like SunTrust, BB&T, and whatnot
ya about 4 years late on that one
Oh whoops, and I think this happened before the stock market crash in '08. Haha
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