No Offers
Senior, non-target, 3.8 GPA finance major, did private credit this last summer.
I currently do not have any full-time offers. The place I interned at didn't give me a return (headcount and only 25% of interns got return offers). I've been to 5 super days so far (MM IB, BB IB, HF, PE) and haven't gotten a yes from any firm. I have the technicals down but I'm starting to get really down on myself (questioning wether anything is worse anything anymore). My blue collar parents keep calling me an idiot/failure, I've gained 10 pounds because I dont do anything but network and apply everywhere. Should I delay graduation and try to get a boutique internship and recruit again next year? I've sent over 800 emails since August and had over 80 networking calls. All large banks are done recruiting. I know BAML still gave out offers in March last year so it gives me hope but I'm not in a good place mentally right now.
Any thoughts or advice would be greatly appreciated.
If you can't get a BAML offer, then yes, go for a boutique, and then leverage that experience to get a better internship/job in the future.
How do you find a list of reputable boutiques. My school doesn't have anyone at boutiques so it's incredibly hard to get anyone on the phone
google something like finance near me, or the field you want to go into near me and it should come up with quite a few results (depending on where you live). there are also lists on WSO, such as this one: https://www.wallstreetoasis.com/forums/searching-for-a-summer-internship
There will be small banks/shops/firms there, but the really small ones will not, and those are the ones that you will have to search for by way of google
If you have access to CapIQ or FactSet, do a deal search that includes the advisor field and find M&A under $200m.
Recruit for less selective roles, be it LMM IB/PE, MO in mid-sized firms etc.
I can't get myself to settle. I worked too hard to settle
This mentality isn't the right one, get yourself a backup when they are still recruiting and then you can explore other avenues. People may not join for whatever reason and spots may be opening on an ad-hoc basis - so keep your networking efforts to be on firms radars yet have a backup so that you are at least employed when you graduate.
A theme I noticed in my life is that things don't work so well when I try to force opportunities. You can be ready, you can position yourself as well as you can, but the Universe will decide when it's time for your success to come. It may not even be as you envisioned it, but it will still be great wherever you end up. So I guess what I'm saying is don't get stressed out over what you can't control. That kind of stress might even sabotage you by coming out in subtle ways during the interviews. Just keep an open mind, adapt to the situation, learn from perceived failure, and have confidence that you're going to be fine no matter what happens.
1 Separate yourself from negativity. Don’t talk to your parents about work. Let them judge. Use it as fuel for the grind. Try to find a mentor in the industry, this helps a TON.
2 Mentality change - “worked too hard to settle” is a shitty mindset. Look, we get it, you put in the effort but aren’t getting the rewards yet. If you have to, land a job and keep networking. Your first gig isn’t your last..
3 Gym/variety - get off your ass/out of your headspace. Blow off some steam, get a hobby, and do it a few times per week. It will refresh your mindset and help you dig deep. Travel if possible.
The negativity + headspace + mentor thing is huge. I’ve seen some dark days and know how easy it is to let it spiral into depression and bad thoughts.
Keep your chin up. Stay active. Don’t let the challenge get the best of you.
-SYB
DEUTSCHE BANK
It sounds like you're pretty close to landing something decent. You've gotten to 5 superdays in the most competitive fields, which is proof that your grades, resume and interview skills are good enough.
Why not just look at other finance roles that are one rung less competitive. I don't know if that's corp dev or FP&A or small boutique IB or what . . the choices are too many to list . . but if you can get BB and HF/PE superdays then you should be able to get a job in that next category. Then after 1-2 years there you lateral to IB.
Most of the Corp roles are full and boutiques-> BB/EB might be insanely difficult. Any advice on how to go about recruiting for boutiques?
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