I know that FT recruitment generally starts in the late summer, and hopefully I will be well prepared. I am just wondering, of the conventional ways of applying, which would be the best way to increase my chances. Obviously knowing someone would be best but what would be some other options.
Also, I know most BB do the process via online apps, but I find it unrealistic that somehow the thousands of applicants are really looked at. Does the process actually work where they look through the applications and pick out qualified candidates? I only ask this because I will be graduating in spring 08 and hopefully I can secure an offer.
What exactly is the process of getting a FT offer? Obviously you ace the interview, they contact you, but then what. Do you sign some contract stating that you will work for them after you graduate? Do smaller banks even start recruiting this early? I find that with the amount of time between when you interview for a FT position (assuming its late summer) and the actual time you start working, a person could learn a lot more and be completely different. One last thing, if I am interested in working in a foreign branch or bank, are their different divisions where I must apply to and is the recruiting season similar? Thanks for the help
depends totally on your background:
if you are at a bank now doing something financy but not what you want to be doing, or are doing what you want to be doing but but not at a bank you want to be at, you should try to get in on the networking events all the banks have.
if you are at a target school, there will be a heavy presence from early Sept. through info sessions, etc. There should also be a very well organized online application system where firms post jobs and you can drop your resumes/cover letters/ schedule interviews if invited etc. Most firms come for first rounds in late sept./early oct. and you will have an offer by late oct.
if you are not at a target school and have no ins, you need to apply online. BBs probably do not look at any resumes sent to them online; they have screens (ie schools, gpas, keywords, whatever.) I've met people who thought this was spectacularly unfair; my feeling is that if you went to Oxford and got a first or something where you should be clearly considered, you will be regardless of how you apply. If you are a borderline candidate you should be networking your butt off anyway and shouldn't have to apply online.
if you are offered a job, you will sign with that bank pending a background check. I'm sure that some people have gone back on their offer letter, but the truth is even if you hypothetically went from scrapping an offer at a chop shop to becoming the most attractive candidate ever (in six months, slightly unlikely), recruiting season is really six to nine months ahead of start dates even for boutiques and the like. You're best off working at whatever bank you got your initial offer from and moving after a year.
re: foreign offices, it can be done. again if you are a target your school will have a system set up and you will see international opportunities through that. You can also always ask. However, it's not totally a given that any firm will sponsor your visa as an analyst and some will outright say that if you don't have working priviliges in that country they will not employ you there initially.
thanks wallgame. I appreciate your response. Unfortunately I am at a non target. An although I am networking my arse off, which is proving quite difficult, looks like I will have to take my chances with the online stuff at the BB. Once recruitment starts, is it alright to just call boutiques and smaller banks and ask what their full time recruitment is like? I have a list in excel of NY and CA banks that I would like to seek employment from. Thanks again
if I'm graduating in May 2008 when should I start applying to positions?
eyedea -- interviews start in September-ish. If a bank recruits on campus, you should wait until that avenue opens up.
Coming from non-target, you should apply online everywhere. You will NOT get a job this way, however (at least in my experience). The reason you should do it is because when you network with someone from one of the BBs, they will tell you to apply online. If you say that you already have, it shows that you are interested and actively trying to land a spot at that firm.
When offered a job, you say thank you, express your interest, and let them know you have a few more interviews in the coming week or so. Provided they are OK with this (most will be), you proceed to call all banks you have interviewed with (but have not heard back from) / are scheduled to interview with / want to interview with, and let them know you have an offer from firm X. You then politely ask if you could interview ASAP. If there is any potential interest, they will bring you in. Of course, if the initial offer is your dream job, just go ahead and accept right away.
If you are graduating in ’08, most banks start accepting applications mid-September.
WOW I had no idea it would be that soon, I thought I had at least another semester to get my gpa up....If I start applying in January in order to apply with higher gpa is it to late?
eyedea I would think so. From what I have read and heard, by winter you should know if you got the offer or not. So you may want to start looking and preparing
For an engineering grad without finance background, is the finance material from Vault's Finance interview guide enough to prepare for interviews at BB?
Also, just a survey, if the interviewer asked you for your favorite stock and why, what would you say?
seiye, from a non-finance background, the vault guide should be enough to prepare you. biggest technical question is how would you value something? (DCF, Comp Multiples, Comp Transactions) Keep up with the market. There is no right or wrong answer for favorite stock. If you're coming in from an engineering background, pick something that you're familiar with and elaborate. I.e. "I would pick Boeing becuase they're commercial aircraft division is doing very well with the 787 and composite materials, and their military line has tons of potential given our political climate, etc"
If you go to a non-target and if there is a target school nearby, some people have managed to sneak into these events and network. Now, as a disclaimer, I'm not suggesting that you do this, or suggesting that I have done this, but it is something to think about.
Thanks for the info, really helpful.
Yea its been done before, even career fairs. I hear some employers just throw out those resumes that dont come from the target school though.
If you go to a non-target you can also just ask a nearby target school's career services office if you can attend their events. The worst they say is no, and if they say yes it is a great opportunity to hand your resume over in person and get a fighting chance at an interview.
Seiye, don't be a resume drop only person. The events aren't to drop off your resume, they're there to network. Make sure you get their business cards and make sure they remember you. If you make a good impression and a strong case, they'll help you. There isn't much of a downside, and a really big upside.
Back when I was in college, during recruiting evens, many people would leave after the presentation. Don't do that. If you're interested in the job, talk to the recruiters. Ask genuine questions. Don't ask what the vision of the company is, heck I doubt they can even affect that. If it's an HR person, ask for a contact of an analyst so you can ask them questions. If they are an analyst/associate, ask them about their job and what they like/dislike about it.
Recuriting targets certain schools because it is cost-effective, not because they're elitist (at least at most banks). At target schools there are a higher percentage of hard working, bright students. There are plenty of those at non-targets, but they are rarer. Now, pretend you're an analyst and you get 1 weekend off a year to fish, where would you go? A place with lots of fish, right? The time constrained HR person will do the same. That's why they're at the targets. If you leave a positive impression, they will not throw your resume away.
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