At a target school, I didn't get an offer for the summer (but did IBD internship), so I will be applying to fall recruiting. How likely will I get a job, whether BB or MM or boutique given all other aspects are standard (i.e. gpa, internship, etc.)?
I know it varies depends on the person, but just take the average candidate with those qualities. Something quantifiable, 50%? 25%? Thanks.
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I went to Cornell and I would estimate 20-25% of my peers went into IB, maybe another 10-15% went into consulting.
I'm not sure what you mean by "standard" stats. You should quantify so we can atleast give you a probable ballpark. Standard GPA can be a 3.0-3.2 or it can be a 3.7-3.8. By your IB internship, do you mean that you once had one, or that you had an internship in IB this past summer, just not with a BB as part of a structured SA program. Assuming you worked in banking this past summer for a boutique, have a 3.5+ gpa, and go to a target, you should have a pretty good shot at getting a FT offer through one of your routs (BB, MM, boutique). I would focus on making sure your resume sells your candidacy very well, and that your interview skills are on point. The market is starting to show some signs of life, and most banks shouldn't have hiring freezes anymore, so assuming all else is solid and you are at a target, I would assume you can get a few interviews -once you get them, however, it's all on you - not your GPA, or school name.
On a side note, I would also reach out to alumni and network as much as you can between now and application time. Although the market is still a bit better, IB jobs aren't just sitting around waiting to be picked up - it's going to be very competitive, and you should use your network to the fullest.
IBanker www.BankonBanking.com [email protected] Articles, News, Advice and More Break Into Investment Banking
Thank you for your thorough response. I do have a gpa of 3.7+, did an internship with a boutique this summer (although I did practically zero modelling work).
In terms of networking, is it too late to reach out to new people? I'd imagine they'd become cynical with the sudden surge in coffee chats.
Now is a great time to reach out. On the one hand, they could be cynical, but they probably would have been regarldess of the time you chose to contact them. On the other hand, you are getting ready to interview, and, as such, need the most work and most insight from professionals (let alone a resume drop, if they offer) now. As long as you don't open with a request for them to take a look at, or submit your resume, a casual conversation via phone or coffee shouldn't be a problem at all. Whether you get a resume submit or not, you can absolutely learn a few things and ideally become better prepared for your interviews ahead. Also, treat networking as a continuing effort, not just an opportunity to use someone to submit your resume - you will get more out of it (not accusing, just mentioning the point).
IBanker www.BankonBanking.com [email protected] Articles, News, Advice and More Break Into Investment Banking
How much of a target is your school? Is it a Michigan/Columbia or Harvard/Wharton? The reason I ask is because I am in the same position as you and would like some insight as well.
Let's just say somewhere within the Michigan and Columbia band
Recruiting is definitely coming back, at least for S&T. This is coming from personal experience and from what I heard from my friends.
That's what I like to hear.
any idea why this might be the case? is it because M&A hasn't quite started picking up yet?
Which divisions are making the doughs right now? Almost without exceptions, tradings contribute the most revenues in every BB.
Another reason is that it also took the brunt of FO firings.
JP will most likely not do full-time recruiting for S&T in the fall. They're drawing from their intern class.
I don't know about other groups at JP Investment Banking though.
I heard JPM is hiring almost exclusively from their SA class in IBD as well.
.
Boutique firms in Chicago are hiring, starting looking through them.
Could you be specific as to which firms? Chicago is my first choice for location, and I will be focusing most of my efforts on firms there.
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