Senior, No Internship
Hi, I'm a university senior graduating in 2 months from a state school in the midwest. I have a decent gpa (3.6, economics) and have done some extracurriculars as well. I've been interested in getting into IB the last few years but each internship I apply for in that sector I come up empty. Last summer I had a corporate finance gig but it got called off because of covid. Now I'm in a tough position, about to graduate with absolutely no experience. What next step should I be taking? Give up on IB as a whole?
Any advice is appreciated. Thanks.
Also I am graduating a year early if that changes anything.
With absolutely zero experience, yes, IB will be extremely difficult. Quite near impossible honestly. If at all possible, could you delay graduation a year and graduate on time rather than early? Even with the delay I think most SA spots for 2021 are taken. Worst case, if you REALLY want IB, you can get a stepping stone job like CB, Credit Analysis, TAS, something like that and try to lateral.
Worst worst case, work for 3 years, get a T20 MBA and then join IB as an associate.
Also, how many internships did you apply to in your previous 2 years? Did you network at all? After the first rejection, why did you not try to get other experience before reapplying? That last point makes it seem like you expected a different outcome with a resume that wasn’t materially different.
Well I've applied for two cycles- 2019 summer and 2020. Only been in college two years so far. First round of rejections I assumed was due to the fact I had only been in college a year.
As far as networking goes, obviously my network sucks.
The fact that you are graduating early and didn’t have any experience the previous 2 times definitely hurts you. As you probably know, all of the banks aim to recruit junior/senior summer interns to give them full time offers. The fact that you were “in between” years without experience to make up for it makes it tough. Definitely try to do some part-time work this semester if you can. Maybe a local VC or PE fund needs someone to help out. Just really get anything finance related on your resume.
Stay positive. When there is a will, there is a way. Since you are graduating early, take advantage of the period from January to July to get some experience.
Here are some options I can think of:
1. Start with an FT position in economic research, treasury... in the US then switch to banking.
2. Move to Europe. You can start with an off-cycle internship at a small firm and upgrade afterward.
3. Move to Europe and do an off-cycle for one year or half a year, then do a Masters of Finance (1yr) in Europe. Those Masters can help you step into IB.
4. Move to Europe and pursue a 2-year Masters (They're free in Germany). You can intern for 2 consecutive summers (2021 & 2022) before landing a FT right away!
Bottom line: you need experience! In the meantime, network and prepare for technicals.
What is the best resource/way you recommend preparing for technicals?
I think that the most standard and accessible resource is "the 400 Investment Banking Interview Questions & Answers You Need to Know" from Breaking Into Wall Street. You should be able to find a pdf version online.
I made a quizlet for IB technicals with the majority of the important ones from the 400 pdf if you want it.
any chance you could pm me a link?
At error nulla ipsum hic eos officiis numquam assumenda. Occaecati accusamus est minus voluptas est. Eum iste aliquam id dolor recusandae et. Assumenda voluptate omnis dolores delectus dolores. Aut commodi similique placeat quas est non.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...