So how has your recruiting season been so far + general comments
Hey, I'd just like to know what our fellow monkey wannabes here are doing. I'd like to share some experiences if possible!
My own experiences:
I go to a target school and have a solid resume. I am an Economics & CS major with a high GPA 3.8+, good EC and work experience. Out of the 11 or so positions I've heard back from, I've received 6 first round interviews. Although I was (maybe naively) expecting to receive more, I consider myself very very lucky, because many of my friends with great stats (3.7+, decent ECs) have received only 1 or maybe 2 interviews, and some have yet to receive one. I think it has to do with the market, but also theres a level of randomness that makes it extremely tough this year.
Some thoughts & observations: At my school, practically no one got a Lehman interview. I don't know why or how, but many many people (several with 3.9+, previosu BB IBD experience) got shafted. Most of my friends are interested in finance, but nobody, including myself, was able to get a first-round. UBS was also very hard to get, though I do know someone who received a first round. He had incredible stats, and the rest of us were generally shafted. A good number of people got MS and GS interviews. I think they're the most consistent banks so far in the process. Generally those with great stats and a demonstrated interest with finance received interviews, and in some cases more than 1. S&T has been easier to get than IBD this year. I don't know how true that is in general, but many people have S&T interviews but not IBD or Research. JPMorgan was also extremely tough this year. In my own case, I had good contacts and had someone personally vouch for me at the firm, yet was not granted a first round. A close friend of mine, with a double major and high GPA, had JPM as his first choice and was constantly in contact with alum and HR. He was almost devastated when he wasn't granted a JPM first round, though he has interviews with GS.and MS, even though JPM is his first choice by far, and he loves the people there. Smaller firms and top boutiques generally only recruited the finance people with previous coursework and experience. That's not surprising.
Those are my thoughts. Best of luck to those interviewing. Getting interviews is tough this year, and I'm sure interviewing wiill be tougher, but luckily I think WSO has prepared me very well.
Not a bad idea for a thread.....
My experience has been pretty good so far, but without an offer yet I don't want to be too confident. I'm from a non-target school, that is well known for top research (science/engineering/math) and has a pretty bad business program, 3.6 with very good WE and good coursework.
I networked my ass off in November, received about 10 first rounds so far (combination of BBs, top boutique and MMs), rejected by one of the top BBs after first round, and have final rounds with 3 banks next week (one top bouqtique, 2 MM). I'm waiting on feedback from a bunch to see if I go to the final round. In a lot of cases, I'm just starting the interviewing process at a few BBs, but my guess is that I'm kinda late.
I think I would get at least an offer from one of the MM banks, but my goal is one of the top boutiques. Across the board, senior alums have mentioned that hiring this year will be much tougher, primarily at the banks with the huge writedowns (Citi couldn't reimburse for final rounds travel lol...but with good reason).
Good luck - seems like everyone needs it
Cool thread.
This year has been really tuff for all the people in my program. Macquarie has been hiring left and right, I would say that half of the offers I have heard of are usually at Macquarie. Two girls went to GS, both in whatever they call M&A over there. A kid was an all around athlete he had first rounds everywhere, ended up getting only BofA and Dreysdner, he chose Dreysdner. A buddy of mine went all the way to the final round at Lehman in PE, he got shafter at the end. RBS has been hiring a bit I think.
I got lucky and got a sales job at a BB, I was in contact with GS as well as BNP and SocGen (I am only interest in derivatives). Most of my interviews were through meeting MDs who passed on my CV.
I could go on forever, but I'll just sum it up: this year sucks, and I got lucky landing at my top choice bank with the job of my dreams.
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Remember, you will always be a salesman, no matter how fancy your title is. - My ex girlfriend
I only had one SA first round interview with UBS in sales and trading- Fixed Income, and I prepared so much for this interview. The interview went very well and I answered all of interviewer’s questions with full explanation and nice examples. The interviewer also started talking about the firm and what roles I will have when I work. I am really pissed off because I received a rejection email after two days and I don’t know why. I emailed the interviewer asking him for the reasons politely but I have not received any reply from him.
Do you guys know what went wrong?
i guess the recruitment process for asia is somewhat easier than the U.S. this year. I've applied to only BB's in asia and have gotten first round phone interviews for 5 out of 7 BBs (haven't heard back from the 6th and rejected by 7th). i've gotten invited to final round superdays with 4 out of the 5 so far and still waiting to hear back from the 5th since i just had my interview yesterday night. superdays are all next week so i will post comments after them also
I'm a sophomore so I didn't expect to get much in the first place. On top of being a sophomore, I'm also at a nontarget. I've gotten a couple reject emails. But! I did get 2 phone interviews at a BB. And now I am actually going in for an interview at that BB in a couple of weeks. I think it's funny that I was rejected from lesser banks straight out, but I guess that's how it goes. I'm keeping my figures cross for anything else, but really, who know. I'm just trying to prepare for the BB interview I have in a couple of weeks as much as I can.
Asia,
Do you go to a target school? Did you apply through resume jobs or online sources. I am also interested in the Asia opportunities, but not sure how to approach them?
Where are your interviews at? Do they reimburse you? Sorry for so many questions.. and thanks in advance.
Ling~
yes i do go to a target school. but i don't think that matters for the asia recruiting because our career services only have on campus interviews for US positions. i still had to apply online for the asia positions just like everyone else and had done my first rds of interviews over the phone. after the first phone interview, you go straight to a superday. a few of the BB's are travelling around the US hitting up major cities for the superday (LA, Chicago, NYC, etc.). But the other ones are having it in NYC only but they will reinburse you for everything.
unfortunately, the deadline for the asian SA positions are already past. they're REALLY early (for ex: GS was back in early December). 1st rd phone interviews have been happening for the past 2 weeks and superdays are coming up next week at 3 BBs for me.
Since I'm far removed from school now, always interesting to see how the summer recruitment process goes each year... sounds like they are indeed cutting back, but it's not as brutal as full-time recruiting was this past fall.
For anyone still looking for that offer, I would recommend spreading your net wide and also targeting MMs/boutiques... my friend did an internship at one of those last year and leveraged it into several BB offers even with bad market conditions.
I have had 2 BB first round SA phone interviews. I didn't make it to the Superday at either one. I just had another BB first round SA phone interview this past Wednesday and I think I did quite well. Hopefully, the third time is the charm for me and I get invited to New York for the Superday.
well. all i have to say is:
the compeititon is gonna be intense! i go to a target school and everyone is applying/preparing like hardcore.
Banks have been cutting back in both banking offers and S&T offers. The forward outlook for M&A and leveraged deals by PE shops just looks really ugly. I have lots of friends that didn't screw up over their summer analyst stints and didn't get offers. Offers to the summer class and in the regular process are down this year for sure.
The Prince of Wall Street
http://www.princeofwallstreet.com
@ Target - applied to about 15, 4 have replied - 3 rejections (2 IBD's, 1 quant), 1 alternate (S&T)
11 more to go, will hear about them soon and keep you guys updated.
Not too dissapointed since I never had the stats - GPA 3.3ish, and no finance experience. Oh yeah and these are 1st round interviews.
Good luck to everyone!!
some thoughts having just gone through resumes.
1 - it is much more competitive than last year's summer
2 - i think there is an emphasis to fill the entire 2008 analyst class with summers
3 - it is less competitive than full time
Asia hiring is also being reduced with many BB's taking only half the number they initially reported for FT's. As for myself ton of rejections but managed to get one gem of an offer (Thank God). But not in IBD, S&T side.
Good luck to all out there!
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