Struck out on IB SA 2022 Positions - Need Advice

Hi all - I'm a finance and economics double major at Rutgers with a 3.75 GPA. As of today I have officially struck out on all 4 of my superday interviews for known firms. As of right now I only have two searchfund internships under my belt.

1) What do I do now? I heard about cold emailing boutiques in NYC for a summer internship but wanted to ask how do I best do this for the best results possible?

2) What are my other options for this summer?

3) Should I be looking for an IB internship for this spring (once I secure summer internship) so that it can help for full time recruiting?

Thank you and I look forward to all your responses.

Comments (27)

Most Helpful
  • Intern in IB - Gen
Nov 5, 2021 - 11:58am

Something that I've seen done is taking a gap year or gap semester, and re-recruiting as a summer analyst next year. If you have the financial means to do so, I've seen it happen many times and it gives people a chance to go through recruiting again, but this time much more experienced. You should definitely find something to do during your time off though.

Nov 7, 2021 - 2:22pm

Do you still think this is advisable despite the hot lateral market? Wouldn't it be easier to start your career not in IB but in a job that is similar and then make the switch? It seems like internships are more competitive right now than FT jobs

  • Intern in IB - Gen
Nov 7, 2021 - 2:52pm

The hot lateral market you're speaking of is for experienced hires from investment banks to other investment banks. I agree that it's becoming way easier to lateral as an analyst from like a MM to a BB or something, but absolutely not if you start in something similar like asset management or S&T. Internships for sure are not more competitive than FT jobs. I know many amazing candidates who struck out on FT, because it's gotten much harder in recent years. This is because most banks are choosing to give return offers to 90%+ of their SA classes nowadays, ever since COVID hit, and thus there are just so much less FT spots.

  • Intern in PE - LBOs
Nov 5, 2021 - 4:15pm

Apply for road to Wall Street program, apply to the student managed fund, reach out to upper class men in these clubs to help you out, get an internship this year and def this summer at a search fund, PMW, or even at a boutique IB.

  • Intern in IB-M&A
Nov 5, 2021 - 4:28pm

For upperclassmen how did you reach out? Just by messaging through LinkedIn mails? I know for people who graduated they have work formats but not for seniors with ib

  • Intern in IB - Gen
Nov 7, 2021 - 1:13am

To comment on recruiting, class of '23 did great. 2 buyside, 23 IB, 50 FO (buyside/IB/S&T/ER/AM), and another ~15 in miscellaneous (consulting/RE/quant/etc).

RTWS accounted for 74% of IB placements and 72% of FO placements. Good luck recruiting for cohort 12.

  • Intern in IB - Gen
Nov 5, 2021 - 4:22pm

I didn't even start interviewing with banks until like August and still managed to get looks. Struck out at a couple superdays for BB/EBs as well.

I did resume drops on my university recruiting page and am still getting emailed about them (already accepted an offer). Plenty of banks are still doing official/unofficial recruiting you just have to look. Also reaching out to connections at banks, especially smaller ones, will get you interviews. Cold email alumni at boutiques as well. If you've already had four superdays I feel like you're competent enough to land an SA position, just a matter of getting lucky enough. Be persistent and don't give up - plenty of opportunities out there.

  • Intern in IB-M&A
Nov 7, 2021 - 2:17am

I believe Northwestern Mutual might still be recruiting for summer interns. Cold email and network and it should be okay. Don't worry, being a financial representative is still a great career path. 

  • Intern in IB-M&A
Nov 7, 2021 - 11:56pm

"Intern in PE - LBOs

2) What are my other options for this summer?"

Does my comment not answer something that you asked for? If I had to take a guess, I would imagine they are still hosting superdays and this could be a viable option. A financial representative offers a great work life balance and allows you to develop a wide arrange of skills. Not to mention, you still will have great exit opportunities. As you attempt to build your own book, you will meet people who come from many walks of life. This can be a very rewarding experience. I suggest you start networking as soon as possile, and brush up on any techicals. I'm sure there is plenty of alumni from your school that you can reach out to. 

  • Intern in IB-M&A
Nov 7, 2021 - 12:23pm

Rutgers recruiting is not super difficult , do any Mid Bb or EB / mm come to campus. I would get on their recruiting teams radar ASAP

  • Intern in IB - Gen
Nov 7, 2021 - 7:02pm

Boutique banks (not necessarily just regional) and some MM banks. I know Cowen and BNP have processes that haven't completely finished - both would likely require some networking ASAP to get in on.

  • Intern in IB - Restr
Nov 10, 2021 - 11:40pm

Wtf is this "struck out" attitude? Are you still alive? Did some banking god tell you that you aren't allowed to send any more cold emails? Did the mafia break your arms and legs out? Idgaf if you're a fucking wobbling stump, you don't strike out unless you're fucking 6 feet under. You had four super days, go cry me a river. I'm a senior recruiting for full time and had 4 super days-and not one converted to an offer. Do you know what I'm going to do? I'm gonna go pump one then send some more fucking emails. You only have one life, why tf are u limiting yourself. You're gonna keep sending emails until your immediate response to anything is "hi, my name is x and I go to Rutgers University." Then you're gonna keep writing more fucking emails until every bank in this damn country knows your name.

Dude, In all seriousness… you've only had 4 super days. Don't tell me there aren't any more banks hiring. I see so many new summer analyst positions being posted. Think about it like this, what if your next super day could result in getting an offer? You wouldn't know cause you quit too early. Broaden up your geography. If you're not a senior yet, you should be open to working anywhere. With some experience under your belt, you can always try transferring later on. You're gonna have to cast a wider net. Try corporate dev. Roles too. Anything that you can use to pivot to banking. There are so many banks out there my guy, keep sending emails. Don't bother too much applying online (I mean still do). But the easier way to get in is by directly speaking with the people in the bank. You'll have much better luck this way. Don't stop now, you're so fucking close.

  • Intern in PE - LBOs
Nov 12, 2021 - 3:46am

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