Switching Banks from SA to FT
Can someone clearly explain or perhaps link another discussion that talks about:
- When should you start networking for FT given that you’ll intern at another bank for SA?
- How do you get interviews? Is it solely based on networking?
- What should be the message while networking (if you start 4 weeks into your internship)?
- Is recruiting group-specific?
- Are many of the spots taken quickly after SAs receive offere?
- What is the competition like? Do Top BBs only take SAs from other Top BBs? How about moving from MM to EB/BB
Any help is appreciated!
1. Start networking a few weeks into your internship (no earlier, otherwise you look ungrateful
2. It’s as possible to get an interview by doing a resume drop for FT as it is to get an interview for an SA via just resume drop. It’s possible, but muuuuuch more likely through networking.
3. Don’t say you’re interested in switching, email and say you’re interested in learning about their career/experiences at their bank
4. Depends on the bank, but most are group-specific
5. It happens EXTREMELY quickly. SAs get offers and they start doing FT interviews to fill their spots right away. Some banks kick off the recruiting before you even know if you have a return offer. They do this because, well, nobody would switch otherwise (they’d just accept their return offer ASAP).
6. I talked to someone in JPM HC a couple of months ago when they were running their FT process. They interviewed 40-50 people for what was 1 spot at the time (they had a few spots to hire for at first but this set of interviews was for their final one).
I think that’s pretty typical for FT recruiting at top banks. I imagine they get hundreds of resumes and they interview 20+ people per spot, almost all of which have full time offers for their EB/BB/well-known MM.
It’s still possible without an SA or a FT offer - I’ve met a few people who interned in ER or F500 corpfin then made the jump - but they were the exception rather than the rule
Thank you for that response! Very insightful.
Let me follow up on point 3. and 5. as they seem they seem critical.
Say you connect with someone a couple of weeks into your internship (3-6 weeks in), and you get on the phone with them. The initial portion of the conversation should be typical networking, asking about them, getting them to like you etc.
But, what would you say for the “ask” (final portion of the conversation) aside from asking for referrals/introductions to other bankers?
Should you then make it clear that you’re trying to switch and ask them to keep you in mind when spots open? or should you follow up as the end of your internship approaches and make it clear afterwards?
everyone has a FT offer from a good bank? I figured that would help stand out.. guess not
Not everyone, but most who get an interview will. It’s a “stamp of approval” and it’ll make it much easier to get a lateral offer, but it’s not enough to stand out and guarantee it.
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I’d definitely start networking in the earlier portion of that 3-6 week period. I’d start networking after 2-3 weeks and just say you’re interested in learning more.
Tell them you were fascinated with the conversation and would love to learn more about the space/about the group, and ask if they have anyone else they can forward you to.
If they like you then at the end of the summer they’ll likely reach out directly to say they’re doing FT recruiting and ask if you’d like to learn more. If they don’t, then wait until you receive your FT offer IN WRITING and immediately reach out to your strongest contacts at each bank. In this communication (make sure to contact them either via your personal email or your personal phone, not via your bank email) ask for another call. In that call, ask them directly if they’re hiring anyone for FT and say you’d love to be considered.
Very rare to see an actual application or resume drop. All referral based.
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Is the basic approach the same on an MBA level or are there any differences? Should you wait until you have return offer in hand before reaching out to people or should one start networking during the internship? I am also curious to know if there is a school specific seat allotment for FT or is this only the case for summer internships?
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Thanks for the in depth insight, it does seem fairly difficult to make a lateral, however. Does anybody know the approximate odds of landing a FT BB or FT EB offer after a MM SA stint with a return offer?
Lmao, nobody is going to give you odds. I know people who didn't get return offers and got full-time offers. I also know people who went MM to EB. A lot of it is luck, and putting yourself in the right spot.
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Also, how much time do you usually have after receiving a FT offer to accept? Asking for how long you would have to interview at other banks. Thanks
2 weeks is standard.
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My thoughts / advice / help may be outdated at this point but if you are already looking to switch from SA to FT then sounds like you may not be so interested in the place you are interning at for some reason. If possible to talk with people there about why you aren’t so interested that may be best. I’m not sure exactly. Otherwise if you think that the SA job just isn’t going to be a good FT fit for you, then it’s as if you are not really interested in receiving the return offer from them and you might as well may want to start looking for a FT job either with them or another bank or employer if that is what you are ultimately looking for. I hope this helps. Good luck
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