Where do non-SA FT analysts come from?

Couple questions I've been pondering:
1. While not all SAs get return offers and not all accept them, a bunch end up working at other banks I guess. What % (ballpark) of SAs get FT offers in IBD (including at different banks)?
2. Assuming some FT offers go to people who didn't intern in IBD anywhere, where did they intern, generally? Another division? Big 4 corporate finance or audit? Something else in finance like Asset Management? Did some not do an internship at all?

Thank you.

7 Comments
 
  1. Those people could come in from anywhere but the only way they could get in is by charming their interviewers with their personality and technicals. And of course, challenge being getting interviews in the first place.
"I do not think that there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature."
 
Ambani

2. Those people could come in from anywhere but the only way they could get in is by charming their interviewers with their personality and technicals. And of course, challenge being getting interviews in the first place.

I guess networking/connections is probably pretty key. Obviously I'm in the UK though and it seems like networking is less of a big deal here with a more structured application process.

 

I am pursuing FT analyst recruiting right now and I spent the summer doing an internship in Corporate Development. I did a lot of valuation work/modeling and research/presentations so pretty similar work to an IB analyst with more responsibility and a better lifestyle, but I want the faster pace/deal experience/network that comes from banking, which is pretty easy to sell since bankers don't question my ability to do the job or interest in finance.

 
energycox12

I am pursuing FT analyst recruiting right now and I spent the summer doing an internship in Corporate Development. I did a lot of valuation work/modeling and research/presentations so pretty similar work to an IB analyst with more responsibility and a better lifestyle, but I want the faster pace/deal experience/network that comes from banking, which is pretty easy to sell since bankers don't question my ability to do the job or interest in finance.

Nice. It seems internships in Corp Dev are pretty rare, would love to do one.

 
Best Response
UKUndergrad energycox12:

I am pursuing FT analyst recruiting right now and I spent the summer doing an internship in Corporate Development. I did a lot of valuation work/modeling and research/presentations so pretty similar work to an IB analyst with more responsibility and a better lifestyle, but I want the faster pace/deal experience/network that comes from banking, which is pretty easy to sell since bankers don't question my ability to do the job or interest in finance.

Nice. It seems internships in Corp Dev are pretty rare, would love to do one.

It's much more of an american thing - GL finding something in corp dev in the UK.

 

Impedit voluptatum voluptates sunt in temporibus aut doloremque. Ullam id adipisci blanditiis laboriosam illum.

Career Advancement Opportunities

November 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • JPMorgan 01 98.4%
  • Guggenheim Partners 02 97.9%
  • Morgan Stanley 06 97.4%

Overall Employee Satisfaction

November 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 99.0%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 13 97.4%

Professional Growth Opportunities

November 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • Morgan Stanley 05 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.4%

Total Avg Compensation

November 2026 Investment Banking

  • Vice President (16) $429
  • Associates (57) $264
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (28) $184
  • Intern/Summer Associate (16) $161
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (76) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”