Worked @ Goldman IBD last summer and could use advice

roundtwo2012's picture
Rank: Chimp | 3

Hi all,

I had the opportunity to work @ GS this past summer in IBD (industry group). Unfortunately I did not come away with an offer. I have decided to stay an extra semester and take another summer analyst position.

I am looking at some of the better known boutiques in NYC and will be submitting applications through non-target recruiting.

My question is this: Even though I do not have any contacts through my school or career center at many of these top boutiques, will I need to cold email people through linkedin to even have a shot at a first round?

I hope you all don't perceive me as someone who thinks they deserve an internship on the spot just because I worked at GS last summer as I am extremely humbled by the outcome and am just wondering how much this experience with a really solid GPA will do for me when it comes to non-target recruiting @ the elite boutiques. Is it reasonable to assume I have a good shot at being picked out from the hundreds of non target applications they get for a first round interview just because I have GS IBD on my resume or is this not the case?

I am not sure how recruiting at these smaller firms works (ie do they pretty much just toss non core resumes into the trash if there isn't an analyst on the inside that specifically picks you out because of networking?) so I really don't know if I should be expecting a decent number of phone interviews because of my SA position or not.

Thanks for any insight.

Comments (16)

Dec 9, 2011

I'd imagine having GS IBD will help you a lot when it comes to screening. Make sure it really stands out on your resume.

Dec 9, 2011

Don't have any advice but good luck. Hopefully you'll get something good.

Dec 9, 2011

Hope someone can help you out.

Make sure to come back and tell us about the non-target hustle when you make it.

Dec 9, 2011

If you send cold emails that are short and you name drop your time at GS I can't imagine that it would hurt.

Dec 9, 2011

Use linked-in but guess the email (should be easy enough to figure out, I believe there is an email thread listing). Most people will just send the request via linked-in which is a very passive approach.

Write a very brief email, maybe 4 lines covering introduction (what you have in common), where you got their contact info, history with goldman, how you'd like to schedule a brief call.

On the call...
If vp, svp or md - ask about deals, when did they start actually generating revenue for the firm (or when will that process start). Theyll talk for about 20 minutes and suddenly have no clue why they like you so much.

Associate or analyst - may be somewhat of a waste of time although rockstar associates and analyst that are close to the recruiting process carry alot of sway. Also, always good to have more people pulling for you if you do get into the process.

Naturally you need to be prepared to explain why you didn't get an offer, but most people realize Goldman is a different animal. Story down pat and be prepared to get drilled with technicals if you get a call with anyone vp or below.

*Also, follow up at least 3 times (every 4-5 days) untill you give up on the person. Thats probably most important thing.

Don't limit yourself to just contacting alumni.

Feel free to PM.

Maybe someone can give him insight on how to explain not getting an offer?

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Dec 9, 2011

Do you know why you didn't get an offer? What was the offer rate in your industry group?

Dec 9, 2011

At least you didn't get an offer from GS, it's much harder then explaining why you didn't get an offer at a low tier shop. Primarily due to preconceived notions about you and your abilities before the interview. Good luch

Dec 9, 2011

you should be able to find something with GS IBD on your resume...

Dec 9, 2011

did you try anything for FT? I would think having GS IBD on your resume gets you interviews, even if you're a non-target

Dec 9, 2011

Do you have to tell other banks that you didn't receive an offer? Couldn't you just bring up the subject before they do by saying that you decided that you wanted to go with a top boutique for reasons XYZ? I believe banks only confirm your employment with other banks not as to whether or not you received an offer. Obviously though, if they ask you if you received an offer then you should tell them.

Dec 9, 2011

If you are going for SA again then why dont you just act like it wasnt a penultimate year internship and that you have been planning all along on SAing again this year. then you don't have to explain shit. Just bump up the Grad date (like you have) and you should arouse any suspicion.

Dec 9, 2011

Yea man your odds are probably 10-20x greater than other monkeys because: first off, you had the resume/interviewing skills to get a Goldman SA and second, because you have that experience under your belt.

Not sure about last years numbers but I've heard historically Goldman has some of the lowest retention rates just as a de facto "weed out" process.

Now I'm not sure what you consider to be top MM/Boutique shops but some of these firms albeit very prestigious have cut training costs/programs so that they won't have as intensive of a training program or a program at all. This plays greatly into your favor as you've already had a trial by fire w/ IB.

Reach out to those firms especially.

Dec 10, 2011

It helps... everyone notices GS... make sure you got your shit together and the rest of your resume is good

Dec 10, 2011

Thank you everyone for the helpful advice....really appreciate it.

Dec 10, 2011

Associates carry more weight at smaller banks (be it top boutique or MM) than at the BB's. I got pulled in for interviews by associates at these kinds of shops, so definitely worth it to network. Be aware that the elite boutiques will likely give you pretty difficult interviews.

Dec 11, 2011
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