FT Recruiting without Networking
This may be one of the dumbest questions ever asked on this forum given how IB recruiting operates... but I figured I'd ask anyway. I will be a SA at a well-known MM bank but really want to recruit for another bank (BB/EB) for FT. However, I have heard mixed advice on networking with other banks during SA, and I do not want to be another horror story. Is there any legit chance I could get an interview for FT by just applying online and submitting my resume once my internship is over? Or am I being delusional here?
Navigating Full-Time (FT) recruiting in investment banking without networking is indeed challenging, given the industry's heavy reliance on networking for job opportunities. Based on insights from the Wall Street Oasis (WSO) discussions, here's a breakdown of your situation and the potential path forward:
Importance of Networking: Networking is a critical component of the IB recruiting process. It not only helps in getting your resume noticed but also in understanding the culture and expectations of different banks. Most successful candidates have leveraged networking to secure interviews and offers.
Applying Online: While applying online is a straightforward approach, it's generally considered less effective compared to networking. The chances of your application standing out among the hundreds, if not thousands, of online applications are slim. However, it's not impossible, especially if you have a strong resume with relevant experience and achievements.
Return Offer Leverage: Securing a return offer from your summer analyst (SA) stint at the well-known middle-market (MM) bank can significantly boost your chances in FT recruiting. A return offer is often seen as a vote of confidence in your abilities and can make you a more attractive candidate to other banks.
Discreet Networking: If you decide to network, it's crucial to do so discreetly to avoid any potential backlash from your current employer. Focus on building genuine relationships and seeking advice rather than outright asking for job opportunities. You can start by connecting with alumni from your school or leveraging any previous internships' contacts.
Timing and Strategy: Consider starting your networking efforts towards the end of your SA internship or immediately after it concludes. This timing allows you to discuss your recent experience and learnings, making your conversations more substantive.
Alternative Strategies: Engage in structured networking events, especially if you're targeting banks in locations like London, where such events play a significant role in the recruiting process. Also, consider reaching out to recruiters directly, as they can provide insights into the application process and potentially advocate for you.
In summary, while applying online is an option, supplementing it with strategic and discreet networking can significantly enhance your chances in the competitive FT recruiting landscape. Remember, persistence and a proactive approach are key to navigating this process successfully.
Sources: Networking for FT recruiting during SA internship?, FT recruiting timeline London, How to Navigate FT Recruiting: Learn from My Successes/Failures, Is it naughty to begin networking for FT before you even start your SA stint???, If your SA internship is canceled, but you get FT offer, will you still recruit for "better" job?
Bump.
I've heard advice that says to start networking before SA, not to network at all until FT starts, to start networking during SA, to start networking before SA and go cold during SA... seems extremely variable. Personally, I have not yet networked for FT and will wait until my SA is done so I don't turn anyone off by reaching out before I even start my gig and I don't have to worry about my SA bank wondering why I'm ducking out for 30 min calls.
I also think it's slightly dishonest not to give my SA bank an honest chance.
Bump. Curious as well. I was a SA last summer and would step away occasionally for coffee chats and no one seemed to care. It was also too early for me to recruit or be converted to FT tho. I’m gonna be an SA this summer and now I’m actually looking to recruit FT
Moved to a BB FT after doing an internship in a mid-tier MM. I networked a little during my summer but ultimately the offer I took did not result from any networking at all.
Interesting, so do you still recommend networking during the internship or is that unnecessary risk? Also, I assume you had your SA bank on your resume when you applied?
I think it's worth revisiting your already established network during the summer - I would not necessarily reach out out to new people. Yes, I had my current internship on my resume.
Can't you start scheduling calls right now? And then maybe shoot them an email during the summer. Or maybe schedule calls for Friday when your team is WFH. Or just take a 15 minute walk when you have a call, unless you do it too much no one will care.
But to answer your question I actually got a few first rounds without networking when I recruited for FT. Really helps when they see that you got a previous IB internship
That's what I was thinking. However, when I spoke with an EB associate, they advised me to be very cautious about networking over the summer as they have heard some horror stories. It kinda spooked me but maybe I'm thinking too much about it.
More than one way to skin the cat. I did FT recruiting after SA last year. Keep your old connections from SA recruiting warm, get a feel of what banks group might be looking to hire, but wait until start/mid of SA for new outbounds. FT recruiting is generally need-based.
The key is having a well-grounded story for re-recruiting and looking like you gave your current spot a fair chance. Lateral for prestige/exits may be fair, but it’s not compelling.
Voluptatem est asperiores est. Ex consectetur hic quia et accusamus alias voluptas. Velit iusto quaerat repudiandae omnis neque non. Aspernatur minima eum et ut soluta natus delectus. Illo eos quae consequuntur perferendis ipsa dicta qui. Nostrum ipsum alias enim pariatur omnis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...