Reasons Financial Recruiters Don’t Get Back to You

Although an investment banking recruiter may reach out with a connection request on Linkedin or send an email regarding a position, it does not always mean that you’re a perfect fit for their open roles.

1. They think you’re a good fit for a current lateral investment banking role that they are trying to fill but you want something else. 

Financial recruiters are compensated on either a retained or a success fee basis which is paid by the Company. Due to their compensation structure, investment banking and private equity recruiters are hyper-focused on filling their open engagements. If you do not see their open role as a fit and you reply back that you are looking for something different without an explanation, they may go dark. The best way to help a recruiter help you is to send a short email with your resume attached that references your desired roles and locations. If the recruiter likes your background, they will add your resume to their database and you will be notified when a suitable position comes up. If you are open to other sectors or verticals you should include that in the email as well.

2. You have unrealistic expectations.

If you work at a Tier 3 bank or a regional boutique and you only want to go to a BB (Bulge Bracket) or EB (Elite Boutique) then a recruiter may think that you have unrealistic expectations and may not want to work with you. Self-awareness and humility is key. Often times recruiters reach out on one role and if you say “no” you may self eliminate as other more desirable roles come up. I always tell my candidates “open mind, open heart”. Have a conversation and if it sucks or if it is not the right fit stop having conversations. It is also a smart idea to interview at a couple of different places so when the right job comes around you don’t blow it. More importantly, if you prove to be a rock star in the process at a lesser bank a recruiter may start uptiering you. 

3. You lie.

The fastest way to end a relationship with a recruiter is to lie. If you have been shown into a firm by a prior recruiter or applied to a role on Linkedin be forthright. The worst situation that I ever experienced was when a candidate lied, had interviewed for the role, been rejected and then did not tell me before I presented them to the client. Gross.

4. They are tracking you. 

Often times, recruiters will connect with summer analysts and summer associates to track them. Now that you have secured a coveted internship, most recruiters assume that you will eventually become a strong target for a FUTURE lateral hire. It is important to note that a summer internship does not qualify as enough suitable experience for an open lateral analyst role.

99.9% of investment banking recruiting engagements call for a minimum of 1-year experience in M&A in investment banking. Private equity engagements typically require a minimum of 2-years of experience with a formal investment banking analyst program. Most firms invest considerable time, money and human capital recruiting their first year analyst and associate classes on campus. Smaller boutiques that don’t recruit on campus often look to pick up junior hires through networking. 

5. They want to connect with your connections. 

Sad but true. When you connect with a recruiter on Linkedin it gives them access to your connections. This is very true for MBAs at top schools and soon-to-be grads at top undergrad finance programs. 

6. You are smug and generally annoying. Did you brag about having an interview at Goldman Sachs? Guess what, no one cares. Especially the recruiter.  

Top Tip:

Helping a recruiter fill a role by referring qualified candidates is great way to get on their radar. The best way to refer a qualified candidate is to send an introductory email to the recruiter cc:ing the prospective candidate. It is important to note that most investment banking recruiters are not interested in placing career switchers or recent grads even if they come with a referral. The one exception is someone who has had prior IB experience and is trying to break back into the industry i.e. a former analyst. 

How Can Prospect Rock Partners Help?

We understand the financial recruiting landscape and have extensive experience working with hiring managers at Bulge bracket banks, Elite Boutiques and Private Equity firms. We can help you pinpoint what went wrong and help you course correct so that it doesn’t happen again. 

Prospect Rock Partners Services

• Clean-up, reformat and retarget your resume so that you can secure more interviews
• Linkedin profile analysis
• Sample mock interview questions
• Sample technical interview questions
• How to Break into Banking Networking Tips and Tricks
• Target Company recommendations
• Target Company Prep Exercises
• Mock-interviews
• General guidance and support

We know the banks and know what they are looking for. With our guidance and support we will help you navigate this ultra-competitive job market and land your dream role.