In the past, failing to secure a summer internship at a major bank wasn’t a major setback. Full-time recruitment was still viable, and obtaining full-time offers without previous internships was more common. However, the landscape of investment banking (IB) summer internship recruitment has drastically changed. It’s become highly competitive, starts earlier, and opportunities for full-time roles without prior internships are diminishing rapidly.
While not landing an internship isn’t the end of the world, it presents a significant hurdle. Let’s clarify what it means to not receive any internship offers:
Understanding the Implications of ‘No Internship Offers’
Typically, this situation applies to those who were seeking IB internships after their third year in university or in their first MBA year. These students usually target large banks where internships could lead to full-time roles. Not securing an offer, especially after interviews or assessments, implies that most big banks have concluded their recruitment process.
This context is critical as the implications differ from missing out on early university, off-cycle, or post-graduation internships.
Strategies for When You Don’t Secure an Offer
Assessing Your Situation:
Don’t jump to conclusions about having no offers. Recruitment timelines vary, and it’s crucial to track your applications and responses before determining your status.
Identifying and Addressing the Issues:
- If you find yourself without an offer, your priority is to secure any internship. Even roles in back or middle office, or internships in corporate finance or boutique investment banks/private equity/venture capital, are preferable to none.
- Consider alternative internships that offer valuable experience or prestigious brand names.
- Develop a “Plan B” to enter the industry, such as delaying graduation for another internship attempt, aiming for full-time roles, or focusing on related finance roles for lateral entry.
- If necessary, opt for a “Plan C,” like pursuing a Master’s in Finance or an MBA.
Applying to Other Internships:
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- Choose internships wisely, balancing brand recognition and relevance to your career goals.
- Focus your applications on a few specific areas rather than applying to a wide range of internships.
Re-evaluating After the Alternate Internship:
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- Upon completing an alternate internship, reassess your strategy based on your improved profile and experience.
The Bigger Picture
Not receiving an IB internship offer is undoubtedly disappointing but not catastrophic. The process is unpredictable and heavily influenced by numerous factors. If you find yourself without an offer, it’s essential to analyze your situation, get feedback, and adjust your strategy. Sometimes, this might lead to the realization that investment banking isn’t the right path for you, which can open doors to other fulfilling career opportunities. This setback could be a stepping stone towards a career that aligns more closely with your interests and strengths.
How Can Prospect Rock Partners Help?
Embarking on a career in investment banking or finance can raise a ton of questions, and it’s important to have the right guidance to navigate this challenging landscape. That’s where we come in. We invite you to ask us anything about how to secure your ideal role in investment banking or finance. Our expertise is built on a foundation of real-world experience and success, and we’re here to share that knowledge with you.
If you are struggling to secure an internship our experts offer affordable career counseling services that can help get you back on track.
Andrea Benson, Managing Director
Andrea Benson is a Managing Director at Prospect Rock Partners. Prior to joining, Andrea spent 13 years at Bank of America across the IBD (M&A), HR (Campus Recruiting) and Tech (CIO) divisions respectively. Most recently, Andrea was the Global Head of Campus Recruiting and Operations at Morgan Stanley. She holds extensive knowledge of the global recruiting landscape and has a vast network given her tenure in the campus recruiting space. She holds a B.A. from Stonehill College, and lives in New Jersey with her husband and young son.
