Banks often will have places on their full time programs to fill after the summer but the number of spots available varies widely from year to year. As mentioned in the previous article, your best chance of securing a full time role is through a summer internship. However, for those of you who did not secure a full time offer from your summer internship or for those who want to recruit into banking for full time but did something different during the summer, then you enter the process at this point. It typically is an intense couple of weeks in October where you have many interviews with the team you are interested in joining. Below are some core concepts to understand about full time recruiting:
Competition is tough
There are fewer positions available than for internship. However, there are a large number of candidates for these positions comprising of successful candidates from other banks who want to ‘upgrade’ the bank they work with, unsuccessful summer interns from other banks who also want a full time job, masters students or final year (senior) undergraduates who completed different internships and even experienced professionals from industries such as law, accounting or consulting who want to become investment bankers. This means that the odds are even slimmer than for summer positions.
You will have less choice of teams
These positions will be subject to spare capacity left over from the summer class. Perhaps the team didn’t like a summer intern or perhaps there has been a pickup in demand requiring additional manpower. As a full time applicant, you can only interview for a team which did not fill out its full time class from the summer interns.
The process is less structured and duration is undefined
Since you must interview with many on the team in order for them to be comfortable with your candidacy, you are unlikely to receive a full time offer quickly. Bear this in mind as you plan your next steps and look for other jobs.
You will be interviewed by the whole team
Since you have not interned at the bank before, nobody has any idea of what you are like on the job. Because of this limited amount of data about you, the whole team will likely interview you. Everyone, from analyst to managing director who has interviewed you, will have a say in whether or not to give you the job and if even one of them doesn’t approve of you, you may not get hired.
You will be put under pressure
Full time interviews will be tough and setup to mimic the pressures of the job since the firm has not seen you respond to on the job pressure yet. Expect technical questions and probing questions about your motivations for the role.
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