How to Navigate FT Recruiting: Learn from My Successes/Failures

Hey all, going to be a slow morning on the desk and waiting on comments from my associate.

With ample time on my hands, I wanted to give back to the community and share my full-time recruiting experiences, and hopefully provide insight for those unsure or confused about how the process works and how to best be prepared.需要明确的是，我的看法是对我自己的观点和经验的思考。我绝不会说适用于所有人的普遍真理。我只想为社区提供更多数据点。

High-level background on me: I did mySAat a smaller bank (notEB但也不是10人的商店），并且知道我想招募FTwell in advance before my internship started as I knew that I didn't want to remain in the location I was doing mySAin. I interviewed with 9 different groups (assortedEBs/BBs) across a few geographies forFTand came out with three offers.

I will break down this post into four parts1) Two Ways of Targeting the Right Banks, 2) Navigating the Networking Process, 3)SA执行, 4) Preparing for the Interviews

1) Two Different Ways of Targeting the "Right Banks"

类似于最近的“我的PErecruiting process" write-up, in March of my junior year (3 months before mySAstarted), I created a select list of groups that I knew I would take an offer from over mySAbank.I only targeted groups/offices that were clearly better and a material step above my current bank.Now, I was in a solid position already where I knew the probability of getting aFT由于我小组的文化，报价很高。

However, on the other hand, if you are afraid you may not get aFToffer, you foresee potential problems regarding a return offer, or you're at a bank that is poorly regarded/non-IB internship, thenspread your netas far as possible.这些是考虑您选择的两种方法，这仅取决于您从哪里开始。

Regarding my personal experience, I wasn't one for the hair-splitting dynamic that happens onWSOwhere one comparesCSvs.Citi vs.Barclays, for example.In my opinion, if you already are at a solidIB而且，您有一个合理的假设，即您将获得回报报价，您应该只针对您在出口操作和经验方面有形/物质差异的地方。

There are a few reasons why theFThair splitting can be problematic for those already in a solid spot:

1) As you will read later,FTnetworking can be a major hassle and if you're targeting a million places, it could distract you from your current SA- where you should be giving 100% of your energy. Opportunity cost plays a major role inFTrecruiting, especially if you're already at a quality place. If you pick a short list of banks that you are dead-set on, it is much easier to concentrate your resources on a few places, and not have your networking/email efforts distract you from your work.

2）访调员可能会质疑您为什么在同一城市采取类似的横向移动（Ex。Citi到Barc）。我并不是说它会刺你，但它可能会引起一些眉毛。

3）Low possibility yet still possible: the bankers you're networking with may know the bankers in your group if you are looking to make a lateral move. The more banks you speak with, the higher the probability someone may say something to someone else. My advice is the more detached the two places are, the better (ex. you'在哈里斯·威廉姆斯（Harris Williams）and networking withEvercore is muchmore relatable/理解比JPMto MS).

Some acceptable examples (again, this is my opinion):

• SAat coverage group ofMid TierBB--> consideringEBM&A, or topBB

• SA晒黑MM--> consideringBB/EB

• SAat a low tier bank/non-IB internship --> anyMM/BB/EB

• EB--> consideringBB（由于渴望更多的“整体”BBexperience"

All of the examples I provided above have material differences for why one would want to move to the other place.

Examples where I advise against (really just comes down to same tier/prestige level)

• SAat mid tierBB- >考虑其他中层BBopportunities in the same city

• EB--> Same levelEB(ex. MOL to LAZ)

2) NavigatingFTNetworking

Before the Internship (3-9 weeks before)

I'm aware that a lot ofWSOusers frown upon those who decide to network with other banks even before theirSA已开始。在我看来，我总是相信从早期开始，成为“捕捞蠕虫的早鸟”是最好的选择。我从3月下旬/4月初开始与列表中的公司建立联系。

Now, during this phase, I never crafted my emails to include the words "FT Recruiting," rather I was focused on developing quality connections with analysts/associates in groups that I had not recruited with previously. The concept of "picking one's brain" and being a curious college student will most likely not be a point of annoyance/contempt for a current analyst/associate, and 95% of the time I had no problems doing it. I also advise to downplay where you are going for that summer, and when I was networking with groups before my internship, I didn't even include my bank on my resume. Now, while conventionalSAnetworking advice is to send a ton of emails to as many groups as people, I believe pre-internshipFT招聘值得计算的方法。是的，是的，您只是与其他团体的人无害交谈，但您仍然希望通过网络维护“低调”方法。我建议在实习开始之前的几周内，每周可能会有10-20封电子邮件进行有限的宣传。在此阶段的目标是建立高质量的联系，与您要定位的每组至少1-2个银行家联系，等等。尽量不要专注于二年级分析师的关注FT招募劳动，他们可能会离开/已经离开。I was burned a couple times when very close second year analyst contacts of mine had left forPE之前FTinterviews.专注于第一年的分析师和同事。

During the Internship (Weeks 1-3)

As your internship begins, you should be pumping your email numbers up, as other bankers can be more warm to your more direct "FT recruiting" related networking request. Make sure to update your resume as frequently as possible with any "deal experience" related work and any other tasks in general. Your emails during this phase should be a little more direct in expressingFT对该银行的兴趣，但仍然不要对与面试有关的询问过于俗气或过于激进。对于您以前在春季进行的热情接触，对它们进行更新至关重要。您的每个联系人都应在第2-3周发送更新，以解释您一直在做的任何工作，并询问他们的任何更新（无关FT招聘,但是对自己的工作/生活以外)。I advise using Schedule Send especially when you're working late at night and can pump out 40 emails, as opposed to typing them out during the busy hours of the morning/early afternoon.

During the Internship (Weeks 4-6)

在这个阶段,你应该更多的关注aggressive with outreach and keeping your contacts in order. Another round of update emails to your warm contacts you've previously made is imperative, and of course you should be expanding your contacts per group that you have your eye on. The conversations should start to gear towards theFTrecruiting climate for that specific group, as the bankers will have a better idea of whether or not their group foresees a hiring need. Ideally, (I understand many will not be able to do this), you can grab coffee with your warm contacts and/or hop on a zoom to put a face to a name. I did this with several groups and it made a massive difference when they were evaluating candidates for interviews.

During the Internship (Weeks 7-10)

This is really when the "final push" becomes active. Here, you really have nothing to lose by being aggressive with emails and updating your contacts as you want to ensure that they remember you and that you are in their pipeline. The interview process moves extremely fast for most top groups, and you want your name to be remembered. Now, this may sound a bit over the top, but you have little downside by doing this strategy. If you're not persistent with your contacts, you may lose the ability to get an interview, so you might as well "go for broke."I advise sending another round of update emails to your contacts + new emails to other bankers in groups that you may have had less success with. You should be hopping back on the phone with your contacts just to catch up and discuss theirFThiring needs.When you're competing with 50+ other qualified candidates, you have to be persistent and hungry with the networking.

3）SA执行

It may seem obvious for some, and more opaque for others. Before diving any deeper, any incomingSAconsideringFTrecruitingneeds to understand that the return offer from yourSAbank is the golden ticket to open doors elsewhere.Now, I'm not saying you can't land aFT提供没有回报,但它确实使process an uphill battle. Interviewers will certainly ask you about your status with a return offer, and you better have a good reason for why you didn't get one if you didn't receive one. When you work at yourSA，如果您打算招募FT, you tell no one and make it seem like you are die hard crazy about the group you're in. Nothing related to theFTrecruiting process (outside of physical interviews themselves) should have priority over your work/intern schedule. Now, there are ways to be clandestine regarding networking and exploringFTopportunities that I will discuss later, but as far as your co-workers (includes co-interns) are concerned, they should have no idea you want to leave the group.Thesummer analyst jobis a 10-week long interview. Maintain the same bright and positive energy like you did for yourSAinterviews and make sure everyone is convinced you're a lifer at your current bank.

现在，在WFH大流行期间，这要容易得多，但是您需要成为clandestine about networking calls/interactions with other banks. I advise you schedule calls during typical "lunch breaks" or even later in the day as the seniors will have left the office and you have more freedom to "roam around the building." As I said earlier, use Schedule Send as a way to avoid sending emails during the day, and if you are in the office, you should be responding to emails on your phone. Things get a little sus when you pull out your personal PC or move into a conference room a couple times a day to "do work."

4) Preparing for the Interviews

MyFTinterviews can be dissected in three parts: 1) Internship Experience, 2) Classic Behaviorals, 3) Technicals.

As a quick note before continuing, similar to on-cyclePErecruiting, myFTinterviews happened fast and in a very compressed time frame. I started getting first round interview requests during the last week of my internship and was flooded with more requests the week after. Now, I recruited with quite a few distinct groups in certain geographies, so my experience in receiving first rounds may be different from those who recruited for larger banks inNYCfor example.

The bottom line is that you need to be technically and behaviorally prepared and ready to go, ideally by week 8-9 of the internship.

Every bank is different, but usually what I saw was one technical screen, one behavioral screen andthen a superday/modeling test.

Internship Experience

FTinterviewers want to make sure you can speak intelligently about your time at X bank, why you originally wanted to join, and demonstrate a clear "push factor" for leaving. Be prepared to have answers for why you want to leave your bank, any line items on your resume pertaining to deal experience/admin work, and why you are drawn to their bank (pull factor). Now, while I do recommend to "up-play" your experiences, you should not be embellishing them or flat out lying. The interviewers will know if you are bullshitting about your experiences, especially if it pertains to "deal experience." Tread the waters carefully, and make sure you are humble when describing what you did for the deals. Make sure to have quality answers for any deals you were on, including buyer/seller rationale, sector trends, valuation, your responsibilities, risks, etc.

Classic Behaviorals

Very similar toSAinterviews. Many situational questions like "walk me through your resume," "tell me about a time when...", "walk me through a deal," etc. Not much else to say for this component, just make sure you come off as chill yet polished and you'll pass this part of the test.

技术

The technicals asked forFTinterviews are certainly more advanced/intense thanSA招募。现在，仍然存在一定程度的差异，具体取决于您是否interviewing with UBSvs. Evercore for example.My advice is that you should have the guides mastered, all sections, all topics. On top of that, you should be able tobuild simpleDCF,LBOandcompmodels.您可能不会获得建模测试，但是如果您通过练习“流利”，则在接近“框外”问题时，您会变得更加自然/抛光。我采访了更多“享有声望”的精品店/大型银行FTrecruiting, so I was hit with non-guide questions pertaining to theconcepts of accretion dilution,merger math, in-depthLBOquestionsrelated toIRR/MOIC formulas,诺problems, TEV multiples questions, advanced accounting questions like PP&E losses on sale. Now, if you are interviewing with banks that are notEBs, then you may have a more enjoyable/easier technical experience.Bottom line, you need to be well polished on the main types of valuation and accounting, no exceptions.A lot of my technicals were not from the guides and really forced me to think. There is no way around it, but study up on the main types of valuation and you should just walk through models in analyst drives.

获得要约和签名

如果您在您的表现良好FT采访，您会很快听到。例如，在我出色的几个过程中，我在搬到下一轮后的72小时内就收到了通知。就像您想获得最佳报价一样，银行也希望最好的候选人。如果您很好并值得报价，他们将尝试尽快将您铲起。我一定要确定BBs/MMSthat recruit in September/October may have more extended timelines, but for the ones where I interviewed in August, the timelines were quick. Certain banks may only give you 5 days - a week to decide on their offer, so this is where its crucial to have a rankings list of banks you're interviewing with. Also, feel free to accelerate timelines with other places if you have exploding offers, it makes you even more of an attractive candidate.

The takeaway from my post is that you need to be proactive about yourFTrecruiting journey. Networking early, preparing for technicals early, jumping on hairy deals/complex projects can be cumbersome, but I think it's the best way to stand out in a crowd of similar resumes and profiles. Especially if you're competing against 30 equally qualified candidates for 2 spots, you should be focusing on getting any advantage/head start you can get.

Best of luck to all of those who will be interning this summer and for those consideringFT招募。Feel free to PM me for more info.