eFinancialCareers has recently launched a beta version of The Bubble, its new forum. Among the various discussions on careers in finance within the forum, we’ve run an AMA with Brian Landeros, a former Goldman Sachs and Evercore banker, discussing how to break into the industry.
Landeros said that getting a summer internship usually requires prior work experience. You should take “any internships across investment banking, private equity or venture capital at small shops before the recruiting cycle for the big banks comes around.” This is easier said than done, of course, but he says your best bet is to cold email regional boutique banks to see if they’ll take you on for a virtual unpaid internship.
Experience outside of banking itself may not have significant impact. Landeros advises that you take a masters in finance if you’ve come from a field like software engineering, to open you up to internship opportunities within the sector and educate you on the basics.
Getting an internship is one thing, converting it is a different thing entirely. Speaking to a bubble user that interned at a major bank but did not receive a return offer, Landeros said that “there are a myriad of reasons” why candidates don’t receive return offers and that banks have no obligation to disclose their reasoning. Rather than pontificate on why, he advised that you study the feedback you received throughout your internship and “do not let this outcome dictate your sense of self-worth or personal professional capabilities.”
If you’re looking for a first banking job this year, however, he warns that you may be out of luck. Landeros said that the bulk of ad-hoc full-time junior hiring occurs “in the 4-8 weeks following the conclusion of the summer analyst programs;” if you were hinging your hopes on one of those roles, he said that you ought to “ask yourself whether investment banking truly is something that you want to do.”
Click here to sign up for The Bubble by eFinancialCareers and get involved in the AMA✍️ (Brian will be answering questions until just the 2nd of October)
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