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When firms kicked off the on-cycle private equity recruiting process in June this year, before IB Analysts had even started their training , some people were shocked. This process contrasts with off-cycle recruiting , where firms start at later, varied dates, complete more extended, careful interviews, and hire for immediate start dates.
The IB internship recruiting timeline is now so insane that even mainstream news sources like the Wall Street Journal are writing about it (“ The Race Is On to Hire Interns for 2025. In practice, this means you must be on top of IB internship recruiting from Year 1 of university if you’re in the U.S. Corporate banking.
Capital Markets vs. Investment Banking: Recruiting and Interviews Very little about the recruiting process is different, partially because each bank does it differently. You can expect the same early recruiting timeline in the U.S., I recommend accepting a capital markets offer over pretty much any non-IB offer.
Unfortunately, it’s not quite that simple – due to massive competition, a fairly involved recruiting process, and low conversion rates at many banks. Expectations for technical skills and work experience are lower, but the process is more random than normal internship recruiting and depends on fit, grades, and activities.
Almost nothing is worse than recruiting for investment banking internships , winning an offer, preparing , completing the internship, and then not getting a return offer. All the large investment banks – bulge brackets , elite boutiques , and middle-market firms – use internships as a recruiting tool for Analysts and Associates.
But then recruiting moved up, the MBA process became more structured, and now we have 4-year-olds aiming for “Target Kindergartens” so they can eventually get into investment banking ~15 years in the future. below the normal “ middle-market private equity ” cut-off). How Do You Leverage Pre-MBA Internships?
Of the middle-market banks , only Jefferies seems to have much of a presence. Firms like the State Bank of India (SBI Capital Markets), IIFL, Arpwood, Trust Group, AK Financial Services, HDFC, Edelweiss, Veda, and o3 Capital are also well-regarded but are closer to middle-market or “in-between-a-bank” firms.
To learn more about the indicators of what makes a good ESOP, as well as the benefits and the pitfalls, I turned to Focus’ CorporateFinance Head, Bob Beard, who executes ESOPs on behalf of our clients. At the company level, an ESOP is an attractive employee benefit that can be used in recruiting and retention.
Finally, many renewable energy debt deals take place within Project Finance teams at banks – but Project Finance and corporatefinance are very different ! In the middlemarket , Jefferies has recruited some of the top bankers in renewable energy M&A and is expected to do well going forward.
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