One setback is part of the process. What matters is the ability to reset and continue.

Even when the probability of converting directly into a full-time role is low,
I chose to commit fully. Because in the end, persistence compounds.

I have great respect for your persistence and discipline. Without a bulge bracket summer internship, breaking directly into full-time recruiting is exceptionally difficult. The vast majority of offers are extended to returning summer analysts.

Yet you never stepped away from the process.

At the same time, you prepared for graduate school applications, effectively managing two parallel paths. That level of commitment is rare. I am genuinely happy for your outcome. Working with you has been a privilege.

I studied at a U.S. Top 30 university, majoring in Economics with minors in Mathematics and Business. I completed four internships at regional boutique investment banks across North America.

After receiving the offer, I went back and read through previous PGP case studies.

It became clear to me how much more others had invested in their preparation, and how many opportunities I had missed earlier as a result.

By the latter half of the recruiting cycle, many banks had already wrapped up hiring. I felt discouraged, and even started planning to prepare for the GRE. Fortunately, things shifted. I received a full-time offer from Nomura, eliminating the need to rely on return offers altogether.

Looking back at the two recruiting cycles I went through, the difference was clear.

For the first one, I was not fully engaged. I reviewed technical material once and assumed it was sufficient. My behavioral preparation lacked depth. Applications were often submitted at the last minute. The result was predictable: a few interviews, quickly rejected.

Toward the end of the year, I was introduced to PGP. After learning that Natasha was also from my school and understanding her approach, I decided to join without hesitation.

Although my primary focus had been IBD, Natasha started by walking me through foundational sessions on Sales & Trading and broader market dynamics.

What stood out was her approach to teaching.

Rather than focusing purely on theory, she integrated real-time market discussions, for example, analyzing the context and implications of major events such as the U.S.–China trade tensions. Her sessions were engaging, direct, and highly practical. Outside of class, we would often discuss broader market trends, including U.S. and Hong Kong equities.

After the first summer recruiting cycle ended, I reassessed my options. I had three potential paths:

Defer for a semester and reapply for 2022 summer internships

Continue pursuing summer opportunities while also applying for full-time roles

Apply to graduate school and target internships during that period

Ultimately, I chose to fully commit to the first two options.

Rather than stepping away from the process, I wanted to maximize the time I had, gaining more hands-on experience and continuing to prepare for recruiting. Academic pathways provide structure, but real understanding of the industry requires time, exposure, and deliberate effort.

For this cycle, I decided to focus on IBD. Building on prior internships and a clearer understanding of my strengths, I began to approach networking more aggressively, reaching out through calls and emails.

One of the most noticeable improvements compared to the previous year was the quality of my conversations with bankers. They became more natural, more structured, and more fluid. This shift proved critical, particularly in later-stage interviews such as Superdays.

Having learned from prior mistakes, I approached applications differently in the second recruiting cycle. Submissions were completed early and systematically.

By September, I began receiving interview invitations from both North America and Hong Kong. At that point, I worked closely with Natasha through mock interviews, identifying weaknesses and refining responses. Beyond improving structure and clarity, she emphasized the importance of reflection.

After each interview, I was expected to document details: what worked, what did not, and where I lacked depth. For example, gaps in my understanding of industry-specific risks were quickly identified and addressed through targeted research.

Over time, this process strengthened both my knowledge base and my ability to think independently.

Looking back, recruiting comes down to a combination of factors: effort, consistency, timing, and the support of the right people. It is also a test of how well you retain and apply knowledge, and how effectively you respond under pressure. I am deeply grateful for the guidance and discipline provided throughout this process.

And to those still in the middle of recruiting: Stay consistent! Stay focused! The outcome will come.