You've cracked the code, beating out scores of applicants for a coveted entry-level position on Wall Street.
Fast-forward 24 months, and you may have a lot more leverage than you think.
The reason: More and more junior-level employees are jumping ship to create start-ups, or join the ranks of private equity firms and hedge funds. In response, top investment banks are offering more attractive incentives to stay.
"They will give you a third-year analyst position. After that, they dangle the carrot and say, 'If you do a good job we can potentially promote you to direct associate without an MBA,'" said Wall Street Oasis founder Patrick Curtis, a former investment banker who runs an online community for students who are trying to break into a career in finance and industry professionals.
The big institutions are now scrambling to hold on to the best because they didn't anticipate so many workers would leave, Curtis said. The relatively handsome salary of "$120,000 a year is cheap labor for them," he added.
Wall Street Oasis recently ranked the best investment banks for careers based on thousands of its members' rankings.
Evercore, Moelis & Company, Blackstone Group, BMO Capital Markets and Piper Jaffray comprised the top five in terms of career advancement. Wall Street heavyweights such as Goldman Sachs, Deutsche Bank and Credit Suisse made the top 10.
"I was a bit surprised at the order of the rankings but not at the banks that made the top list. It may be harder at the larger banks to get a sense of camaraderie and teamwork that some of the elite boutiques seem to have mastered," Curtis said.
"Given that many of those boutiques set you up for great exit opportunities into private equity or hedge funds, it wasn't that surprising that they were ranked in line or slightly above some of the bulge bracket banks by their employees," he added.