Local investment banks are being flooded with résumés from MBA students and recent graduates.
Boxwood Partners, a local middle-market investment bank, said the volume of résumés and applications has reached a new high.
“We’re getting five a day, versus five a week last year,” said Pat Galleher, a managing partner at Boxwoods, of the applications, which are a mix of MBA graduates and professionals from other firms.
Indeed, Richmond area firms are starting to get notice from applicants who thought Wall Street was in their future. This is the time of year when many MBA students try to line up full-time employment for after graduation. Graduates who planned on landing a hot job with a Wall Street investment bank are reconsidering their career options.
“It’s a mix of guys who are looking to leave larger firms or got downsized in New York looking to find a new home,” Galleher said, adding that the firm has filled all available positions on the M&A side.
Harris Williams and Co., a Richmond-based investment bank that specializes in the middle market, reported a 30 percent to 35 percent increase in applications from MBA students compared with last year.
“We’re in a position to be more selective,” recruiting director Stevie McFadden told the Wall Street Journal in a story Tuesday.