EMEA Recruitment - Summer Intern or Analyst?
Hey guys,
So I am a rising senior from a non-target in the US. I have interned with a couple of places across the world in IB and AM, but I am pretty sure that wouldn't get me into any analyst program I'd like to get into. Luckily, I studied for one year at a target in the UK. I was wondering if I could apply for summer analyst positions in London and say that I am currently applying for 1-year master programs. Once I get the summer analyst position, I could just tell HR that I changed my mind about doing a master program, do the summer internship and hope that I get a return offer after doing my summer internship and continue working with them. Is this realistic?
Any thoughts, recommendations or advice?
Right now, FT recruitment is looking better than it did 2 years ago. Most places are taking on grads, but it is dependent on whether you have some experience. As a grad you end up competing against people who have had multiple internships in BBs and have failed to convert. While that is a slight black mark, they have a brand name on their CV and transferable experience.
What were your previous experiences, was it within IBD/M&A? And what kind of places? Mid-market/Boutique sets you up well if your CV is otherwise good.
Most banks in the UK know that a lot of people apply to the intern scheme without actually wanting/considering doing a masters and a few will let interns start immediately depending on headcount. There is a risk that you will fail to convert going with this method though.
In terms of timing, a few places have finished FT recruitment and others have almost finished. If you are looking to apply now, you might stand a better chance at Summer. However do check applications as places like Evercore only opened in the past week or two, while GHL are closed to applications.
Sorry, don't know the process for US and APAC. For US advice, I would make another thread as the forum is very US-oriented so someone should be able to advise.
My goal is to land a job in the UK.
I worked with a boutique in a local market in continental Europe (with their M&A team). You'd have never heard of it. I also worked in a corp dev role more recently, but that wasn't even in Europe, even though in a developed country.
So would you recommend that, at this point, I just apply for summer internships?
I wouldn't mind waiting for a year between my summer internship and starting FT at a BB (essentially skipping the master program) even though I'd put it on my application. I have an offer from a boutique firm in continental Europe for a 1 year internship that I could do after I graduate to fill the time between the summer internship and FT at the BB (if I get a return offer). Otherwise, I am stuck with pretty much nothing.
TheSanchize: Are you sure that most people intern the year AFTER their master's? It seems like BBs would reject you just on the basis that you aren't a penultimate student.
Just to make things clear, I AM going to apply for a master's program. However, if I get the internship, I'd try to get converted right away and just skip the master program.
Thank you so much guys. I really appreciate your feedback!
Assuming that you are only starting to apply, I would recommend going for internships purely because a lot of firms have already started going through applications for FT and giving offers so your chances are probably lower. As it is, try and apply within the next 2 weeks or so to maximise your chances.
With a M&A internship, other work experience and a european language(?) you have a decent shot at getting interviews for IBD. The only place which I've heard that makes you follow through on the Masters is DB, the rest don't seem to mind if you skip on the masters.
For a one-year degree, yes I am 100% sure. It is standard practice. Of course you should aim for internships this year (FT would be very hard without BB experience), but don't be discouraged if you don't get it - it's easier at the master's (assuming you get in to a good school).
It's going to be tough as most people in Europe intern the year after their master's (or after one year if it's a two year degree), not the year before. In fact, I don't think I've ever seen anyone intern the summer after finishing their undergraduate, even if they went on to pursue a one year master's.
It's worth a shot, as my understanding is that banks are more open to convert right away in Europe than in the US, but I would probably apply to a master's degree as well in case you are unsuccessful in getting an internship for next summer.
In the UK, can't speak for continental Europe, doing the internship after your undergrad (assuming 1 yr masters) is extremely common and the preferred option rather than doing it after the masters as you end up with a grad job straight after you graduate
It is obviously the preferred option, but from my experiences it is much, much more common to get the internship the year after your master's and convert straight away if you're doing a one year degree. The most logical explanation is that you will not know for sure that you will get in to your master's when you're recruiting, so you can't put it on your resume. For example, LSE does not consider applications until Nov 1 - any decision would be way past the deadline at most BBs IIRC.
bump.
I'd really like to get additional opinions or insights!
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