Do firms take into account past IB experience when consider candidates to convert from internships?
Turns out the majority of people on my internship this summer (US BB in London) are from some european god target like HEC, Bocconi or Essade with past IB experience in one of these regional offices.
Do these types of people usually just stomp and smurf on us noobs when it comes to work and therefore conversion? I understand they probably do consider past experience when you’re interviewing to get the summer offer, but would this be considered as you progress through the internship etc? Or is there performance independent of you getting an offer?
If not, where do these seemingly super polished Europeans falter when it comes to converting? Huge imposter syndrome atm
Following.
I believe they probably do but it's mainly going to be based on your work ethic, personality and stuff you do on the job
I had the same worries when I got my SA and then again in the months leading up to the summer (there were tonnes of more experienced people than me at my bank). They don't explicitly take their past experience into account but at the start of the internship, the team will expect more from the European hardos than British people / other less experienced interns. This means you will have to earn respect a bit more than the others, and earn the right to work on interesting projects.
At the end of the day, you will be assessed compared to your peers, but also compared to your starting point. Just because you aren't as competent as the 26 year old French dude who is on his second masters and has already done 18 months of IB and PE internships doesn't mean that you wont develop into a better banker than him in the long-run. The team will know this and will take it into account. Good luck, benchmark yourself against your team but most importantly, show progress over the summer and be a nice person, someone who your team wants to stick around (this goes a long way).
I don't know what happens in Europe, but in my experience, your prior history goes out the window once you hit the desk as a Summer Analyst. Your performance during that period matters the most for getting an offer.
The Covid thing completely screws up this pseudo meritocracy. Hopefully firms are erring on the side of giving out offers and letting people perform in FT.
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