Breaking into London from continental Europe
Im studying my bs majoring in physics and minoring in mathematics at the university of Helsinki. My grades are and probably will be 1st class. What are my changes to get summer internships in London BB and eventually a job as trader or analyst etc in a BB or hedge fund after my Bachelors. I want to get into London, because FInland isn't exactly a paradise for finance-guy and also here in Finland finance major is almost required to get into banks. Offcourse I am also interested to getting into Wall Street, but I quess that London would be easier to get into, because Im from EU-area.
So long story short. What are the changes of non-finance major from Finland to get summer internship in London BB and how could I better my changes to do it. All tips are appreciated! Or should I take masters program in UK like math Tripos 3 in Cambridge or MFE in Imperial or Oxford? Or is it possible to break in with bachelors only with non-finance major from continental Europe?
Suggestion: apply this fall for positions and simultaneously apply for schools in the UK
There are a few target schools in Continental Europe. For escandinavia, Stockholm School of Economics has placed decently into London investment banks in the past. However, times are VERY taugh, and what a few years ago were targets are now semi-targets at best, given that UK students are more than enough to cover the diminishing number of grad positions. Postgrad in Oxbridge/LSE is probably your best bet. No harm applying ro programmes with your current qualifications, but chances are slim.
As someone currently working in London coming from another EU country, I would recommend that you do a degree here, although the market is tough, it will make things slightly easier since you would be competing as an equal (with the advantage of speaking another language) compared to locals.
So I will probably try to get into physics or mathematics masters program in Cambridge or Imperial after I graduate with bachelors from Finland. Is it too late if I don't try to get into finance before I'm studying my masters in UK. Atleast you would think that even if I don't have any internships before, studying in a prestigious program, like Cambridge math tripos 3, would open some doors. Well anyway, even for just my possible physics career (if I choose to pursue that instead of finance), Cambridge or Imperial cannot be bad move, if I just get into.
Or should I try to get internships still I'm studying my bachelors here in Finland. Is it even plausible to think that I could land even internship in London while studying physics still in Finland or should I just concentrate on physics these 2 years so that my chances to get into prestigious masters program would be better and only after that start worrying about my possible transition to finance?
One question you will get is.. why finance if you are studying (not only your bachelor, but) your master degree in Physics or Mathematics (though math is easier to explain than physics)?
Internships usually open many more doors than "only" studying. It will also let you confirm whether or not you want to do finance long-term... even if at a local boutique advisory shop. It will also help answer the question above if/when they ask it.
It seems like you are not set on finance.. and that will likely be one of the reasons another candidate wins the spot over you. You are likely smart.. great, but do you fit?
Get an internship, make sure you want to do this, and go all in. One foot in, one foot out makes it hard for recruiters to believe you want it enough. It also gives you a good excuse to say.. "well, a career in physics is easier to find.." and abandon your goals of breaking into finance.
Good luck
Yeah you are right. Im more physics oriented, but Im just keeping my options open. Maybe quant position would be right for me? If I can get theoretical physics phd from Cambridge, is it how likely that I can get quants jobs right after phd if I choose to abandon academia?
the personality types of phd's are not very congruent to those of finance.
I am no quant.. but from my experience, PhDs are not as valued in finance in general.. and the quants that I do know have bachelor or master degrees (engineering/computer science/math).
I was told that the idea is: PhDs generally make great researchers, but have a tough time making (great) decisions on the go (which is maybe why they were in school so long anyway).. and making decisions with limited data and on the fly is a significantly important attribute in most front office finance roles. Even in equity research roles, I have not found many PhDs.
Maybe others have seen more PhDs at their firm?
How to get London internship from continental Europe (Originally Posted: 08/21/2012)
Im studying my physics bachelors in Scandinavian country and I would like to someday break into finance. I was just wondering how hard is it to get internship in London if you are living outside UK? Is there any chance to get internship in BB or large hedge fund as a non-finance major from continental Europea and how can I stand out from the crowd so that I can get internship in London although I'm from continental Europe.
The best is to get some contacts and networking connections. This increases your chances of getting an internship. I'd look for someone who works at a BB or hedge fund who you can find is from your Scandinavian country. He/She would be far more interested in helping you then because you have something in common.
In terms of getting the internship, you have the whole Visa problem, but if it's a big firm that's hiring now it's not out of the possibility. If you can't get a Visa, try looking for banks and hedge funds inside your Scandinavian country because that will at least help you get some experience. Then maybe later on, a London bank would be willing to sponsor you. The process is different for everyone.
People from Scandinavia go to London for summer internships all the time. Unfortunately, as the hiring is not so hot right now they do concentrate more on target schools (for example Handels / Stockholm). In most cases the people who go there are closer to getting their Master's and also have some relevant experience. I would advice to get some experience from your home country first and also having top grades. Then get the M&I format for CV, learn to master CL and hope for interviews.
A couple of my friends have had internships at BB banks in London, and they told me that people come from all over Europe - including Scandinavia. So if you're as smart as your WSO username indicates, you should have a decent chance to at least get an interview. Also, I don't think that recruiting in Europe is as networking-based as in the US. If you don't know anyone in London, then you try to send out some applications. The deadlines are usually a little earlier than elsewhere (Nov-Dec instead on Dec-Jan); you should be able to find info at the banks' webpages.
The whole Visa issue that "blackjack21" talks about is absolutely nonsense. Because it's within the European Union, all you need to work in London is a flight ticket and a place to crash at night. No Visa, no sponsorship, no bullshit.
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