just how much more difficult are NY positions to get
(Monkey, 47
Points)
on 4/2/07 at 4:52am
is applying for IB job in NY more difficult that in London? I'm from a target in the US and my process of applying to banks in NY seems so much more competitive and intense than that of my friends in the UK who are attending Oxford and Cambridge. They don't have any prior finance experience and they can easily get interviews. Whereas here at my target, around 500 submit resumes for each job and only 30 resumes get picked for interivew. Is the process in the UK just more laid back and less competitive? Comments.
HQ
Most banks are based in NY. If you want to be in the center, that's where you have to be. Also, deal flow is key. I read in NYTimes that London is a great place to work.
+SEO Career Program, Investment Banking
http://www.seo-usa.org/career/default.asp?page_id=99
+Excel 2007, Webcasts
http://www.microsoft.com/events/series/officesyste...
Oxbridge
Oxbridge = Harvard
There are early on-campus interviews. Competition is fierce. Because of the grading system--only predicted marks are given-first, 2.1, 2.2, etc.
Lean heavy on EC and prior work experience.
Also candidates go to an AC where additional testing, interviews, group discussions, presentations take place.
I actually think IB in London is more difficult, more competitive to get into. Also being EU, you have many bright, talented candidates.
Your friends are fortunate and at the right school for entering IB. Plus Brits have a different cultural attitude,with the stiff upper lip, about the entire process and their fortune/ misfortune of landing a position.
Not true
"I actually think IB in London is more difficult, more competitive to get into. Also being EU, you have many bright, talented candidates"
Candidates from overseas (EU non UK citizens) are only considered for a couple of positions at each bank.. As a Brit it is much easier to get a position compared to EU citizens..
The total amount of applications from the UK is probably much lower when comparing the to the US..
If you look at the resume
If you look at the resume books for London banks there are many more than just a couple from HEC, Bocconi...
I also suspect that London is preferred over ny by IIM and IIT students.
Commenting on the 'total amount of applications' does not mean anything. You need to consider the total no. of places and the quality of applicants.
agree
tallon, I agree.
There are so many qualified internationals recruited. As well as UK Unis with large number of very talented applicants...
Re: HQ
Most banks are based in NY. If you want to be in the center, that's where you have to be. Also, deal flow is key. I read in NYTimes that London is a great place to work.
Back to this discussion that has been hashed out before--London beat out NYC in numbers last year.
And HK had a one off as well.
I asked HR at my BB bank
I asked HR at my BB bank this very question, and they told me the London numbers were more competitive. I do take this in stride though, this is the London-based HR.
student22 - 'As a Brit it is
student22 - 'As a Brit it is much easier to get a position compared to EU citizens'
what matters is not your nationality but your qualifications. as i have mentioned there are many strong european universities. european students also have the advantage that they speak french/german/italian in addition to english.
Qualifications don't matter,
Qualifications don't matter, ask your hr.. my friends in europe asked hr.. hr of all major banks told them that overseas people (non UK Europeans) are only considered for specific teams in which they need the language skills which means max. 5 persons per country per year for the full time class
if you categorize all full time starters in london per bank you willl see > 75% is UK citizen...
You originally say 'a
You originally say 'a couple' now 'max. 5' but I believe that the number is even higher. Yes, off course it is harder for a french guy to get into London than Paris but my point is that your numbers are wrong.
Full time class at London BB for IBD ~60
I would say:
Around 10-15% (~7) are non UK Europe
An additional 5+% (3+) are from India
And 5+% are from US
Ok, fair enough, the numbers
Ok, fair enough, the numbers might differ slightly, but the point is , it is not harder because non-UK lack qualifications.
To be honest I think non-UK have far better qualifications, they all have masters in relevant fields such as finance or difficult fields such as engineering whereas UK people even with a bachelors in history or languages can get a job in IBD (this is not possible in the non-UK countries, those kind of people with those kind of degrees usually get jobs such as becoming a teacher at a high school or end up in HR)
It is much harder because you are simply not considered for the position because you are non-UK.
UK citizens only compete with UK citizens for a job in London, French only with French...
Well there seemed to be a
Well there seemed to be a lot of EU citizens at the interviews this Autumn, in fact there were a few where I was in the vast minority being a white native english speaker... Admitedly I don't know what percent of them got jobs but I would be pretty certain it wasn't just 10% of the intake seeing as they comprised far more of the final round pool. You don't need me to point out how much of deal flow is cross border or the fact that so few british students speak another european language to a proper fluent standard. A lot of the Europeans seemed to have masters, mainly in finance, whereas those from UK unis (both british and foreign) were predominately undergraduates.
Back to the original post, what stage of applications are you talking about? For FT positions having some financial experience is definately a major plus but for internships it isn't expected at all, perhaps because americans seem more into placing an onus on extra curricular activities. As for the actual interview process, it depends on the banks, some were only a few interviews while others were day long assessment centres, the equivalent of your super saturdays but more practical with roleplays etc (which were a total load of crap, interviews are 10x better).
Student22 where are you from, you seem to constantly be making lots of statments without backing them up (ie. my friends say), and with English like that you certainly can't be studying in the UK as you have implied before.
i agree oconnor - student22
i agree oconnor - student22 does seem to come up with a lot of rubbish.
Just to clarify on my post - the 10-15% does not include europeans studying in the UK at oxbridge, lse etc, just those studying at european universities.
It depends on the role etc.
It depends on the role etc.
You get a lot of french in london due to the work conditions / tax rates in France. So for certain areas it makes sense to be French!
Is it easier to get into IB in London?
No
But...
If you are an american from Harvard, Princeton etc. you will stick out as someone very different compared to the typical Oxford, HEC, Cambridge etc.
how are Harvard/Princton
how are Harvard/Princton people different from Oxbridge types?
.
I think he meant Harvard
First of all Harvard is WAY
ratul thats crap - the
why is harvard better than
Just to throw this out there
The OP's oxbridge friends
I used to live there (middle
the U.S. could never
I don't see why the tests
Tests or no tests, if you
Disagree on the female