Where Do The Brits Go?

Lots of my friends (at target universities) who land interviews/AC's say that most of the people in the AC's are European (or at British universities but from a European country) with a few from Hong Kong and/or the USA. 1-2 people from British universities (usually Oxbridge) also make it.

This is a bit odd, given that British universities are considered some of the 'best' universities in the world and people already within the UK have the best networking opportunities with London firms vs international applicants, that this trend exists.

Given the tightening Visa restrictions and the lack of access for British students to work abroad it seems like the international population is at an advantage and disadvantage at the same time...

So... where are all the British students ending up?

A few of my friends said 'market roles e.g. Trading' but I have seen the class breakdown and this is not always true.

A few of my other friends said 'middle office' roles - are Brits really doomed for landing FO roles in Investment Banking?

 

Given many London teams service Europe-wide transactions, having people who can speak multiple languages is a competitive advantage. Many English students are not bi- or multi-lingual and hence automatically have a disadvantage. European students also tend to be older and their networks can particularly help in certain geographies. For instance, if you have French Grand Ecole graduates on your team there is a higher probability executives at corporates/financial sponsors would have gone to the same school.

There are a number of banks that take on British educated staff in FO roles but you need to accept that there is Europe-wide competition for those spots.

 

HYAddict - so British people shouldn't even bother trying? Seems kinda unfair to judge based off languages given that English is used throughout Europe, no? I see the point about local knowledge but there are also UK transactions so a British person is going to be more useful then someone from a European country for example. And vice versa for European deals.

Boreed - yes that is depressing. But at the moment I don't blame them as its better then having no job. What uni did you go to?

 

I never said that British students should not try but rather when applying for London-based jobs that they will face competition from European and (to a lesser extent) Asian-based students. Languages is one factor, another is that some Europeans tend to be older than their counterparts when they enter the workforce full-time. If you are serious about an FO role in an IBD you just need to ensure you are better than other people.

 

HYAddict - ok :) Its odd you mention that European students tend to be older... is this because they do a Masters? I know a guy from Spain who landed a BB IBD summer offer who is doing a Masters but he's 20 years old atm (they normally complete school at 17, so 3 years degree makes him 20, Masters makes him 21). He said this was normal.

 

Europe is a bit of a catch-all term. French tend to be older, as well as some Germans, but this is not universal across the entire western Europe student population. The economic crisis will also drive changes in behaviour.

If I had any advice it would be to do well at university (a given), have extra-curricular activities on your CV, and pick up any employment that is around. There are literally thousands of people who send in applications and what you need to do is make your CV stand out for the right reasons. The additional stuff on your CV helps with competency-based interviews and will give an added boost when you are in those super-day/weekend stuff.

 

All else same, why would you settle for someone that only speak one language when serving the whole of Europe?

On being older: There are a ton of people needing to do their time in the military, do a bachelor and then get a masters= 24-26. You just met the outlier and none of the Scandinavians, Germans, etc.

Just hustle and be better than the rest.

CNBC sucks "This financial crisis is worse than a divorce. I've lost all my money, but the wife is still here." - Client after getting blown up
 

About the age... In Italy you usually get a 3 yrs BSc and then a 2 yrs MSc so you usually start as an analyst when you are 24-25. Having said that, you can also find older analyst. For instance, I used to work with an analyst who started (first year analyst) when he was 27 (3 yrs BSc in engineering + 2 yrs MSc in engineering + 1 yr MSc in Economics + 6 months internship in PE + 4 months internship in banking). About the nationality, in London there are some banks that prefer to recruit brits (Lazard and Cazenove).

I'm grateful that I have two middle fingers, I only wish I had more.
 
Best Response

I don't mean this in a rude way but your friend is wrong. The plurality though not majority of people who work in IBD (at least MS GS Citi JPM) are English. Your friend might get that impression from interviews and ACS since English uni student tend to have On campus interviews.

It might seem weird to people in the US that banks are based in London but not everyone is British. New York offices tend to be 90 percent American. The London offices are probably 45 percent English. As some of the above have said, given the coverage universe is Europe, you have a good amount of French, Germans, Italians, etc.

 

Why big4/consultancies? Why?

It’s true that are more senior levels a lot of people tend to be British but I have seen the summer/FT analyst breakdowns and most people with offers speak 1+ EU languages. Maybe it’s an emerging trend?

Btw - English uni students don’t have on campus interviews - we have to go to their office to interview :) It’s a bit different in the USA though.

 

i always think its such a waste when i see my oxbridge mates end up at the big 4

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 

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