Hello monkeys!
Just some key takeaways about investment banking in London (after a successful thread about IBD in Asia) Here’s what I have gathered and compiled from reading various sources:
- Less networking intensive to land an interview (miles below NYC, Hong Kong). Recruiting is less competitive.
- Average conversion rate from an internship to a full-time job is 50%. Direct hires for analyst positions are rare and mostly done by smaller banks that hire the people that interned at top BBs but did not receive a FT offer.
- Banks are less strict about interns being in their penultimate year. SAs can sometimes be fresh grads. *Credits to @Bloxorus"
- Banks have many tests, which are done both online and offline. They are usually timed math and logic tests! Good and bad in a way, at least you won’t end up with incompetent bankers that are in just because of their family connections (like Asia)
- Hours are like NYC, definitely less than Hong Kong
- Comp is below NYC especially due to the depreciating pound
- Work culture is similar to the US. In some banks, the MDs are a different beast altogether, but in some banks they are really friendly.
- Some knowledge of a European language is very, very helpful, especially when you’re covering the region.
- Quite difficult to break in as a foreigner if you’re not studying at a European university (although, Ivy League schools seem to be really respected). However, work visa/permit is relatively easy for these banks to get for you.
- Plenty of exit opps to PE/HF since London is a good financial hub anyway.
- Many BBs like BAML, Barclays, Citi, CS, GS, JPM, MS, UBS. Famous boutiques would be Evercore Partners, Greenhill, Lazard or Rothschild
As always, feel free to add/correct a few things! Really need a few things to add, like target schools (other that the usual Oxbridge), actual comps and exit opps.
Sources: [Investment Banking in London](http://www.wallstreetoasis.com/forums/investment-banking-in-london)
[A guide to investment banking internships in London](https://graduateland.com/sv/article/investment-banking-london)
Just want to add that banks are less strict about interns being in their penultimate year. Many SAs have already graduated and plenty have also completed a masters. If you've already graduated by the time of your SA stint most banks will allow you to start FT in January and then complete the training in the summer with everyone else.
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