1st year 4 year course should do 3 month internship in compliance or apply to something else
I have a guaranteed chance to get into a role where I'm supporting the compliance team at my Gfs Dads friends firm or I could apply to many smaller banks and try and get an summer internship there. The issue is I'm 1st year on a 4 year course(placement) , so there are almost no opportunities for internships (must be penultimate year) at anywhere big. Also a non-target Russel group. Like everyone I'm aiming for M&A at BB but due to my course being pretty maths orientated I could pivot to a role in S&T.
What are peoples opinions on what I should do ? Heard a lot about MO/BO early in your career binds you to that.
Leveraging the insights from the WSO dataset, here's a strategic approach to your situation:
Take the Compliance Internship: Given your current year in the course and the limited availability of internships for first-year students, securing an internship in compliance can be a valuable experience. It introduces you to the regulatory environment of the financial industry, which is crucial knowledge regardless of your future role. Remember, early exposure, even in compliance, can set a foundation for understanding the broader operational aspects of a bank.
Network and Learn: Use this opportunity to network within the firm. Express your interest in exploring other areas, such as M&A or S&T. Networking can open doors to shadowing opportunities or informal mentoring, providing insights into these divisions.
Skill Development: Focus on developing skills relevant to your target roles during your internship. For instance, if you're interested in S&T, gaining a strong understanding of financial regulations can be an asset. For M&A, understanding compliance can help you navigate due diligence processes more effectively.
Leverage the Experience in Future Applications: When applying for internships in your penultimate year, highlight how your compliance internship provided you with a unique perspective on the importance of regulatory frameworks in financial transactions. Emphasize any transferable skills you developed.
Consider Smaller Banks for Next Summer: As you've noted, smaller banks can offer more hands-on experience and potentially more exposure to the areas you're interested in. Based on the WSO discussions, experiences at smaller banks can be incredibly valuable and sometimes offer more substantial learning opportunities than larger firms.
Continuous Learning: Regardless of your internship, stay proactive in learning about M&A and S&T. Utilize resources like WSO, online courses, and financial news to build your knowledge base.
In conclusion, while a compliance role might not directly align with M&A or S&T, it can still offer valuable experience and serve as a stepping stone towards your goals. Use this time to build a solid foundation, network, and position yourself for future opportunities in your desired field.
Sources: What offers would you take over a BB S&T?, Non-target average student declined BB trading ops offer, now having some second thoughts, Non-Target to MM IB: My Advice, Small sophomore internships are still gold, Offer Decision Help Needed
Bump
My view is that something in Big 4 is something you should consider - fantastic brand and hopefully provides a good backup (IB will not be easy with a non-target background).
You should apply for IB roles regardless - limited downside.
If you don't get anything then this internship is still additive. You're a 1st year so you have time, and that's important (my advice would be different otherwise). It shows a bit of hustle and gives you the foundation of a story where you discover IB through this role, networked (etc. etc.) and found your true calling (etc. etc.)
Best of luck
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