Advice for lateraling from boutique to MM/BB
I'm a second-year international student at a semi-target in the UK. I interned at a boutique (team of ~5) last summer and am working as a part-time while in school.
SA2023 recruiting was unsuccessful for me. I ultimately want to work at an MM/BB bank. Would it be better to recruit for SA2024 or full-time?
If neither of those options work out, I will likely convert to full-time at the current boutique after graduating. I have expressed to the team my willingness to stay with them as a full-time, if they'll have me. If however, the firm does not want to hire me full-time, then would it be appropriate and effective to ask for a referral from my MD?
I'd like some advice on how should I go about lateraling. Would I still be eligible to apply to off-cycle after having completed my undergraduate degree? Can lateral be done via networking (London)?
I'm a bit confused about what you're really asking here. Would you still be eligble or an off-cycle, when? Lateral's can be done via networking, yes, but usually via either a) when a position opens up and you already know someone on the team or b) when the team is looking to hire nd someone internally mentions you before they mandate a recruiter or make a posting. Considering you're still at uni, this is something that comes several years down the line.
I personally would not ask your MD to refer you, no. Where exactly do you want them to refer you to? Unless their brother, wife, husband or best friend runs a boutique... I'm not exactly sure what they can do for you. Referals in the UK hold nowhere near as much power as the US at the junior level. Obviously if you land an interview somewhere, and they've mentioned (or you know) that they have a strong relationship, you could mention the interview to them and they may recommend you behind closed doors. The issue, however, is that it may come off in the wrong way and you'd have to inform them that you're recruiting elsewhere - AKA, I don't want to work for you. Others may disagree here, but considering the stage of your career this is my advice.
FT recruitment is a lot harder than SA as most spots are filled by return offers; those remaining are then usally taken by top of the year taregt kids or people who either a) didn't convert at their summer or b) wanted a bigger challenge. If you're eligible, I would advise you reflect on why SA2023 was unsuccessful and go for SA2024. Try and figure out why you didn't land anything and improve yourself/ CV for next year. Word of caution, do not expect to convert where you currently are; this is not a guarentee. Apply everywhere regardless.
I'm infering that you want a bigger challenge than whatever this boutique is, which is great; ambition is crucial. Don't be, however, influenced by the WSO or your friend to think that people in the real world care too much about the 'prestige' of working for GS vs. WB, for example. Put your head down and try to convert your current gig. Then, apply everywhere else. Remember - options are everything...
I really appreciate that you took the time to share your thoughts. The team has communicated in the past that they were looking for a full-time hire. I have been with the team for almost half a year now. I agree with you that nothing is guaranteed and would only go as far as thinking that they would be willing to consider hiring me full-time upon my graduation. I was planning to have a conversation with my MD, to whom I directly report, and communicate my willingness to stay full-time, and indeed I am but ultimately would want to still work at an MM/BB. If however, they don't envision hiring me full-time, then would it be appropriate to ask for a referral? I think it would not come off the wrong way if I did it this way.
I do actually enjoy working in the sector this firm specialises in. But my ambition of working at a MM/BB comes from future plans to move back to my home country where brand name from a large institution is very important. Your sharing on FT recruitment is very helpful. Thanks again.
To be eligible for SA2024, I would need to graduate in 2025 for most cases (I have seen on this forum that some firms accept SA applications from final-year students). Would it mean that I would have to study a master's degree? There are also work-arounds like declaring anticipating to study for a masters with no intention to study masters (wouldn't the firm reneg if an offer was given?) Can I confirm with you or any other people on this forum that these are workable solutions to land a SA?
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