Advice on next steps regarding London SA26

Hi,

looking for advice for what steps make most sense in my position and appreciate any opinions/experience you could offer.

I study a finance-related course at a T1 uni, received awards for academic merit, bilingual w another major European language, and currently penultimate year. I did a Spring at an EB in London which I did not convert which was fully on me; at the time I underestimated the preparation needed and value of a conversion but I cannot change the past. I then did my first year summer in my home country at a reputable bank (~$30bn AuM) within their alternative assets division where I mainly did FoF work.

During this cycle, I got to 2 ACs (IB MM, Infra PE at T1 UMM) and had 3 more first rounds for IB MM/EB and 2 for T1/T2 HFs
Generally, I got through screening rounds most of the time so I think my CV/profile was sufficient for that but it seems I couldn't quite cut it in HireVues and later stages even after interviews/ACs that felt very positive. Have thought a lot about potential deficiencies in my performance and while by no means I think I was perfect in all of those, I just cannot pinpoint anything that would explain these disappointing conversion rates. Talked to our career services multiple times who also could not pinpoint anything. For reference, I applied to ~100 internships. Needless to say, after all that work it is difficult to not feel discouraged/doubt myself especially since I cannot find a specific reason, but I am keeping my head up and looking for other opportunities.

So this is where I am at. Currently applying to whatever interesting positions are still open and probably looking to reach out to firms that do not have positions publicly listed. Will also apply to opportunities in my home country. If you could offer any advice, especially if you have been in a similar position, I would greatly appreciate that.

Regardless of this year's outcome I am also considering doing a masters given my academic performance if that changes anything.

Thank you.
 

3 Comments
 

Based on the most helpful WSO content, here’s a structured approach to help you navigate your situation and improve your chances for London SA26 or other opportunities:

1. Reflect and Refine Your Interview Skills

  • Mock Interviews: Consider doing mock interviews with professionals or alumni in the industry. They can provide targeted feedback on your performance, especially for HireVues and ACs.
  • Behavioral Prep: Ensure your answers to behavioral questions are concise, impactful, and follow the STAR (Situation, Task, Action, Result) framework. Practice delivering them confidently.
  • Technical Prep: Revisit technical concepts and ensure you can explain them clearly. Use resources like WSO’s 101 Investment Banking Interview Questions to strengthen your preparation.

2. Leverage Networking

  • Reach Out to Alumni: Tap into your university’s alumni network, especially those in London or your target firms. A warm referral can significantly boost your chances.
  • Cold Outreach: Identify professionals at firms you’re interested in and send personalized messages. Highlight your background and interest in their firm, and ask for a quick chat to learn more about their experience.
  • Follow Up: For firms where you’ve already interviewed, consider reaching out to thank them for the opportunity and express continued interest. This keeps you on their radar for future openings.

3. Expand Your Search

  • Boutique Firms: Many boutique banks and smaller firms don’t have formal internship programs but may still hire interns. Reach out directly to these firms, even if they don’t have positions listed.
  • Corporate Finance Roles: Consider roles in FP&A, strategy, or corporate development at F500 companies. These can provide valuable experience and keep you in the finance ecosystem.
  • Home Country Opportunities: As you mentioned, applying to roles in your home country is a smart move. A strong performance there can serve as a springboard for future London opportunities.

4. Consider a Master’s Program

  • Given your strong academic performance, pursuing a Master’s in Finance or a related field at a top-tier institution could enhance your profile. Programs like Princeton’s MFin (as discussed in WSO threads) value academic rigor and research, which could align well with your background.
  • A master’s program can also provide access to exclusive recruiting opportunities and a chance to reset your internship trajectory.

5. Stay Resilient and Strategic

  • Learn from Rejections: While it’s tough to pinpoint specific deficiencies, use each rejection as a learning opportunity. Keep refining your approach.
  • Track Applications: Maintain a detailed log of your applications, interviews, and feedback. This can help you identify patterns and areas for improvement.
  • Stay Positive: The finance recruiting process is highly competitive, and setbacks are common. Your persistence and willingness to adapt will set you apart.

6. Additional Resources

  • Use WSO’s Networking Guide and Interview Prep Resources to further strengthen your preparation.
  • Consider certifications like the CFA if you have downtime, as they can add credibility to your profile.

By combining these strategies, you’ll position yourself strongly for future opportunities. Keep pushing forward—many successful professionals have faced similar challenges early in their careers!

Sources: Feel like I'm going to be stuck in this job, what do I do?, Advice for Princeton MFin Applicants, Advice for Princeton MFin Applicants, Advice From an Advisor to Senior Wall Streeters

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 
Most Helpful

Heya, I was in a similar situation not long ago and made a similar comment on another thread. I did not get an IB summer but did manage to get very lucky with FT recruiting and land a spot. I would not recommend that pathway, as it will be highly unlikely to yield many results. 

You are clearly a good candidate, otherwise you would not be getting interviews at all these places, so you should be proud of that. I kept applying right until the very end and managed to secure myself a summer that was IB adjacent, which definitely helped out and provided a solid fallback option. 

As it stands, your options are:

  • Apply FT - a referral at the firm is pretty much the only way this could work. Without a converted SA at another bank, the chances of making it to an interview are slim for FT roles
  • Off cycles - eg: H2 2027, Q1 2028 etc. after you graduate
  • A 2 year MSc, eg: LBS MFA - you can apply for summers again and LBS placement is very good. If you have a 1st from a target uni and good GMAT score (start prepping it now/ over the summer during whatever internship you end up at) you should be able to get in
  • A 1 year MSc, eg: Oxford MSc Financial Economics - you can apply to summers as a 3rd year and put 'Intended MSc' on your CV to extend grad date by 1 year. Of course, if you do this and inform people you will do an MSc, you cannot then go back on this after the summer
  • Some firms accept 3rd years for SA (eg: UBS) and then let you convert to FT either immediately or in Jan of the following year, so you can become an OC or take 6 months out after the SA
  • Apply to other roles eg: consulting for a 'better shot' at FT roles (many consulting FT intakes are higher than summer intakes)
  • Get a job in your home country 

Hope this helps 

 

Est autem aliquam et. Qui impedit earum earum est placeat ut. Est consectetur et nam illo minima explicabo mollitia aut. Quia facere qui atque magni.

Voluptatem omnis cumque id ut molestias aliquam ex. Optio dolor nulla dicta architecto omnis itaque accusamus labore. Et consequatur delectus iusto deserunt in dignissimos. Corporis dolorem est saepe et non esse eos quasi. Quo rerum magnam magnam iure iste ratione. Numquam molestias perspiciatis laudantium deserunt consequuntur recusandae aut.

Necessitatibus minima et ut officia itaque odit incidunt. Explicabo et porro aperiam qui explicabo.

Sint est facilis consectetur odio nemo et modi. Assumenda facilis nulla ab praesentium. Quidem ratione qui excepturi id qui incidunt cupiditate sunt. Qui non est harum tempore. Aspernatur labore tempora temporibus cum. Consequatur aliquam consequatur vel consequatur laudantium est. Delectus dolor ullam maxime architecto quis est.

Career Advancement Opportunities

September 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.4%
  • Goldman Sachs 01 97.8%
  • Morgan Stanley 07 97.3%

Overall Employee Satisfaction

September 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 98.9%
  • Evercore 01 98.4%
  • Banco Santander 02 97.8%
  • BMO Capital Markets 12 97.3%

Professional Growth Opportunities

September 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 07 98.4%
  • Goldman Sachs 01 97.8%
  • JPMorgan No 97.3%

Total Avg Compensation

September 2026 Investment Banking

  • Vice President (16) $429
  • Associates (51) $260
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (26) $182
  • Intern/Summer Associate (14) $159
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (76) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”