Another nervous prospect
Target uni - econ degree, 2:1 in first year, and 4A*s at a level. Applying for London IB SAs No spring weeks, 5 week internship at a search fund (did some 3 statement modelling and comparable company analysis) No finance related extracurriculars but a lot of sport + student body leadership positions I’m applying to SAs but rly nervous seeing so many qualified candidates w spring weeks, SAs, OCs alr completed. There’s so few spots for interns and I don’t have any impressive experience like the other people applying from targets and 1:1s in their degrees. I know I have to just stick it out but it feels so demotivating to have to apply for all these internships, not hear back for months, and potentially have nothing to show for it. It’s also so difficult when there’s no way of knowing how you rank against others (except the ones w loads of exp that show off). It’s tough out here.
if someone with 4A*’s couldn’t get a spring then we’re all cooked
I didn’t apply for many springs, I wasn’t sure what I wanted to do + generally q unaware of how things worked so sent like 5 apps the day before the deadline
Realistically, the chances are slim, you might have a slight chance if you attend a top target school (Oxbridge) as well as being a diverse candidate but still, it's extremely hard at the moment. Since late 2022, securing an IB summer internship in the UK has become significantly harder simply because more people are aware of these opportunities and Masters students usually have much more experience within the industry compared to an undergraduate.
According to the Trackers Report, in the last cycle, students who had completed spring weeks had a 2x advantage in landing first-round interviews. Additionally, 64% of candidates had already completed an internship, and 36% of the applicant pool consisted of final-year students who hadn’t converted their summer internships. Mid-market (MM) firms also reported a 500% increase in applicants, with 57% of students receiving offers.
As a result, alongside other factors, it has basically become a requirement to have previous IB internships to gain serious traction with your application. Without having done spring weeks, you are at a clear disadvantage. In the past, students who missed out on spring weeks could still slip into an MM, but with the rise in applications, even smaller firms now have the pick of the top candidates.
I don’t agree with how difficult it has become for undergraduate students to break into investment banking beyond their first year of university, but unfortunately, that’s the reality at the moment.
2023/2024 Tracker report:
https://drive.google.com/file/d/1XBhJXoZQWIGlNLZWfRgKuExoycZ1ULqN/view?pli=1
Yeah I’m Oxbridge so maybe there’s luck on my side
I’m not race/gender diversity (gay Asian male)
I have an internship that gave me modelling experience, its just not at an IB
Would you say it’s worth trying to get an SA at a small boutique this year, and then re recruit for SAs next year? And either pursue the return offer early or do a masters/take a year to travel (probably the former)
You will generally have better luck with MM's or cold-emailing boutique firms yourself. Since you are Oxbridge, target firms with old-boys networks (e.g Gleacher shacklock). Regardless, it is still very hard.
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