FT IB Recruiting in the UK – Any Hope Without SA?
Hey all,
I’m an international student graduating from LSE with a Master’s degree in 2 months, and currently recruiting for FT analyst roles(2026) at BBs, MMs, and EBs here in the UK.
I have prior IB internship experience back home, but nothing here in the UK or with well-known brand names. Just wanted to ask how much of FT IB recruitment in London is already filled through summer interns being converted to FT roles?
Basically, are FT grad schemes still open in any meaningful way for external candidates without a prior SA at the same bank, or is most of it already “spoken for”?
Would appreciate any insights trying to figure out if I’m still in the game or just blindly applying at this point. Thanks in advance.
Full-time IB recruitment in London is indeed challenging without prior Summer Analyst (SA) experience at the same bank. Based on the most helpful WSO content, here’s what you need to know:
Majority of FT Roles Are Filled by SAs: A significant portion of full-time analyst positions at BBs and EBs in London are filled through conversions from their summer internship programs. For example, at some firms like Lazard, 100% of summer analyst roles have been converted to full-time positions in recent years, leaving no open spots for external candidates. Similarly, at other banks, 80% or more of FT roles are typically filled by summer interns.
Opportunities for External Candidates: While the majority of roles are spoken for, there are still some opportunities for external candidates. These tend to be ad hoc and group-specific, depending on headcount needs after summer intern conversions. Networking with analysts and associates in specific groups can help you identify these openings.
Challenges for International Students: As an international student, visa sponsorship can add another layer of complexity. Some banks may prioritize candidates who do not require sponsorship, so it’s essential to target firms that are open to hiring international candidates.
Leverage Your Background: Your prior IB internship experience, even if it’s not in the UK or with a well-known brand, can still be valuable. Highlight transferable skills and demonstrate your ability to adapt to the UK market.
Networking Is Key: Since FT hiring is often unstructured and opaque, networking is critical. Reach out to alumni, attend events, and set up coffee chats to get your name in front of decision-makers. This can help you uncover hidden opportunities and make a stronger case for your application.
Consider Alternative Paths: If FT roles at BBs and EBs prove elusive, you might explore other options like applying to MMs, boutiques, or even Big 4 firms with strong Corporate Finance/Transaction Services teams. These can serve as stepping stones to lateral moves into larger banks later.
While the odds are tougher without an SA, you’re not entirely out of the game. Focus on networking, targeting specific groups, and leveraging your existing experience to stand out. Good luck!
Sources: International Student - Chance of getting an IBD internship in London?, https://www.wallstreetoasis.com/forum/investment-banking/investment-banking-in-the-uk-an-overview?customgpt=1, Investment Banking in the UK - An Overview, Q&A: Incoming IB analyst – international student, survived FT recruiting twice…, London IB Summer Internship Discussion 2018
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