How to pass through screening in this case?
So we know that summer internships or internships in general are open to students in their penultimate year of study, at least in London this is the case.
Well next year Im gonna a senior and I plan to pursue an Msc in Finance the year after.
So technically I ll be in my penultimate year of study (next year, my fourth year), thing is that by the time I ll apply I won't have already an offer from grad school yet, so I m not gonna be able to state anything on my resume.
How to avoid to be dinged because of that ? How/where should I state that I m gonna pursue an Msc afterwards ?
If I were in your situation, I would put it on my resume, unless you have a major concern that you won't be accepted into any of the schools you applied to. You could just add another bullet point under your "Education" section saying you'll be pursuing and finishing an Msc in Finance during the 2009-2010 academic year, or something like that.
This could be an issue if you get an interview and they ask where you'll be going, but if you get that far at least you'll be able to explain the situation.
Good idea, I'd like to have a banker's point of view on that ?
Banks are a lot less likely to hire you if they know you will be unavailable the following year. In my experience at BB in London (admittedly not IB), I was made an offer after internship and tried to defer to do a gap year and they said no, but I decided to go with the gap year anyways. Recruiters want as many summer analysts who are made offers to accept them, they don't want to hire kids who might be great, but would say no to an offer to go do a masters etc.
My opinion would be to leave it off the CV completely, and bring it up once it is confirmed and you start your internship.
But doesn't that contradict the fact that they require applicants to be in their penultimate year of studies? If this were the case, wouldn't they be asking for students in their last year of studies? If I understand correctly, the OP is talking about a one-year master's program (correct me if I am wrong), which would put him exactly in the right position to be applying for a summer internship.
I have to disagree with you on this Bananaman, I think in the current shitty hiring market, banks won't care so much about a candidate not being available to start work next year.
The MM i-bank I worked at last summer gave deferred FT offers to 100% of the people who asked to have their offers deferred to the next year
It is a one year programme (Sept 2009 - June 2010)
Banks (at least in London) only take for interns students in their penultimate year of study, and for many reasons but this is not the debate, this is a fact.
Problem is: how should I do to let them know I will be in the right position, even if I don't know where Im gonna do this Msc by the time I will apply ?
Why don't you just get in touch with HR at the banks you are interested in and ask them directly if you are that worried about this?
It's a complete myth that all summer interns are in penultimate year, MS in London have had summer interns ranging from first year of university right up to guys who were 26/27 (perhaps even older) and had already had FT work experience elsewhere.
Don't let the 'penultimate year' criterion worry you too much
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