IBD Internship to Markets FT
Incoming summer analyst at a (London) BB (Citi, BofA, JPM) in an industry IBD team. Wanting to change to S&T ideally a quant focused desk because my skill set is better suited and I feel like I would enjoy the work more.
I was wondering if its possible to convert to S&T FT instead of IBD and how to go about making this transition.
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Are you a penultimate year student? If so, it's better to do another summer internship in Markets because you won't be competitive against other FT applicants who are applying with Markets experience from other banks.
If you're at Citi this should be fairly easy. Simply tell them at the end of the internship (after you received your return offer) that you wish to explore another division, and they will be able to put you in an Assessment Centre for it/just put you on the programme w/o any further process.
Thanks for the advice. Yep penultimate year student, so it would be possible for me to get an internship in 3rd year. Why is this the case for Citi and not the others? Are they more relaxed about talent moving across divisions?
I don't know how things are at the other banks, they could be the same as Citi or maybe not, so I don't want to make a comment.
Yes Citi are more relaxed with people moving across divisions. Know of someone who went from CCB -> IB, someone else who interviewed from IB to Markets. They're big on retaining their talent, which shows from their historically consistent >90% return rate every year (apart from last year bcos of accidental overhiring).
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Probably like most other banks, they will take it on a case by case basis, if there is space.
Capital Markets to IBD in general, regardless of the bank, depends. ECM or LevFin? Probably an easier time. DCM? I don't know.
I would talk to someone from Citi to get a more in-depth view.
Do it after the end of internship/you receive the return.
You'll probably have to do an assessment centre for a markets grad scheme / interview with relevant people there.
But be-warned you will probably forego your IB FT offer, and given the state of the job market be careful.
Would showing a desire to work in markets forgo my FT offer, or would that only happens once I've done the AC/interviews? Also when would they take place, I assume at the end of the internship?
Yes it would. Why would they give you an offer if they know you are not interested? Banks don't want hassle - they want asses on seats.
Your AC would be the 1st grad AC with the regular cohort in the next hiring cycle.
I would take IBD offer and do it for 1 year, so you don't have the risk of doing an AC and can just transfer internally. If you have a bad day at the AC, that's your FT offer gone for both IBD and Markets.
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