Investment Banking Intern guidance

To crush your second-year IB internship applications in the UK, here's a breakdown of actionable advice based on the most helpful WSO content:

1. Preparing for Interviews and Technicals

• Resources to Learn Technicals:
  • Use the WSO Investment Banking Interview Prep Course, which is tailored for aspiring IB professionals. It covers technicals like valuation, DCF, and accounting.
  • Practice financial modeling using free or affordable resources if premium options like TTS are too expensive.
• Timing of Preparation:
  • Start early! Ideally, begin preparing during the summer before your second year. This gives you ample time to master technicals and behavioral questions.
  • Focus on understanding the basics first, then move to advanced topics like LBOs and M&A modeling.
• Distinguishing Yourself:
  • Know your story and make it memorable. Highlight unique experiences or skills that set you apart.
  • Practice mock interviews with peers or professionals to refine your delivery.

2. Balancing University Content and Internship Prep

• Time Allocation:
  • Treat internship prep like an additional course. Dedicate 5-10 hours weekly to networking, technical prep, and applications.
  • Use weekends or lighter academic weeks to intensify your focus on IB prep.
• Prioritization:
  • Stay disciplined with a schedule. Allocate specific blocks for university work and internship prep to avoid burnout.
  • Remember, strong academic performance is crucial, so don’t let your grades slip.

3. Networking and Referrals

• Ways to Network:
  • Attend university career fairs and networking events hosted by banks.
  • Leverage alumni connections through LinkedIn or your university’s alumni network.
  • Reach out to professionals for informational interviews. Focus on quality over quantity—personalized messages work best.
• Timing for Referrals:
  • Start building relationships at least 3-6 months before applications open. This gives you time to establish genuine connections.
  • Follow up periodically to stay on their radar without being pushy.
• Advice for Getting Referrals:
  • Be authentic and show genuine interest in their career journey.
  • Always spell the firm’s name correctly and tailor your outreach to the individual.

4. Exploring Other Financial Fields

• Preparation for Asset Management or Other Fields:
  • Research the specific skills and knowledge required for each field. For asset management, focus on portfolio management, market analysis, and client relations.
  • Tailor your CV and cover letter to highlight relevant experiences for each field.
• When to Focus Solely on IB:
  • If IB is your ultimate goal, prioritize it. However, applying to related fields like asset management or corporate finance can be a good backup.
  • By the time you’re in the final stages of IB applications, shift your focus entirely to IB to maximize your chances.

Final Tips:

• Spring Weeks: If you haven’t already, aim to secure a Spring Week. It’s a great stepping stone for summer internships.
• Off-Cycle Internships: Keep these in mind as a backup option, though hiring rates are lower compared to summer programs.

Good luck with your applications! With the right preparation and strategy, you’ll be well on your way to landing a top IB internship.

Sources: How should I prepare to be a good intern?, Investment Banking in the UK - An Overview, https://www.wallstreetoasis.com/forum/investment-banking/investment-banking-in-the-uk-an-overview?customgpt=1, London IB Summer Internship Discussion 2018, Non-target to BB IB SA