Leveraged Finance vs Coverage Summer Internship 2023
I will be applying to summer internships in London, for 2023
I am unsure of whether to apply for leveraged finance or coverage roles.
Whilst I think I'd enjoy both as an internship, and would be more than happy with either as a graduate role, I thought that Leveraged Finance would be slightly less competitive to get into.
However, in light of rising interest rates and a (most-likely) coming recession, I'm wondering:
1) Will leveraged finance deal-making activity be reduced in light of macro-conditions?
2) Will this affect recruiting for summer internships? (As in number of spots available)
Many thanks
Apply to everything. You don’t have the offers yet to pick and choose.
Thanks for replying
However, when it comes to applying, I will have to specify on the covering letter/ in a hireview the exact position, right? If I’ve applied to both and have given reasons specifically as to why I want to work in leveraged finance/capital markets, is it not going to automatically ruin my chances at coverage?
cheers
Pretty sure BofA is the only place that recruit separately for levfin SA, not sure there are others (ie you have to get an offer before levfin vs coverage becomes a question). If you think levfin is easier to get into, by all means go for it lol. As to how this will affect recruiting I’m not sure, some teams would want people who can hit the ground running and others would be more willing to train you if they’re not in their busiest periods. I wouldn’t speculate. Apply for everything and then make a decision, not the other way around.
Agree with the above. I know GS makes you recruit for either their financing or classic. In that case they tell people to pick what interests them more/what work style is better fitting.
Doesn’t BAML let you apply to up to 3 divisions? I could be totally wrong though.
That’s incorrect, you don’t get to indicate any preference until getting an offer from GS. With BofA (and most other places) you can only submit 1 app per recruiting cycle for EMEA programs; you can apply through different accounts but pretty sure BofA clock on to this.
Yes you do. Check the application site. You have to choose between classic or financing and can’t choose both of them.
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