London IB SA Recruiting as a Final Year Undergrad
Does anyone have up-to-date insights on which banks in London consider final-year students for IB SA roles?
I've heard that some banks require candidates to list an "intended Master's" to be eligible and a few take final-year students using their actual graduation date, so any colour on the specifics would be great.
Additionally, if someone lists an "intended Master's" but decides not to do it after receiving a return offer, do banks typically require them to follow through, or is it generally acceptable to change plans?
I understand this probably varies by firm, so any guidance or experiences would be much appreciated—thanks.
Based on the most helpful WSO content, here's what you need to know:
Eligibility for Final-Year Students: Many banks in London primarily target penultimate-year students for summer analyst (SA) roles. However, some banks do consider final-year undergraduates, especially if they list an "intended Master's" on their application. This is because summer internships are typically designed for candidates who are not in their ultimate year of study, as they are expected to return to school after the internship.
Listing an "Intended Master's": It's a common strategy for final-year students to list an "intended Master's" to align with the penultimate-year requirement. This approach is generally accepted during the application process. However, it’s crucial to ensure that your graduation timeline aligns with the bank's expectations for internship eligibility.
Changing Plans After a Return Offer: If you list an "intended Master's" but later decide not to pursue it after receiving a return offer, most banks are unlikely to enforce the completion of the Master's program. The key is to communicate transparently with the bank if this situation arises. Banks are generally more focused on your performance during the internship and your ability to start full-time when required.
Firm-Specific Variations: As you mentioned, policies can vary by firm. Some banks may be stricter about the "intended Master's" requirement, while others may be more flexible. Networking with current analysts or reaching out to HR can provide clarity on specific banks' policies.
For further insights, you can explore discussions on WSO forums like the one here: https://www.wallstreetoasis.com/forum/investment-banking/investment-ban…</a">Investment Banking in the UK - An Overview.
Sources: International Student - Chance of getting an IBD internship in London?, London IB Summer Internship Discussion 2018, Investment Banking in the UK - An Overview, https://www.wallstreetoasis.com/forum/investment-banking/investment-banking-in-the-uk-an-overview?customgpt=1, 20 Most Frequently Asked Questions - London Edition
generally acceptable to change plans, except some banks like DB which used to make people do the masters
Is it worth applying for a masters to get proof of an offer in order to pass background checks/placate HR, even if my intention is not to do the masters and start asap (assuming I convert successfully)?
just know that these masters generally make you pay a 10k deposit to confirm your spot, they give like 2-6 weeks to do so after you get an offer
Do you know if DB still makes people do a masters if they get a return offer?
Based off my experience from this year (note: I looked at s&t roles not IBD but likely the same policy):
Banks that accept final year SAs:
Banks that require SA applicants to be penultimate year:
Obviously not an exhaustive list.
Thank you, this is really helpful. Do you know if any other banks are as strict as Deutsche about completing the master's?
Also assuming you get a return offer as a finalist and don't do the master's, can you start FT early i.e. right after the summer? Or do you have a year off after graduating before starting FT?
Hi! Im wondering if you managed to do this and what the process looked like? Thank you!
Applied FT where possible and SA (with intended Master's) everywhere else - was in a few SA and FT processes but seems like firms are becoming more strict about the Master's trick for summers.
Would recommend the same approach (if you have done a decent summer already). The processes were slightly more intense but more meritocratic imo.
Same experience here - Master's trick is far more regulated. Many firms will completely ghost your application if you do this.
FT processes were a complete crapshoot imo - have seen incredible success with OC's instead.
Hi, could I DM you about the intended masters strategy as I am planning to try do the same.
HI! thanks for the response. If you dont mind, did you manage to land a SA / FT this way? and could you expand on what you mean by the banks are becoming stricter? Thanks!
Have sent you a DM
Hey, do you have any more advice about applying to SA in final year? Thanks!
How did it go with the intended masters method? Do you know which firms are fine with it and which completely ghost
Most companies would be fine with it, only a handful like DB are anal. Any small company e.g. ones not on Trackr definitely won't care
I would not want to work at DB let alone any small company not even on the trackr LOL
Does anyone have any personal experience with successfully receiving an offer by putting intended masters on their CV? I'd really appreciate any advice and happy to talk in DMs.
Most 3rd years do it, ignore all the fear-mongering above. Have plenty of friends who got past all screenings and further with it
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