Aim is to break into London for 2024 as a Summer Analyst, ideally Mid to Top BB or EBs like PJT / PWP / Q.
Academics: Tier 1 Target Undergrad 2:1, Masters in Finance at LBS / LSE / HEC
Internships: Big 4 M&A, Lower Midcap TMT Boutique (think Torch / Stifel / Mooreland), early-stage VC
What do you think?
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Good chances
I was able to land a SA at an EB with a less impressive profile (Although I did a MFin at one of the target London schools, I did my undergrad at a non-target and my experience was at a local noname M&A boutique in my home country)
From my experience, the hardest part of London recruiting (for SA at least) is getting the first round. The process is extremely random. I applied for 50+ places and only had 5 first rounds (2 EBs, 1 BB, 1 MF REPE, 1 MM). You might find ppl with solid profiles getting no traction at all whereas kids with 0 experience suddenly land an AC at JPM
My best advice:
+Apply within the first two weeks after the position opened (For EBs apply within the first 3 days as they are typically done with recruiting the earliest)
+Make sure you are already polished for the hirevue and tests beforehand (Find out what tests are the same and do them with friends so that you get the highest marks)
+Attend as many networking events and ask for the HR email (I got 1 of my first rounds because I emailed HR asking for an update on the status of my application)
+As a masters student make sure you correctly fill in the graduation date 0.5/1 year later than your actual date (even tho you are a final year student)
How does that second last point with the graduation date date work? If you study at LSE/LBS where the programmes are 1 year and you start next year (Sep 2024). When do you have to say that you graduate? And do you do that in order to be considered as a 'penultimate' year student?
Yeah also interested in this point. Do they just not check or what?
I believe LBS graduation date is the year after to make you a penultimate year student? Even though the fourth term is optional. Unsure about LSE.
how do diversity have it easier for SA positions?
they only have the advantage for spring weeks
They are more likely to get a first round. I think this is because it's HR who handles the recruiting for SA and they prioritize diversity
Most of my female friends from the Masters who had no IB experience/non-target undegrad were getting many more interviews than the guys, even more than those with experience
Did you do either of LSE MFin / LBS MFA?
Was that for SA 2023 - i.e. during the economic downturn?
What kind of networking did you participate in?
5 First rounds are really worryingly low. I haven't committed to the Masters's yet, still evaluating and really not sure if I should do it or not.
I'm enrolled in one of the Masters you mentioned
Yes, the recruiting was for SA 2023, which may explain why the first round response rate was so low. However, from what I've heard, in normal times you should expect a 20% response rate on average. It's not that high (unless you are a Diversity candidate)
I applied for all the recruiting events I could find. The one on which I got the HR email was an in-person event at the firm's office
Any advice on how to prepare for the hirevue and tests beforehand? Will be attending one of the target masters and applying to SAs as well
Not sure it can get much better in terms of a profile. It definitely will not be the thing to hold you back from any opportunities. Apply broadly and should be fine! Good luck :)
Why would you want to a SA if you are a masters student though?
Much easier through SA than FT
To give context, I am about to finish my MSc at a semi-target and have a FT role lined up after struggling for SA interviews. Similarly to you I also have experience at a TMT boutique and in the LMM too.
You have a better profile than me so you should be ok, but just a heads up that a lot of banks will want penultimate year students not final years, as they will have incoming FTs from people doing a SA in 23 and teams will likely be at capacity.
Also have in mind the risk of not converting your SA and you are then pretty much screwed. With your target MSc and great experience I'd recommend going for FT or OC, but that's just me.
To give you more competition
Congrats on your internship at Stifel. FYI Mooreland is part of Stifel
How do you have Big 4 M&A experience as a first year? Possible 20 yr old?
It's definitely possible, but I did Big 4 as penultimate
100% Doable. Had a worse/less experienced profile and got a BB
Did you recruit as Undergrad or Masters?
Do you also know by any chance if there's a higher bar for Master students, even if they went to the traditional UK targets as undergrads?
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