London IBD Recruitment - Process?
Hi all,
I'm making the move to London in late-24 and wanting to get a sense for how the IBD job market is faring, expected salary, and the recruitment process. Any views appreciated.
A bit of background to me:
- Reputable university with top grades (undergrad + masters)
- I've been at a solid domestic boutique bank in Australia for close to 3 years now. Before that I spent some time in Big 4 Corporate Finance.
- Pretty well rounded experience I would say. My job is primarily mid- to large cap M&A ($200m - $1b), with some larger ECM/capital raise work as well. Sector focus has really only been consumer and technology though
Q1
My understanding from a couple of friends in London right now is the job market is ****, with some people I've talked to have been unemployed for 5+ months. What is the barometer reading on the market right now given recent cuts in Dec '23?
Q2
What does comp really look like? Average (total) comp for someone my level in Aus is ~£180k pa (assuming 100% bonus)
Q3
Recruitment - pretty used to the standard modelling / LBO tests, but is there something different about London? Do they generally perform psychometric testing?
Q4
Deals to emphasis on my CV? I've done a bunch of deals but nothing as big as the deals getting done in London (largest I did was $1.5b). I think I'm pretty happy emphasising my breadth of experience across M&A, ECM, DCM and carveouts but good to confirm
Thanks!
Based on the most helpful WSO content, here's some insight into your queries about the London IBD job market, compensation, recruitment process, and CV strategy:
Q1: London IBD Job Market - The job market in London, especially in IBD, can be quite volatile and is influenced by global economic conditions, regulatory changes, and bank-specific strategies. - As of December 2023, there have been some cuts in the industry, which suggests a tighter job market. However, this can change rapidly, and it's essential to keep networking and stay informed through platforms like WSO.
Q2: Compensation in London IBD - Compensation can vary widely depending on the bank, the level of seniority, and market conditions. - For someone with your experience, the average total compensation could be in the range of £120k to £200k, but this is a broad estimate. The WSO Salary Database could provide more specific insights.
Q3: Recruitment Process - The recruitment process in London typically includes several rounds of interviews, with a focus on technical skills, fit, and your understanding of the market. - Modelling and LBO tests are standard, but some firms may include psychometric testing as part of their assessment. It's less common in IBD but more prevalent in graduate schemes or other financial services roles.
Q4: Emphasizing Deals on Your CV - While the size of the deals is important, the complexity, your role, and the skills you demonstrated are equally significant. - Emphasize deals where you had significant responsibility, especially in M&A, ECM, DCM, and carveouts, as these experiences are transferable and valued in the London market. - Highlight any consumer and technology sector expertise, as these are active sectors and your experience could be a differentiator.
Remember to leverage the WSO Company Database and networking guides to enhance your job search strategy. Good luck with your move to London!
Sources: London Advice on current situation and transition to IBD/S&T, Graduating with a 2.2 - IBD Analyst Offer London Reneged?, London IBD - hiring analyst(s), Job Security for Incoming IBD Analysts in London, London 2023 Analyst Bonus Thread (IBD)
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