London Summer Analyst Recruiting is so random
Making this post just as I am a little confused. Is the recruiting system in London for summer analyst random and luck based?
I know many candidates and friends with vast relevant experience, great university, great personality and very hard working not receive a single interview at BB/EB, yet plenty of no relevant experience candidates that score tier 1 internships. I'm not hating, I'm fortunate enough to have an offer for a BB in IBD, but is London recruiting really this much more luck based than other countries? What makes a candidate get into the interview stage in London?
Also, what is the deal with spring week hiring.
I speak from a target:
People who had prior experience tended to land the better offers at JPM / MS / EVR.
Some really strong profiles have still failed to secure anything.
People who had little in the way of prior experience also tended to secure nothing but some were able to secure pretty good MM spots and PE offers when and where possible.
It is random, yes. I don't dispute that. I do think the chances are greater if you have prior experience in a MM / PE / ER role and could frame it in a way that was encouraging when it came to interviews.
Congrats on EVR?
so EVR is not a good offer?
I’m only pulling OPs leg, of course it’s a great offer.
You just wouldn’t normally group EVR with GS JPM
That didn't;t come from OP.
the time is coming when EVR, GS and JPM london will be in the same tier. EVR has been taking very good candidates past three years
I'm very happy for those with great profiles and have put in a lot of effort to gain experience (especially for those from less fortunate backgrounds). Also I understand that a lot more goes into hiring than simply merit. Personally I know the grind, so I'm more so speaking on the side of the 'really strong profiles that have still failed to secure anything'. I am especially more curious about how 'below average' candidates are able to secure interviews that these 'really strong' profiles never get. A bit disappointing as they'll not get the chance to show off what they know or have done during an interview which they never got.
I've always wondered what makes HR think, I'll let this candidate with a below average profile interview rather than candidate with a fantastic profile.
If it helps, I got an MM offer. I however am not fussed... why?
Those "Below Average" hires will get weeded out over time as time goes on. Yes, they'll be an AN1 / AN2 but they won't last long in this industry as they're going to be graded come EOY.
Lateral markets for IB AN2 / AS1s are very common from MMs because they aren't going to hire below average AN2s who can't put together a model without a rationale. Also, having an MM on my CV alongside a very solid OC I'm doing later in the year is going to put me in good stead for grad roles and OCs whenever I feel like applying to them.
I also am covering a vertical that I know no "below average" candidate can even remotely understand at the level I do. Come interviews, I'm 99% sure next year they'll get pushed out because they can't cover my vertical at all to the same level I can.
Don't be fussed about SAs: it sucks you struck out but it's not even close to the end of the line.
Same in the US bro (at least for MBA recruiting)
At least in the USA, networking has significantly more power and can help you secure a first round interview.
Not true. HR still has power over the list of students getting first-round interviews...
When HR are involved, as they often are, in running graduate hiring. There is no logic and its certainly not meritocratic.
This summer we saw over 80% of the summer intake as DEI. That tells you enough.
I've heard interviews are fairly straight forward nowadays at BB too, takes away the opportunity for more well-versed candidates to differentiate themselves and show what they know.
word on the street is Lockwood does not work at a BB
Ah this time of year when the summer offers flood linkedin and the forums whine about randomness in London.
To be very honest, most top candidates at my target and the other targets I have seen have landed good offers at top BB or Buy-Side.That being said there has been a lot of diversity (women/black) with average profiles bagging JPM offers, whilst some very good candidates with previous IB internships have ended up at Citi/DB.
Also seeing a big divergence between people who got many springs and people who were successful in summers. Them guys that were farming shit springs 5-6+ at KPMG, Schroders and HSBC aren't doing so well now
I think the fact that some (average / below average) profiles have a better chance and at least get an interview compared to some very very good profiles already hints to some randomness and non-merit based hiring in the hiring process for early careers which I think is disappointing.
Let me further chime in that being a strong profile doesn't mean you are the best at technicals. I'm diversity with 2 previous IB internships with an overall strong-enough profile—but I scored only 90% in my JPM technicals & failed my interview, although, an additional "weakness" on my part was "knowing too much" in certain technical topics that I say certain things that advanced finance textbooks & CFA curriculum would classify as correct—but because they are not useful to banking & bankers don't usually learn them (oxbridge/target non-finance STEM/Humanities bankers/interviewers)—such bankers will mark my answer as wrong, even though I'm technically correct (for instance, my mentioning in my JPM interview that levered FCF can in fact be used in DCF; I mentioned H-Growth model for 2-stage growth rates in my previous internship & got bad reviews from associates who have never heard of it before).
My point is that the diversity candidates you see there probably scored significantly higher than my 90% in technicals, for them to have gotten offers that I didn't get. You can blame diversity for your not getting interviews—but the diversities that get offers are likely as good or even better than you at technicals
From what I’ve seen as well it’s been pretty random for IB. I already had an offer but wanted to recruit and didn’t land anything with BB/EB. Funnily enough the only replies I got were JS and MBB even though most of my experience was IB
Any offer is extremely impressive and very well played. You should be proud of yourself! I do agree though, recruiting is pretty random.
Completely random. I applied to like 50 IB roles with the same CV and only got an interview at...Goldman
agreed.
Super random, a few of my mates who have a bunch of relevant experience in IB didn't get any interviews this recruitment cycle at all. job markets tough.
If you think this year was tough, you didn’t experience last years (2023/2024) cycle
Glad to know, I was lucky this cycle.
Funny thing is last year I got a SA offer, but this year couldn't even land a single interview at a BB
In my experience, there's a huge luck factor involved with people who don't have prior IB experience.
I come from a TAS background (1 year internship) and am trying to break into banking via summers / off cycles.
So far off cycles 0 luck and summers I got to 2 final stages for banks / advisory shops operating in the same deal size as my TAS experience (unfortunately didn't pass the final stages).
But I applied to over 200 places (I know people have been applying to more places). Although I still haven't gone the cold emailing route yet, will do that post the new year's.
So yeah to sum up, I think it's horrendous for people with 0 ib experience, somewhat manageable for relevant but not ib, and somewhat easier for prior IB (but still competitive).
So to get an internship in banking, you need an internship in banking?
I don’t think that’s true. I don’t think it matters a lot in my experience. I agree with OP a lot. This year, I saw many people get interviews at top tier firms with no experience. the process is also quite simple in the UK, e.g for J.P. And Goldman it’s just hirevue then assessment centre. And as long as you’re likeable since they stress a lot more behavioural than anything technical which even if they ask anything technical are not hard at all, you’ll get an offer.
But it is what it is, you just have to get lucky that you get an interview and if you have worked incredibly hard beforehand than just get lucky then you have truly deserved it.
there is certainly a lot of luck involved given the crazy competition and the fact that there are some vastly different profiles applying (younger UK students studying stem vs much older finance students from European business schools etc).
i am not sure that luck is as important as people may be making it out here though.
I had an admittedly strong profile (target etc.) but, via networking, managed to get a first-round at half the EBs. i was fairly rejected from one as I didn't have the sector expertise that they notoriously look for, but otherwise felt like good interview performances were rewarded. didn't make any progress with BBs as the graduation date I put in made me inegilible, but I also think the BBs look for the most cookie-cutter candidates and can overlook people with more academically or logistically diverse backgrounds.
basically what I am saying is that the hardest part is getting an interview. after that, it's much more meritocratic. getting past screening is v tough and is certainly what a prospective applicant should be working on.
good luck
I agree with what you're saying, after getting the interview it is more merit based. The problem is how random getting the interview is. Unlike you I know of many strong profiled people, including myself (though do not have as strong profile as many other people) that had referrals and networks from EB's yet got not a single interview. It's gutting because you don't have a shot at all when the random selection chooses a 'weak' profile instead. But, at the end of the day, usually only the best performers will get the offer so not really a big issue for the bank especially when there are so many applicants nowadays.
I hear a lot of people say that networking with recruiters in the UK matters a lot for first rounds, especially at MMs, EBs, etc. I've never really had great luck with this, and was wondering if you could shed some light on your networking strategy for the EB recruiters you mentioned? As in, when you got started, etc?
Appreciate the help!
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