Hi,
Context- I'm in my final year of university and I've failed to land a BB IBD Summer internship but do have a CIB Corp Banking internship at a canadian top 5 coming up this summer. What should I do after the internship is over?
-Take up an Msc in Finance at a Semi-target (but at the bottom of the list of semi targets) and try to recruit for off-cycles/FT at BBs while doing so. Unfortunately, this semi target Msc is the only one I can afford at the moment due to a number of personal reasons. Targets are out of the question :(. I'm not sure if doing this Msc will help me get any better looks from recruiters given it's not a target. Might be worth noting that my Bachelors is fairly non finance (minor in Economics), but have alot of finance related work exp.
-Just graduate and try to apply to off-cycle/full-time roles at BB IBD (I dunno what my chances will be with the a CIB corp. banking internship).
Cheers for reading
I don't think Corp banking is impressive, will not help you standout much in this market.
You should elaborate more on what that semi-target is, Vanderbilt? UNC? USC? Duke? Outcomes vary wildly depending on which of those school's you landed at.
If you can afford the Masters and it won't be a true financial burden, then why not? -- if that's what it takes to break into IB and your alternative is being unemployed lol.
You can always get an MBA down the line too.
I'm from the UK and semi-target would be along the lines of Bath, Bristol, Durham etc. Corp. banking at the bank sits within the investment banking arm so I thought it may give me a good shot as I'd be working with the deal teams.
Bump
Firstly, congrats on the internship and getting into a Master's!
I would try to network with the IBD people at your bank and see if they'd let you interview for IBD at the end of the summer. If you're in a debt role, the transition to DCM or a team like that would be easier to do than straight to M&A. In any case, if you network well over the summer, but don't get the chance to interview for IBD, then you can try to re-recruit and use your contacts for help at the same bank.
Your chances of graduating and recruiting really depends on the quality of your UG university. IMO I would network intensively over summer and try to get IBD that way. You could push for an immediate start if there are roles and use the MSc as a back up. You can pm me if you want.
Thank you and I'll Pm!
Honestly I’m not sure about most UK MSFs apart from Oxford, the good London Schools. I’m not a recruiter or anything, but the placement doesn’t look amazing from quick google searches at most semi-target MSFs for the kind of roles you are looking at.
Hello - background: also in London/U.K. target STEM under and finance post grad at EB
Here are a few comments/thoughts as my 2 cents:
1) what is your undergrad? Like others have mentioned the key to decide whether your semi target post grad will help is if your undergrad is so far out of the normal pool of unis being recruited for IB. Given you actually got an internship (regardless of what division), your undergrad clearly isn’t bad at all albeit might not be the best for IB, point is I don’t think the jump in brand name is worth it just from this perspective.
2) focus on converting CB first above everything else - when it comes to you getting the offer you can ask HR if a move to DCM (the more obvious path) or M&A/others is possible. Likely scenarios: i) you have to interview for them for FT but accelerated (straight to AC for example) II) interview for them but you have to give up your CB FT contract to do an internship in the IB division and convert again iii) no move is possible - any of the options requires you to be the top of your class so that’s your only priority from now till the end of internship
3) just looking at the semis you mentioned without considering anything else like undergrad or past experience - I think it is worth doing if you need to buy time - being a student to recruit is the easiest path. I know this contradicts my first point but this is a pure strategic play to delay graduation whether or not the uni is a big step up for your CV
Hey, appreciate the help. My undergrad is also a semi-target and does have some fair presence in BBs/EBs and I'd be doing the Msc at the same university as UG- it deffo isn't the worst place to be to recruit for IB. You're right, I'm aiming to do the Msc to just buy time and just build up the CV. My thought process is that when applying to jobs next year atleast on paper I'd look like a better candidate enrolled in a Finance Msc than not given I'm coming from a Social Science UG background. Really hope there is a way at the end for me to interview for IB FT directly as I really can't do another internship and wait another year for FT employment. Any advice on how to initiate the move to IB- should I network with the IB analysts/associates first?
Re Directly FT - In my very honest and personal opinion you dont stand a chance recruiting full time directly from your masters. Even if you went to Oxford MFE or LBS MFin you still have all the odds stacked against you without direct BB IB experience, even MM would only give you ok odds for direct recruiting. Obviously I dont know your story and why you would like to start asap if possible, but I do understand why wouldn't anyone want to start directly in FT. Look on the bright side and see that if you do the internship and convert, yes you have to wait maybe 6-12 months before you start but that is very much better than no job. I would say that do the masters and convert your internship so you always have a job after your masters. During your masters, apply to all IB summer internships (BB/EB/MM/whatever looks good and you would take over CB) and then convert the summer to start in summer 2023 latest. This way you are covered because if you convert then you can work in CB for a year which pays the same base as IB, then just quit and start IB. Whatever people tell you about not being able to apply to final year IB internships ignore it because you can (I did that very recently).
Re undergrad subject of study - really doesnt matter if you did history or other arts subject, banks only care about the reputation and the pool of targets/semis unis. Dont worry about it, at least doing finance masters gives you a logical reason to why oyu want to enter the industry although the motivation still has to come from work experience/extra curricular
Re networking - always good to network although I wouldn't network with anyone in IB in the bank you're interning until you have the offer signed and sent back, probably just me being paranoid but you never know who's talking behind your back. Network externally instead. To initiate the move you can just ask HR after you have been offered the position the worst case they can say is no but they won't take your offer away - ultimately they decide on headcounts (yes even above MDs' wishes although they can put in a good word for you for interviews etc they can't really override HR to give you a job directly) so asking them in a polite way is the easiest way forward
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