Did a summer at a BB in London, didn’t convert, and have already graduated. What do people actually do in this situation? Keep doing off-cycles until someone offers FT?
I wanted to do PE eventually, but I’m worried I’ll only get FT at a much weaker bank and my chances will be pretty much gone.
Anyone been through this? Where did you end up?
| +238 | UBS Healthcare | 49 | 5d |
| +173 | Coverage Banking is Paradise | 17 | 1h |
| +49 | Lost all ambition / don’t care at all anymore | 20 | 2h |
| +49 | My Motivation Is At An All Time High | 11 | 14h |
| +38 | Are Canadians still get jobs in the US? | 20 | 11h |
| +33 | London Recruiting is Paradise | 12 | 1h |
| +26 | MM IB --> NYC IB? | 13 | 3h |
| +24 | What is the role of an analyst at your firm? | 4 | 1d |
| +21 | "Don't include firm in Cover Letter's file name" | 9 | 4d |
| +20 | Reaching out to interviewer who rejected me | 2 | 6d |
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Based on the most helpful WSO content, here’s what you need to know:
Off-Cycle Internships: Many individuals in your situation pursue off-cycle internships. These are common in London and can serve as a bridge to a full-time role. While it may take persistence, off-cycles can help you build experience, expand your network, and potentially lead to a full-time offer.
Networking: Networking is critical. Reach out to alumni, former colleagues, and industry professionals. Even if they don’t have immediate opportunities, they might connect you with someone who does. Persistence is key, and even a contact several degrees removed can lead to an opportunity.
Recruiters: Engage with recruiting firms that specialize in finance roles. A strong recommendation from a recruiter can significantly improve your chances of landing interviews.
Targeting Smaller Firms: While you may not land at a top-tier bank immediately, joining a smaller or regional firm can still provide valuable experience. Many professionals have successfully transitioned to private equity or other desired roles after gaining experience at smaller institutions.
Private Equity Path: If PE is your ultimate goal, remember that many professionals enter the field from non-traditional paths. Focus on gaining relevant experience, whether in investment banking, corporate finance, or even consulting, and leverage that to pivot into PE later.
Persistence and Resilience: Rejection is part of the process, but it only takes one opportunity to change your trajectory. Stay focused, keep improving your skills, and don’t let setbacks deter you.
If you’re worried about your long-term prospects, remember that many professionals have faced similar challenges and still achieved their goals. It’s about staying proactive, leveraging every opportunity, and keeping your end goal in sight.
Sources: Q&A: VP in Private Equity (Growth Equity + LBO)...Post-MBA...Formerly IB Analyst, Staying a third year as a PE associate vs. doing something nontraditional, Advice for London applicants, Q&A - Starting Post-MBA Megafund PE, Q&A: I made it to London. Non target-> MO -> IB London
Keep applying to off-cycles and FT in parallel
Was in your exact shoes not too long ago. Interned at an incredibly strong group think MF/ Top EB, and for headcount factors as well as structural (nepo/DEI) reasons they had to take the other interns ahead of myself. Really sucked, as I worked my absolute ass off. But life isn’t fair. The emotional feeling for the first few weeks are terrible, but keep reminding yourself that you got this far on your own, and you will continue to excel. The skill set that got you to the BB in the first place will get you somewhere solid. Your only option now is to rip emails to every firm under the sun that may be hiring either FT, off cycle, or next summer (if you can either extend or do a 1 year masters). Also stay positive - you can either send emails with a frown or a smile - it doesn’t change the outcome of the other person responding or not. I would consider looking at other regions (NYC, continental Europe). Note, people in this industry understand that a no-return isn’t necessarily your fault. It’s the view of a particular firm, a particular set of people, a particular group of interns, a particular set of circumstances. A lot of this is out of your control, and if you perform in an interview and the interviewer likes you then why should they put any weight on decisions they have little context on. Also, if asked frame your situation as a headcount issue or sponsorship: « feedback was very positive but ultimately there were structural limitations that kept them from taking me back ». To give you hope, I ended up getting an FT offer at a direct competitor to my old firm, slightly less prestigious but the work is a lot more interesting. Everything happens for a reason, and I am sure you will come out of this with a seat at a firm that suits you better!
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