Non-BB IB that have internships in London
Hi WSO,
I'm currently a business school student in Denmark and I'm very interested in Investment Banking and M&A.
I'm not a straight A student, but I have made pretty good process in my academic performance, I have a student job in the investment division at a credit asset management firm, and I'm active in student organizations.
Due to my subpar grades early in my studies, I am interested in getting an idea of the internship landscape in London outside of the usual suspects like GS, JPM, Citi, MS etc.
So, is there any other IB/M&A firms in London where I would have a better chance of landing an internship?
Unfortunately, I do not speak French/German/Chinese etc., so I can't really apply to internships outside of London, even though I'm more than willing to attend internships in Paris/Frankfurt/Hong Kong etc., as long as it is in IB or M&A.
Thanks in advance :-)
For right now no because all summer internships are underway. For next year, sure. You literally have all the EBs and MMs to look into outside of typical BB.
Offer rate at PJT/CTW/EVR much lower than at BBs - if you are average, you have many more chances to land a job at (let’s say) JPM/Citi/BAML than at any EB tbh
The number of applicants is also much lower, fewer people have heard of this. But agreed that on a qualified/serious candidate basis the offer rate is lower.
Only numbers I am feeling confident in sharing: Tier 1 EB 1,000+ applicants, 12 SA spots. Source: a very close friend of my family who I am mentoring and is interning in the company; they got these numbers from the HR. Don’t know figures for BBs though, but I confirm it is much easier to get an offer from a BB, especially for the summer, but be aware that your Cv needs to have a catalyst point (diversity? strong achievements? Strong internships? Networked hard?) otherwise you are just one of the thousands CVs and it’s just a matter of luck
A BB in London will receive ~5,000 applications every year for SA.
I don’t want to convince you that getting in to an EB is much more difficult than into a BB, especially because I don’t care. I am giving an advice to this guy and based on my experience, I met a bunch of people with “average” profiles (and by average I mean normal people with normal grades) when I was at a tier 1 BB and I met 0 when I was at an EB, simply because EBs (especially the American ones) hire 10/12 people and all of them have with top academic credentials from target schools and relevant internship experiences; also, most of the times, they are less interested in language skills.
To conclude, I warmly advise to apply you everywhere independently from your grades, but based on my experience, I think you could have more chances with BBs than with, for instance PJT or Evercore. Also, bear in mind that if you want to do IB on the long term, where you start is less important (i.e: saw people front baird to Ms and I know of others from MMs to tier 1/2 BBs)
I agree with all your points and was just supplying a figure for the number of applicants for BBs to match the one you gave for EBs.
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