Peruvian Monkey enters MSc. Finance at LBS
Dear fellow monkeys,
I got admitted to MSc. Finance at LBS last November (during R2). I would like to know the odds of getting into an IB internship (also considering consulting opportunities) given my context. I would appreciate some advise on how to succeed in this topic during my stay in London. Thanks!
Brief Resume:
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Worked as an independent consultant
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No IB experience pepehands
Will give some advice as someone who also went to LBS and got into IB. I'm assuming you are going to the MFin and not the MFA.
First, the internships that are available to you are summer associates, not summer analysts, which is a problem because in London very few banks have these programs. This year (and last one) it was incredibly competitive to get into IB in London even for summer analysts so I imagine that for associates it will be even harder. (MFins don't recruit for summer analysts)
My advice is just prep as much as possible, start networking now and plan your game really well.
Additionally, have a plan B. I would recommend this even for normal interns but for associates it is imperative as your chances of getting the position without any prior experience in IB seem small.
Last advice, change your username and try to give a bit less info about yourself. You will see that there are not that many peruvians in your program and it will be pretty easy to identify you.
Best of luck and don't give up when it seems like it is impossible, we all been there.
Thank you so much for your reply and your advice, already changed my username lol
You will have noticed that most Peruvians in finance (or Latin Americans in general) do MBAs in the US and land Summer Associate roles in IB in the States
While this is common in the US, it is not in London (Europe in general). Spots for Summer Associates are way more limited and typically the guys from LBS MBA or Insead/HEC MBA get them. I havent seen anyone from the MFin break into an IB Associate role, but perhaps its because i havent met many MFin students either
In Europe, people do not usually do MBAs nor break into IB at an Associate position (such as through the Summer Assoc program). In contrast, they enrol in MScs as soon as they finish their undergrad degree or a couple of years after. Then, they apply for Summer Analysts/Off cycle or entry level analyst positions.
In addition, the market in London currently is super dry (although I expect it to improce in the next year). You have kids with 2-3 relevant IB internships and target MScs having a hard time getting a first round for entry level positions
I would say that if you want to break into IB without having to start from analyst level, the US MBA recruitment market presents much better opportunities. In London (and Europe in general), even with a good MBA it can still be an uphill battle and/or have a signifcant risk of starting from analyst level
This is good advice. In my previous comment I took as a given that you will enroll in the program, but if you really want to do IB and haven't paid any fees/can afford an US MBA, then I think the past of least resistance is to go to a target MBA in the US and recruit for a summer associate position there (plus I think you will be diversity there while in London you are not - this matters in recruiting). You may have to wait another year if you do this, but I think it is worth it, IB from the MFin is really an uphill battle.
Where do graduates from the MFin even go then? I don't see the value add as it seems like it's in-between a pre-experience master's degree and an MBA.
according to LBS, 30% of the MFin class ends up in IB and there seem to be loads of people on Linkedin from LBS who are working in the field, so I dont know
So assuming someone goes to one of these programs and has prior experience, you'd have to start off as an analyst 1? Does the fact that you have previous experience help in anyway with recruiting and/or getting promoted faster once you start off as an analyst or would have to spend 3 years at each level (Analyst, Assoc and then VP)
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