Reality making me feel deflated - IB recruiting UK
Hey all! I’m in my penultimate year of university and have been applying for summer internships at Investment Banks. I don’t go to a target university (Bristol Uni studying Maths) but I don’t think the UK cares as much about this as the US does considering there are loads from outside of target universities working as Investment Bankers.
I unfortunately was not able to do any spring weeks as I was hospitalised.
This is making getting summer internships so much harder as I know spring weeks are such a good way for people with not as much finance experience to pretty much coast their way into a full time offer.
I’m still recruiting but my first few rejections have kind of hit me harder than it should. My CV doesn’t have anything finance related just skills that are interchangeable and the experiences themselves are great just not what IB is looking for I guess?
I feel as though none of this really matters if I’ve not got any finance experience which I can’t seem to get anyway. But then again I’ve seen multiple LinkedIn’s with ppl only having retail experience and managing to get a summer internship at an Investment Bank later.
Networking I heard doesn’t really work in the U.K. which makes a lot of sense but it just makes me think there’s no other way for me to get into Investment Banking. It’s looking like I won’t get an internship next summer in Investment Banking. Anyone know what I can do? I have started to network again on LinkedIn in hopes that it would help in the future (just in case). I’m just completely deflated from reality hitting in.
Hey there! I can see why you might be feeling a bit deflated, but don't lose hope just yet. Here are a few things you might want to consider:
1) It's true that spring weeks can be a good way to get a foot in the door, but they're not the only way. Many firms offer 'off cycle' internships to people who have just left university, and while the hiring rate from these is generally lower than the classic summer programme, they're still a viable option.
2) You mentioned that you don't have any finance experience, but you do have an engineering internship at a big name and a consulting internship abroad. These are both valuable experiences that can be leveraged in your applications. It's all about how you frame it - focus on the transferable skills you gained during these internships, such as problem-solving, analytical thinking, and teamwork.
3) Networking might not be as prevalent in the UK as it is in the US, but it can still be beneficial. Try to get to know a few people from your university or that you have some kind of link to. These connections could potentially lead to opportunities down the line.
4) Timing your application is incredibly important. Make sure you have all the deadlines noted and apply as early as you can in the application process.
5) Lastly, don't be too hard on yourself. The recruitment process can be tough and rejections are part of the journey. Keep refining your approach, stay persistent, and don't lose sight of your end goal. You've got this!
Sources: International Student - Chance of getting an IBD internship in London?, https://www.wallstreetoasis.com/forum/investment-banking/investment-banking-in-the-uk-an-overview?customgpt=1, Investment Banking in the UK - An Overview
Its not over - many people in your position have taken an extra year, enrolled in a masters program and succeeded. While it may be true that your chances of landing a summer with less than optimal grades/experience is pretty much negligible at this point, reframe your outlook with an extra year to work with (from the masters) and look at the chess board that way. For example with this you could accumulate more experience and really learn to sell and leverage your ECs and leadership positions.
That makes sense. I need to figure out how to use this time wisely. I'll try to figure it all out but will also aim to network and find connections with people.
dont underestimate that medium sized enterprise
if you see potential for the business doubling in 2-3 years and you getting equity, if you were to stick to it then you could cash out big and it's the bankers who would be emailing you and hoping for an intro call.
banking is a long process - for some it takes 2 months for others 4 years. it's not over. learn your technicals (seriously, know everything - spend a few months) and push hard for IBD/PE internships at small boutiques (the ones that arent talked about on WSO). you have plenty of time. don't overthink it and just put in the work.
Any resources you could particularly recommend for PE/IB? Know of the Rosenbaum book/BIWS 400 Qs for IB, but pretty much it.
There are over 100 employees too so definitely can imagine this experience would be great and the exit opportunities are amazing. It's a non-profit organisation so I don't get paid for this role haha it's mainly for the experience and learning how it all works as in the future, I'd love to do something similar.
Are there any free resources for learning technicals? I am a low-income student so paying for the technical pdfs is quite difficult. I will definitely put in the work. Have connected with someone that I have actually become quite good "friends" with that is above a VP at a big BB. I'll try and use all the connections I can get although I think in London, networking doesn't help as much. I'll try and get something this summer but a lot of the boutiques, etc, have strict A Level requirements that stops me from applying.
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