Summer internship offer at Lloyds
Recently, I’ve been spiralling in misery over the fact that I didn’t secure a good summer internship in actual corporate banking or markets. Then, last week, I got a call — an offer from Lloyds in their Corporate Banking and Markets division. I was overjoyed, because even though it may not be considered a “top” bank to gain experience in, it is at least within the division I want to pursue a career in.
However, not long after, I’m sure you can imagine, I allowed myself to do what everyone in the industry does: diminish my achievement and start thinking about how, at Lloyds, it can feel like a bit of a dead end in terms of career progression — especially when people on this forum describe it as the lowest of the low. I understand it’s not amazing, but it surely can’t be that bad.
I’m still considering pursuing a master’s, and I think this internship is good experience. Initially, I thought maybe I wouldn’t need a master’s because I could move laterally. And then I wondered whether I might even realise there’s more to life than one’s career and stay at Lloyds, which seems to have one of the best work–life balances relative to pay, with senior associates (typically reached 3–4 years after graduating) making over £90k and enjoying a great WLB.
So I’m really torn, and I’ve essentially come here to ramble and see what advice people might be able to give me.
TL;DR: Should I stay with Lloyds if I get a return offer and then move laterally with the option to stay for the great WLB, or should I definitely do a masters and reapply for summer next cycle.
Sorry for the lack of structure and direction this was written without editing or re-reading, within about 3-4 minutes.
Securing a summer internship at Lloyds in their Corporate Banking and Markets division is a solid achievement, especially since it aligns with your career interests. Based on the most helpful WSO content, here’s how you might approach your situation:
Value of the Lloyds Internship:
While Lloyds may not have the prestige of a BB (Bulge Bracket) or EB (Elite Boutique), it’s still a respected name in the UK market. The experience you gain in Corporate Banking and Markets will be valuable, especially if you perform well and build strong relationships. It’s a good stepping stone, and many professionals have successfully moved laterally from similar positions.
Master’s vs. Lateral Move:
Work-Life Balance (WLB) vs. Prestige:
Lloyds is known for offering a better work-life balance compared to BBs or EBs, which can be a significant advantage if you value quality of life. Senior associates earning over £90k with good WLB is a compelling reason to consider staying, especially if you find the work fulfilling. However, if long-term career progression and prestige are your priorities, moving to a BB or EB might be more aligned with your goals.
Next Steps:
Ultimately, there’s no one-size-fits-all answer. Both paths have their merits, and your decision should align with your long-term goals and personal values.
Sources: International Student - Chance of getting an IBD internship in London?, European Master in Finance programmes (pre-experience), https://www.wallstreetoasis.com/forum/investment-banking/investment-banking-in-the-uk-an-overview?customgpt=1, Loyalty v career progression
Take what you get, the job market is cooked. After a year or 2 im sure you can lateral easily.
What is the team I should aim to get for best chances of lateral, not specific to them but more generally?
any top corporate banking group.
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