UK Summers 2024 - Bad Cycle or Just me?
So, I’m doing my masters at a top MiM/MiF in the UK this year and I’m Indian. Not sure what’s up with recruiting, but it’s been a bloodbath. Can’t seem to even get shortlists, have had only a TI which I somehow didn’t pass despite answering everything properly. I thought it was just OT fuckups, but my math has always been on point and I see people who definitely have worse math skills getting shortlists for BBs and EBs.
At this point I’m just stumped because career services just seems to tell me “you have a great profile but even we can’t tell how your recruiting cycle will be.”
Is Indian front office IB work ex discounted so much that I can’t even land a summer analyst IB interview in London?
Current LSE student with 3-4 previous internships speaking here.
This year has been shit I'll be honest. Way too competitive due to trackers being introduced and everyone applying the same day and the GCs like Bristol Tracker.
It's no excuse and I guess we gotta up our game.
Try recruiting for boutiques - I've managed to get a off-cycle at a MM firm, still definitely doable.
Don't give up and good luck!
How can I find this Bristol Tracker group chat?
https://www.bristoltracker.com/?fbclid=PAAaZyV8e_EkR9P_HLscLRDUs3ZwIgQJ…
This should be it. If not search Bristol Tracker Linktree and click on the spreadsheet.
Hi, currently planning next year's recruitment. If given the option to apply for only 1 position at a firm would you have an easier time getting an off-cycle compared to a graduate role? I heard Off-cycle are far harder to get but also heard graduate roles are impossible to get w/o experience so Ig going by that Off-cycle would be the easier route? How was your experience recruiting for off-cycles
I got very lucky with mine. Tbh mine is more like a industrial year gig - 9 months total at a MM shop. I applied for an internship and they didn't specify the length on the website so I just applied and did a couple rounds of interviews and a case study
I have not personally recruited for Off-cycles but I guess I would recommend them over summers that you have to cold-call for if your technicals are good and you have some experience in the division your applying for. I know a couple guys who had some M&A experience but at a local corp finance firm and worked on a deal and it was enough to get an off cycle at a decent shop.
Do you think it'll be any better next year for springs? Currently go to target and planning to apply next year (1st yr of 4 yr course)
Doubt it, the obsessive culture and trackers are likely here to stay so might as well buckle in
Hey, can I PM you regarding some LSE specific questions?
Sure I'll send you a DM
At first glance it seems that this cycle has been hard.
I think the combination of difficult macroeconomic conditions and the spread of information via trackers and WhatsApp chats with 1,000+ people on them all applying first day hasn’t helped either.
Nevertheless, good luck and I hope everything works out.
Terrible cycle indeed.
So many penultimate years failing to get summers then applying for springs instead, which is making springs competitive as well. This cycle will have large impacts on future years.
And they get spring offers???
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Bruh how's that allowed. Thought banks only specific 1st or 2nd yrs (in 4 yr course)
Not sure why people blame trackers. LSE had a very popular one (and easily accessible) 3y ago when I was doing my applications. Am i missing something?
These ones are on steroids (algorithm updates a new opening instantly when they release), something that isn’t on the lse tracker. Plus they are generally more known now.
Trackers have been present for at least 3 years now?
The competition was always going to be stiff but the market conditions arguably made it much harder imo
1. Bad market
2. More and more people getting to know what IB is and how much it pays, so expect to be more and more competitive each year it passes
but point 2 is good, it means that in 15-20 years from now, because of so much demand for white collar jobs and less supply for blue collar jobs, the last will be paying more than some office jobs, so let's see, can't wait to advise my kid to work in construction if he wants to be a millionaire instead of Oxford/IB
this is already happening, at least in the UK...
Yep you can easily earn 6 figures as a tradesman.
I imagine it's awful for your body tho long term
As a counterpoint. I did around 90 applications and got to 9 ACs. I wouldn't say I have an insane background. Semi target, a couple of spring weeks, slightly related summer, multiple leadership roles, non diversity. Have I just been very lucky? I also sunk a shit ton of time into perfecting interviews so maybe that was the differentiator.
would love to know if you have any tips / resources for someone beginning university next year.
Insanely overprepare. Start as early as you can because it takes so much time. Tailor CLs and HV answers to each firm and of course research and prepare for interviews.
As a student thanks for this comment.
Ik IB is very competitive but this gives me hope with all the doom and gloom.
MSc Finance at a target school in Europe, 1 BB internship and 1 LMM PE internship, former elite athlete, speak 3 European languages.
Recruiting for SA in London has been truly competitive this year. I landed interviews at 6-7 places but only managed to secure 1 offer at a low BB. Many of my classmates with similar profiles haven't gotten anything and are delaying their graduation date, so I assume next year will be even crazier especially if activity doesn't recover as expected.
Thats something I had not thought about, a bad year has lagging effects through time because the ppl who didnt get offers (as a result of a bad year) apply next year as final year students or get into a MSc. That makes it really hard out there for the typical penultimate year undergrad to break in
And that's without mentioning that some banks have asked the interns who converted to postpone their FT starting dates. So all in all, more supply, less demand.
Would this only affect SA or also SWs next year?
What’s your immigration status? It’s going to be harder if you don’t have indefinite leave to remain.
And also the standard of maths skills isn’t that high for IB so that really won’t be a factor in recruiting.
It’s only going to get worse
Got my two year post-graduate visa from December next year. Considering extending my masters till March 2025, but honestly I don’t know how much of a difference that will make.
Everybody is in the same boat. If you're at LBS i dont know if I'd drop the 13k extra to "extend"
This isn’t really a factor. All BB/EB will sponsor and you have the graduate visa for 2 years. The issue is OP is likely an Indian male with no language skills, it’s 3 strikes and you’re out.
Weirdly, I have seen Indian dudes (from India, no UK citizenship) get BBs and PE out of LBS MFA. No idea how but somehow it works out for them.
Yeah, it's a tough year unfortunately, I thought last year was bad. At this point, you just have to keep applying until something sticks.
Some have offers on the S&T side but I feel that always tends to be more meritocratic than M&A/IB hiring.
Why exactly is S&T more meritocratic?
Is it a target MSc?
S&T hiring is not more meritocratic at all?? Filled with complete non-targets or diversity/women hires that get pushed into sales
You are not wrong. I just think S&T feels less random on the technical side (trading, quant and structuring).
As I had a technical background, I always got interviews for S&T (and had offers before deciding against it) with little to no work exp. However, not the same for M&A - even after I got relevant work exp (internship). Meanwhile, "diversity" and others got in with nothing.
So obviously S&T also has people being funnelled into it but I don't think it's as bad as M&A.
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