What to do after 2 top BBs internship
I am extremely lucky to have secured 2 internships for 2021, the normal SA at a top 3 (JPM/MS/GS) and Credit Suisse final year internship starting from September to November.
I will have a 6 month free period starting from January until June 2022 before FT starts for both if I convert. My key question is how should I best used this period of time.
- I was really interested in doing a strategy consulting internship but apparently off-cycle in consulting is not a real thing in the UK.
- I am also considering applying to PE off-cycle for January as I saw a few but was wondering about back-up if this doesn't work./ Will doing a PE internship before analyst programme helps for PE recruitment?
Finally, in the unfortunate event I do not convert both, as the CS internship conversion rate is 20%/30% - Should apply directly to FT or aim for off-cycle given I would have graduated - also come from a pretty bad non target.
TLDR: final year SAs, how did you spend your gap year before FT
https://www.wallstreetoasis.com/forums/20-most-frequently-asked-questions-london-edition
In the above thread there are some of the answers you are looking for.
PE internship definitely helps with PE recruitment but the latter still happens basically only if you are an ibanker/consultant
If you convert either of your gigs, I'd strongly advise to go on a long vacation before your full-time stint. That's not the most original advice, but you'll probably figure this out by the end of your CS internship - good days are over and the adult life is knocking on the door.
Alternatively, you could apply for Jan OC at places like MS, BofA, GS MBD. You'd also be in a good shape to apply for OC buy-side opportunities like Bain Cap, BX, Cinven and others.
FT recruiting is generally much tougher and usually happens on ad-hoc basis.
Either way, it's too soon to be thinking about Jan 22 at this stage - I'd suggest you wait til the end of the next summer so that you have an idea where you stand and then start applying before your CS gig in Sept if you need to.
Thank you so much for this, very detailed.
I just wanted to avoid doing another IB gig if I convert but that makes sense. I was asking so early because I do a lot of my recruitment by networking and it takes time to build these relationship but you are right.
just a quick stupid question - what happens when people switch to different IB in firms in regard to the private information they hold.
Any advice for conversion is welcome ahah
Typically on your last day you'll have a sit down session with the Memory Wipe Out Team that will take care of any material private info you may have.
'good days are over' - damn, that's depressing
Shut the fuck up lmao
is the CS final year internship conversion really so low? I know off cycles, in general, have poorer conversion rates but I thought I've heard better numbers coming out of CS from that program.
If you're an extremely strong candidate I'm sure they won't forget about you re FT spots. Worst case is having to wait for an early start in next-cycle Jan/Feb if they can't slot you in during the same cycle.
Not sure about CS though but that's what I know from other banks
Actually off-cycles usually have higher conversion rates than summers
Is this for all BBs in London or only a select few?
CS Autumn Program has pretty high conversion rates, nowhere close to that 30%
Many people leave for other banks (as they have to wait until joining FT) , thats why using linkedin data is not the best way to measure conversion rates
OP here, I have done my research with people who have done it the past 2 years and that is what I heard ( I dunno the one for this year). there are also some threads on wso that says the same thing
I can tell you from 1st hand that these are myths, from my class 3/10-11 had already signed offers with other banks before starting the program and 5 of us ended up at other banks from which 4 obtained return offers at CS, so those % are not accurate at all. They are not as high as the Citi, MS, BofA, JP ones, but also true that the caliber of the profiles is not the same either
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just make sure you check the firm requirement, some firm are fine with you applying as FT and others not so much in which case, you can just planned master or something like that on ur CV.
Could someone shed some light on this? Would someone who has done a PE internship before starting their analyst stint have a significant advantage when recruiting for FT PE over candidates who have not?
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CS autumn had great conversion rates this year, while SA actually didn’t
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