Breaking into Investment Banking with a consulting background
I am currently in my gap year after studying a STEM degree at a respected European STEM university. I will be starting a master’s in finance next year, don’t know where yet though.
I wanted to break into IB in London after my degree. Sadly my applications were all rejected, probably due to no previous experience in finance.
Luckily my applications related to consulting or strategy were quite successful with MBB interviews lined up.
Is it still possible to land internships or FT spots at BBs in London from a non-finance background? I don’t know if I kind of fumbled the bag with IB now due to a gap year filled with consulting and strategy internships.
I think that graduate roles will be challenging (but that's the case generally), as will be a lateral move, however I think, espeically if the other attributes of your application are strong (course, university, etc.), then with an MBB on your CV you should stand as good a chance as an MSc Finance of finding an internship. You'll of course need to articulate your story well, and explain the reason for the perceived change of heart, but that's something you can prepare for.
It's worth keeping in mind also that some of the LMM / MM PE funds like to hire consultants - they're seen as better-able to come up with an investment thesis (e.g. have experience and ideas in improving growth or cutting costs), and so can help an investment review without the need for (or reducing the scope of) CDD providers. And their portfolio teams are often full of former consultants.
Thank you! I am unsure if I want to follow the IB route, as I believe it suits my interests better but also I need to experience the hours first. I am currently leaning towards a one year masters degree, do you know if it possible to do an internship right after graduating your masters or is it only FT then?
It's not easy but it does happen. I'd encourage you to apply broadly and mix your applications between the two.
If you have a strong backup option in consulting though that's a great position to be in (I'd beware though that MBB can have a difficult WLB too - travel 4 days a week sounds fun when you imagine wining and dining in Paris but it's less fun when you're at a Travelodge in Middlesbrough)
Thank you for your answer, it really gave me some hope.
Hopefully I will be able to maybe fit in an internship at a small PE or boutique to have a better chance at next year recruiting. At some BB processes this year I am also still pending, but I am not expecting an inivitation from these applications to be fair.
Majority of UK masters students (LBS,LSE,OX) do summer internship following the master yes.
Thank you! If you are able to get the return offer, when are you able to start fulltime then?
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