Chances of landing London IB FT
A bit about my proifle:
Last year MSc Fin student at a target although not top tier uni
Summering in a top BB in London doing ER. Previous OC in ER in a small bank and I'll start an OC in a decent L/S HF right after my summer.
I also have international experiences, european languages and decent ECs so I pressume my profile would be competitive for summers/OC again. Nonetheless, is my profle strong enough for FT recruiting at EB/BB since I lack previous M&A experience?
Thx for your feedback monkeys!
My understanding is that generally it would not be sufficiently competitive to go into other institutions of a similar level (top BBs and boutiques) but might be enough for smaller boutiques (Gleacher Shacklock / Baird / FTP). Even then would likely only get you into the process and wouldn't make you a shoo-in.
You might be able to spin the SA into a FT interview for IB at your summer firm if you perform well and get the offer but that would likely be the best case scenario.
In my experience banks tend to be very cautious in London about bringing people onto FT without any IB at all. Have seen it happen but only under specific circumstances.
Interested to hear why you think that is? Also what circumstances would they bring in people at the FT level
Broadly it's because there is no shortage of applicants who are very qualified. In a typical year conversion is ~60% for most banks leaving ~40% to re-recruit. Banks tend to then recruit the remainder of their FT analyst classes from this 40% who have already done a SA / OC stint.
The stronger banks may also pull people who converted their summer into their FT pool (tends to happen quite a lot for GS). Between this and the 40% above there isn't much room for people who haven't done a SA / OC stint to go for FT.
For the top tier firms the only way to really go straight to FT other than the ways above is to be a final year / Masters student on the firm's Spring Week. If this is the case and the individual is very strong or improves the demographic profile of the analyst class (or both) then they may get bumped up to the FT class a year early.
Only goal of landing IB is to expand my exit opps besides the L/S or Long Only exit that a good ER gig can provide. The future in the public equities space is not promising at all, so I would like to have doors open in the distressed/special sits HF space too (not specially interested in vanilla PE). I guess the names you mention cannot provide the kind of exits I am looking for, so I am already assuming my best shot would be to apply to summers/OC again.
Buuuump!
FWIW, There is a profile of someone joining MBD GS without any experience, and they went to a SEVERE non target, and had poor a levels. Not naming/sharing the profile but this is the bullshit qualified candidates like yourself are up against.
GS MBD FT without relevant experience from a non target uni? Maybe, this candidate falls in the minority bucket... certainly not my case TBH.
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