Entry into the industry
Hi, currently entering second year undergrad at a UK non-target uni and studying a course that isn't straight finance or straight econ therefore probably more disadvantaged regarding entry into the industry (IB/PE/AM any of the sort). I have made ~100 applications for any sort of internship to no avail, only emails back stating 'we're pleased with your skills and background but due to a competitive market.....'. A few questions: slightly lost at this stage, I have taken courses in CISI, is it worth continuing until Level 4/5? Also is it worth getting a CFA designation, was thinking about starting the Level 1 program. What could I do next to maximise my chances for an internship next summer?
I am open to any advice/discussion/stories around this topic, thanks.
You shouldn't apply for summer internships whilst not in 2nd year anyway, so that's probably why.
Course doesn't matter in the UK, university does. Someone has to tell you honestly, blind applying with nothing on your CV is destined to fail. Have a quick linkedin search of those who got summer internships at the firm you want, and you'll see most kids nowadays have stuff on their CV by 2nd year.
You need experience, apply to anything near uni if possible. Ignore CISI and maybe CFA Level 1 if you have course capacity. But main thing is getting any kind of experience.
I have tried, my uni offers little to nothing because any relevant experience is reserved for its business school, which I am not a part of. I have tried every un/orthodox method to find a way but through university is not an option. Anywhere else you could recommend for someone with little/no experience. I have quite a polished CV but no banking-related experience that stands out as such.
This doesn't need to be professional experience as such - it can be a role within certain university societies, or volunteering for example. Maybe do something entrepreneurial like a YouTube channel or something?
The poster above made the main point though that applying as a first year isn't going to yield much. Did you try spring weeks? If not, that's a slight issue, but not irreparable.
CISI I wouldn't rate too highly. I don't think you'd be eligible to get the full CFA designation as a student.
I have not had any opportunities around university societies/ volunteering (I would love any shadowing opportunities- cold emails unsuccessful). I have had entrepreneurial experience in the form of a social media page around economics (podcast + instagram). Haven't considered YouTube as of recently.
I have also applied to a considerable amount of spring weeks, completed way too many SJT, numerical and inductive assessments (largely successful in the assessments).
I would love to hear any other suggestions perhaps?
How have you not had opportunities around university societies? To manage expectations (and to be fair, I realise what you say on WSO might be different to what you say in an interview), having the response "I've not had opportunities" will not cut it in an industry where professionals are expected to hunt down deals and find clients. Almost every university has societies and elections at the end of the year. Did you join any societies? Did you put yourself up for nomination?
The "I've not had opportunities" cuts it even less with volunteering to the point of being unacceptable. Every city guaranteed has soup kitchens, charity shops, etc., and most university have societies that organise trips to developing countries to take part in volunteering.
I'd suggest that the attitude needs to change from "I've not had opportunities" to "I (and the responsibility is mine) need to find opportunities".
Shadowing is largely outdated, as are unpaid internships - there's too much media sensitivity around being seen to exploit young people as unpaid labour, so I wouldn't spend too much time looking for these.
Great on the podcast. Put it on your CV.
It sounds like you didn't do any spring weeks, which is too bad.
My suggestions are volunteering, doing something around a university society (find you - it's almost unheard of that there's not one you can at least join and find some kind role in), and doing something else business-related. Buy a bunch of foldable chairs from Alibaba or something and sell them on eBay and glow it up as a specialty ecommerce business. Or something. Be creative. You need to be to have even a chance of success in IB.
Being candid, let's assume you can make your CV, personal presentation, and communication solid. I've never met you so I can't assume too much.
You stand a good chance of IB internships in summer 2024, but it's far from a given. Apply broadly, to the broadest possible array of IBs. Also apply to the Big 4 - their intake is much bigger and it's a solid, respectable brand name. Be prepared to apply for postgraduate degrees in case none of this works out.
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