Feeling Fairly Despondent
I am starting to feel like I have failed and that I am simply not going to be able to get a job in the industry. I thought I had done everything right, UK Target School (Oxbridge) studying Economics, High Grades, participating in Finance Society, speak three languages etc, but when it comes to recruiting for major firms I generally do not even make it to interview, sometimes not even receiving a test. I worked at a hedge fund last summer and have been offered to work there this summer too but I there is not the potential for FT at that firm and so I am quite worried. I thought that maybe it was my CV/Resume but I brought it to a Senior Banker who I knew and he told me it was 'an ideal CV' (was based on the WSO Template). I am not admissible for any diversity programmes, and he did mention that that played a role in my rejection at his specific firm, but I am sure that that I must be doing something else wrong. I have considered that maybe it is my cover letter and was interested in how you can make these stand out. Would appreciate any help or advice.
Edit: I had referrals at some of these places and still did not receive interview, not sure whether I am using the referral mechanism wrong
For what it’s worth, I’m a very comparable profile and in the exact same situation (2 referrals too). I’d take the summer you have and try re recruit for summers in the next cycle if you’re penultimate year; if you’re in your final year go for off cycles. Best of luck!
Keep working at the hedge fund, since something is better than nothing.
Also, understand that getting an interview when you don’t have a direct referral is a total crapshoot at the junior level.
Many people have to start at a crap bank and then lateral after a year or two. That might have to be your route.
That's a pretty rough spot to be in given the credentials you cite. Maybe your college career services office can critique your cv and cover letter. Perhaps the HF can help you network to a full time job. Good luck mate and hope you don't quit on yourself. As long as you fight on, you will meet with success sooner or later.
I'll give you my perspective as someone who is very much the opposite of what you described and hopefully, it helps out:
I go to a "target" though it's very much not Oxbridge level or anything close to it; I landed 2 EB IBD offers and 2 BBs including Goldman S&T. I study something far-removed from economics or finance and knew very little about it when it came to recruiting but I did my best to spin this in my favour to stand out. I leveraged my non-relevant background and experiences and tied them to my why, "IB/why us" questions and in my hirevues and f2f interviews I would make sure my answers were structured and organic. I'm naturally a pretty bubbly person and quite expressive with my facial expressions and body language so I imagine this benefitted the AI-proctored interviews. When I got my offers and feedback almost every single one mentioned how I stood out because I was just likeable and personable.
Meanwhile my mates who knew everything about IBD from Rx to M&A and did econ at top schools struggled to land things and I'm almost certain that following the "correct" framework described above is something of a pitfall now. For better or for worse, banks seem to want people who don't necessarily do, "all the right things" and standing out is key. I imagine every Oxbridge/LSE econ student is applying to the same roles so your background might blend with them. Having some more nuanced ECs might aid your CV.
Finally, and imo the most important thing: apply on the day. I applied to about 12-15 places and only got interviewed by the 4 that gave me offers, for these 4 I noticed I applied the very day applications opened and for the others, I waited over a week. Might be a coincidence but I doubt it. Good luck.
EDIT: Just adding that I only speak English and didn't qualify for any diversity schemes either.
2xBB 2xEB offers out of 12 applications is a very high ratio, congrats! Are you diversity/female?
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