Feeling Lost - MS Finance student at UCL

Hello guys,

I would appreciate some advice after being consistently dinged for many graduate/SA positions at BBs, MMs and others. Also no, I haven't only been trying IB but also other roles, I am aware I am not in the best position to be picky so I am considering a broad range of roles. 

I did my undergrad at a non-target in London and managed to get a 1st class (3.8-4.0 GPA). I also have experience working for a no name boutique (that unfortunately has gone out of business) as a research analyst. There I did things similar to what someone would do in M&A or as an Intern at a PE fund, such as preparing pitch decks, participating in meetings, analysing and drafting information memorandums, perform financial modelling (DCFs, multiples, LBOs etc), liaising with executives of target companies and brokers and help with due diligence. The firm was small but on the bright side I got a very hands-on experience with an accompanying higher degree of responsibility that interns perhaps at BBs would not have.

During undergrad I didn't even know what spring weeks were and had a vague idea about how IB recruitment worked and the breadth of roles in the sector. Then during my 2nd year I started researching and came to a couple of conclusions: either I'd secure SA somewhere or start gunning for a target MFin. Evidently the former didn't work out due to a combination of things like being from a non-target, not having recruiting fairs at my uni nor pursuing network opportunities. I also didn't target nearly as many firms and positions as I do nowadays.

I graduated in 2021 amid the pandemic and was enthusiastic with the opportunity to work at the boutique. The partners seemed knowledgeable and experienced, recent graduates from a top European MBA and had quite a lot of experience in the financial sector, and had raised quite a lot of money to start a decent company portfolio. I believed in their project for the firm so was eager to help them build it from the ground up but after my internship they just let me go.

In 2022 I wasn't successful in any of my masters applications but this year I managed to get into UCL after being rejected by LSE and Imperial. This program is pretty expensive and had no funding for it but the curriculum and teaching are stellar, the program is highly demanding and quantitative and I'd compare it to a perhaps lighter American MFE from Ivy Leagues and the like. We actually have already delved into very advanced topics such as stochastic calculus for option pricing in the introductory module and code a lot during classes and assignments using Python and Matlab and use other econometrics software packages ). If during the first term it is already this quantitative I don't even know how hard it will be once I get to the Advanced Quant Finance module next term with our PhD Princeton professor.

Overall, I believe you get a lot of value from the program, the teaching is very good and so is the curriculum, and most of our professors are PhDs from top Ivies and top American schools like NYU, Berkeley and Stanford. The only issue is that this program is allegedly not targeted by banks in London and is new (I'm in the 7th cohort since the program's launch) so it'll take a few more years to establish its reputation and move up the ranks here in the UK banking scene.

Not sure about what to do, I still have many applications outstanding and will be doing many more but without prior SA and being that the program is only a year long it looks more probable I'll graduate without anything decent lined up.

In terms of my CV I've been trying everything to improve it, I have used AI tools to check the structure and analyse the language, I stick to one page and have a lot of engagement in finance related societies at UCL and at my undergrad school. At UCL I even have a leadership position at a finance society. I also participate in sports clubs and have various interests, so I'd say I am a fairly interesting person pleasant to be and converse with. Lastly, I pursue the CFA on the side and have taken modelling courses online...

So far I have no leads other than a hint from HR at BlackRock that I might get a first round for their ICS team in the London office.

Is it my lack of experience, unconventional background with a non target undergrad and being at a semi target for postgrad that is undermining my chances?

How good has my approach been?

My apologies for the long wall of text but I really could use some advice.

Thanks a lot for the help