I keep missing
I am in my final year at a UK Target doing Economics, and I have 10 weeks regulatory experience (received a return offer), but I really do not want to go there. I have had final rounds with JP, Berenberg and several first rounds for other BB, but I keep on fucking up. I genuinely feel frustrated rn. I came close with JP but no offer. What shall I do, going forward? I feel like if I go to my regulatory workplace, it will be really hard to transition in the future. Shall I continue my education do a masters at my target now, and reapply? If so, do I apply for internships, off cycles or grad roles. Essentially say goodbye to my regulatory grad offer. I could do with some genuine advice, and my regulatory workplace will actually kill me (boring job, low pay and surrounded by unmotivated people), but then again I do not want to be unemployed.
I think it's kind of arrogant to call the regulatory people "unmotivated".
You're in a position where you have a job. If you don't land anything, take it rather than staying unemployed. Until then, keep applying for places.
But, essentially, you're competing with people who got return offers from their investment banking internships and are trading up, or didn't get return offers but still have relevant experience. You're coming in at a disadvantage so you need to try extra hard.
Didnt mean to come across as arrogant but that was something I felt during my time as an intern. Shall I do a masters (lse/lbs/imperial), will this give me an edge? and yeah agree with the trying extra hard.
If you want. Or you can work in Big4 and lateral. I'd just like to warn you that doing a Masters is by no means a guaranteed way of getting an internship. As you know, going to a Target, many people apply and chances of an interview are still few and far between. So if you splash out 40-50-60k on a Masters, you still run the risk of... Not landing anything. Then what?
I'm really not a fan of this whole idea of doing a Masters for a second shot of recruiting, to be honest. I think it is needlessly expensive. Better to just find work and move around. Only do a Masters if it's intellectually stimulating for you and you're interested in doing one, don't go and do some easy Masters for the sake of having a Masters and then end up in the situation above.
Can you go from Big 4 to IB? ffs, I chose my regulatory place over big 4 last year. Whats your opinion on an actual quantitative masters, so not just one for the sake. And yeah if I do end up doing it, it would be to reapply and nothing more. Guess I need to consider if its acc needed then. Do you think unpaid experience at boutiques could be useful?
Associate 2 makes good points.
However:
1) Big 4 to IB is rather unlikely for the next couple of years with IB laid off people looking to get back in
2) Big 4 are making huge cuts at this moment - bigger than banks so unsure whether this is the right strategy
3) A more quant masters that will teach you actual stuff SHOULD NOT BE done if breaking into IB is the ultimate goal. Firstly, much harder to recruit due to (i) harder academics and (ii) different timelines/coursework deadlines. Secondly, you confuse people if you claim you are dead set on IB but you have chosen to do a different degree - eg LBS student telling they want to do IB but studying the Data Analytics masters OR LSE student telling they want to do IB and doing a Maths/Econ/Data Science master. This point applies especially to OP, given their Econ background; it is different if you had done engineering and you are now doing your engineering masters. Thirdly, networking is significantly harder as there will be fewer course alumnus that do IB.
Having said these, Associate 2 is correct that you might spend a large amount and not break in.
I believe the ideal plan (as long as you come from a wealthy background and doing a masters is not a problem) would be to do a year of internships or FT IB in a small boutique and apply for masters in parallel. Get M&A experience and apply super early the year after. You would be ahead of most masters students, depending on the place you spend your year at.
Yeah agree. Risk-adjusted return is likely better going big 4 route and trying to lateral to IB vs dropping 50k on a masters
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