Is recruiting in London especially difficult or is my profile just bad?
I believe I have a solid (though unconventional) background. I have 3.5 years of experience across Big 4 Audit, Asset Management, Infrastructure PE, and Private Credit at a reputable fund. I’m currently pursuing an MSc in Finance at a semi-target university in London, which I started at the age of 20, a year earlier than usual due to my non-traditional path. I’m studying this MSc part-time while working full-time as a PC intern for 12 months.
While it’s not LSE/LBS, it’s still a strong semi-target where I’ve seen many students get placed in previous years at top BBs, EBs, and even buyside shops. However, I don’t hold a BSc, as I went straight into an apprenticeship at a Big 4 firm after college, which might be a factor holding me back.
Despite this, I’m surprised that during SA recruiting, I only landed two interviews both at lower-tier banks (Santander/Natixis/Credit Agricole). On the buyside, I had one interview for an off-cycle liquid credit role, but the team made it clear the position wouldn’t convert to a full-time role, so I didn’t pursue it (especially since I’m currently in a similar role on a 1 year contract).
I’ve had my CV reviewed by several senior professionals who’ve given positive feedback, networked with people at firms where I applied, and tailored my cover letters accordingly. Despite this effort, I’ve struggled to secure interviews.
For those familiar with the IB recruiting cycle or who’ve seen trends across different years is recruiting significantly tougher right now, or is my profile the issue? Would appreciate any insights or advice
When you say 3.5 years....does that mean you have changed jobs/companies every time? Am I right in thinking you did 1 year in Big 4 Audit (so didn't complete the ACA), did another year in AM, and then jumped to private credit? Just seems all over the place and now back to school to do an MSc? What am I missing here?
Yeah sorry, so to clarify I spent 2 years at my Big 4 firm and got halfway through the ACA, but got an opportunity to move to a Front office role at an asset manager a 1 year internship with two rotations (one rotation in public markets and one in private markets). It was around this time I enrolled in my masters program as my thought process was if I don’t have the ACA I need some type of higher education to make myself competitive. I would’ve stayed the course with the ACA but the firm I was at wasn’t willing to sponsor given it was somewhat irrelevant to what I was doing.
At the end of my internship at this asset manager they only offered to extend my contract by 6 months with a pay bump even though they wanted to give me a full time offer due to budget/headcount issues. Annoyingly, the head of my team really wanted me since I was doing virtually all the work on a pretty lean team (literally just me and an MD) but they told me after the extension was up there was again no guarantee that the fund I was at would extend me a full time offer. Happy I didn’t stay at said firm anyways, top PM’s were poached (due to distrust in upper management) and 3 of their names blew up so performance across funds has been pretty bad. Luckily I had hedged my bets anyway by applying throughout this internship and landed another internship in private credit on another 1 year FTC, so far it’s going well but my MD has said again that being converted will depend on budget and right now it’s tough to say (which isn’t promising for me).
So when I say 3.5 years it looks like this: 2 years at Big 4, 1 year at asset manager (Two 6 month rotations across public markets as a product manager & 6 months covering infrastructure in private markets) and am now a few months into an internship covering private credit.
I get that my CV looks quite weird but I’ve had virtually 0 traction for IB roles even though I’ve received offers from other industries where I had significantly more traction (FAANG/Tech in GTM/Biz Dev/B2B sales).
I’m also in the final stages for consulting at non MBB (think Strategy&/EY Parathenon), commodities trading internships (some no name shops but also some of the larger players BP/Shell and ABCD firms). Only reason I’ve cast my net so wide is to hedge my bets as there’s no guarantee I get made full time at the end of my internship and I’d rather have any job than be unemployed.
I like your background, it deviates from the posh kids who had it everything handed to them and were on auto-pilot almost all their lives. So I think you'll be successful if you stay in this long-term, you have what it takes.
Considering how competitive London is, add UK + EUropeans + Asians/Indians from abroad, and oyu have 1k people competing for some of those roles from which 200/300 fit all the criteria/are qualified. You have no control over that, but you have control over networking/getting referrals so prioritize this.
Thank you! I appreciate the words of encouragement - I’ve been doing this but referrals almost never lead to interviews except for much smaller firms. I’ve still found it useful especially when constructing my “Why IB/Why this Bank” answer but my problem has been landing interviews in the first place. I think the answer above is probably right that my CV looks messy.
Hey buddy was in the same boat as you and landed a very reputable MM position for the summer and an OC from Jan.
Like other posters said, you're up against the most hardcore of sweats especially for MS, JPM and GS.
Your OC in PC will definitely be of help to you: maybe it's down to the format of your CV or something (since we don't have those details to hand at the moment).
You could also try applying to OCs at MS or GS when they open but I would definitely be curious about the structure of your career so far: I know some banks like DB will not allow interns with more than 12 months full time experience. Definitely if applying next time, include just your internships and not anything considered full time. This should be of aid to you. I would have said the university may be a factor but you said they post candidates to BBs and EBs so clearly that can't be the case (I assume this is a KCL or sorts).
Hope I was of help.
Thank you man, I appreciate the advice - you’re actually on the nose about uni but won’t say which one since I don’t want to be doxxed. I applied for MS & GS but was ghosted after Online Assessment. Did you find MM’s to be easier than BB’s? I would’ve assumed that BB might’ve been slightly easier given larger cohorts (Since the trackers came out I assume MM’s also receive a similar amount of applications).
In regards to the structure of my career, I suppose I’ll write something out quickly for other people who may visit this forum and are considering a similar path. First off, I’d generally advise against doing an apprenticeship unless you’re absolutely sure that you want to work in that specific field, for instance if you know you want to be an accountant then great go for it but if not you’ll almost always be better off going to a target university. The exception is only there when your comparing non target to an apprenticeship in which case depending on the role I’d lean towards an apprenticeship. If you’re going into it hoping to break into high finance/consulting then honestly don’t bother it’s a non traditional path that will require you going back to school anyways since a bachelors at least is a requirement for these positions. Even then at 18 you have no idea what you really want to do so locking yourself in via an apprenticeship isn’t the best idea for most.
The only reason I took the job at 18 was because A) i had no clue what finance even was honestly I didn’t even know what audit was and had no one to tell me and B) My family was going through some financial hardship (my dad at the age of almost 60 had to withdraw his whole pension to pay back some debt related to funeral costs) so that £21k (first year apprentices now are making £27k) made a very material impact on me & my families ability to live a decent life.
Since then I’ve had to find loopholes whether that’s from an academic POV or to gain further experience, it’s honestly just a hassle and while it makes for a unique story, my experience has been that most places will still opt for traditional candidates where they know what they’re getting.
All of them were very tough - I lucked out as per a previous reply I made where I showed a passion for a specific vertical I had been interested in from previous studies, which aligned well with the interviewer. MM or BB it's still tough: I plan to do my SA at the MM and then see where my options are afterwards as I'm aware my SA program is in a vertical that is significantly more challenging to cover, so OCs are definitely on the table.
Hey man
Feel free to PM as know someone in ur situation as well
London market is a complete joke.
I have a less impressive profile than you - roughly 1.5 years of WE directly relevant to IB and currently in a a "target" masters programme. I have landed a grand total of zero interviews, much less any assessment centres.
So I would not say that your profile is "bad" just that what HR prioritizes is ridiculous. The sad fact is that this compounds over time making it hard to "catch up".
Best of luck in your search.
SA recruitment is based on your perceived pedigree and/or diversity status, not how qualified you are for the role. At the masters level you need to study at a target, or they will not read further down the page
Unfortunately it appears that your background is too untraditional. Just work FT and try to lateral down the line.
In this market if you need to take a lower tier bank and lateral to a BB when hiring picks up it's not the end of the world. I would focus on getting any seat in the areas you are most interested in. A lot of the top seats will be filled from undergrad programs from target Unis. You will still be in a much more favourable position that the thousands of kids still in b4 Audit
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