Need Advice for Summer Intern Applications

By way of introduction - I am an incoming IB (not S&T) intern at a BB. 

There are certain things you can do to exponentially increasing your chances of breaking in. 

I list these below, in order of descending importance. 

1. Make sure to apply to spring weeks (in-time)

This is more important than everything else put together. Of-course you need some prep to smash the pre-recorded interviews. Key takeaway is - prepare for the HireVues like your life depends on it. Get access to the paid version of the Bristol Tracker and apply to the spring weeks the day they open. Another key tip is to prepare certain questions well in advanced. Sometimes on the application portal they may ask you something like - tell us a time you worked in a team, or how you manage stress, or your strengths. Try pre-writing these in under 300 words so you can copy paste. Other questions are likes of - why are you interested in IB, recent news story, you get the idea. 

Spring weeks are by far your best chance of getting a spring. It is way more easier to convert a spring into a summer (exceptions are there - for instance GS doesn't convert springs, but still incredibly helpful). 

2. Make sure to memorise the 400 IB guide

Virtually 8/10 questions you'd be asked at a typical BB interview would be from this guide. Two things to understand: 

i. Most people try memorising the whole thing, which is not needed. Certain sections are redundant - for instance distressed / restructuring M&A (in-most cases, unless you are applying to a shop that specialises in these areas). 

ii. You NEED to know everything. People all the time say, it is fine if you miss one or two questions. Yes, it is fine, and it is alright to say, 'I don't know', but lets face it - you do come across more well versed if you can answer everything they are asking.

Usually, they begin by asking easier questions and press you later making them more difficult. For instance, you may get - run me through a DCF at first, then how to calculate free cash flows (FCF) from net income, then how to adjust WACC for synergies - you get the idea. 

To be able to do these, you NEED to have a basic understanding of modelling. As it is your first year, you have time. Get a good modelling course like the specced out version from Wall Street Prep (goes for $500, 15% discount available too). It teaches you loads and helps you really understand what's going on, and you are not just merely memorising questions and answers then. 

3. Ask for referrals

I know networking really doesn't work in the UK. However, there are certain firms that have a referral system. For instance, during application process, they may ask you if you know someone at the firm. Given you are in your first year, make sure you try to connect and network with at least 3 people from each BB and EB. Thus, when you are applying - you can ask them to refer you, trust me this helps. 

4. Leave your ego at home 

If you've landed 5 interviews from top BBs or EBs don't think you are an MD at that point. Stay humble, are realise in time - you don't know anything. Realise that you are there to learn. When interviewing - make sure you possess a degree of humility. No one wants to hire someone who refuses to learn, or thinks they know everything, albeit, they don't. Everyone likes a nice, down to earth and humble intern. Someone who will pick up the heavy work and will be eager to learn. Further, if you are asked a question - try not to show off your knowledge even if you have it. For instance, if the question is walk me through a DCF do that ONLY, do not go on to talk about sensitivity tables - it does not show off well. 

5. University clubs, alternatives

While these are often useful, and add a layer to your resume showing you are interested in finance - there are other ways to achieve the same. For instance, you could get involved in writing a blog. This could be about M&A deals and your understanding of the models, nature of deal, accretive / dilutive to buyer etc. This is a far more better way to show interest, than just signing up for a club where you'd probably not do much. 

6. A convincing story

Why M&A, and why certain industry / product group, why industry groups and not product groups. You need to have flawless answers to these. If you are in banking for just the money, truth is you wont survive after year 2 - even if you do, you won't perform. Only those who have a true passion are the ones who really survive and succeed. A convincing story not only helps convince the interviewer you are worth their time, but it helps them see through that 5-years down the line - you'd be able to convince clients why to do business with your firm.

7. Keep calm and apply

It is a numbers game at the end. Don't stop until you succeed. 

I hope this helps, and best of luck.