What are my prospects of getting an IB offer this year?
Hey, I am an MSc Finance grad from a top target school in London. I did a 10-week internship with a bulge bracket bank last year (didn't get an offer due to headcount). Since then I haven't had a single offer and have spent the entire year looking for jobs. Tried to bridge the CV gap with online courses while I waited for roles to open again now in August-September 2023.
A recruitment consultant recently told me that he can't put my CV forward for roles because of my whole year of no work experience. I am now increasingly concerned about my prospects for getting an IB role in late 2023 or even early 2024.
Throughout the year, dealmaking has been slow and there have been layoffs and hiring freeze but it seems that recruiters aren't exactly understanding of it. I know 1 year of no work experience is a very unusual situation but it has been a challenging year, honestly. If anyone has any advice on my situation or has had similar experiences, please do let me know.
The tough but honest response is that I think the chances are rather low - you might get lucky pitching yourself to some small advisors or funds where you can reach out directly, but given the lack of return offer, year of no experience, and difficult market, I would be considering alternative options.
As for what they might look like, given that you have a MSc already, and a good one, I'm not sure that there's value in doing another (especially if money if a concern for you). My candid advice would be to try to join a Big 4 in their audit division (relatively insulated from the market downturn and sets you on a trajectory to get the ACA / CPA, from which you can pivot), or even doing the ACCA course directly. Another option could be to join a major corporate in a graduate role and work your way up there. This doesn't stop you from applying to IB on the side.
Thanks for letting me know :)
Did you attempt to recruit for SA again or off-cycle internships after you prior SA or just grad roles?
Not SA. I have only been trying for off-cycle and graduate roles.
What target? I thought most of them prided themselves on close to 100% placement post-grad?
LSE. Guess in their defence, my internship offer was for after graduation.
But in case anyone is looking for facts, international non-European students have it harder than others, even at LSE. We lose a lot of opportunities because companies won't sponsor visas after Graduate visa expires and/or want candidates fluent in French/Italian/German for London-based roles.
Tough luck, sigh.
That's rough man, I'm sorry to hear. Is knowing a european language essential to land a full time role or do banks look at more like a nice bonus to have?
You should look to see if you have access to youth mobility visas if you're from a commonwealth nation, I know Canada has one for sure.
Would you mind if DM'd you? I'm applying to grad programs for next year and I'd have a few questions for LSE.
If you are at a BB, and really good, they will always find you another slot within the bank just fyi
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