What do UK Banks look for in applicants?
So I am pretty sure that everyone knows about the UK recruiting process and how random it is due to the lack of OCR. Because of this, I am quite confused about how they differentiate between applicants. Here are some of the points I have gathered through my research and any input or corrections would be really appreciated.
Factors:
1) University ( I am quite familiar with the targets and semi-targets)
2) Grades ( from what I have heard from talking to people in finance a high 2:1 is necessary for most roles)
3) Work exp ( I do have some experience at a well-respected firm's finance dept)
4) Extracurriculars ( societies, sports etc...)
Is that about it or are there any other factors used to differentiate between applicants?
p.s I am still a student and will be applying to spring weeks this year. I don't wanna sound like a hardo but I thought that if I could just get the CV and cover letter done before starting university it would be one less thing to stress about while at Uni and I could focus on more important aspects of University life.
Hey, I’m an analyst at JP. Didn’t get any Springs when I applied but have since helped quite a few friends in the years below break in
Happy to jump on a quick call to help out
I’m in a similar situation.
I’d take you up on that offer if there’s a chance.
Sure dm me
Hi, I'm a second-year student at a US target. I'm interested in UK IB. Can I pm you?
You’re spot on re. factors. The only omission is perhaps background/diversity, which is becoming increasingly important.
Re. the individual factors:
1. University - easier to get a spring week from a semi target than it is to get a summer, unless you’re already in the pipeline.
2. Grades - a 2:1 normally suffices, although PE/HF seem to want firsts increasingly.
3. Work Experience - becomes more important as time progresses, but definitely possible to get SA without any WE. Have found ‘related field’ WE is looked upon fondly - think consulting, law, etc.
4. ECs - seem to actually be the big differentiator for SA roles as they’re often what many behavioural interviews end up talking about.
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A CV you can get done. A cover letter will need to be customised for each firm. Not a bad idea to get guidance on doing this, you will undoubtedly be shit at it at first. Not all firms even ask for cover letters so I wouldn't waste time writing one right now until you see whether the app requires one.
Apart from that I agree with what's been said. UK recruiting has a degree of randomness but it's not *that* random. It's just meritocratic according to achievements/experience (as a proxy for effort) rather than actual effort (shown through networking).
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Most of those presentations happen well after the ideal period to apply (don't ask me why). I wouldn't wait for them.
One of the things i'd encourage an applicant to do, irrespective of industry is to submit some initial applications to firms/companies/industries you really don't care about to practice SJT, they do take some practice to pinpoint exactly what they were looking for and learning how to balance your answers is critical. Eg it took me a while during applying to realise when the SJT asks you to produce a piece of work but it is rushed, do you ask for a deadline extension etc, they are looking for a balance between quality of the work and timely delivery, so the answer whereby you may make some mistakes but deliver on time is better than a delay according to the marking system fairies.
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Yes, virtually every grad job requires some sort of Situational Judgement Test, they determine how well aligned you are, in theory, to the role. There are no maths exams, there are however online maths assessments which involve interpreting data, percentages etc, there are 15 people in this table, each with the five week chargeable hours, which had the highest rate on average, of chargeable hours, etc. Some involve determining conclusions from a data set or have a mix of SJT and maths whereby you read articles that mention data, determine the best approach.
Do you remember which roles you applied for to practice these tests?
Can’t stress this enough. BANKS LOOK FOR “DIVERSITY” (which imho is not real diversity). If you are a diverse candidate, ensure to take part in as many diversity event as possible, highlight your “diversity” in the voluntary disclosure of your application and ensure to add something on your CV that shows them you’re diverse.
If you’re a straight white male… well.. good luck.. target or strong semitarget is almost a must if you’re British, Italian, French or German.. if you’re from continental europe a relevant work experience is needed too..
also when I was screening CVs I was considering better candidates ppl with “entrepreneurial/proactive CVs”, ie: I am more impressed by a 2.1 with 3 professional activities / high level sport than someone with a 1st with Hons of whatever is called with the only professional experience being “president of the golf club”. Additionally, If you’ve done a 2 weeks internship at CVC during you’re final High school year, please do not put it on your Cv, everyone knows daddy got you the job and it’s not a real work experience.. I’d rather seeing someone working as waiter or chopper for 2 months over the summer to get some money
sk
Probably that you are through to whichever round is next, they just haven't got round to scheduling them.
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Are east asians considered diversity in the UK?
Yes, they are.
What are the Semi-Target Universities in the UK? Do Target and Semi Target work the same for Middle and Back office Roles in an Investment Bank?
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What about the University of Bath?
https://www.wallstreetoasis.com/forums/20-most-frequently-asked-questio…-london-edition
MO and BO aren't nearly competitive as FO, so the whole target and semi target conversation starts to matter lot less.
This Manvith guy is a bit of a dud, they've plagued TSR asking what the targets are for like 5 months now...
No you see all sorts of universities in MO and BO functions.
Hi, I got multiple springs including EBs and Goldman/other BBs this year; I'd say the most important thing is being bubbly and charismatic in interviews/hirevues. Springs are learning opportunities and insight programmes above all, not full time offers. Having an interesting CV (with interesting work experience and extracurriculars) is better than having a 'relevant one'. This changes quite drastically as u start applying to summers and FT though.
Applying early is important too, all my offers with the exception of Goldman which is non-rolling I applied to within a week of them opening.
...
You really don't need to join the relevant clubs or societies as simply being a member means nothing and doesn't actually demonstrate any enthusiasm. Most applications close before first years can even get society positions so they really mean nothing for spring applications. I became a society rep way after I sent in most of my applications so it wasn't even on my CV. Goldman opens in July but is non-rolling so many people who got it applied in October/November, I applied in August before uni started and got it. Rothschild opened before university started and I applied the day/day after it did and got the offer there too. Most places open up in October-December. You'll probably have a tracker/groupchat for springs anyway so you'll know when things open.
Spring week interviews are definitely not technical unless you prompt them to be so you don't need to go over the 400 qs. In fact its an active waste of time. You'll more so be asked to tell people about a time you demonstrated xyz skills (leadership, communication whatever) and why banking/why this firm. I can't stress enough how important it is to stand out from the typical finance applicant.
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Video interviews where there isn't an interviewer, basically you're recorded and a question is displayed; you then need to answer the question like it was a proper interview. Some banks use them at different stages of apps. Goldman, for example, was just CV/Cover letter and then a hirevue which was given to people on a selective basis as the final stage. Some banks like BAML and JPM and Lazard use them earlier on before face to face interviews.
would you say a “I do not know much but eager to learn more” attitude in interviews and shown on the resume is better than demonstrating knowledge for spring weeks?
They're the same thing, regardless of what you know you don't know much at all. Knowing the current state of markets and different divisions within a bank/ what M&A is etc is what you need to know and beyond that demonstrate an eagerness to learn more.
Just don't come across like you know technicals unless asked or that finance is your entire life, banks tend to want the kids that don't spend weeks/months preparing for applications even if they end up hiring these types eventually anyway.
In a similar situation but for IBD SA, would anyone have any resources on improving skills for psychometric tests mainly the SJT and numerical tests
Unlike applicants from the U.S, which tell every sob story in an attempt to develop a character arch, people in the UK just want to know that they can work with you for 80-hours a week and not be annoyed or have to hold your hand. +1 if they can get a pint with you after work because you're a fun person.
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