Where do I go from here?
Currently an MSc Finance student at top UK uni (think LBS/LSE/Cambridge), been recruiting for IB summers in 2025. Did undergrad at EU target school, and have previous internships in Big 4 financial modelling and m&a, as well as some entrepreneurial experience. Currently struggling with recruiting, and feel a need to vent and ask for some advice.
This recruitment session I sent out some 75 applications which led to final rounds at two BBs and one MM but no offer. I'm now feeling quite dejected, given I have a genuine interest in investment banking and a feeling that I would be able to perform very well in any of these roles. All in all, between undergraduate recruiting and now recruiting as an MSc student I've interviewed with five BBs, genuinely feel I performed well in most interviews (though I concede some were total flops). My frustration is that there's no 'second place prize' in these processes. One minute you're on top of the world, being invited to an assessment centre, getting along with one interviewer, then the next, just for you not to click with your final interviewer and end up back in square one, with the opportunity gone.
My question- where do I go from here? Do I continue trying to recruit through off-cycles? If so, how do I find these, are applications more ad-hoc and based on networking? Should I focus on landing a six-to-twelve month internship within PE or a specialised boutique and then try applying for BB new analyst programmes? Genuinely unsure of the best way to proceed from here, and would happily take any advice people are willing to share.
Based on the most helpful WSO content, here's a structured approach to move forward:
Off-Cycle Internships: Yes, continue targeting off-cycle internships. These are often less structured and more ad-hoc, so networking is key. Reach out to alumni, professionals on LinkedIn, and recruiters to express your interest. Many off-cycle roles are not widely advertised, so building relationships can help you uncover hidden opportunities.
Boutique and MM Banks: Consider applying to smaller boutique and mid-market (MM) banks that may not have as competitive a process as BBs. These firms often provide excellent experience, and you can lateral to a BB or EB after 6-18 months. Many professionals have successfully used this route to break into top-tier banks.
Private Equity or Specialized Boutiques: A six-to-twelve-month internship in private equity (PE) or a specialized boutique (e.g., M&A advisory) can be a strong stepping stone. It will enhance your technical skills and make your profile more attractive for BB analyst programs. Look for firms that value your Big 4 financial modeling and M&A experience.
Networking: Double down on networking. Start reaching out to professionals in your target firms for informational interviews. Focus on building genuine connections rather than just asking for referrals. Networking can also help you stay informed about off-cycle openings.
Tailor Your Applications: Review your application strategy. Ensure your CV and cover letters are tailored to each role, highlighting your relevant experience and genuine interest in IB. Consider using services like WSO Resume Review to refine your materials.
Leverage Your MSc Program: Utilize your university's career services and alumni network. Top UK universities like LBS, LSE, and Cambridge have strong connections in the finance industry. Attend events, workshops, and networking sessions to increase your visibility.
Stay Persistent: Rejection is tough, but it's part of the process. Many successful bankers faced multiple rejections before landing their roles. Keep refining your approach and learning from each experience.
Consider Alternative Roles: If IB remains elusive, explore roles in corporate finance, FP&A, or strategy at top firms. These positions can provide valuable experience and a pathway back into IB later.
Remember, the key is to stay proactive and resilient. Many candidates break into IB through unconventional paths, and your background already demonstrates strong potential. Keep pushing forward!
Sources: Missed the application season this fall, sophomore, are there any boutique bank applications still freshly open?, Investment Banking Off-Cycle Internships London-Amsterdam-Madrid Fall 2020, Have I messed up my future?, https://www.wallstreetoasis.com/forum/investment-banking/investment-banking-in-the-uk-an-overview?customgpt=1, https://www.wallstreetoasis.com/forum/private-equity/going-from-mm-investment-bank-to-mega-fund?customgpt=1
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