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Guten Tag! It's great to see you swinging through the branches of WSO for the first time. Let's peel this banana and see what we've got.

When we talk about a "target" master's program, especially in the context of breaking into investment banking in London, we're really talking about a few key things:

• Reputation and Recognition: Target programs like Oxford MFE, LSE MFin, and HEC MIF have a strong brand that is well-recognized within the finance industry. This recognition can open doors and get your foot in the door for interviews.

• Recruitment Pipeline: Many top investment banks have established relationships with these programs, often directly recruiting from them. This means more on-campus events, company presentations, and networking opportunities that are crucial for landing a role in IBD.

• Alumni Network: Target programs often boast a robust network of alumni who are active in the industry. This network can be invaluable for mentorship, networking, and navigating the job market.

• Curriculum Relevance: The curriculum of target programs is often designed with the skills and knowledge required for investment banking in mind. This can give you an edge when it comes to the technical aspects of interviews and the job itself.

Now, regarding the more theoretical programs like Oxford MPhil Economics or Cambridge MPhil Economics, they are rigorous and respected in their own right. However, they may not have the same direct pipeline to IBD roles as the more finance-focused programs. That doesn't mean you can't break into IBD with these degrees, but you might have to be more proactive with networking and seeking out opportunities.

As for your specific questions about access to recruiting events, interviews, and networking opportunities, it can vary by program and school. Generally, all students at a given institution should have access to career services and recruiting events, but the finance-focused programs may get a bit more attention from banks.

In the end, it's about leveraging what you have. If you go for a more theoretical program, you'll need to make the most of every networking opportunity and perhaps work a bit harder to show that you're just as prepared for a finance career as someone from a more traditional target program.

Prost to your future endeavors, and may your investment banking journey be as smooth as a well-executed DCF model!

Sources: What WSO get's wrong about "target" vs. "non-target" - Employer View, Stand Out as a Non-Target: Career Management (Part 4 of 4), Target vs. Non-Target, The Non-Target Curse, Target vs. Non-Target