LSE MSc Finance --> IB?

Hi guys:

Can you comment on LSE Msc Finance's placement and recruitment process for IB in London please? I have 3 years of working experience in AM (fixed income), and I'm hoping to use LSE as a transition in terms of location (from APAC to London) and expertise. I would like to do IB after AM before I find myself more interested in illiquid opportunities, and AM-type analysis (especially on the credit side) is not as easily transferrable to illiquid investing.

Can you comment on how LSE places into top IB roles in London please (MA, lev fin, restructuring)? Also, how does the recruitment process work for Msc Finance? From reading the forum, I understand that there's no formal OCR process like there is in US, and I wouldn't be doing an internship during the duration of the program since I only have 1 year. What would the campus recruiting process look like then?

Thanks!

Comments (43)

Best Response
Apr 23, 2015 - 3:43am
above_and_beyond, what's your opinion? Comment below:

Excellent placement, no worries about that. But be aware that MSc grads typically recruit for grad roles (i.e. 1st year analyst spots) so I don't know how it will work out for you with your AM experience.

There are lots of campus events (networking dinners, drinks, presentations) of all well-known firms on campus and you also have an internal MSc Finance career service helping you with finding a job which isn't available to other master's students.

Typically you still apply online, as this is the normal way in Europe. However, often you can tick a box stating that you are from LSE or attended a networking event etc. so that will help you go through to the interview stage. Also, on LSE's carrers page (LSE CarrerHub) there are position advertised from the major banks and boutiques as well as a few PEs, HFs, Corporates, whatever with specific email addresses which help you bypass the online filters. I.e. [email protected]

All in all, coming from LSE gives you a very decent shot at breaking in. But be aware, that lots of positions are usually filled by former interns that accepted their return offer, so there are not that many spots available. Some even decide to apply for internships after graduation. With a good profile, applying for grad roles will work out though.

Be careful though, if you don't have a work Visa. I know lots of people from APAC, US, whatever that had a very very hard time breaking into London without the work permit.

Apr 25, 2015 - 7:23pm
SpaceMarine, what's your opinion? Comment below:

Hi, you mentioned that some LSE MSc Finance grads apply for internships upon graduation. I've heard that from some people as well, but again other people familiar with the program advised me to apply for full-time positions directly

(please note: I'm not OP, I'm an EU undergrad with internship experiences who got into LSE MSc Finance).

I'm pretty confused, since - according to my own research - banks usually don't accept internship applicants who are in their final year (which MSc Finance students are), because they only accept penultimate year students for their summer programs. But I have definitely seen people on LinkedIn who have done like 'graduation in May, internship in Jun-Sep, and fulltime in Oct in the same year', which wouldn't work by definition if the banks were only to accept penultimate year students right?

Could you, and others familiar with FO recruiting in London, please shed some light on:

  • does every BB and elite boutique (LAZ/GHL/BX etc.) do the 'graduation ---> internship ---> direct FT conversion' structure?

  • and if not, which bank accepts final-year internship applicants, and which not?

Many many thanks in advance!

Apr 26, 2015 - 6:14am
above_and_beyond, what's your opinion? Comment below:
SpaceMarine:

Hi, you mentioned that some LSE MSc Finance grads apply for internships upon graduation. I've heard that from some people as well, but again other people familiar with the program advised me to apply for full-time positions directly

(please note: I'm not OP, I'm an EU undergrad with internship experiences who got into LSE MSc Finance).

I'm pretty confused, since - according to my own research - banks usually don't accept internship applicants who are in their final year (which MSc Finance students are), because they only accept penultimate year students for their summer programs. But I have definitely seen people on LinkedIn who have done like 'graduation in May, internship in Jun-Sep, and fulltime in Oct in the same year', which wouldn't work by definition if the banks were only to accept penultimate year students right?

Could you, and others familiar with FO recruiting in London, please shed some light on:

- does every BB and elite boutique (LAZ/GHL/BX etc.) do the 'graduation ---> internship ---> direct FT conversion' structure?

- and if not, which bank accepts final-year internship applicants, and which not?

Many many thanks in advance!

First of all, your research is obviously wrong. Banks do accept final year students for internships and as I said before plenty of students do internships after their degress. There are even people who do a summer internship after the degree starting in July and then even have another off-cycle lined up for autumn in case they don't get a return offer or just want to see sth else. In the US it might be entirely different, but in the UK and Europe post-graduation internships are pretty normal.

No, not every banks does that. Some convert you but you can only start in January or in the next cycle, but others permit you to start early. But tbh, if I were you and scored a return offer in August I would definitely travel the world or do sth nice (if you have a bit of money left) and start in January at the earliest. You will work all your life anyway so why not wait a few more months while having a job lined up?

The people who already have impressive internship experience (usually Germans, French, Swiss, etc. who do a lot of internships during their degrees) can apply straight to FT and get a spot coming from LSE. The name opens a lot of doors and I got interview from every bank I applied to. Others who didn't have any relevant internship experience or don't have the right to work in the EU have much more trouble and should probably aim for internships as this is the safer route.

Apr 26, 2015 - 9:40pm
procrustes, what's your opinion? Comment below:

LSE for an MSc and I-Banking? (Originally Posted: 12/15/2014)

Hey guys,

I am in the process of applying to grad schools and am highly interested in investment banking or commodity trading. My undergrad degree is in political science and I have minors in econ and German. I'm extremely interested in LSE's MSc in international political economy, but I'm not sure how this would look to recruiters (especially with regard to investment banking)? I'm also applying to several MScs in Management at LSE, Imperial, ESADE, and HEC, but they are all two year programs and I'm more interested in getting in and out of grad school so I can start working.

I found a list of graduate destinations for the program and it includes: Goldman Sachs, JP Morgan, HSBC, UBS, and Citi among others. Would this degree enhance my employability for investment banking or commodity trading or not really?

Thanks!

Apr 26, 2015 - 9:46pm
above_and_beyond, what's your opinion? Comment below:

There are indeed quite a few part-time jobs on LSE's Career Hub (job board for LSE students). The finance related jobs are mostly at hedge funds or small venture capital firms, whereas banks rarely hire part-time interns as far as I know. Same for our bank. Unless you mean printing and binding pitch books.

Top Consulting (MBB/RB) will probably give you a shot at most banks. However, I would definitely "diversify" my risk and apply for a few FT positions as well as summer internships after graduation (that hopefully result in a FT offer for you). Most banks hire the bulk of their new analysts out of their summer intern class, hence there are not that many FT spots available. Competition for the remaining spots is therefore intense.

Getting a summer internship with a LSE MSc and a top Consulting internships should be relatively easy though - as long as you know your stuff and are likeable in interviews.

Btw, if you were to go down that route and join LSE, make sure to apply really really early for FT positions. Send out your applications before your classes start. Recruiting starts very early.

Apr 26, 2015 - 9:49pm
ychu066, what's your opinion? Comment below:

LSE Master in Finance (Originally Posted: 05/07/2010)

hey guys, i just want to know whether a Master in Finance at LSE is worth to go ? is LSE treated as top school by BB ? also, any chance of getting a full time offer in england if i study at LSE but i need a working Visa?

Apr 22, 2015 - 10:17pm
Bacon_macaroni, what's your opinion? Comment below:

any other comments would be really appreciated too! especially those who have obtained a job after LSE Msc while requiring a work Visa.

Thanks!

Apr 26, 2015 - 9:54pm
ychu066, what's your opinion? Comment below:

ok, but i have a HK citizen. I am wondering, if i can find a job in BB after a LSE master.

Apr 26, 2015 - 9:58pm
Scratchy, what's your opinion? Comment below:

How would you compare reputation / recruments in IB / alumni careers among the various Msc in Finance offered by the LSE? Especially among the Msc in Finance & Msc in Accounting & Finantce. Is the latter enough to get a summer internship in a BB or is it more audit oriented?

Apr 26, 2015 - 9:59pm
ychu066, what's your opinion? Comment below:
Scratchy:
How would you compare reputation / recruments in IB / alumni careers among the various Msc in Finance offered by the LSE? Especially among the Msc in Finance & Msc in Accounting & Finantce. Is the latter enough to get a summer internship in a BB or is it more audit oriented?
my mate had a Msc Statistics LSE now a Trader at GS, another mate Msc Acctg and Finance now ING Wealth management consultant.
Apr 26, 2015 - 10:00pm
MonkeyDrum, what's your opinion? Comment below:

What's more important is that you choose the MSc that appeals most to you, rather than trying to analyse which has better job prospects.

Apr 26, 2015 - 10:01pm
Scratchy, what's your opinion? Comment below:

It's certainly true but I am already attending a business school, a French Grande Ecole, but it's not a target school even if there are some alumni in BB, so I'm looking for an extra degree to increase the probability I get an offer. I'm not that interested in the curriculum since that by the time I graduate I will have completed pretty much all the courses offered in these Msc (except one or two very industry focused course e.g Real estate finance or stuffs like that I would enjoy). Plus, it will costs me another £20k to the €30k-loan I have, therefore I expect some ROI. However, after reading my post, it may seem I'm all about money but if I want to go through all that, it's because I have already done an internship in a bank and I enjoyed it and I want to be sure to have opportunities to join the industry.

Apr 26, 2015 - 10:02pm
Scratchy, what's your opinion? Comment below:

I'm considering getting work experience, I have to in fact. Actually, the French Grande Ecole system is a mix between school and internships. For instance, I spent my first year at school then six months in a bank, six months at school and another internship for this summer etc etc. So by the time I graduate I will have about 18 months of work experience.

When I check the alumni book, the one thing I notice is that pretty much all BB bankers got another degree. For the French banks, it's different but they are even more elitist. You can get an internship there but when it comes to full time offer ... there are no summer internships and the recruitment is very opaque (offers are only published in the intranet of the top 3-5 business schools). Interns are just some renewable energies and asking for a FT offer appear to be uncommon. So, I need a redundant degree to have my CV go through the process of summer internships and do my best once there.

Apr 26, 2015 - 10:03pm
SquareMileMan, what's your opinion? Comment below:

LSE is golden over here. Econ and finance are the hardest courses to get onto (I know - I tried) I went to a university that is less prestigious than LSE (I think every UK university is less prestigious for econ/fin) and I got a job at a BB. So if you can, then do.

Apr 26, 2015 - 10:04pm
SquareMileMan, what's your opinion? Comment below:

Though you should factor in the extraordinary cost of living in London.

Apr 26, 2015 - 10:05pm
Scratchy, what's your opinion? Comment below:

By the way I would like to know whether it's possible to postpone your entrance at an Msc. Let's say I get admitted for September 2011 but for some reasons I'd rather join in 2012, do I have to apply again ? Thx

Apr 26, 2015 - 10:07pm
Scratchy, what's your opinion? Comment below:

So many scenarios as you say because I know what I want and I'm trying to find the best way to achieve it. It's no Alice in Wonderland since I'm pretty realist about my chances being in non-target uni and that's what is pushing me forward.

Apr 26, 2015 - 10:08pm
IlliniProgrammer, what's your opinion? Comment below:

LSE is a target school. If you don't have a target school degree and think you need one to get the job you want, then yes, it's worth every penny.

That said, I would recommend doing some looking now and seeing if you can get the kind of job you want before you spend $40K on school. For me, I attacked it from multiple fronts; I applied to several MSF and MFE programs, but ultimately found the job I was hoping to get after completing the program.

You knock on a whole bunch of doors, and see which ones open. Then you pick the best door to walk through. Maybe it will be LSE. Maybe it will be IIM (India). Or maybe it will be some hedge fund that wants to hire a quant for a very high six figure sum. Depending on which doors open, you pick the one that gets you closest to your destination.

Apr 26, 2015 - 10:10pm
rohitbasuri, what's your opinion? Comment below:

MSC(Finance) at LSE (Originally Posted: 01/15/2011)

I am applying to MSC(Fianace) at LSE.I have 2.5 years of full time work experience in IT.Please suggest if I should apply for the peogram.How will the salary range on completion of the program and what will the roles offered.

Apr 25, 2015 - 2:16am
SM., what's your opinion? Comment below:

LSE places very well among IBs. That shouldn't be an issue if you put your networking skills to good use. The fact about interns converting their internships into full-time offers is also true. The companies that way have already tested the candidate on the job and even trained them a bit, so they find it safer to retain them.

But given your experience, maybe you should consider MSc Finance at LBS. It is one of the best and definitely more suited for someone with experience. They rarely take kids with no experience. You'll fit in better there.LSE takes in kids right after undergrad or with minimal work-ex and so employers expect students to come up for entry-level positions.

Apr 26, 2015 - 10:11pm
mxc, what's your opinion? Comment below:

If I were you, I'd improve my spelling before sending my essay to the admissions committee :-D

Apr 26, 2015 - 10:12pm
happypantsmcgee, what's your opinion? Comment below:

How about some meaningful information? GPA, etc.

If I had asked people what they wanted, they would have said faster horses - Henry Ford
Apr 26, 2015 - 10:13pm
thunderfan118, what's your opinion? Comment below:

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Apr 25, 2015 - 7:59pm
TheSanchize, what's your opinion? Comment below:

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