Investment Banking intern to S&T
Hi all,
I’m currently a second-year undergrad at a UK target and will be interning this summer at a boutique in the Uk.
As I’ve been researching more about long-term career fit, I’ve started to question whether investment banking is actually for me. I’m increasingly drawn to markets-facing roles and the idea of working in a more real-time environment, which has made me consider Sales & Trading.
My question is: after completing an IB summer internship, is it realistic to apply in final year for S&T graduate roles (or potentially S&T summer roles if eligible)? Has anyone seen this pivot done successfully in the UK?
Would it be viewed negatively to move from IB to markets at that stage, or is it manageable if positioned correctly? Alternatively, is it wiser to stick with IB and only consider transitioning later?
Appreciate any honest input from people who’ve seen similar moves.
You could probably apply for S&T summers
agreed
Hey, thanks for your response.
Do you think the key would be how I frame the pivot? I’m conscious that coming from an IB internship, I’d need to demonstrate genuine interest in markets rather than it looking like a fallback move.
Would it be enough to build market experience in terms of uni societies and events over the next year or do S&T recruiters generally prefer candidates with prior markets internships?
Just trying to understand how realistic the transition is from a signalling perspective.
Not super common or unheard of, and your perspective is perfectly honest - you think markets are more interesting than the private side. Of course having previous markets experience is great but most didn't on my S&T summers. I would maybe work on some projects or a weekly macro/markets update/newsletter, then there is no doubt about your interest.
As for a fallback move, I would really do what you can to get a return form your boutique and put it on your CV so it's clear it's a choice. But I don't think it looking like a fallback is much of a concern, S&T isn't really much easier to get into than IB anyways, yes there is less competition but also far fewer seats.
I would also figure out what role (sales/trading/structuring) and what asset class you are most interested in, and make your explanation of banking->S&T intertwined with this - it makes the pitch seem much more real. "I did banking but hours were long and publics are more interesting etc." is quite generic, but "I did stuff at an M&A boutique, got interested in how companies work and valuations etc. so now want to do investment-grade credit" is much more compelling. Or your boutique is TMT focused so your want to do TMT Equity sales. Or you did restructuring and spin that into rates exotics structuring. Obviously a you'd do a bit more detail than this but you get the idea. For S&T I want to know what desk your are interested in and why.
Gl
Really appreciate the reply — genuinely grateful you took the time.
That makes a lot of sense, especially around making the move look intentional rather than reactive. I hadn’t fully thought about tying the IB experience to a specific desk or asset class instead of giving a generic “markets are more interesting” answer.
The point about securing a return first is also very fair — that optionality would definitely help the narrative.
Thanks again, this was really helpful.
showing interest about markets wont help because desk heads want junior traders who they can mould. maybe curiosity and being humble helps more
I find it weird when people with internships applying to a slightly different internship call it "transitioning". You're not transitioning from anything - you don't have a career yet.
You've dipped your toe in something and now you're gonna dip your toe in another thing. You just need to explain to someone why you're doing that.
Regardless of whether you'd come from an IB internship or not, you would need to demonstrate a genuine interest in markets. There's nothing materially different you have to do now vs if you'd simply gone for S&T from the beginning.
But yeah, the other guy said this in a nicer way.
Yes, I definitely understand now. Thank you!
No I think you said it well, there was no malice in how you said it.
I tried going from IB to S&T and got nothing, so maybe consider that.
UK as well.
Were you still in university? Did you mention your IB internship one your CV and what did you think the reason being was?
Yes
Yes
The reason: there are so many applicants they don't need someone who isn't a fit for their division work experience wise so they threw my application without even interviewing me.
S&T recruiting works differently. if u get dinged from one, u probably wont get other offers. Largely dependent on luck and personality
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