Breaking Into IBD After Graduation
Can someone help me choose the best strategy to break into investment banking? I'm graduating this summer with a strong 2:1 from a UK target without an internship/full time role lined up for this summer.
Ideas for Breaking Into IBD
Idea 1: Do 'something' for 1 year, apply for a Masters starting 2015 and try again.
- 2 year delay
- I'm unsure what would be useful for IBD other than more IBD/corporate experience
- Does give me time to save up money for the Masters though
Idea 2: Networking with TMT/M&A teams specifically
- I have Facebook/Apple/Google/Twitter experience and a no name M&A internship - neither are hiring so I cannot go back
- So far, they say I have a strong background/should be fine when I apply online
- They are happy to refer me but I have to wait till the next recruiting cycle
Idea 3: Pay for mentorship (through WSO or otherwise) to break in
- Don't have the cash but could take a loan
Summer 2014 options:
- University language course
- Go abroad and volunteer for 2-4 weeks
- Go to NYC/USA and network with bankers in person as USA bankers seem more receptive to my profile vs UK bankers
- Work on my second startup idea - closed my first startup last month
WSO Advice
It’s hard to say why OP hasn’t been able to secure a position. It could be timing, the job market, his resume or cover letter, etc. Here are tips from fellow WSO community members on how to proceed with the networking and job search process.
- Reach out to recruitment agencies for help
- Cold call/email smaller firms for even unpaid experience
- Post CV and cover letter to small IB and PE shops
- Network with everyone possible and ask them to refer you to other contacts
- Apply for other industries
- Apply to job vacancies on uni careers board
- Ask contacts about possibility of doing an unpaid internship
- Considering pursuing your masters as a way to get in
- Make sure resume and cover letter are as polished as possible
- Try to get an off-cycle internship
Recommended Reading
- Breaking Into Banking: Your Timetable is Everything
- Breaking Into IBD
- Breaking Into IBD 3 Years After Graduating
- Taking Masters Degree to Break Into IBD
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In case you are interested, this is what I've been trying so far:
Can any of the contacts you networked with ask around if you can get an unpaid internship? Also, you might as well remove the "get another undergrad" option. Msc's are just the ticket if you can't get a job with your current credentials and will require significantly less time.
Thank you for the reply. Yes, they are currently asking around to see if anyone can take me on board but its not looking good, which is why I'm planning for the 'worst case' scenario. They say they only hire through the formal programmes and unpaid work experience is not possible (unless you are related to someone at the bank - even then its difficult). What did you think of the other options please?
Do you have good relationships with whatever top tech firm you worked for? If they liked you, but just aren't hiring in your dept, you should push them for a recommendation into a few of their house banks. If you get the right contacts this should at least get you interviews.
I did reach out to them later last year. They passed me onto HR telling me they would be in touch if a suitable role cropped up - not heard anything (have followed up a few times). The head of the team knows some people in another tech company - managed to get a few referrals through that - so tech (at another firm) may indeed be an option. Finance is what I would really like though.
Sorry, to be clear, I was referring to the big tech company you interned at getting you set up with THEIR contacts at investment banks (not an internal group there). Reach out to your best tech company contact, say you're interested in finance, ask if they know anybody at investment banks that you could speak with.
Good luck!
Firstly, I can hardly imagine you not getting anything being from a "target school". Target schools in the UK are OxBridge, LSE, Imperial, UCL, Warwick only (some might consider Cass business school, too). Don't take me wrong, but perhaps the "target" school you're referring to isn't at all a target school (semi-target or most probably non-target), hence, one reason for not getting any offers.
Secondly, are you 100% sure that your application is polished to the max and is perfectly presentable? CV, Cover Letter (formating, info, numerating everything, CL targeted to a specific company (not generalistic), etc.?
Now, getting straight to the point. What I would do is definitely apply for off-cycle internships EVERYWHERE. It is definitely not too late as so many companies still recruit (starting point: http://news.efinancialcareers.com/uk-en/171990/comprehensive-breakdown-…). Secondly, if you're an international, why not consider an internship at your home country? A decent internship (or 2 or 3) elsewhere would still enhance your CV as long as you present it well. Also, CFA is an option you might want to consider, but most probably wouldn't make much difference.
Good luck!
Appreciate the detailed reply. I am at one of the first 4 universities you mentioned above. At least at the 'top 10' BB's I have shown analysts/associates (sometimes VPs depending on the bank) my app before submitting them. I made sure they were high quality as I really wanted to break in. I also had my careers service check them (not sure that counts for much lol)! The UK is my home country/I'm eligible to work here without Visa sponsorship. Yup applying via efinancialcareers and vacancies my contacts inform me about. Been rejected from several off-cycles already hence I posted up.
I kinda have the same situation. Even with their off-cycle is still so hard to get picked to get invited to interviews. Anyone care to share same insights?
I actually broke in post graduation in the UK and I was initially at a non-target.
Feel free to PM, but ultimately the route I took was to enrol on an off-cycle internship which got made full time. I have stayed on, which means that in terms of time and earnings, I'm way behind my peers, but ultimately at the end of the day, £20k or whatever it will be that I'm behind, hopefully will be a very small percentage of my overall wealth when I look back at a later stage in my career.
I have a list somewhere of places which offer the off-cycle scheme in the UK too which I could dig out if it is of interest.
Messaged.
So... you have Twitter experience then.
Not sure I understand the comment. Can you please elaborate?
He is saying that of the four mentioned, Twitter is the least prestigious. For example, if someone said "I went to Harvard/Stanford/Wharton/Kellogg you would assume they went to Kellogg (not to knock Kellogg, I know many people who have had an excellent experience there).
Has anyone got any further thoughts to share please?
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double post
Interesting post. I actually think you're in really good shape to break into a tech sector. Try reaching out to a few smaller banks and get something done before the next recruiting cycle. There are plenty of small banks that solely focus on TMT, and somebody with your experience could be really valuable. MSF also isn't a bad idea. It'll give you access to another recruiting base and an opportunity to network with more bankers.
Thank you. Yup I've been reaching out but I'm having no luck so far (either they want very experienced candidates only, are generally not hiring/downsizing or point me to BB/EB graduate schemes). MSF is doable as my grades are good but I cannot enrol until September 2015 (and therefore commence full time IBD 2 years from now) as its too late to enrol for the Sept 2014 intake. At this point, I may as well wait and get an MBA lol.
Yeah but at least you have options. My advice would be to keep grinding with those banks. Make an excel spreadsheet of hundreds of firms and start dialing. I made a post earlier about sacrificing for a year to make it the next.
The 'another gig' is what I can't seem to land hence the alternative options presented in the intial post. What do you think of them or do you have alternative suggestions? (yes I'll keep the networking going)
There's a bunch of options. You could look towards corp fin, reach out to local businesses and try to spin some finance experience out of it. Be creative, work with what you have. It doesn't necessarily have to be a boutique but it's all relative to where you live. Some geographical areas are easier to work in than others.
I've tried this but corp finance roles (at least in the UK) almost always require experience (unless its the big 4 which is a graduate programme). What are the other 'bunch of options' please?
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