FT 2021 London recruiting (MF Credit & PE internship)

Hey WSO,

I am in a bit of a predicament; Currently interning at a megafund in London, and now I am looking at FT recruiting opportunities for 2021 and would love some input and guidance

I started my career with a SA position at a large IB in London, then moved on to a MM PE internship, and finally an internship with a MF's credit division in London. 

Seems like 2021 BB recruiting will be sparse, and not sure about EB or buyside analyst recruiting prospects. I would love to continue doing credit, preferably on the buyside but definitely open for sell-side as well. 

Where would you suggest I look for opportunities considering my background? What is the outlook for FT analyst recruiting at the buyside vs sellside in London? Is networking worthwhile in times like these?

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Comments (12)

  • Prospect in IB - Gen
Sep 12, 2020 - 9:36am

Open for both, but my experience is on the private side, and I have enjoyed it, so for now I'd say that's the way to go, while I still would be interested in the public side as well, maybe down the line

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  • VP in PE - LBOs
Sep 12, 2020 - 9:01am

If you are interning where I think you are (99% sure I know, there are not many options), I would start looking for FT opportunities ASAP... Have friends there that told me that because of systemic risk/problems (COVID-19 portfolio hit + risk of a second wave of lockdowns) and idiosyncratic problem affecting the fund that I think you are at (lack of dry powder), they are not giving any FT offer this summer. They knew it before the start of the programme but did not cancel because of the reputational damage that it would cause in the schools that they do recruit from. They did not reveal it to interns to keep them motivated during the programme... can´t blame them. who would want to grind knowing that it will not pay off?

So my 2cts, start recruiting ASAP as it is already late in the application cycle. If you wait too much, probably it will be late.

If you want to stay in credit, you can apply for DCM or LevFin. Right now, with the uncertainty regarding a potential second wave of lockdowns and the harm that it would cause to portfolio companies, most credit funds are on hiring freeze, so I would go directly for sellside credit, to later jump to buyside once the situation has returned to normal. You can also go for M&A, as you can later exit pretty much anywhere. 

  • Prospect in IB - Gen
Sep 12, 2020 - 9:38am

Thank you for the great input. Yeah, I am pretty sure that FT is not an option where I am now, and I have sent out applications to the banks that are open, but just thought I'd get some color on the market. (Which you provided)

Sep 12, 2020 - 9:06am

If you wanna do credit, maybe apply to HL Rx, PJT and Lazard Rx, I am sure they are hiring given the momentum

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