Hey guys,
I'm a 21-year-old student from mainland EU. Earned my BSc in Business Administration last year at a top-10 European business school (3.8-3.9 GPA, depending on which conversion scale is used). I'm now in a gap year since I wanted to gain work experience prior to enrolling in a Master's in Finance (and also since graduating at 22 is very early, at least here). Completed a 4-month internship in Client Coverage (Corporate Banking) at the 3rd largest bank in my country. Next month I'll start a new internship in Investment Banking (M&A) at the largest bank in my country. Last fall I applied to all BBs and some EBs in London, hoping to get a Summer Analyst internship somewhere. At the moment of applying, I hadn't yet received the M&A internship offer.
Got automatic replies from the top tier BBs (GS, JPM, MS) that the number of applications was "overwhelming" and that they wouldn't proceed with my application any further. For various other banks I was able to pass their assessment stage, after which my application was put on hold.
I was somewhat content with the fact that a few banks invited me to make their assessment, even though it didn't lead to an offer. But my goal is still to get an internship offer at a bank in London (BB, EB, etc.).
Knowing that the recruitment period has pretty much come to an end now, I'm considering applying to all banks again this fall for an internship in 2020 (that would be after having obtained my MSc). Do you guys think I'd have a better chance this time? Not surprisingly I'm mainly looking at GS/JPM/MS, but banks like Rothschild, Moelis, Lazard, etc. as well.
Thanks in advance,
Chaes
Bump
Why not? Your grades seem good and this internship will help with the experience side of things. Start networking and working on interview skills to really nail it and you shouldn't have too many problems
Yeah, will totally start with networking in the next months. Thanks for the comment!
With two solid internships and a good BSc Grade you should be in good shape to apply again next year, especially with some of the Boutiques.
I hope so. Let's say an M&A internship (or FT analyst position later on) at GS/JPM/MS is my main goal, how could I make myself stand out?
I’m by no means an expert on this sort of stuff, and obviously BB’s are always hard to get into. In the end, experience is what counts most - the more, the better. If you can, it obviously helps to Network. Finance Societies, Alumni Networks, the like. Just leave no stone unturned, and work your ass off to show why you’re their best choice, ya know
The advice depends a bit on the country you're in, as some western European countries, such as France, are top feeders into London banks, especially if you studied at HEC.
However, given your story, top 10 European school, people graduation later and the length of the internships in your country, I assume you were at Erasmus in NL.
Although ING and ABN are known in London, they don't have the reputation of a BNP, UBS or DB. If they did, you could have tried to leverage your experience of almost a year in banking straight for a full time role.
When I graduated, banks preferred you do go back to school after the internship. Some even restricted your application if you went for an internship after you graduated. Not sure if that is still the case.
So, I would say you have a few options, all of which obviously include networking and acing the interviews: 1) Apply for internships for the end of your master. But definitely don't just apply to GS/JPM/MS and a few boutiques. Make at least 10-15 applications, it's a numbers game after all, even if you have good stats and are qualified. 2) Leverage the experience you have in IB and apply straight for full time roles at some of the BBs and EBs. Try and find which ones have hired people without interning first at that bank. 3) Work hard at your internship at ..ING?.. and then aim to get a FT offer from London. Once you're there, you can network and try to make a lateral move to another bank, if you want to. 4) Probably the easiest, apply and do a masters programme at a top school in the UK. The impediment there is the cost, but it would make recruiting much easier from an LBS/LSE/Oxbridge/Imperial/Warwick etc. (not sure what the latest rankings are in the UK).
Really appreciate your comment, very helpful. Mind if I send you a PM?
Sure, fire away.
As someone speaking who started his career in London in one of the top 3...I would honestly try to score an internship from a well-known bank, boutique or MM firm at your country, before you make the move to London. Doesn't need to be a BB, it can also be firms such as BNP, Macquarie, Baird, etc. (depending on where you're from).
If you're lucky, and you impress the guys you are working with, they might recommend you to people they know in London.
If not, and you do networking (even though it is not nearly as important as it is here in the States), it is just so much easier when guys see you've been at well-known places before, instead of some local banks or boutiques no one knows of.
Have your CV optimised. Make yourself familiar with how CVs look in London. Last, maybe the most important point of all, have all the deadlines noted. Timing your application is so incredibly important, I can't stress it enough.
If you have any questions, shoot me a PM.
Thanks for the input! Will send you a PM later, probably tomorrow!
Want to be honest with you. Your profile looks fine, the reality is that recruiting in London is totally random, so as said, apply to as many banks as possible, don’t be discouraged if outcome won’t be as expected, again, in London it is simply random. I saw guys with weak profile getting into GS, BAML, JPM and MS . Last piece of advice, be aware that places like WB, Jeff, Arma, etc have much better dealflow that some “BBs”.
PM limit reached... I gotta wait.
It is easy. You start your master and you apply to all the banks in London as early as you can in the application process, and assume your graduation year is 1.5 years after the start of your master so you still are a penultimate year student. You crack the tests online and are prepared for interviews. You practice the interview and you network with people who went through the process for the banks that calls you. It is an execution process. You need to execute all right.
MSc programmes are only 1 year, so that makes things a bit more complex. I could potentially leave a few courses open to complete in the second year, but that would cost me another year of tuition fees.
Also, right now I'm officially registered as a student (even though I'm not taking any courses) so technically I am in my penultimate year now, until August 31st. But as far as I know SA applications for London open up after this date. Or am I incorrect?
You don’t have to graduate in 1.5 years, you just have to assume so for application purposes. Otherwise some banks will ding your application as they receive it since summer internship are just for penultimate year students.
I don't think I understand you. Could you elaborate?
Certain banks require you to be a penultimate year student if you want to be considered for a summer internship. If you are a one year master student, by definition you are an ultimate year students. Therefore you would not be considered.
To get around this, what you have to do at the time of the application is to state where they ask you at what year you are that you are a penultimate year student. If they ask why, you just say that your program allows you to postpone the graduation to March of the following year if you attend an exchange program or do another internship during the year and that you plan to do so. This graduation date should also be on your CV if you include the end date of your master on it. Then you are considered for the internship.
You graduate as per your original plan (I.e. one year) and nothing happens.
pm me.
Can't... limit reached.
Enjoy your time at ING, it's a wonderful organisation. The M&A team is quite solid here in the Netherlands.
Have received a lot of useful tips and insights so far, thanks!
Yeah you definitely will have a good chance of landing an SA gig with your background in London. London is much more open to internationals than NY for example.
Some banks open as early as Juny/July (CS/GS), but don't start screening till mid-Sept. EBs are usually a bit more proactive with their recruitment, as they try to get it done before BBs, so places like PWP, PJT start reviewing in early September, Laz - slightly later.
If you had some interviews but failed to land an offer, I would advise you to ask for feedback/analyse what you've done wrong.
Even though a lot people say that networking is not a big deal (in comparison with US), it's still very important and does bits. Some places (EBs) do fast-tracks from their networking events, some (like CS) interview almost exclusively from ppl who attended their events & stuff.
I wouldn't also limit myself on MS/GS/JPM - apply everywhere and see where it goes from there. It's the numbers game in the end of the way.
Any clue about CS recruitment this year? Haven’t heard of anyone being interviewed for IBD SA at a target.
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