Italian student to IB London?

Hello everyone, I have been following the wso community for quite some time, and it has finally come the time for my first post.

I'm an italian second year student at Bocconi (3.9 equivalent gpa) and my short term (post grad) goal is to get into IB London at a BB/EB. Usually as a Bocconi student you would do your 3-year bachelor and then the 2-year Master in Finance, SA in the summer of your 1st MiF year.

1) The first thing i would like to ask you guys is (from your experience and what you've seen in the industry) if the Master in Finance in Bocconi and not say Oxford or LSE is a huge handicap in terms of access to the industry (not only interviews, but general success %); I recently talked to a professor that I genuinely trust and he said that's a thing, but when I read your posts here it doesnt seem like Bocconi's MiF is considered 'TIER 2'.

2) Now onto the title: I really want to do an internship somewhere this summer and from what I heard, for your first internship (if you have 2/3 summers like i do in this case) anything related to finance is good, and then you work your way up until the BB summer internship. Considering the fact that it's january and the COVID situation, do you guys have any suggestion on what to look for?

3) Is networking/ name dropping relevant in EU? Clearly not as much as it is in the US, but is it worth the effort just to answer the 'why this bank' question? Can analysts actually give you valuable info you can't find on google or wso? (I'm assuming nobody would refer me).

4) COVER LETTERS: I wouldn't ask this question for BB/EB applications, but if you were in my situation would you just have a standard one that allows you to 'spam applications' or do you think it's crucial to really tailor it to each different company? (for corporate finance/ strategy/ real estate/ consulting internships)?

5) ADDITIONAL TIPS: is there anything else I should look out for/ prepare for? maybe applying for spring weeks on my 3rd year for easier paths to SA? Joining finance students associations?

Thank you guys for reading, really appreciate any input/ question.

 
Most Helpful

Hello,

1) If you have the opportunity to go to Oxford or LSE, it will make you a top candidate, not only because they're top target schools (with HEC), but also since it is always valued to have some international experience. However, Bocconi MiF also places a lot of students in IB in London, I would not see this as a handicap. 

2) It is generally difficult to find something relevant during the Summer without prior experience, networking will be very helpful in that case. Indeed, at this step anything related to finance would be good, so you can target very diverse opportunities to maximize your chances (FP&A, audit, financial control in corporates, anything in a financial institution...). As a first experience during a Summer I personnaly found a credit analyst internship in a commercial bank.

3) I definitely believe networking is useful in Europe, even if it is not mandatory. Having insights on the company you apply for, showing that you've made the effort to connect with someone, is always valued in an interview as it shows your motivation. And if you're lucky enough to network with the right person it can also bring you some interesting opportunities

4) I know it takes time, but so many people send generic applications that I think you could easily stand out with a taylored cover letter. So do this at least for the positions that interests you the most

5) Spring weeks are obviously worth it if you manage to get one. A finance association is a good thing on your CV to show your interest in the industry especially if you do not have relevant work experience, but generally any student association will bring you some stories to discuss in interview (and it can also help to show that you have other interests outside finance). 
You could also consider doing a placement year to get internship experience.
Last thing I also wonder if it could be worth applying for SA as a bachelor student, and then having another try when you'll be in Master. 

 

Thanks for the reply! I will surely think about applying for SA for summer 2022 so that i have '2 chances' to get in. If i wanted to apply for Oxford/ LSE what would I need to do? high gpa/ passing the gmat/ referrals? Lastly, where are you currently at? heard you got a good first internship but then did you manage to find something better the following year?

 

There are also essays to apply for Oxford / LSE.

I am a final year student at a European semi-target. The internship mentioned above was during Summer after my 3rd year Bsc. One year later I did a placement year (between the 2 years of Master) and I managed to get two 6-month internships in M&A at BBs, and finally I secured SA position at a top US BB (GS/MS) for Summer 2021.

 

Hi,

1) Not a disadvantage for sure. Bocconi is well respected and literally close to 100% of Italians in London banking come from Bocconi. If you have the chance to study your MSc in London, I believe that being in London is an advantage (a bit less with WFH). But by no means Bocconi will put you in a bad position, especially if you combine it with experience.

2) Correct - try to focus on boutiques in Milan. There was a topic recently listing the main firms offering internships during the year. But any internship would be good your in 2nd year (e.g. Big 4).

3) It can help but in most cases it's not really needed. They can give some valuable info which can be helpful to craft cover letters. Go to events, though (virtual/physical).

4) You have to tailor it a bit - have a standard template where you change a couple of phrases for each bank. Keep it simple.

5) Surely apply to spring weeks. If you get one, great news. No big deal if you don't, it's not easy. Aim for a finance-related internship in your 3rd year/summer break. Definitely study abroad too, invaluable experience regardless of recruiting. Finance associations can be helpful to craft your story.

Best of luck.

 

Thank you for the info and wishes! The only thing is how would gpa exactly differenciate me if the application for SA takes place at the beginning of my first Master year? And how important is gpa in general? Is it just the higher the better or above a certain threshold its would be smarter to spend more time on extras?

 

1) You are at no disadvantage at all. The top target schools in Europe for finance are LSE/Oxford/Cambridge/HEC/Bocconi, the other universities below that don't even come close. You will get looks from virtually every bank with a Msc Finance from Bocconi, and the program is the flagship which places extremely well. Bocconi presence is very heavy in London, so alumni pull exists, but as always general success is always up to your performance.

2) Second year Bsc you should be attempting to land a banking SA, though it's probably too late for that. Many people from Bocconi land SAs that then convert to FT and can therefore skip the Msc. However, the traditional Italian way is to do your Msc too. Me personally I would try to land FT straight out of undergrad to avoid wasting another two years on Msc. Try to land something finance related this summer and apply for FT 2022 positions. If unsuccessful go for Msc Finance. Virtually anything in 'high finance will do; AM/PE/HF/IB- check out boutiques in Milan, there is also a NPL shop that a lot of Bocconi students intern at.

3) I think networking in any geography is very important, though it is not the norm in Europe. So you might get some strange looks reaching out to people. However, if you are personable ,likeable and show a genuine interest, it can deliver a lot of value. Go into it with the mentality of learning from others experiences - anecdotal experience is always better then what you can find online.

4) Tailor your cover letters to the role, but don't get too carried away. Ultimately nobody really spends a lot of time reading your cover letter if at all, and it can have more adverse affects vs a standardized version e.g. spelling mistakes, grammatical errors, assuming the role is different to what it actually is etc.

 

Will do, thank you! Even though i think applying for SA is much easier than FT in 3rd year Bsc. and i think I'll go with that.

 

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