NOT A SINGLE EB/BB INTERVIEW, now what?
Despite being at target w good grades, I failed to get any BB/EB/top MM interviews for SA 2021 in London. This was probably due to a combination of having no real prior finance experience, no languages, and finding Hirevues very awkward. Fortunately, I was more successful with LMM/boutique M&A firms and managed to secure a few offers in this bracket (think Lincoln).
I am looking for advice on what I can do to maximise my chances of getting into a BB/EB in the future. I'm guessing this internship alone is not good enough experience to recruit for OC/FT at BB/EBs or am I mistaken?
Would I have a good chance of getting a better SA next year? Would I need a Masters to do that (I'm currently in my penultimate year)?
Or would I be better off securing a return offer (which I have been told is almost guaranteed as long as I don't F up) and then trying to lateral after a year or so?
What else could I do between now and the next recruiting cycle to improve my chances of getting interviews?
Thanks so much!
hirevues are super awkward, wouldn't wish them on anyone.
can't say why you couldn't get an interview or offer, did you get any feedback at all?
I'd say take what you have, unless you have some form or guarantee that another degree would help (it didn't sound like it would, or would it?)
Thanks for the reply!
I am definitely accepting one of the LMM IB SA offers, I am trying to get information on how/when/if I could move to a better bank further down the line?
As far as I am aware banks don't give feedback before late interview stages so I have no feedback on why I didn't get interviews from BB/EBs. When I got interviews with smaller firms I tended to do quite while, I got offers from all my ACs. When I didn't convert interviews to ACs my feedback was mainly about a lack of experience.
you could record yourself in any of these digital interviews and let a friend/mentor look at it, how you come across etc.
Other than that, hard to say why the others didn't work out. It is a bad time/year though for applications in general, I know this doesn't help.
Can definitely relate - similar profile but hardly had any interviews at BBs/EBs. Exploring my options now, but was wondering how you navigated applying to LMM/Boutique M&A firms in London? I know a lot of them don't have formalized recruiting processes and I don't have much experience in applying to them, so if you were able to share any insight on that it would be really helpful! Can PM if you'd prefer. Thanks!
All the ones I applied to had formalised recruiting processes run by recruiters. I found them through a mixture of checking my uni's careers portal and by frequently checking the firm's websites (AskIvy has a good list of London boutiques). Most of them only asked for a CV so it was a very quick application. I think Numis, Invesco, Peel Hunt, are open/will open in January. There are probably more but I stopped looking several weeks ago. Hope that helps! If you want reply with your username and I'll PM you.
invesco already closed
Hey thanks for the reply, really helpful! Applied to 2 places via Dartmouth but didn't really get anywhere lol. I'll have a look at AskIvy and the other firms you mentioned. Have also replied with my username, thanks!
*Lincoln
Thanks lol
I’d take what you got now. Lincoln is not a bad shop by any means a lot of people got much less this year. I’d take what you got and leverage that experience to trying for full time roles at BB/EBs next year.
Thanks for the reply!
I was under the impression that FT recruiting is very tough and I'd probably be competing with people with "better" SAs and prior experience. Would I have a chance of getting something better? Or should I be applying to OC/SA?
Your main competition would be people who got BB internships and couldn’t turn those to full-time offers. Yes, the competition will still be fierce, but you’re playing at the big boys table. You’d be able to use that to go to other UMM shops and BBs. Theres a lot riding on the sell you make
You can apply to SA recruiting as a final year, I should know, cos I did it this year with much success. If they specifically ask for 2023(?) grades next year then just add a little line on your CV to say you're expecting to do a masters which pushes your graduation date back a year. Firms like BAML, JPM (for IB, not for Markets), Deutsche Bank, GS and most EBs need this. Other firms are far more lenient. UBS, Citi, MS, JPM for Markets, and Barclays all accept final years without expectation of a masters. You can simply have two versions of your CV. CS has a dedicated final year internship for IB; for everything else you need to indicate masters.
Experience as an SA with an MM firm should be good enough to get an OC or an SA but maybe not FT. You're going to also want to get involved with relevant extracurriculars, if you haven't. Based on the initial post, it sounds like you've fallen into the trap of thinking that simply going to a target and getting good grades makes you golden. It doesn't. However, FT recruiting is a little weird. I've seen some bare-bones profiles (in the way of work experience) getting into FT while others with full profiles struggle. It's no secret though that there are just a handful of FT spaces across the entire City. Most people don't even bother going for them.
If you didn't get an interview, you should also consider other areas of your application. Your cover letter, the formatting (not content) of your CV, your hirevue skills, your testing skills. Find the best way to improve these skills and you can hit next year recruiting season like a Japanese bullet train.
Second this. London recruitment is VERY random, unless you have a prime CV once you meet the general requirements a lot of it is luck. I blanked out in my second year but got an internship in my final year. With a solid MM on your CV you’ll have a great shot, wouldn’t go for masters if I were you. Only case I would is to up your uni, the £30k fee just isn’t worth it.
Both posts above give solid advice
Thanks so much!!!!!! That list of which firms accept final years is absolutely golden!!!! Would give you a second SB if I could!
Would firms that require a planned masters allow me to "change my mind" and not do it? Also what happens if I am not successful in getting a masters place (i'd probably only apply to oxf/lbs so that is a possibility).
Yeah you hit the nail on the head there. I mistakenly thought that target + 1st would be enough this year. I have realised how wrong I was so I'm trying to do everything I can to make up for it before next year.
Thanks so much for the advice!!!
Re: "changing your mind or not getting the masters". Depends on the firm. Deutsche ,for example, really cares. They simply won't let you do the summer if you don't have confirmation of a masters prior to joining. However it doesn't really matter where the masters is (you don't have to specify that beforehand). Not sure about other banks but it depends and you should cross that bridge if you get there.
I would apply to more than LBS and Oxford. LSE, ICL, Camb all have great MFins. Roughly in that order. Make sure to get that first too. Otherwise you'll have the GMAT to deal with next year, which is a pain.
Thinking you're set is a common mistake. The world and especially finance, is not like that. Better late than never though.
How about applying to SA when you've already graduated and are doing an internship? Is that possible?
Structured internships are generally only for those studying or *just* finished studying. You can for sure make and find your own internships at smaller firms outside of your studies, but that's all up to you.
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