One-year master apply for SA IBD in the UK, how would that work?
I am completing a MSc in a target UK university. I know FT recruiting is dismal with SA filled >90% of spots, in some case even 100%. I heard banks in London compared to NYC are quite relaxed about hiring one-year master grads as SA although they have already graduated by the time the internship started, and these SA can usually convert to FT immediately after summer ends or wait until Jan or even next summer. Think about all the top schools in UK do offer one-year master program in finance or related. I would really appreciate some one can share your thoughts on any bank you know who does that and how would the conversion work for SA? Thanks!!
You raise a fair point, but unfortunately it isn't that easy. The top UK Ms Finance programs (LSE, Imperial, Oxbridge, Warwick, Cass, UCL etc) used to be a ticket into investment banking because there was plenty of FT recruiting in addition to SA conversions.
With most hiring currently been done through SA conversions, the placement record of these Master's programs has worsened in recent years. Some banks are indeed willing to hire graduate students as SAs but, nine out of ten times, there won't be the possibiility to convert to FT immediately; simply because the headcount isn't there until next fall.
If you can manage the workload, your best bet would be doing an internship during the academic year. You have the chance of getting hired at your internship company and it will help you immensely in landing interviews for FT gigs both through official applications and networking.
Thanks, Visico! I
The BB I work at takes on lots of SAs on 1-year masters courses, and it's the same across London BBs. Conversion can happen midway through SA program (you join incoming FT class) / January / next summer.
Yes, conversion rates at BBs have been poor in the last 2 years, but that is not the case this summer. In terms of headcount in the near term, both SA and FT numbers are picking up quite a lot this recruiting season.
I would recommend applying to FT programs where available, and SA otherwise. With conversion, it's a case by case basis, and this is something I would bring up with HR and ask them how it could work (best time is at networking events / company presentations).
I'm just finishing a SA programme at a top team in a top BB in London, and have already finished university. I'm going to go on to start immediately after the internship (well, in October or so). My advice to you would be to apply to the SA next summer and then start after the SA is over. Probably 25% of people are in that position, and the conversion rate is the same as for everyone else. Mail me if you want to discuss further.
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