internships for Masters-level folks

TheFullMonte:

You can do an internship between your senior year of uni and your MSF. I highly recommend this. Puts you is a pretty good position.

I just learned that at MS (USA) at least, the Analyst applicants cannot have an advanced degree. This stuff would be really useful to know ahead of time.

GBB_19NHS:

loads of masters around, they usually start as analysts, same pay same position. they tend to do the internships their final year which is either in the middle or before they start their masters (depending of the duration). This is in Europe, not sure about the US. process will be the same also, no difference really, and you wont be grouped with MBAs thats for sure (if you dont have substantial WE)

Yea, I think it's different in the US. My MSc is from UK. In the US it's not as common to pursue a Masters as it is in UK or continental Europe. But thanks for making your observations from GB.

Summer analyst. Masters students are typically summer analysts unless you are MBA.

If you have any techincal (modeling) experience than a summer associate might not be out of the questions. Just not at the BBs.

OK good idea, before or after I submit my application?

for sure, covering the gap even if it's not the best place to be in for you is still much better than doing nothing. in my opinion.

btw, could you pls share some tips on how you found the internships with not that high GPA? did you go to places which traditionally look at GPA or they skept it?

honestly I used the internet that's it. I spammed everyone, on every site imaginable.

Working is almost always better than sitting at home doing nothing.

There are probably zero banks that specifically target MSF students for a structured program in the traditional manner of Current Undergrad -> Summer Analyst, Graduating Undergrad -> FT Analyst, Current MBA -> Summer Associate, Graduating MBA -> FT Associate

Some banks will be pretty strict about keeping this process and others you might be able to crack into but it requires a lot of consistent networking and maneuvering well before the recruiting season begins... that or your specific school's OCR and the banks that recruit there allow MSFs to drop resumes for analyst interviews.

I got ya. Looks like I'll just have to keep trying to create my own luck. Thanks again.

Any other experiences out there?

I thought MSF programs are for FT recruiting. Since they are a year long, when would you have time for SA?

To share my story, I was accepted to a top MSF program (vandy/nova/tulane) for fall 2013. I'm currently weighing my options as for FT offers vs. doing MSF and finding a summer intern. I did an internship in ibd m&a last summer and didn't receive an offer (not my doing unfortunately). So I'm trying to wear two hats at the moment and I'm finding the ibd SA search very difficult. Many seem to focus on rising seniors ONLY, which is bull in my opinion. It seems to be a tough barrier to crack especially for BB unless you have someone inside pulling for you (bb website resume drops are blackholes). I'm going to focus my internship search on MM and boutique that offer groups I would interested in.

What are you going to do from Fall 2013 to Summer 2014 if you get a FT offer? Seems odd that they would graduate you in December.

You have no shot at a highly structured SA position as an MSF student. You can find banking SA opportunities, but they will likely be at boutiques

Most MSF students simply apply for FT positions. Banks are probably reluctant to allow off cycle grad students into undergrad SA programs because there is no need with all the ample demand.

Focus on smaller banks which might be more open to the idea, get an unpaid internship to make up for your lack of internship experience and just focus on applying to FT position.

I came back for a masters, and I am stuck in the same boat. I have been able to secure an internship while Im in school, and got a reup offer for the Spring. Networking is extremely key as a masters student. Many banks ONLY want juniors, and HR will straight up tell you if you ask, but there are still plenty who will accept masters students....if you can get a good contact and network

Thanks for the input fellas. I realize the 3 semester MSF is unorthodox but I honestly thought (at the time of applying) that interning and MSFing simultaneously would give me the best shot at FT anywhere whether it be an immediate hire for January or traditional summer start.

I see 2 options for myself now 1) stay the course and make sure I get a decent internship, apply to FT spots next fall and graduate in December or 2) Raise hell to my academic advisor to waive the prereq nonsense, cram courses to allow me to graduate by the end of summer and apply for FT spots w/ no internship and hope my accounting experience counts for something

I'm still liking option number 1 but maybe I am not giving my pre-MSF experience any credit. Any advice?

To all the European readers here: Don't worry, this is not the case for Europe. In Europe many if not most summer analysts have a master's degree (usually MSF). I study at a top European master's program and in my program almost everyone got an SA gig at a BB in London. The downside is that you have to convert it into full time if it is a one year program, otherwise you are in kind of a fucked up situation.

I think it will be difficult to get an SA in May if you HR that you are graduating in May. Best bet would be to tell them you are applying for another master program that will begin in Sept and are looking for internship in between.

I actually already have my masters, and graduated in May 09

why would you do a masters of finance and CFA? unless of course you did financial engineering, that would make sense that you went for a masters, but if you did just masters of finance the CFA > any Masters of finance programs.

Because my undergrad was in Biology, and I've got no finance coursework to speak of

CFA does trump a MSF, but you get a lot of benefits from a MSF that you don't necessarily get from a CFA.

I would focus mainly on Boutiques, small money management shops, whatever. Cast a wide net. Those places have really informal hiring practices and would be open to something creative. MM and BB can't really have someone just come in and work without going through the full HR process. Reach out to alumni. get on LinkedIn, whatever it takes. I feel your pain man, good luck.

What is your home country?

i am also curious about this... how important is it to have SA experience prior entering LSE's Msc program?

People have been telling me that it is impossible to get into banking without an internship at a bank, especially in the UK. How true is this?

Very true. My girlfriend, Economics major at LSE, had no internship experience and only got a job following a year interning and completing her masters.

Be wary of getting into banking in the UK, competition is extremely fierce because you'll be up against many UG and most international students do not gain work visas in the UK. Even if you do, like I said, you'll be up against UG with SA positions.

thanks for the input, FinancialNovicell.

would going into AM be easier coming from programs like Msc in Real Estate Economics and Finance?

You don't need internship to do an MSc, but finding a full-time job without doing an internship at the same bank before is VERY difficult. Getting a full-time job without doing any kind of an internship before is almost impossible. The competition is just too strong. You'll be going against people (undergrad and postgrads) who have had up to 3 or 4 internships. Don't be discouraged about this though. Accept your weakness and come up with good reasons how you could compensate for those (people will be asking you interviews why you haven't done an internship before. lack of motivation?). You must have done something in your previous summers (hopefully, otherwise this is hopeless). Make sure to articulate why and how that can compensate for your lack internships. Also, be sure to NETWORK NETWORK NETWORK!!!! I can't stress this enough. This will be important for the rest of your life. For someone like you, this can make all the difference in today's environment.

In terms of the areas, anything that isn't too popular would work. But generally, research roles (especially for someone with an MSc, given the thesis writing experience), private banking/wealth management and Asset Management might be easier than IBD/S&T. Good luck. Start applying early (also, it's not too late to still get an internship for the coming summer. Really, anything finance-related will be helpful).

bump =)

How good is LSE in placing its students into HK/Spore BB analyst positions?

good question wisb1. I would also like to learn about this. Specifically for investment bankers and asset manager.

Why dont you have a SA?

tough position and uphill battle. it can be done but you must bomb them with academics, on campus activities and all. and even then it will be tough. competition from continental europe has 2-3 internships in banking.

Can a senior in the US apply for BB SA in the US/Asia then go for a master in LSE/Columbia/one year masters and go back for FT?

BB in US rarely recruit masters. You have to network a lot through your target school alumni.

Apply for SA if you have no finance background or experience. I'm doing a masters in Econ (I went into the program straight from undergrad) and have gotten several interviews for IB summer analyst, and other departments at top BBs + a couple of other banks. I did network somewhat with alums and friends since my school does not have a big presence on the street. We are definitely non traditional candidates but it's doable. Just have a killer rez and make sure you're doing something good this summer. Feel free to PM me if you have any questions.

Some regional offices do but the places are scarce.