If you are from non target you would not even be considered. HR have this automatic system that filters out all applicants that do not meet the min criteria before even a real person looks at them. I know this for sure re HSBC and Merrill and im pretty sure the majority ibs do it. So the only way to get in would be via your network and who you know. If you are superstar and dont know anyone at the bank, you dont have a chance simply because no one will actually take the time to look at your application.
I was in your position ( attended a non target, however i did get a first during my first year). I applied to so many position, tried to mitigate my uni through various extra curriculars. I didnt get a single thing. Then i realised that no one will look at me unless i introduce myself so started networking and got an informal summer internship at a swiss private bank. The work was more admin but i had direct access to portfolio/relationship managers and it looked very good on the cv. So having this, i then was able to secure a year long placement at a stockbroker (i know i wouldn't have been accepted had i not have the internship as they even told me so later on).
With this experience i tried my luck at grad roles (even did the IMC to improve my cv). I passed the online tests for all front office jobs and did not get a single interview!(the online tests were sent automatically if you apply btw).
I had to change strategy and started applying to middle/back office jobs. Here, i was getting noticed and easily secured a middle office grad role at a t1 ib. The idea was to try and move over to trading/structuring (a lot of people say that it is nearly impossible but its easier than you think. I know of many people that have done it, even the bank has a programme for ops people to move over). However i don't like IB life. I am in direct contact with traders and structures and sales etc, and i wouldn't enjoy the work. So i decided that research on the buy side is the real interesting career.
I applied for masters to try an rebrand myself and go for grad roles again and got accepted at ucl (told them my story in the personal statement so they must have liked the determination etc).
So i tried doing it straight from undergrad and failed. I know that there are prob people that succeed from non targets but i would be very impressed if their did not know anyone in the industry.
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