The IB&C Pre-University Thread for School and A Level Pupils

Try and avoid "soft" A Level subjects. I'm sure a lot of people will have heard of the LSE Blacklist, and if not then here it is:


Source

Also read:

Source

The above is a guide from the LSE's Economics department but is helpful for Oxbridge, UCL and Warwick too.

Following on from a few posts I made in the spring thread

I underestimated the number of PMs I'd get so thought this be a better way to illustrate what I meant by



For the purpose of summer applications, replace "offers" in the above quote with "interviews".

The below has three drafts of the same person's CV all which, in my opinion, would have significantly different chances of getting to the interview stage.
http://img85.imageshack.us/img85/1271/taleofthreecvs.pdf

I still try to get second opinions from friends when I make significant changes to my CV or cover letters. You would be surprised at the things a third-party onlooker would point out.

For those who were unsuccessful pre-interview across the board, it might be worth getting some second opinions on your cover letter and CV from friends and people you trust. For first years who got spring rejections, it really doesn't matter as much as you think it does. Work on your applications, get good grades, and try to do something productive/useful this summer and you'll have a better shot at summer interviews. For second years who got summer rejections, there are still a few companies recruiting and also a number who may be keen on summer interns but do not publicise/market it. Do some research then get on the phone and start calling. When applying to places, remember that no matter how good you may look on paper, no one owes you a damn thing.

Get in any damn way you can, be it SEO, LGBT, or Uncle Roger. This is a damn competitive industry to get into and not exercising a free "in the money" option you have is a very bad trade and an insult to some of your peers who may go out of their way to try to establish such networks you have. As for my thoughts on SEO being an easy way in, I think this sums it up.

For those who were successful and got multiple spring/summer offers, don't forget where you were not too long ago when you would've appreciated the opportunity to work at any bank. Don't let what use to be a dream turn into over confidence, arrogance, and an inflated sense of self entitlement. Even a first year trader still isn't worth the chair he sits on. Don't forget that feeling that overcame you when your very first offer was communicated to you. Don't forget to be proud of what you've already achieved but don't let that ever turn into arrogance. I read some of my old posts on TSR from Mar - Nov last year and was disgusted at the arrogance I sometimes portrayed. Don't let that happen to you

3 Reasons Why Your Investment Banking Cover Letter is Making You Look Like a Fool and What to Do About It


“I have read Monkey Business, Liar’s Poker, and When Genius Failed each 3 times and consider them my collective bible. I know I have the eye for perfection and artistic vision to create truly immaculate pitch books. I am a Microsoft Certified in Excel, and I know all the shortcut keys (alt-i then r, that will insert a new row).”

-RE: Lehman Brothers Recruiting, The Leveraged Sellout

Despite my claims that “we never read cover letters,” some readers have pointed out that almost all banks require them. And some places might even pay attention to them.

I’ve seen lots of cover letters from customers lately – and nearly all of them suffer from the same problems.

Here’s how to avoid these common mistakes and how to structure your cover letters properly, so you can avoid looking like The Joker.

Let’s Set the Record Straight: Who Actually Reads Them?

In 99% of cases, only small boutiques (or small private equity firms) actually care about cover letters.

Big banks don’t have the time to go through stacks of cover letters. Remember the 30-second rule: if only 30 seconds are spent reviewing your resume and making a yes/no decision, you can imagine how much time is spent on the cover letter.

Small places care more because 1) “Fit” is extremely important when there are only 4 people in the office and 2) They actually have time to read cover letters (occasionally).

The True Purpose of Cover Letters

Cover letters are similar to GPA / test scores: a great one doesn’t help you much, but a poor one can kill your chances if someone happens to notice it.

From the ones I’ve seen (both as a banker and as part of my business), there are a few mistakes that come up repeatedly – no matter who you are or what you’re applying to.

Mistake #1: Writing a Life Story, Not a Cover Letter

I’ve seen some really long cover letters before. Keep it to 1 page – 500 words or less – and ideally 300 words or less.

Yes, I’m sure you have a very interesting life story about how you were abandoned by your parents and raised by wolves on the outskirts of a tribal village, but please don’t tell me any of this.

Get to the point – who you are, what you’ve done, and why we should pay attention to you.

Mistake #2: Telling Me Your Favorite Book is Monkey Business

Microsoft Certified in Excel? Extra in American Psycho? Know the bank’s market share in Mongolian M&A deals?

Great, but don’t waste my time with this trivia. All I care about is whether you can do the work.

If you have a relevant skill, such as fluency in another language, that’s ok to bring up. But almost every other Skill/Activity/Interest is pointless.

Mistake #3: Writing The Sound and the Fury, Not a Cover Letter

Logic is key when you’re selling someone on yourself – and that’s what a cover letter does.

So don’t write a letter using stream of consciousness.

An amazing number of cover letters skip around and don’t present the applicant’s background coherently.

Just like any other type of writing, you need an introduction, a body, and a conclusion.

The Ideal Cover Letter

So how do you actually write a solid cover letter?

You use the structure below.

I was tempted to post a Word template, but I don’t want 3,000 daily visitors to copy it and to start using the same exact cover letter.

The Information at the Top

Nothing too fancy here. Your name and contact information could go on the right side, and the recruiter’s / firm’s name and contact information could go on the left.

If you don’t have a name, don’t panic – just use the company name and address instead. Yes, it’s better to have a real name and send it to a real person, but it’s not a deal-breaker.

Similarly, “Dear so-and-so” works better if the “so-and-so” is someone’s name but if you don’t have it, “Dear Sir or Madam” is acceptable.

Paragraph 1: Introduction

Here’s where you say who you are and how you learned of the opportunity – from networking, from an event, from a friend or however else you found out. Then you say what attracts you to the company and the specific position.

Keep this short – 2 to 3 sentences is best.

Paragraph 2: Your Background

This is usually your longest paragraph. Start out by writing what you’re currently doing, and then give the relevant internships/jobs you’ve had. Focus on useful skills (e.g. financial analysis) and whatever you did that’s applicable to banking, trading, or whatever you’re applying for.

A reverse chronological structure works well because most of the time, your most relevant experience will also be the most recent.

I would use no more than 5 sentences for this one.

Paragraph 3: Why You’re a Good Fit

This is a shorter paragraph. You should explain why your skills / experiences match whatever you’re applying for and re-iterate what makes you interested.

If you have anything unique (for example, you’re applying to a middle-market private equity firm after having run your own middle-market company), you may also want to mention it here as another selling point.

Paragraph 4: Conclusion

Remind them that your resume is enclosed, give your contact information and say that you look forward to hearing from them soon. Keep this to a few short sentences.

Exceptions

Sometimes this exact structure doesn’t work – if you’ve had more extensive experience (i.e. you’re not just out of undergraduate or business school) or have unusual circumstances, you may want to write something slightly different.

Let’s say you’re applying to investment management firms in China and you grew up there, having moved abroad when you were 10 – in that case you probably want to use 1 paragraph for your “finance experience” and another paragraph for your “China experience” rather than just writing 1 “background” paragraph.

No matter what your background, though, keep your cover letter brief, logical and relevant.

Otherwise you look like a fool.

Are there any programmes or days like the J.P.Morgan School's Programme?

I'm guessing you applied for it also. Have you head anything back?

I applied a few days ago, haven't heard anything yet. There's an INSIGHT Day at PwC if you're interested.

.

I applied a few days ago, haven't heard anything yet. There's an INSIGHT Day at PwC if you're interested.

I got an email from JPM saying they'll be in touch soon to confirm a place. Did you get that?

Ah thank-you! I'll check it out

Yeah I got that, thought it was automated? No problem btw.

Hmmm :/ I'll take the risk, might be some gash there.

by pre-internships, does that mean gap year programs that some Ibs hold?

if so, i've been told the application cycle has ended earlier this year...
unless you guys mean you applied for next years?

Good idea.

My advice: DO A LEVEL MATHS. My biggest regret in life was not doing maths at A Level. Much more useful/important than an A Level in Business/Economics.

I'd definitely second this, and go as far as to say that if you're capable, Further Maths is a very useful asset to have on your CV.

* Accounting
* Art and Design
* Business Studies
* Communication Studies
* Design and Technology
* Drama/Theatre Studies
* Home Economics
* Information and Communication Technology
* Law
* Media Studies
* Music Technology
* Sports Studies
* Travel and Tourism

The study of modern Economics requires a broad range of knowledge and skills, with maths, in particular, being a necessary tool for analysis. A level Mathematics (or equivalent) is therefore a compulsory requirement for all courses within the Economics Department at LSE.

In addition to Maths, the selectors prefer to see subject combinations which indicate that you possess both analytical and writing abilities. Subjects which appear as common post-16 choices are Economics (although not a required subject); Physics; History; Chemistry; English and Government and Politics.

An additional qualification in Further Maths, at any level, if offered, is welcomed as an indication of mathematical ability. However we are aware that not everyone has the opportunity to follow a Further Maths course and find it helpful if applicants and/or their referees can indicate whether or not the applicant's school or college offers Further Maths classes. Please note, however, that Further Maths, if taken as a full A level, is generally seen as an 'additional' or fourth subject, rather than a substitute for one of your three main subjects. Thus a combination of Maths, Further Maths and one other subject is not seenas providing the required breadth of knowledge and skills.

Subjects where the content is deemed to overlap, such as Economics and Business Studies, or English and Media Studies, should not be taken together, and as with all degrees at LSE, traditional subjects are preferred.