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How disadvanteged is a grad application without an internship watch

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    Hi,

    I have applied to 15 internship programs, however it is looking like they will all come back unsuccessful. I plan on improving my application for next year. With that said, how disadvantaged is an application for IB with no internship or relevant work experience.

    I study Economics at LSE and should achieve a first, if that makes any difference.
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    (Original post by unsung_hero)
    Hi,

    I have applied to 15 internship programs, however it is looking like they will all come back unsuccessful. I plan on improving my application for next year. With that said, how disadvantaged is an application for IB with no internship or relevant work experience.

    I study Economics at LSE and should achieve a first, if that makes any difference.
    Depends; when recruitment was high plenty of people did this; last year and the year before I think it's close to zero at the major banks - certainly I haven't heard of anyone without a banking or finance related internship getting through.

    In general terms though it's a pretty serious disadvantage.
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    It's a massive disadvantage not to have an internship, simply because they show a strong interest in the industry and help when answering competency questions. If you're on course for a 1st in Economics at LSE and aren't having luck with internships then there's something seriously wrong with your applications/interview technique. What do you think has gone wrong?

    I'd advise looking at slightly less competitive schemes and maybe even some unrelated ones to hedge your bets. Anything is better than nothing imo, do an Accounting or Back Office internship if you can't get into Front Office straight away.
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    (Original post by loggins)
    It's a massive disadvantage not to have an internship, simply because they show a strong interest in the industry and help when answering competency questions. If you're on course for a 1st in Economics at LSE and aren't having luck with internships then there's something seriously wrong with your applications/interview technique. What do you think has gone wrong?

    I'd advise looking at slightly less competitive schemes and maybe even some unrelated ones to hedge your bets. Anything is better than nothing imo, do an Accounting or Back Office internship if you can't get into Front Office straight away.
    Thanks for the comments. Yeah, I feel my CV is OK, but since sending off my applications I have noticed areas for improvements. I have only received a handful of rejections so far, but with many applications still outstanding there is still a chance I might get an offer.

    I do have some strong extra curricular's which would help contribute answers to competency questions. Unfortunately, I cannot apply for any BO internships, seeing as I have already applied for FO at most firms and they dont accept more then one application. I am going to apply for less competitive schemes in the hope of getting something interesting for this summer, but worst case scenario, would I still stand a reasonable chance at getting an interview for FO with BB firms for grad positions?
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    (Original post by unsung_hero)
    Thanks for the comments. Yeah, I feel my CV is OK, but since sending off my applications I have noticed areas for improvements. I have only received a handful of rejections so far, but with many applications still outstanding there is still a chance I might get an offer.

    I do have some strong extra curricular's which would help contribute answers to competency questions. Unfortunately, I cannot apply for any BO internships, seeing as I have already applied for FO at most firms and they dont accept more then one application. I am going to apply for less competitive schemes in the hope of getting something interesting for this summer, but worst case scenario, would I still stand a reasonable chance at getting an interview for FO with BB firms for grad positions?
    Worst case scenario being not getting any internship? I suppose you'd get interviews, but in terms of industry knowledge you'd be miles behind people who've done one or two internships... If you weren't from LSE I'd say you have no chance, but it's impossible to rule it out since it's a top notch uni and banks love to recruit from there.
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    Maybe your EC's are not strong enough. Maybe by getting a 1st you have been sacrificing EC's?
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    (Original post by Damarus)
    Maybe your EC's are not strong enough. Maybe by getting a 1st you have been sacrificing EC's?
    Potentially. I stopped with most of my EC's in 2008 and have not been involved with any volunteering/societies whilst at University. Although the reasoning for this is I need to work four days a week so after taking time for studies, there is not much left. Do you think my employment would be a satisfactory explanation as to why my EC's stopped in 2008?
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    (Original post by unsung_hero)
    Thanks for the comments. Yeah, I feel my CV is OK, but since sending off my applications I have noticed areas for improvements. I have only received a handful of rejections so far, but with many applications still outstanding there is still a chance I might get an offer.

    I do have some strong extra curricular's which would help contribute answers to competency questions. Unfortunately, I cannot apply for any BO internships, seeing as I have already applied for FO at most firms and they dont accept more then one application. I am going to apply for less competitive schemes in the hope of getting something interesting for this summer, but worst case scenario, would I still stand a reasonable chance at getting an interview for FO with BB firms for grad positions?
    Unfortunately, I dont think you'd be that likely to get many interviews with no experience at all. I have been to plenty of interviews and a handful of assessment centres across banking and AM, and I can't recally meeting a single candidate who had no experience at all

    Some places do long-term internships or off-cycle internships which arent as competitive - could try for those when they come around. Otherwise big 4 or the ops 'backdoor'? Or some serious networking!
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    My housemate got a grad offer this year from a BB in wealth management after no internship, it can be done. You just have to do A LOT of research in to the area you want to work.

    What FO roles have you been applying to?
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    (Original post by The IC Guy)
    My housemate got a grad offer this year from a BB in wealth management after no internship, it can be done. You just have to do A LOT of research in to the area you want to work.

    What FO roles have you been applying to?
    Thanks for this, its nice to know that it is possible. I have been applying for IBD with a few sales and trading apps as well.
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    Good luck! When I say a lot of research I mean to say he spent a couple of weeks doing nothing but preparing for one interview with one company. In fact I think he only submitted two applications in total.
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    (Original post by The IC Guy)
    Good luck! When I say a lot of research I mean to say he spent a couple of weeks doing nothing but preparing for one interview with one company. In fact I think he only submitted two applications in total.
    OK, thanks for the help! Iv actually got two interviews coming up, so my focus for the next two weeks is going to these interviews.
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    When it looks least likely for you to get an internship, it is also perhaps the best chance for you to nail it when you put everything into it just prepare prepare and prepare. You are in a good university and course, should be ok. If not try Big4 etc to fall back on.
 
 
 
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