Official Investment Banking and Advisory 2019 Internship Thread

Hey,

I am about to do MSc Economics @ LSE. I have no internship experience (really nothing, except a few weeks doing something completely unrelated), so my intention is to apply for summer internship (in risk management); I have three questions about this!

- I did my undergrad at a non-target in Chemistry, got a 1st, did a diploma in economics and that’s how I ended up at LSE. My worry though is my A-Levels as I got BBB. Am I just going to be filtered out?
- Do masters students have a chance for summer intern positions? I understand most ask for penultimate students and a lot specify ‘undergraduate’, should I say I am doing another masters?
- Is risk significantly less competitive than FO roles for internships?

Thank you!!

Reply 741

jamielan

6

Apart from GS and BlackRock is anyone else open? Law student trying to get into IB/AM.

Reply 742

username738914

21

Original post by BeerWiz

What's everyone's opinions on this video?

https://www.youtube.com/watch?v=MPjWRu5heGs

I checked glassdoor and he's not wrong that London analysts get paid about £50k which isn't really enough considering tax and rent prices in London. I find it odd since in New York analysts can easy get paid $150k+

The general idea of the video is correct, but a lot of his content and opinions are dubious. Saying you can't afford to live in London on £50k is complete rubbish.

Some of the numbers are also out of date.

Posted from TSR Mobile

Reply 743

physicsmaestro

7

When are people applying?

Reply 744

jackdaniel10796

5

Original post by JamieHarp

Hey,

I am about to do MSc Economics @ LSE. I have no internship experience (really nothing, except a few weeks doing something completely unrelated), so my intention is to apply for summer internship (in risk management); I have three questions about this!

- I did my undergrad at a non-target in Chemistry, got a 1st, did a diploma in economics and that’s how I ended up at LSE. My worry though is my A-Levels as I got BBB. Am I just going to be filtered out?
- Do masters students have a chance for summer intern positions? I understand most ask for penultimate students and a lot specify ‘undergraduate’, should I say I am doing another masters?
- Is risk significantly less competitive than FO roles for internships?

Thank you!!

My thoughts:
- Once you have done a Masters/PhD/MBA your A-Level results become much more insignificant since it would have been a few years ago... instead this is where your undergrad, postgrad and work experience matter more.
- There are usually A LOT of Masters students on summer internships... never hurts to apply. Only difference is when you are doing an MBA and have to apply for a different role (associate) entirely.
- In a nutshell, yes. It will still be competitive especially at the large investment banks, but the numbers work a bit more in your favour.

Reply 745

jackdaniel10796

5

Original post by jamielan

Apart from GS and BlackRock is anyone else open? Law student trying to get into IB/AM.

CS, HL, PWP are all open

Reply 746

Mrrexxxx

10

How important is it to have a internship already at some sort of boutique or small firm before applying for summer IBD internships? On LinkedIn it seems as if a lot of current summer analysts had previous work experience (not counting spring weeks/experience weeks).

Reply 747

Non Target Pleb

6

Original post by Mrrexxxx

How important is it to have a internship already at some sort of boutique or small firm before applying for summer IBD internships? On LinkedIn it seems as if a lot of current summer analysts had previous work experience (not counting spring weeks/experience weeks).

For BB summers you need to have at least some prior experience or you will get instant rejections.

Ideally you would want to already have a BB spring week, or an internship in PE/asset management. If you didn't manage to secure that then having at least Big 4 accountancy stuff or consultancy projects will give you a shot.

If you don't have anything like that and you don't go to Cambridge/LSE/Oxford then there is unfortunately no way in hell you'll be shortlisted for interviews. The competition is simply too great. Nobody is going to pick the underdog over people with vastly more experience and a vastly better university name.

Reply 748

BeerWiz

11

Original post by Non Target Pleb

For BB summers you need to have at least some prior experience or you will get instant rejections.

Ideally you would want to already have a BB spring week, or an internship in PE/asset management. If you didn't manage to secure that then having at least Big 4 accountancy stuff or consultancy projects will give you a shot.

If you don't have anything like that and you don't go to Cambridge/LSE/Oxford then there is unfortunately no way in hell you'll be shortlisted for interviews. The competition is simply too great. Nobody is going to pick the underdog over people with vastly more experience and a vastly better university name.

Well I'm ****ed

Reply 749

studenta2

3

Original post by Non Target Pleb

For BB summers you need to have at least some prior experience or you will get instant rejections.

Ideally you would want to already have a BB spring week, or an internship in PE/asset management. If you didn't manage to secure that then having at least Big 4 accountancy stuff or consultancy projects will give you a shot.

If you don't have anything like that and you don't go to Cambridge/LSE/Oxford then there is unfortunately no way in hell you'll be shortlisted for interviews. The competition is simply too great. Nobody is going to pick the underdog over people with vastly more experience and a vastly better university name.

Completely disagree. If you can articulate a genuine interest in finance in your cover letter, and the skills you can bring to the firm, they will interview you. I interviewed at MS, Terra Firma, JPMorgan, DB and Blackstone. I ended up taking the offer from Blackstone. I got a 2.1 in Law from a non-russell group university and had no prior finance experience. I did however do two internships at law firms in the M&A and PE teams. In my interviews, I just talked about why I wanted to pursue a career in finance even though I studied law, and the transferable skills I could bring to Blackstone.

(edited 5 years ago)

Reply 750

username1571649

17

Do I:

A) Get my application in as early as possible as most firms are rolling
B) Wait for networking events at my uni, and careers fairs and stuff before I apply so I can add it to my cover letter + meet the recruiting team

(edited 5 years ago)

Reply 751

spyrogyra

13

Original post by jackdaniel10796

CS, HL, PWP are all open

Gleacher Shacklock is also open

Reply 752

Non Target Pleb

6

Original post by studenta2

I did however do two internships at law firms in the M&A and PE teams.

^^^
You have relevant work experience directly related to investment banking. Not sure how that invalidates my point.With ever-increasing financial and legal regulations on activity in this industry its unsurprising that someone with experience in corporate law would be viewed favourably.

Aside from that, for all I know you could also be female, which would automatically boost your chances by a further 300-400%. Or your applications may have all been to back office.

Btw I don't think articulating yourself well in the cover letter is of great importance as banks will rarely waste the time reading them (they simply don't have the resources to do so when the applicant/vacancy ratio exceeds 50/1).

Edit: also its very difficult for me to trust a 4 day old account with a grand total of 2 posts!

(edited 5 years ago)

gradmonkey or jtp?

Curious to know about the compensation levels & exit opportunities (possibility on moving towards AM/PE/HF) of private banking in BBs. Thanks!

(edited 5 years ago)

Reply 755

TheHustler

5

Original post by BeerWiz

What's everyone's opinions on this video?

https://www.youtube.com/watch?v=MPjWRu5heGs

I checked glassdoor and he's not wrong that London analysts get paid about £50k which isn't really enough considering tax and rent prices in London. I find it odd since in New York analysts can easy get paid $150k+

seen this before. his points and logical but he's too pessimistic with the data and figures

Reply 756

TheHustler

5

Thoughts on putting insight days on CV? Saw some CVs today with a bunch of insight days at BBs.

Reply 757

username738914

21

Original post by TheHustler

Thoughts on putting insight days on CV? Saw some CVs today with a bunch of insight days at BBs.

hasn't had any adverse effects on my nor my friends paths so I don't see why not.

Posted from TSR Mobile

Reply 758

200 West Street

6

Original post by Princepieman

The general idea of the video is correct, but a lot of his content and opinions are dubious. Saying you can't afford to live in London on £50k is complete rubbish.

Some of the numbers are also out of date.

Posted from TSR Mobile

Sure you can live with 50k. But what kind of life? In a *****y shared appartment with no savings and that all for 80hrs a week? He has a point, you basically keep living the student life but without a social life. Banking isn‘t what it used to be.