Investment Banking Internships

#1

Considering what’s been happening recently, is there any chance applying for investment banking internships? Are we just wasting our time here… is it still worth considering investment banking as a career, or is it time to move on?!

#2

I would say, still apply, but have something as backup. The chances are you’re probably going to end up taking the backup plan, but still give it a try. Alot of people are going into financial services firms and qualifying with an ACA, with a view to entering into IB after things clear up. Obviously, to take that route you’d have to have alot of motivation and interest in your chosen line of service, or else you just won’t survive the full three years.

I was about to advise you to make sure you’re “wholly committed to your backup plan”. With employers in this current situation looking for commitment to career, you’ll have to learn the art of spin to convince them, regardless of your actual aspirations.

#3

They are still recruiting in IB - past experience has shown it’s important to keep up their recruiting otherwise they end up with gaps in the structure down the line. That said, the current financial climate seems like apocalypse, so you’re definately attacking a very steep curve.

#4

Given difficult times, I would advise even full time job seekers to get into the industry through internships. Internships are less costly to employers and employers can let you go with ease (vs. committing to FTE). For these reasons, I dont expect interships to be greatly affected by current crisis. I would keep applying for usual suspects in IB but also consider lots of small buy side shops.

botirvoy

#5

“Small buy side shops” …what do you mean Botirvoy?

Also… [[internships]] are great - but getting them is not easy, and often more competitive than getting full time graduate roles. Also, it’s very hard to get an internship if you have left university (most internships are offered to penultimate eyar students) - what do you suggest for uni-leavers without internship experience for getting graduate jobs in investment banking?

P.S. where do you work?

#6

By “small buy side shops”, I mean hedge funds, credit/distressed/mezzanine funds, VC funds, PE funds, etc.
Getting an intership with one of these firms is not easy, but if you can convince them that you would be useful and cost them virtually nothing, then it is great.
If someone wants to increase their chance of landing a worthwhile job, they should look well beyond conventional routes of getting there, not just say “apparently, I can’t apply here because I am not a penultimate year student” or “they don’t have a formal graduate program”. Network and see if you can get a job through back doors.

botirvoy

PS: I do leveraged finance

#7

How did you get your job in leveraged finance? Did you go through the back door? How do you suggest a candidate approaches people/networks/applies for jobs apart from pursuing the traditional graduate scheme route? …what are your thoughts on moving from [[back office]] to [[front office]]?

Also - could you explain what leveraged finance is? I know absolutely nothing about this!

#8

I am not supposed to be answering questions while at work!
I can try later.

#9

My leveraged finance job is my second job. My first job was at a derivative trading desk. For this role, I was separated from a usual grad recruitment process and had to go through a customised recruitment process (which was much more competitive though).

The problem with back office–> front office is, you have a stereotypical “ops guy” stamp - which is quite unfortunate because there are a lot of good guys working there. I personally know a few people who moved from operations and middle office into trading, structuring and research roles. And the way they got the job is through building relationship with people in front office within their firm. It is easier to do it within the same firm than externally.

botirvoy

#10

…but specifically regarding internships when you are not in uni etc… how do you advise people go about this?