No IB job yet and graduation approaches....

#1

I suppose there are some out there in similar situation as I am, graduating with M.Sc. Finance degree (2:1 honour) and sadly didn’t make it to the IBD departments at the major IB’s.

Well I am facing this but luckily I have an OK job which is at least really well paid though it is not on the career path that I would like (I am not a stripper btw;).

So graduation with this degree and not being on the right career track is tough…:frowning: and my question to you out there in the same footsteps what is your strategies? Doing another degree? Consultancy > MBA > IBD ? Keep applying at the IB’s?

Basically how in the hell does one get on the right track again? Have I lost the fucking train or what is the best strategy to catch it again?

Any advise highly appreciated!

#2

Well the easiest is to apply again next year and stay at your “OK job” until then.

On the other hand you could apply for jobs in other countries - where with an Msc in Finance from a British University you can get a job much much easier! Of course though at a lower pay than here.

Apart from that apply apply apply and see if u can get into a boutique somewhere. Work there is the same and money wont be much less. Of course the question is whether your ego can take working for a “no name” company…which isnt easy for many.

Hope that helps a little. Keep your head up!

#3

On the plus side if you get the right deal with a no name boutique there is a chance of getting a bigger slice of the action, finacially.

#4

are you graduating this year or have you graduated with the MSc?

If you havent then apply in again this year in Sept for the 2011 starts. I had a friend who graduated last year with an MSc in Finance and Banking and she got a job to start this Sept. plus it should be easier for you since you have some work exp. try and get relevant work exp if you can, if what you doing is not relevant!

good luck!

#5

Thanks mates for this, well I am not from a UK uni but a good European Uni though. I am graduation this summer, maybe my ego is just too big LOL. I suppose I will have to settle for one of the lower ranked banks, been interviewing with two of the big dogs but didn’t make it through…:frowning:

As my job is only “semi relevant” I suppose it will be better for me to go for some of the smaller banks or boutiques.

Suppose the best strategy is to get some more relevant experience and keep applying and if it doesn’t work take an MBA… difficult decision though…

Cheers…!

#6

First of all I’d like to thank all of you for the very interesting information I found on this forum as I was looking for a summer internship.

I just got an offer for corporate banking but I was wondering if it wouldn’t prevent me from going to IB next year after graduation. Is an internship in corporate banking a good way to go to IB next year or will I be stuck here?

I think it’s going to be a great experience for me (my first real job ever) but I don’t want to be told next year that given I started in corporate banking I should stay here. Is there really a big difference between corporate banking and investment banking (in terms of opportunities mainly)?

Thanks everyone.

#7

You should be able to get into IB with a CB internship…provided that the bank you are interning for is a bigger name. HR people are dumb, dont forget that, what they primarily look at is What Uni you went to, what grades you had and WHERE you worked/interned.

So go for it and try out corporate banking in the summer…u might really like the team and the work so you might stay there anyway.

#8

I think you are clearly on the right track mate, this is highly relevant for the IB. One of the biggest drawbacks for me in the interview was that I didn’t have any relevant working experience so I came across as not so focused to IB’s.

So you should definently take this offer provided that you don’t have an IB offer…

#9

… more information! Just got an offer for an summer internship in wealth management at a really prestigious bank. So what’s the best path leading to IB? Wealth management (US bank) or Corporate banking (UK bank)? Both sound like really interesting and I really got along with the people, but I just want to know what would be the best choice, and what internship would look better on my resume.

Thanks for your help.

#10

Let me ask you this, why are you so keen to get into IB? I mean Wealth Management at a US bank sounds very very good. Why not take the itnernship there and go in that direction career wise? Dont forget, getting into an IB analyst programme is f*ckin tough, probably the most competitive so if you get the chance to start your career in wealth management at a top bank then you can have a great career either way…and the money there isnt that much less than in IB.

Just a thought.

But if you are really set on IB then go to the bank with the better name. HR look at WHERE you worked first and then WHAT you worked. So take whatever will be bettr for your CV…thats what counts in the long run.

Regards

#11

Just of interest how many people in your graduating year or course have got jobs lined up for 2010? At my Uni in the year graduating 2010 only about 10% of people scored jobs. Of course there are many who will do Masters but how is it at other people’s uni? LSE, Oxford, Cam, Imp? Same picture?

#12

I study in France but I’d say less than 10% of my graduating class secured a summer internship (in the financial services industry!).

I know getting a job in IB is damn difficult but I feel I can do it. I got 2 offers so far with non-existing extracurricular activities + non-existent work experience! Of course I don’t contemplate going only into IB, but I really want to give it a shot. Then if I can’t … well! I’ll do something else (corporate banking, audit, wealth management).

Tell me clearly what is better on a CV? wealth management or corporate banking (let’s suppose it’s in two banks of equal prestige)? Thank you again for your help.

#13

Much as I admire the sincerity and breadth of comments and information on this forum, some of the questions being asked are pretty important and, as in this case, can have some not inconsequential effects on your chosen career. You should speak at length with someone with knowledge in your area of work (NOT the university careers office, please).I would suggest that you should speak to the banks and ask the questions.