Summer Internships 2010

#1

Hi altogether

I’ve been following this forum for some weeks, as I’ve applied for several summer internships (Finance) in the EMEA region. It is really helpful to see that other people are also struggling with their application processes and the related uncertainties about whether you’ve passed the online tests or not etc.
I created this topic especially for questions regarding summer internships, as I didn’t find an already existing topic regarding this issue. Has anyone also applied for Summer Internships in this forum and wants to share his experiences? In my case, I have applied for several summer internships and already did the online tests, but all my applications seem to be “under review” (CS, JPM, BarCap, BofA/ML, DB, Mac). I hate this waiting period as I really doubt that having to wait for more than 3 weeks is a good sign…

As you may have noticed, English isn’t my mother tongue, so I excuse for any mistakes in my posts. I wish you all good luck for your applications!

Cheers

newbie23

#2

Status of my apps:

DB; Global Banking: Corporate Finance - London, Numerical done;

MS; Investment Banking - London, app ‘under review’ (applied 1 week ago);

Citi; Capital Market Origination - London, app ‘under review’ (applied 7 weeks ago);

GS; IBD - London, app ‘received’ (applied 3 weeks ago) and IMD - London, app ‘under review’;

I am waiting as well!

Good luck

#3

Hi iAlex
do you know by chance when they send out invitations for first interviews? Am I simply too early? Do I have a realistic chance, because I’m studying at a non-English University?

Status of my apps:

DB: Finance - London, numerical done, seem to have passed it
MS: Finance - London, application under review
Citi, Credit Suisse, and BofA the same…

#4

Honnestly I don’t. I heard some banks like GS usually wait for the deadline before sending out invitations.

The banking sector is fiercely competitive but if you are a very good candidate, yes you do stand a chance. Be patient!

#5

Thanks, maybe I’m just impatient… Maybe my grades can compensate my lack of professional experience (hopefully!). I’ll keep you up to date if something happens

#6

I just looked for the application deadlines but didn’t find anything except for Deutsche Bank: deadline for summer internships in UK seems to be mid of December, does anyone know something about other banks, e. g. J.P. Morgan, Credit Suisse, Barclays Capital or Morgan Stanley?
As I am not attending a UK University, do I have a realistic chance to be considered?

#7

Hi Newbie

Firstly, Goldman Sachs will only start reviewing the applications after their deadline. However, this is not the case with all the banks. It is imperative for you to have fluency both written and spoken to work in Investment Banks in London. I presume that your studying somewhere in Europe and realistically London will be a tough task for any candidate. The logistics of arranging interviews can be cumbersome for the banks. I can offer you some positive news, my friend was offered an internship at Goldman New York and Goldman London, however this was because he was studying at Yale and did exceptionally well there.
There is no harm in trying and I wish you the best.

#8

@ newbie,
Thanks for setting this page up.
My understanding is that as long as ur school tiering is somewhat decent, it shouldnt matter which country you are applying from. Then again, this is coming from a secondary source so theres no guarantee. Expense might be an issue from the company’s standpoint but how much could interns logistics cost vs. some of the lavish guarantees that they are paying out?
Ive met up w BNP HR and the rough sketch of the screening process and the weighting of priorities as listed below;

  1. Grade/ GPA (think also involves exam scores)
  2. School tiering
  3. work experience
  4. languages, extra curricular etc.

Fyi, a friend of mine just completed his graduate program in DB, NY after his MBA and he told me that some of his colleagues did not have the slightest clue on finance. i.e. calculation of DCF, NPV etc altho they all seem to be from Ivy League. And i know some guys are being rejected whose criteria fits perfectly so i guess there are no specific standard in terms of selection.

#9

Hi audreylee, thanks for this information. So let’s see how it works with our applications, I think we are really quite early, so no sign isn’t a bad sign at this time…

#10

Just received an invite to online numerical test for Citi (submitted my app towards the end of oct). Does anyone have any idea as to what it’ll be like? standard SHL format or would it be something else?
Many thanks!

#11

Hi audreylee, as far as I know, it’s a standard SHL test (numerical, no verbal test). Congrats to the invitation. I just got rejected from BarclayCard Risk Management (applied last week). But my application for Barclays Capital is still “under consideration” what seems quite strange, as I think it’s much more competitive to get the finance internship. Maybe they just didn’t start to screen it…

#12

great thanks newbie.
Just a quick fyi, a friend of mine @ Barcap just emailed me today mentioning they just hired a guy for summer internship '10. But i also know that they just completed recruiting guys for their grad program so guessing they’ve slowly started screening applicants. I havent applied to Barclays but will let u know as soon as i hear something.

#13

@audreylee, citi numerical test is a standard SHL test, 18 questions in 25 minutes.

@newbie, yes I think you’re quite right. Time will tell!

Applications;

DB: Corporate Finance - London, Assessment Center coming up

Citi; CMO - London, Numerical done last week

MS and GS; still waiting to hear back from them (apps under review)

#14

thanks ialex. how long did it take for DB to get back to you after your numerical test? i submitted on saturday night but havent heard from them yet- good luck on ur AC!

#15

@audreylee; If you pass the test, they will review your application. If you meet their recruitment requirements, you will receive an invite for a first round interview. Regarding the timing, I think it depends on your profile.

As far as I am concerned, I applied very early (September). I was invited to sit the numerical test the day after. The Graduate Recruitment team contacted me on the 12th of November to invite me to a first round interview. So roughly 6 weeks after I completed the test. After the first round, they gave me a feedback within 24h. I was told they usually come back to candidates within 48h.

I hope this helps. I cannot be more accurate :slight_smile:

What division are you applying for (DB)?

#16

thanks ialex for ur insight.
I applied for the global markets, sales and trading. im assuming it’ll take about a week or so for them to get back to me as it was the case for bnp. i still need to take the test for citi which is due in few days…argh!

#17

Has anyone heard back from Citi or CS after the online tests?

I took the tests quite some time ago, just wondering whether they started the ACs…
is the AC the next step in the recruitment process?

thanks

#18

Hi hazelground
I didn’t hear anything from Citi and CS since the online test. Credit Suisse just says “in progress” and Citi “under review”. In fact, in don’t expect anything positive… No sign becomes more and more a bad sign imho.
I think the next step would be a telephone interview but I’m really not sure! Can anybody else give some more information?

#19

if nobody has heard anything yet, it might be that they have not really started actively recruiting for summer internships yet…

but we should hear something before christmas should we stand a chance at all :))

let’s be hopeful …

#20

Hi Hazelground

I’ve been rejected by Morgan Stanley, JP Morgan, RBS (Finance Summer Internship) and Barclays (Barclaycard Risk Mgmt.). Still open are Deutsche Bank, Credit Suisse, Barclays Capital, Citi and BofA… So my optimism is disappearing slowly but steadily… I think should have invested even more time in my cover letter and the answers in the application form. Although I was quite satisfied with it when submitting the app, I’m not anymore now… I think this is one reason for my rejections, combined with the fact that I am studying in Switzerland, which makes the whole application process much more complicated for the HR…
Anyway, I wish you all the best, I hope you all did better…