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Original poster

Is DS making a mistake with work experience - investment banking

52 replies

Theworried2 · 25/06/2023 19:44

DS will be studying economics at Uni starting this year.
He wants to aim for a career in investment banking in the future and got 1 week work experience at JP Morgan, though this is a generic one covering all divisions. He also got an 8 week summer internship at an Insurance firm in underwriting and he has decided to take this one instead because he feels that he can earn some money and have some significant work experience in his CV.
However would this put him at a disadvantage in applying for spring weeks and summer internships in IB at the future, as the work experience at JP Morgan would signal his interest in the industry more.
he can’t do both as the dates clash.

OP posts:
yogasaurus · 25/06/2023 19:49

Does he definitely want a career in investment banking? Does he know much about what this entails?

A week in an IB will help him realise if it’s what he wants to work towards. I work in an IB, almost all graduate trainees have in-house work experience under their belt especially in front office roles.

Original poster
Theworried2 · 25/06/2023 19:53

@yogasaurus He definitely does want to aim for it and is under no illusions about the long hours. He will definitely apply for spring weeks and summer internships at Uni. He thinks a proper summer internship would still be useful when applying for this uni investment banking work experience even though the one week work experience is at an investment bank ( though that week would be across different divisions such as technology too)

OP posts:
Original poster
Theworried2 · 25/06/2023 19:55

I suppose what I’m wondering really is would it look worse for him on his CV by doing this 8 week work experience in finance, but not related to IB versus one week work experience at an investment bank, when he applies for spring weeks and summer internships in investment banking at Uni?

OP posts:
theresnolimits · 25/06/2023 20:02

My son works in investment banking. He had absolutely no experience when he was accepted on a placement year from uni ( very competitive). He had worked for a market research company the previous summer. They look for a range of skills and a broad outlook. I’d suggest the eight week placement would be the better bet.

And everyone applying for jobs has great A levels and a good degree from a top uni. It’s the ‘other stuff’ that makes candidates stand out such as sports, leadership skills, evidence of team work etc.

Oblomov23 · 25/06/2023 20:16

I'd do both. Just tell the 8 week intern that he can't do that week. And do the one week at JP Morgan.

Kisskiss · 25/06/2023 20:16

I worked for 3 different ibs and was heavily involved in graduate recruitment at the last one. I don’t think the 1 week programmes will add much, they are just like taster weeks , it’s just important to do as many summer internships as you can in corp finance in order to get the full time offer later

LadyTemperance · 25/06/2023 20:22

If he hasn’t even started his degree I think he has plenty of summers ahead to do internships. Most people applying for them won’t have previous experience so doubt it would count against him.

Original poster
Theworried2 · 25/06/2023 20:28

@Oblomov23 I tried telling him that but he only gets 4 days holiday and he needs to use one for A level results day (hopefully he meets his offer!). He isn’t confident enough to ask for unpaid leave that week.
Thanks @yogasaurus and @Kisskiss for saying that the internship would still be valuable. He will try and get summer internships in corporate finance but he couldn’t find one for his age group this year so he decided to apply for the one in insurance itself.
@LadyTemperance That is exactly what DS says he will do. He will try and get IB internships at Uni.

OP posts:
yogasaurus · 25/06/2023 20:48

He shouldn’t rule out ‘general’ placements either - there are lots of areas of an IB that people wouldn’t have considered/might not know about and it’s good to get an overview of the whole machine.

Off the record, many graduates want to work in corporate finance without being able to articulate why (scared to say ‘biggest salary’). It’s a good idea and really positive for any potential applicants to note any area of interests they have, but make it clear they’d be happy to look at everything.

Xenia · 25/06/2023 21:21

Do JP Morgan. Take the one week off the 8 weeks as they won't sack him and he has perhaps a bit of holiday he can use and a reasonable excuse for the other days probably

Original poster
Theworried2 · 25/06/2023 21:34

@Xenia I will try and get him to do that. The problem is he will need to take 1 day off for a level results day in case of clearing, and that leaves him 3 holiday days for the work experience week. He will need to try and get 2 days unpaid somehow.

OP posts:
Spirallingdownwards · 27/06/2023 18:23

Is the JP Morgan one the Bournemouth one? If yes I wouldn't bother with it. Let him earn the cash from the other one.

Tryingtogetitright · 27/06/2023 18:25

Is the Insurance firm a Lloyd’s Underwriter? If so I think he should go for that, insurance is a great industry to get into!

BHRK · 27/06/2023 18:29

JP Morgan is going to look great on a CV surely? He should do that and some of the other one

Spirallingdownwards · 27/06/2023 18:31

BHRK · 27/06/2023 18:29

JP Morgan is going to look great on a CV surely? He should do that and some of the other one

Not one week in year 12 backroom duties in Bournemouth. The 8 week paid insurance one would be more impressive.

Fatat40 · 27/06/2023 18:37

Theworried2 · 25/06/2023 21:34

@Xenia I will try and get him to do that. The problem is he will need to take 1 day off for a level results day in case of clearing, and that leaves him 3 holiday days for the work experience week. He will need to try and get 2 days unpaid somehow.

Definitely do this. See it as practice in being assertive.

bluejelly · 27/06/2023 18:53

Would suggest he watches Industry (on iPlayer) and see if investment banking really appeals. I found it around 75% accurate ( though no-one died from overwork when I was in it). Plenty of bullying, stress, sexism, alcoholism, drug use though. Also greed!

jay55 · 27/06/2023 19:14

Do the insurance one of it makes money.
It's good to understand interlinked industries.
I mean investment bankers would have a whole lot less to work with without insurance and pension funds.

coxesorangepippin · 27/06/2023 19:20

If he took the one weeker, what would he do with the other seven weeks??

SunnyEgg · 27/06/2023 19:26

Oblomov23 · 25/06/2023 20:16

I'd do both. Just tell the 8 week intern that he can't do that week. And do the one week at JP Morgan.

I’d go for this too

Original poster
Theworried2 · 27/06/2023 20:22

@Tryingtogetitright Yes it is with a Lloyds underwriter, and he would get the experience of some days going to Lloyds. That is something he is excited about so I think he is definitely leaning towards this placement.

OP posts:
Tryingtogetitright · 27/06/2023 21:24

Insurance is often overlooked as a career option and seen as being boring but it can be incredibly exciting and dynamic and Lloyd’s is where all the action is! It is a unique industry I think - great social life, good progression and pay and you can really make a difference (Look at the Lloyd's website and also google Chris McGill and Ukraine). But I don't think it's as pressured as investment banking. I've worked for syndicates, currently with a Lloyd's broker, and even if it's not a path he chooses to eventually go down, the 8 weeks experience wouldn't be wasted. It's a great industry for his CV! Working at actual Lloyd's isn't as much fun as with an Underwriter as it's more of a regulatory role. Underwriters and actuaries are the ones who make the most money I think... Best of luck to your son, hope he loves it! (feel free to PM me the syndicate if you like in case I know it).

Sharpkat · 27/06/2023 21:28

As a graduate recruiter and a former IB Analyst at JPMorgan, take the paid one!! It will massively help him get onto spring weeks. Seriously a pre-uni internship is an amazing achievement. Will give him loads to talk about in interviews etc and shows real drive and determination to work in financial services. 100% Lloyds.

LadyTemperance · 27/06/2023 21:59

Out of interest how did he find out about these opportunities?

Youonlygetonelife19 · 27/06/2023 22:02

Definitely take paid one and don’t screw them around by taking extra leave.