[Author: Luca Zhuo]
Introduction
This article aims to provide an overview of spring weeks and summer internships, specifically tailored for students who are considering a career in high finance. If you’re wondering why finance students are often seen as highly competitive, this article is for you. It focuses primarily on investment banking and the recruitment process in London, but the process may vary slightly in other cities. If you’re interested in other locations, here are
some cities you can explore: Manchester, Edinburgh, and Bristol in the UK; New York, Chicago, San Francisco, and Boston in the US; Berlin, Paris, Zurich, and Amsterdam in Europe; and Hong Kong, Singapore, Tokyo, Sydney, and Melbourne in Asia and Australia.
Spring Week
What Is It?
Spring weeks are insight events held during the spring, specifically designed for first-year students to give them an introduction to the banking world. These events provide a great opportunity to network and interact with professionals in the industry.
How to Apply
Applications can be made online via the company’s website, or you can leverage your personal network to get referrals.
How to Prepare
Spring weeks are highly competitive, especially in London, with acceptance rates often less than 1%. The primary reason for this is that spring weeks act as a pipeline for summer internship programs in the following year. In fact, some firms have a high conversion rate, with figures ranging from 30% to 40%, and in some cases, even 100%.
Even if you don’t receive an offer for the summer internship, attending a spring week can still fast-track you to the assessment center, skipping some stages in the recruitment process.
This means that being unprepared is not an option. Unless you are an exceptional speaker, you must prepare for behavioral questions, tailor your CV to the event, and craft your personal story. Show your passion for the industry, and be honest in the interview. However, you won’t stand a chance against those who have thoroughly prepared. Many candidates
spend years perfecting their interviews and understanding the material. I know of someone who dedicated all of high school to preparing for these interviews. This highlights just how competitive the process can be.
Summer Internship
What Is It?
As mentioned earlier, spring weeks serve as a pipeline for summer internships. So, you may be wondering, what exactly are summer internships, and why would anyone go to such lengths to secure one? Summer internships typically last three months and take place
during the summer. Yes, it means sacrificing your entire summer to work, but if you’re not willing to make that sacrifice, you should reconsider pursuing a career in investment banking.
How to Apply
If you didn’t secure a spot for a spring week or applied too late, don’t lose hope! You can still apply for a summer internship. However, as previously noted, the recruitment process will likely be longer and include multiple stages: online assessments, video interviews, HireVue recordings, and assessment centers.
How to Prepare
It’s crucial to prepare well in advance for these internships. You will need to study technical questions and behavioral interview scenarios. The internet is full of resources, and there are many excellent guides and courses available. Two that I highly recommend are Wall Street Oasis (WSO) and Breaking Into Wall Street (BIWS). (Note: I’m not receiving any compensation for this recommendation.) Additionally, I suggest reading the detailed articles on Mergers & Inquisitions, which provide an in-depth look at the recruitment process.
Conclusion
While spring weeks and summer internships are standard routes into investment banking, they are not the only paths available. Many alternative routes can lead to a career in finance, but this article focused on the most common approach. I hope I didn’t scare you too much! Best of luck with your application!
0 Comments