Spring week guide

Finance
As a very ambitious preparation company, we have encountered numerous students across the region
who have achieved success in securing spring week internship offers. Several of our standout students
have even garnered more than five offers, positioning themselves for prosperous careers in the finance
sector.

Obtaining spring week offers in finance is no easy feat. These programs typically have acceptance rates
ranging from 1% to 3%, and many firms primarily target students from a select group of universities
such as Oxbridge, LSE, UCL, Imperial, and Warwick. However, even if you don't attend these
prestigious institutions, it is entirely possible to receive spring week offers with a well-crafted
application and a comprehensive profile. The challenge often lies in the absence of a supportive
network of successful applicants from your university.

This guide aims to bridge that gap by offering timely advice to anyone aspiring to secure spring week
offers, making this opportunity accessible to all. The information provided in this section will help you
create a strong application, but it's essential to understand that the most outstanding candidates may go
beyond the recommendations in this guide to secure offers. To set yourself apart from the
competition, you may need to employ original and innovative strategies, which we'll leave for you to
explore and devise.

Section A: Before the application

Application process and timelines

The application process and timelines for spring week programs in finance are crucial tounderstand.
Here's a breakdown of the typical process and some important tips:

Application Process:

1. Resume and Cover Letter/Written Questions Submission: The initial step is submitting
your resume (CV) along with a cover letter or written questions. Your resume should
highlight your relevant experience, academic achievements, and extracurricular activities. Tailor
your cover letter or written responses to showcase your enthusiasm for the specificfirm and
your understanding of the finance industry.
2. Online Tests: Some firms require candidates to complete online tests. These tests can cover
numerical reasoning, verbal reasoning, logical reasoning, and situational judgment.

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 Preparation is key, and there are numerous online resources and practice tests available to helpyou
excel.
3. Hire Vue (On-demand Interview): After passing the initial stages, you may be invited to
complete a Hire Vue interview, which is a recorded interview where you respond to pre-
recorded questions. Practice and prepare for this stage by familiarizing yourself with
common interview questions and ensuring you can articulate your experiences and
motivations clearly.
4. Telephone Interview/Assessment Centre: Depending on the firm, the next step may
involve a telephone interview or an assessment centre. Telephone interviews are similar toin-
person interviews and require you to demonstrate your knowledge and skills. Assessment
centres typically involve various exercises and interviews conducted on-site or virtually.

Timelines:

• Application Opening Period: Most spring week programs open their applications between
August and October. The specific dates can vary by firm. It's crucial to keep an eye on
application deadlines and open dates using resources like the BIG Application Tracker.
• Application Timing: While it's generally advisable to apply as soon as the application opens, it’s
equally important to ensure that your profile and CV are in top shape. If you feel that your
materials need improvement, it may be better to wait a few weeks before submitting your
application. Spring week programs tend to be less strict on deadlines compared to summer
internships, but submitting a polished application early can still be an advantage.
• Unique Processes: Keep in mind that each firm may have its own unique application
process and timeline variations. Some firms may skip online tests, while others might have
multiple rounds of telephone interviews. It's essential to research and understand the
specific requirements and expectations of each firm you're applying to.

In conclusion, securing a spring week offer in finance requires a well-organized and strategic approach.
Start early, tailor your applications, prepare thoroughly for each stage, and adapt to theunique
requirements of different firms. Additionally, networking and seeking advice from individuals who
have successfully gone through the process can be highly beneficial.

Which division?

Finance spring week programs vary in structure, with some being divisional (allowing candidates to choose
specific divisions) and others being generalist (exposing candidates to multiple divisions).
Additionally, certain firms exclusively focus on one division, such as boutique investment banks like Lazard
and Evercore concentrating on investment banking or specialized firms like Optivar and G-Research
focusing on trading and market-making.

This guide exclusively concentrates on front-office, revenue-generating divisions or functions within the
finance industry. These divisions encompass investment banking, sales & trading (or

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markets), investment research, and asset/wealth management. It's worth noting that this guide does
not delve into back/middle office divisions, including operations or technology, although the
information provided here can be valuable in those pursuits.

For candidates applying to spring weeks at firms that specialize in a single function or allow them to
choose their division of interest, it's essential to have a clear understanding of why a particular division aligns
with their interests and career aspirations.

This section of the guide will outline the day-to-day responsibilities of some of the primary front-
office divisions and help candidates identify the strengths and preferences that are best suited for
each division. However, it's important to acknowledge that there can be variations in how certain
banks refer to specific roles, so candidates are advised to refer to each firm's website for precise
division names. Appearing uninformed about these distinctions during an interview could
negatively impact your candidacy.

Investment banking

The term "Investment Banking Division" (IBD) encompasses a range of financial services,
including Mergers and Acquisitions (M&A), Equity and Debt Capital Markets (ECM/DCM), Leveraged
Finance (Lev Fin or LAF), and Restructuring. Bulge Bracket investment banks like J.P. Morgan, Goldman
Sachs, and Morgan Stanley typically focus on M&A, Capital Markets, and LeveragedFinance. Elite boutique
banks like Lazard, Evercore, and Centerview Partners specializing M&A and Restructuring, often offering
Capital Markets services with lower balance sheet requirements.

Here's a breakdown of the roles within these divisions:

1. M&A Analyst: M&A analysts facilitate corporate and financial sponsor clients through the
merger or acquisition process. Their responsibilities include sourcing deals, performing
valuations, and executing transactions. This role demands strong analytical skills and can be
intense due to the significance of these deals for clients.
2. ECM/DCM Analyst: Analysts in Equity and Debt Capital Markets advise clients on capital
raising through equity offerings (ECM) or bond issuances (DCM). ECM analysts focus on
valuations, while DCM analysts assess the credit market for debt issuances. This role involvesa
high volume of deals, often with shorter durations.
3. Lev Fin Analyst: Leveraged Finance analysts support private equity firms and corporations in highly
leveraged transactions. They structure debt tiers, conduct credit analysis, and assisting deal
execution. This role requires expertise in debt financing and credit assessment.
4. Restructuring Analyst: Restructuring analysts assist financially distressed businesses with liability
management and debt restructuring. They work with various stakeholders, includingcreditors,
courts, and boards of directors. This role involves exposure to legal documentsand the
insolvency process.

It's important to note that IBD roles are notorious for long working hours, typically ranging from

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80 to 100 hours per week, with expectations of weekend work. Candidates should carefully consider
whether the benefits of these roles outweigh the sacrifice of work-life balance.

Day-to-day tasks for analysts in IBD often include conducting research on companies or industries,
performing financial modeling in Excel (using methods like DCF or LBO), creating presentation
materials in PowerPoint (such as Confidential Information Memorandums or CIMs), attending meetings
with client management, and engaging in pitching activities to secure deals.

Additionally, it's essential to be aware of specific team structures within a bank, such as 'coverage' teams
dedicated to certain sectors (e.g., healthcare or technology, media, and telecom) that handle bothM&A and
Capital Markets, and 'product-specific' teams that focus exclusively on M&A or ECM/DCM.
Knowing these details at a particular firm can demonstrate proactiveness and a deep understanding of
the job, setting you apart in the application process.

Sales, trading and structuring (S&T/ Markets)

Sales & Trading (S&T) is the markets division of an investment bank, encompassing sales, trading, and
structuring. It plays a critical role in connecting institutional investors with financial markets, enabling them
to allocate significant capital to unique investments. There are also specialized trading and
market-making firms like Optiver, Citadel Securities, and G-Research that offer spring week programs. Here's

a breakdown of the roles within S&T:

1. Sales Analyst: Sales analysts are responsible for originating and maintaining client relationships.
They reach out to prospective clients and regularly communicate with them tounderstand their
preferences. Sales professionals convey market trends, investment ideas,and research to clients.
This facilitates the trader's job, as they have a client and can execute trades on their behalf.
2. Trading Analyst: Trading analysts execute trades based on client requests or suggestions from
sales/trading analysts. Their profit and loss (P&L) typically come from the bid-ask spread, which
is the difference between the price at which they buy (bid) and sell (ask) an asset. Traders aim
to capture this spread, earning a profit on the trade. They also manage risk andmonitor
market factors that may impact their trades, ensuring sufficient liquidity to execute without
significantly affecting share prices.
3. Structuring Analyst (Structured Products): Structuring analysts design complex financial products
for institutional investors, such as asset managers and hedge funds. These products are
tailored to meet specific investment, hedging, and risk management needs. Structurers assess
the risks of the structured product and determine a fair market price for it.

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Day-to-day tasks for S&T analysts include relationship management (developing and maintaining client
relationships), pitching (discussing market trends and suggesting trades to clients), market- making (executing
client trades), and market research (staying updated on market-related news).

S&T roles generally offer better work/life balance compared to Investment Banking Division (IBD)
positions. The sales role relies heavily on interpersonal skills due to its relationship-oriented nature, while
trading can be highly analytical depending on the desk specialization (e.g., emerging market derivatives or
fixed income). Specialized roles may require strong quantitative aptitude and often recruitfrom degree
disciplines that emphasize quantitative skills. While a math or computer science background is
preferred, it's not impossible to break into quantitative firms without such a degree; demonstrating
quantitative skills and aptitude through coursework or projects can also be valuable.

Structuring roles may be less familiar to university students but offer intriguing challenges and
opportunities. They involve creating innovative financial products tailored to specific client needs,
requiring a deep understanding of financial markets and risk management.

Overall, S&T offers a range of dynamic roles, each with its own unique demands and opportunities for
growth.

Investment research IR

Investment research teams play a crucial role in providing valuable insights and recommendations toclients
to support their investment decisions. Here's an overview of various roles within investment
research:

1. Equity Research Analysts: These analysts focus on thoroughly analysing individual stocks and
sectors. They offer recommendations to investors, such as whether to buy, sell, or hold
particular stock. Their analysis considers factors like a company's financial health, industry trends,
and market conditions. Equity research analysts often specialize in specific industries or
sectors, such as technology, healthcare, or finance.
2. Fixed Income Research Analysts: Fixed income research analysts specialize in analysing bonds,
debt securities, and other fixed income instruments. They assess the creditworthiness of
issuers and provide insights into the performance and risks associated with various fixed
income products. Their research is instrumental in helping investors makedecisions about
buying or selling bonds.
3. Macroeconomic Research Analysts: These analysts focus on broader economic trends and
factors that impact financial markets. They analyse key indicators like GDP growth, inflation,
interest rates, and geopolitical events to provide a macroeconomic perspective that guides
investment strategies.

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 4. Quantitative Research Analysts (Quants): Quants use mathematical and statistical models to
analyse financial data and develop trading strategies. They work extensively with large datasetsand
employ quantitative techniques to identify patterns and opportunities in the market. Quants
are often involved in algorithmic trading or quantitative portfolio management.

The revenue generation process for research teams typically revolves around selling their research to
potential investors. Consistently delivering high-quality research is essential to establish a strong reputation
in the industry. Some research teams may initially offer free research to gain visibility withinthe investment
community they cover.

Another vital aspect of the job, often underappreciated, is the client-facing nature of the role.
Analysts must excel in both acquiring and maintaining clients to build a robust client base that
purchases their research. Relationship management becomes increasingly important as the role may expand
to include responsibilities such as attending conferences or facilitating connections between buyand sell-side
firms to facilitate trades.

Day-to-day tasks for research analysts include conducting in-depth research by gathering and analyzingdata
to determine the value of an asset and making buy/sell/hold recommendations, which often involves
financial modelling. They also publish their recommendations through research reports, present investment
strategies to clients, and maintain commercial awareness by staying updated on news and market
movements.

Asset management

The Asset/Wealth Management division caters to the financial needs of high-net-worth individuals and
institutions, offering tailored solutions to optimize and grow assets while managing risk. Asset
management can be divided into public and private components:

1. Public Asset Management: In this segment, investor capital is deployed into public assets,
including listed equities, fixed income securities, currencies, commodities, and derivatives. All
investment banks typically have a focus on public asset management, and some may also have a
presence in the private markets.
2. Private Asset Management: In private asset management, capital is invested in private assets like
private equity, private credit, real estate, and infrastructure. Specialist asset managers like Blackstone
and Clayton, Dubilier and Rice primarily focus on private markets.

Roles in public asset management are more readily available and less competitive compared to private
asset management positions. Breaking into private asset management can be challenging,given the
significant profits generated by firms in this industry. It's often advisable to gain experience in
investment banking before pursuing a career in private asset management.
Additionally, spring week opportunities in the private market are rare, so the following information

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will primarily focus on public asset management.

Within public asset management, various roles exist:

1. Portfolio Management Analyst: Portfolio managers are responsible for managing clients'
portfolios by executing investments and constructing diversified asset portfolios. They
regularly rebalance portfolios based on market conditions and performance.
2. Wealth Management Analyst: Wealth managers develop comprehensive financial plans for clients,
covering areas such as retirement planning, tax optimization, estate planning, and overall wealth
management. They assess clients' cash flows, assets, and liabilities, and may alsostructure trusts
and wills.
3. Relationship Management Analyst: Relationship managers build and maintain strong client
relationships. They initiate contact with clients, understand their goals, risk tolerance, and
preferences, and keep clients updated on portfolio performance and new investment
opportunities while providing timely market advice.
4. Research Analyst: Research analysts conduct in-depth research on markets, asset classes, and
investment products. They assess the risk-return profiles of different portfolios and provide
recommendations to portfolio teams and relationship advisers.

Asset management generally offers a superior work-life balance compared to other financial functions,but
compensation tends to be lower. The role is less cyclical than market-related roles and investmentbanking.
Working across various asset classes provides intellectual stimulation, and the opportunity to interact with
wealthy clients and large institutions offers valuable exposure.

Pro & Cons of Divisions

Divisions Pros Cons
IB • Lucrative compensation • Possibility of repetitive tasks,
• Clear path to the 'buy side,' especially at the junior level
particularly private equity • Long working hours, often
• Project-based assignments reaching 80-100 hours per week
• Exposure to pivotal deals • Limited client interaction in the
influencing the economy early stages (varies by bank)
• Opportunities for networking • Relatively low job security,
with top-level executives subject to market conditions
• Intense competition and a highly
competitive work environment

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S&T • Attractive compensation • High stress levels during market
packages. hours, with constant pressure.
• Generally better work/life • Early start to work (typically
balance compared to IBD (50-70 around 6 or 7 am).
hours per week). • Fewer exit opportunities,
• Fast-paced work environment. although it can be a good
• Opportunity to develop stepping stone for hedge funds.
extensive market knowledge. • Relatively low job security, as it's
• Meritocracy is highly valued, and highly responsive to market
your value-add and profit & loss changes.
(P&L) impact are more tangible.
IR • Intellectually stimulating work. • Fewer exit opportunities and
• Strong meritocracy, with rewards long-term career development
tied to making the right calls. prospects, though still significant
in asset management and hedge
• More independence, with
funds.
opportunities to have your voice
and input heard early on. • Compensation not as competitive
as in IB, S&T, or IR.
• Stable and predictable working
hours (usually around 50-60 • Reputation can be tarnished by a
hours per week). few poor investment calls.

AM • Better work/life balance • Lower compensation compared

(typically 50-60 hours per week). to IB, S&T, and IR.
• Intellectually stimulating and • Facing long-term technology
diverse work. disruption with the rise of robot-
• Stability and a cyclicality in the advisers.
field. • Fewer exit opportunities
• Significant exposure to wealthy compared to other divisions
clients. within finance.

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Resume and cover letter Tips

Crafting an effective resume and cover letter is crucial when applying for positions, as they providean
opportunity to showcase your qualifications and make a compelling case for why a company should hire
you. Given the high volume of applicants that recruitment teams encounter, resumesand coverletters
serve as tools to help them identify standout candidates.

Resume

A well-structured resume typically comprises four main sections, arranged in the following order:

1. Education
• Include details about your university and degree, along with any noteworthy extracurricular
activities (which can also be discussed in a dedicated section).
• Highlight academic achievements, such as A-levels, and any scholarships you've received.

2. Work Experience
• Present your work experiences in a chronological order, starting with your most recent
position.
• Valuable tips:
1. If you lack direct industry experience, emphasize transferable skills relevant to your desired career
path. For instance, you can highlight communication skills gained from a tutoring job.
2. Quantify your impact on the businesses you've worked for. It's more impactful to state "I
doubled sales" rather than "I contributed to sales."

3. Extra-curricular
• Showcase leadership experiences, such as being the captain of a sports team or a club in
secondary school.
• Mention other extracurricular activities, like participation in team sports or significant
personal projects or entrepreneurial endeavors.
• Key advice: Highlight extracurricular involvement that demonstrates leadership and
teamwork skills.

4. Skills, Certifications, and Interests

• List any languages you are fluent in.
• Include any noteworthy achievements that haven't been covered in the previous sections.
• Highlight proficiency in programming languages if relevant.
• Mention personal interests outside of academics to portray yourself as a well-rounded
candidate.

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General Writing Tips:
• Keep your resume concise and limit it to a single A4 page. Prioritize brevity, ensuring that
each point highlights a valuable trait or skill you possess.
• Begin each bullet point with an action verb such as "led," "managed," "organized," or
"developed."
• Tailor your resume to match the specific requirements and characteristics outlined by the
company you're applying to.
• Include any company-hosted events you've attended to demonstrate your genuine interest.
• Aim for a maximum of three bullet points under each subsection (e.g., "Work Experience
1").
• Use past tense when describing your experiences.
• Maintain consistent formatting throughout your resume, including font style and size for
headers and subsections.

The attached resume example of our fictitious student, Jeff Bezos, represents an ideal CV for spring
internships. Please note that not all candidates are expected to have the extensive grades, work experience,
leadership experience, and skills that Mr. Bezos possesses. Strong candidates can excel withexperiences such
as tutoring, sales assistant roles, or waiting tables, and they can effectively showcase how these experiences
contribute to their skillset and outlook, even if they haven't accumulated as much as Mr. Bezos.

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 Name
Address
email | phone number

EDUCATION
2018 – 2019 LBS United Kingdom, London
Masters in Financial analysis (Top-ranked worldwide by the FT since 2011)
Emphasize the areas of Company Valuation, Merger and Acquisition (M&A) Analysis, Leveraged Buyout (LBO) Financial Modeling,
Asset Pricing, and Capital Markets.

2016 – 2018 Bocconi university Milan,Italy

MSc in Mechanical Engineering (Top-ranked in Italy by THE)
Concentrate on Advanced Machining, Cutting-Edge Production Techniques, and
Seamless Computer Integration, achieving a Cum Laude grade of 72%.

2016 – 2017 Technical University of Munich Munich, Germany

MSc in Mechanical Engineering (Top-ranked in Germany by THE)
1-year Erasmus exchange within MSc in Mechanical Engineering at San Diego State
University

Aug. 16 London School of Economics and Political Science London,UK

1-month summer school course: FM250 Finance
Grade: A+

2013 – 2016 Catholic University of Leuven Leuven, Belgium

BSc in Mechanical Engineering
Minor in Materials Science
Emphasize the study of Applied Mathematics, Physics, Thermodynamics, and Engineering Materials.

WORK EXPERIENCE
Jun. 18 – Aug. 18e Goldman Sachs London,
UK
10 weeks Investment Banking Summer Analyst
Jun. 17 – Aug. 17 XXX capital–Private equity boutique with $150m AUM in Frankfurt. Frankfurt, Germany
10 weeks Private Equity Analyst Intern
- Constructed a comprehensive three-statement financial model and performed a Discounted Cash Flow (DCF) analysis for an investment
prospect in the construction sector, boasting approximately $ 85 million in revenue.
- Crafted presentation materials for executive meetings and executed in-depth financial and ratio assessments.
- Formulated a concise selection of promising technology firms in the Benelux market seeking mergers and acquisitions (M&A)
prospects.
- Assessed market catalysts and the competitive environment across diverse technology sectors.

Sep. 17 – Oct. 17 KPMG Milan – Private Equity firm with c. €1.2bn AUM Milan,
Italy
2 months Private Equity Analyst Intern
- Conducted an extensive screening process, evaluating over 50 companies within the chemical industry with revenue ranging
from €10 million to $ 100 million, using profitability and growth criteria.
- Developed meeting materials and valuation documentation utilized in executive meetings with prospective companies operating
in the food, pharmaceutical, and technology sectors.

LEADERSHIP EXPERIENCE & EXTRACURRICULAR ACTIVITIES

2016 – 2018 BRIKS
Investor and Treasurer
- BSFS is an investment club for students engaged in value investing with around €25k AUM
- Managed the portfolio and day-to-day financials during the academic year 2017 – 2018
- Co-organized a valuation boot camp in cooperation with Lazard and Deutsche Bank and a strategy boot camp in
cooperation with Bain & Company

2014 – 2016 Bocconi student finance society

Founder and Former President
- Brought together students in Milan and derived from region and coordinated weekly meetings
- Organized multiple student events for over 500 people

SKILLS, ACTIVITIES & INTERESTS

Languages Italian (native), English (fluent), German (proficient)
IT Skills Proficient: MS Office | Intermediate: Capital IQ, MATLAB, Python, Maple
Sports Running (Half Marathon of Paris in 1h51), Hockey (for 18y), Tennis (7y of competition), CrossFit

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Cover letter

In many cases, firms require a cover letter to gain insight into your motivations for applying to both
the role and the company. Even if a formal cover letter isn't explicitly requested, you may encounter
variations of it, such as answering questions like, "What led you to apply to this division atthis firm?" A
well-structured cover letter generally consists of four main sections, as outlined below.

1. Introductory Paragraph
• Start your cover letter with a formal page header containing your name, email, phone
number, and LinkedIn profile.
• Address the letter to the "Dear [Firm] Hiring Team/Recruitment Team."
• Provide a brief self-introduction, spanning 1-2 sentences, including your university, degree, and
your interest in the internship.

2. Why This Firm

• Customize this section to the specific firm you're applying to. Thoroughly research the
company, including its annual report, values, recent charity partnerships, and notable news
coverage.
• If you've connected with employees or attended firm events, mention the knowledge
gained and how it influenced your decision to apply.
• Key tip: Ensure the paragraph is tailored enough by replacing the firm's name; if it remains
accurate, personalize it further.

3. Why This Division

• Express your interest in the division by highlighting:
1. Industry experience you may have.
2. Any relevant certifications you've obtained.
3. A personal story that ties into the division's function.
4. Courses from your academic background that relate to the division's function.
5. Insights gained from networking events that sparked your interest.
• Key tip: Craft a narrative about what sparked your interest in the division, preferably in
chronological order.
• For example: "Through X, I gained insight into... which led me to pursue Y to further
develop my skills."

4. Why You
• This section allows you to leave a lasting impression on HR. Discuss 3-4 competencies and
explain how they equip you with the necessary skills to excel in the role.
• For each competency, provide a measurable success metric and a detailed example.
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General Writing Tips:
• Keep your cover letter concise, fitting it onto an A4 page.
• Aim for a cover letter length between 300-500 words.
• Strike a balance between expressing confidence and showcasing your valuable skills without
coming across as overly self-assured.

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 xxxx
1 Rue de la Libération
78350 Paris
September 25, 2018

Dear Sir/Madam,

I am a Bocconi graduate currently at HEC Paris enrolled in the MSc International Finance. I am
writing this letter to apply for the 2019 Investment Banking Summer Analyst Programmer
(London).

Working at Morgan Stanley is the perfect opportunity to consolidate my knowledge of finance

under the guidance of the best industry professionals. The global nature of your firm operating in
more than 40 countries is especially appealing to me as I have always sought to pursue as many
international experiences as possible to embrace the best of desperate cultures. On top of this,
Morgan Stanley has exposure to the most important operations in the industry as proved by its
world-leading positioning with 30% advisory market share and almost $624bn of deals volume
announced in the first semester of this year [Bloomberg]. Working on these transactions would be
an unmatched learning opportunity at a time in my career when gaining experience and knowledge
is of foremost importance. Furthermore, Morgan Stanley offers very bright future prospects given
its exploding growth which saw market share increase by 14% during the past semester. Finally, I
admire the unmatched complexity and relevance of the deals your firm completes, considering that
the average deal size is 37x industry average.

After speaking with Mrs. xxxx last week in London, I found the values of your firm closely aligned
to mines in terms of being proactive and taking initiative aimed at excellence. Indeed, during high
school I have tried to get involved in as many extracurricular activities as possible from setting up
my startup to organizing events. These experiences contributed to my personal development in
terms of working in teams and taking responsibility. Furthermore, talking with senior management
during networking events at Cornell University, I felt a strong fit with Morgan Stanley’s corporate
culture and they corroborated how your institution cares about employees’ development, internal
mobility and giving the possibility to have a positive impact on the firm from day one.

I have taken decisions during my academic career aimed at coupling technical expertise with critical
thinking, time management, and problem-solving capabilities. This allowed me to deliver above
expectations during my past summer internship which was highly beneficial to polish my
modelling, due diligence, and investment skills. For this reason, I am confident that my experience
in restructuring and coursework preparation can make me a successful candidate for this internship
and that my social skills will be useful to become part of your cohesive work environment.

Yours sincerely, xxxx

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Networking Tips and Joining Relevant Organization’s

Networking is a highly valuable but often underestimated strategy during the application season, providing
you with a distinct advantage in the recruitment process. It allows you to offer a genuine andauthentic
response to the question, "Why this firm?" whether in your cover letter or during interviews and
assessment centres. The insights you gain from conversations with experienced individuals cannot be
found online, making it a crucial step in your job search.

The Networking Strategy

Approaching more experienced individuals might initially seem daunting, leaving you wondering whereto
find them and how to reach out, with concerns about their perceptions of your intentions or potential
reporting to HR as a less-qualified applicant. However, it's essential to remember that the worst-case
scenario is that they might not respond, and they certainly won't blacklist you.

To effectively network, maintain consistency and patience. Create a spreadsheet listing everyone you've
reached out to, their respective firms, and the date of your last contact. Start by targetingfirms that
open their applications earliest, which you can identify using resources like BIG Tracker.When reaching
out to people, utilize LinkedIn, preferably with a premium account, to identify individuals at various
firms. Craft a concise note (template provided below) with 300 characters, and aim to reach out to 5-10
people in your initial outreach. Avoid overwhelming yourself with toomany calls if you're not adequately
prepared or lack experience in such interactions.

Once you secure a call, prepare a list of questions based on the person's background and the teamthey
work in. Be ready to articulate your qualifications and engage in a meaningful conversation.

Questions for Analysts/Associates:

• "I'd like to hear about your journey to your current role."
• "Could you share the most rewarding project you've worked on?"
• "What motivated you to join this company?"
• "What do you find most challenging in your job?"
• "What challenges do you foresee for the company in the future?"
• "What steps should I take to prepare for a career in Investment Banking, and are there any
recommended resources?"
• "What skills do you consider valuable when recruiting junior candidates?"
• "If you were in my position, what would you do differently?"

Questions for Interns:

• "When did the application process open?"
• "How did you make your cover letter or written questions unique?"
• "What strategies did you use to prepare for tests, Hirevue interviews, and assessment
centers?"

Key Tips:
• Avoid focusing solely on alumni from your university, as they are often inundated with
requests from students aiming for Investment Banking roles. If you do contact alumni, try to
highlight any shared interests or backgrounds, as they are more likely to assist those they
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 can relate to.
• Reach out to professionals who may not have attended traditional target universities or
started their careers in Big 4 firms, as they may have a deeper understanding of the
application process and be more inclined to help.
• Ensure your LinkedIn profile is well-maintained and consider looking at profiles of second
and third-year students for inspiration. Use a professional photo.

Remember that in networking, the other person should primarily lead the conversation. Buildingthese
relationships can pay significant dividends in your career journey.

Outreach template

Subject: Request for Insightful Conversation

Dear [Name],

I am [Your Name], a first-year undergraduate student at [University] pursuing a degree in [Your

Course]. I am eager to gain insights from your experiences during your time at [Firm] over the past
[Time Period].

If your schedule allows, could we possibly schedule a brief call? I completely understand if you havea
busy schedule, but even a concise one or two-line response would be greatly appreciated.

Warm regards,
[Your Name]

Joining Relevant Organizations

A significant focus in spring recruiting centers around diversity candidates—individuals from

disadvantaged or underrepresented backgrounds. Many organizations have established networks within
top firms, comprising employees ranging from junior-level professionals to directors, whocanfacilitate
connections for you.

To leverage these opportunities, it's crucial to become a member of organizations that align withyour
background. Here are some organizations to consider:

1. SEO London
2. Rare Recruitment
3. Up Reach
4. The Brokerage
5. 10,000 Black Interns
6. 10,000 Able Interns
7. Employability

Ensure you carefully review the requirements for membership on their respective websites, as theytypically
require evidence related to income, race, or general background for screening purposes.

These organizations offer unique benefits, including:

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 • Access to firms that have specific partnerships with them (e.g., Nomura's SEO Spring).
• Networking opportunities with fellow students and professionals from various firms.
• Opportunities for first-year summer internships.
• Increased visibility of your application to HR.
• Services for reviewing and enhancing your CV and cover letter.
• Exclusive off-cycle internship opportunities in the future.

Section B: Application progression

Preparing for online assessments

Online assessments play a pivotal role in the application process, with many firms advancing only thetop
20% of candidates. Achieving high scores, often close to perfection, is essential. Therefore, thorough
preparation for these tests is imperative, and each assessment should be approached withcare to
maximize your chances of success. The BIG Application Tracker provides insights into the
assessment providers used by firms.

Types of Tests:

There are various types of tests encountered in the Spring Week Application Process, mainly fallingintothe
following categories:

1. Numerical Reasoning: These tests assess your ability to analyze charts and tables to extract
required data efficiently. It's essential to practice filtering out irrelevant information and
quickly identifying the needed data.
2. Verbal Reasoning: These tests typically present a short excerpt followed by true, false, or
cannot-say questions. They evaluate your capability to locate necessary information swiftly
while dealing with a large volume of data.
3. Logical Reasoning: Logical reasoning tests require you to examine a logical sequence and
determine the next part of the sequence. They often include a variety of shapes, challenging
you to identify patterns swiftly.
4. Situational Judgement: Situational judgement tests are among the most challenging, as they assess
your personality within a work environment. While it may seem that there are no right orwrong
answers, there are typically preferred responses that firms seek in candidates.

Key Test Providers:

Knowing which test provider, a firm use can be highly beneficial. Some of the most popular test
providers include:

1. Aon
2. Cappfinity
3. Talent-Q/Korn Ferry
4. SHL
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 5. WCN

6. Kenexa

Familiarizing yourself with the specific platform the firm you're applying to uses can be advantageous. A
quick online search can often provide this information, helping you tailor yourpreparation effectively.

Here are several additional resources that can assist you in becoming acquainted with various typesoftests:

1. Test Help Tutors

2. Practice Aptitude Tests
3. Psychometric Tests
4. Job Test Prep
5. Assessment Centre

Some of these resources offer paid plans, but they also provide free materials you can utilize. It's
important to note that you do not need to spend money on tests to secure a Spring Week
opportunity. Even if you choose to invest in such resources, we strongly encourage you to conduct
thorough research before making any purchases. The internet is replete with excellent free
resources, so there's no need to feel pressured into buying anything.

Here are some quick tips:

• Practice and Familiarity Equal Efficiency: Just like with any skill, the more you practice, theless
surprised you'll be. Time constraints are often a challenge, so becoming adept at answering
questions quickly can significantly alleviate this issue.
• Leverage Google: A simple Google search for terms like "Numerical Reasoning Tests" or
"(Bank Name) Practice Test" will yield plenty of results. This guide can serve as your starting
point, but make sure to harness the full potential of the internet for additional resources.
• Seek Guidance: Don't hesitate to ask for advice or assistance from second or third-year
students. While you shouldn't send a barrage of messages to everyone you encounter, manyare
willing to offer help and guidance when needed.
• Avoid Excessive Stress: The unfamiliarity of these tests may seem overwhelming initially,butwith
practice, they will become more manageable and less daunting.
• Treat Every Test Seriously: Keep in mind that for most Spring Week applications,
achieving close to a perfect score is essential to progress to the next round. As a result, you
should approach each test with the same level of dedication and effort you would put into anA-
Level exam.

Preparing for the HireVue

Pre-recorded interviews can often be the most unusual and intimidating part of the application
process. During these interviews, you will typically be presented with a set of questions (usually between2 to
5), covering topics such as your motivations for the role, your skills and experiences, and your knowledge of
the firm and its industry. You'll have a few minutes to prepare your answersafter seeing each question,
followed by a few minutes to provide your response.

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Most firms maintain a pool of numerous questions from which you will be randomly assigned a subset.
Some firms, however, ask the same set of questions to all candidates. Therefore, it can be beneficial to
inquire about the questions asked in pre-recorded interviews if others have gone through the process
before you. It's also a good idea to maintain a document with possible (evenhypothetical) questions and
your prepared responses. This can help you recall your answers moreeffectively.

Here is a list of common questions that may appear in a pre-recorded interview:

• Tell us about yourself and what led you to apply to our program.
• Why are you interested in this industry and division specifically?
• What motivated you to apply to our firm, and what sets us apart from our competitors?
• What are your objectives for learning and gaining from this program?
• Describe a sector or stock you've been following and what interests you about it.
• What's currently happening in the market, and how might it impact our business?
• Discuss a notable transaction conducted by our firm and what makes it interesting.
• Share an interesting news article you've recently read.
• Describe a situation where you identified your weaknesses and strengths.
• Detail a time when you led a team through a challenging period or towards a specific goal.
• Narrate an experience where you resolved a conflict.
• Describe an instance where you solved a problem using extensive data and research.
• Share an achievement that highlights your initiative and willingness to go beyond the
minimum requirements.
• Discuss a time when you had to persuade a group of people to accept your point of view.
• Explain your time management skills and when you handled multiple high-pressure tasks.
• Share your approach to goal setting and prioritization.
• Describe an instance when you presented detailed information or a complex idea to
someone.
• Explain why your skills and experiences make you a suitable candidate for this program.

You'll notice that these questions are also relevant to real-life interviews, so preparing answers for these can
serve you well if you advance to subsequent rounds. When structuring answers related tosituational judgement
and competencies, it's beneficial to follow the STAR format: Situation, Task,Action, Result. Here's an
example:

Question: "Tell us about a time when you had to persuade a group of people to accept your pointof
view."

Response (STAR Format):

Situation: During my time in sixth form, I participated in a 6-month investment program with an asset
manager. The goal was to have the largest portfolio by the end, competing against 10 other teams. Our team
was planning to renew our investments in October, as the 2019 general election was approaching.

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Task: I aimed to develop an investment thesis that would capitalize on the election's outcome andgiveour
team a competitive edge. My objective was to convince my team to invest in property developers.

Action: All indications from polls suggested that Boris Johnson and the Conservatives would emerge as
winners. Given my strong grasp of conservative economic and social policies, I believed thatif Boris won,
the property sector would likely experience rising valuations. This was due to the conservative emphasis
on home ownership and manifesto pledges for a clear Brexit plan, indicating medium certainty.
Consequently, investing in property developers seemed prudent.

However, my team initially remained unconvinced, as they believed that a Conservative win would
generally boost the market, making property investments less critical. To persuade them further, I
presented historical price trends of property businesses after significant Conservative victories.
This included the 2010 election, where many developers and estate agents saw sustained growth in prices
and valuations compared to the broader market.

Result: My team ultimately accepted my proposal to invest in the property market. This decisionpaidoff
well, contributing to our victory in the competition.

It's important to note that you don't need to limit your responses to finance-related experiences. What
firms primarily seek is your ability to structure a response; the specific content is less criticalaslong as it is
coherent and relevant to the question. Therefore, take your time to consider using theSTAR structure
effectively.

In terms of etiquette for pre-recorded interviews, consider these tips:

• Schedule the interviews when you are alert and mentally sharp.
• Choose a well-lit and clear background, preferably in an office or boardroom setting.
• Dress in your most professional attire.
• Maintain eye contact with the camera throughout the recording.
• Speak clearly and at a moderate pace, pausing when necessary.
• Avoid sounding as though you are reciting memorized answers.
• Inject some personality, smile occasionally, and use body language to convey your thoughts.
• Aim to complete your response with at least 10 seconds to spare.
• Visualize yourself speaking to a real person.

Preparing for the interviews

Spring week interviews are typically less intense and in-depth compared to summer internship
interviews. In most cases, you'll have a single 30-minute interview, although some boutique firmsmay
conduct two or three interviews. These interviews will cover motivational, competency, and technical
questions, and it's essential to establish a connection with the interviewer.

Types of Questions:

1. Motivational Questions: These assess your motivation for the specific company and
division you've applied for. Examples include:

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 • Why do you want to work in Investment Banking/Sales & Trading/Consulting/Law?
• Why did you choose this particular firm?
• What interests you about this division?

2. Competency Questions: These evaluate your ability to handle various situations and your
skillset. Examples include:
• Walk me through your CV.
• Tell me about yourself.
• What are your greatest strengths and weaknesses?
• Describe a time when you demonstrated leadership or dealt with a difficult situation.

3. Technical Questions: These assess your financial knowledge and current awareness.
Examples include:
• Can you discuss a recent deal the company has been involved in?
• What factors are currently affecting M&A or the financial markets?
• Tell me about a recent news article you found interesting.
• What is a government bond, and what is the relationship between yield and price?
• How would you invest £1 million?

Preparation Tips:

• Thoroughly research the company to understand its values, unique qualities, and culture.
Also, research recent deals.
• Reach out to individuals on LinkedIn or through other connections who work in similar
roles.
• Practice extensively to become comfortable with the material, enabling you to adapt your
answers to different questions. This practice will also make the interview feel more
conversational and enjoyable.

Interview Tips:

• Respond to questions calmly, structurally, and enthusiastically. The STAR technique

(Situation, Task, Action, Result) is often effective for competency and motivational
questions.
• Maintain a positive attitude and convey genuine enthusiasm to the interviewer. Make the
interview as conversational as possible to showcase your personality.
• Present yourself professionally and arrive on time, or even a bit early, for in-person
interviews. For online interviews, choose a quiet, well-lit environment with no distractions.
• Be prepared to ask questions at the end of the interview. Research the company thoroughlyto
ask well-thought-out questions that demonstrate your interest.

Assessment Centers:

Sometimes, final round interviews for Spring Weeks or conversion interviews are held as assessment
centers. These may involve a variety of tasks, such as group interviews, group discussions, or different
exercises. More information on assessment centers can be found in the
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next section.

Section C: Succeeding in the spring week

Preparing for the Spring Week

Having conversation

Ideally, it's advisable to start preparing for your spring week experience at least a month before it begins.
A great starting point is reaching out to individuals at your university or connecting with mutuals on
LinkedIn who participated in the spring week program last year. Ask them about theirexperiences,
how each day unfolded, the tasks and case studies they encountered, and any tips on preparation.
Gathering insights from past participants can help you get into the right mindset, buildexcitement,
and prepare for the challenges you might face.

Building Technical Knowledge

Before your spring week, it's crucial to acquire the necessary technical knowledge, which should beat alevel
similar to what summer internship applicants are expected to have. This knowledge will enable you to excel
in group case study exercises, presentations, and enable you to ask relevant questions during the
internship to stand out. It's also important to be well-versed in technical concepts, especially if the
conversion assessment center is close to the end of the spring week.

The specific technical knowledge you need depends on the firm and division you aspire to intern in. For
instance, if you're aiming for an investment banking return offer, your technical knowledgeshould
encompass at least the "Basic" sections found in the "400 Interview Questions" guide, withthe aim of
becoming even more proficient. Beyond formulas and theories, you should understand how these technical
concepts apply in real-life case studies and modeming scenarios. For example, knowing the formula for
Enterprise Value is not enough; you should grasp its application in M&Atransactions andunderstand
concepts like control premium.

A similar approach applies to other divisions like markets. It's essential to have a strong grasp ofthe
different functions within a markets division, their roles, and the products they work with.
Understanding the fundamentals of various securities, how market factors influence their values, and
how to trade them is crucial. For instance, having a good understanding of bond and equity pricing
theory can be beneficial. Familiarity with different derivatives and their significance in themarkets, such as
mortgage-backed securities, interest rate swaps, options contracts, and credit default swaps, is also
valuable.

If you're a genuine enthusiast of the markets, you may have naturally picked up some of this
knowledge over time. Remember that the more you know, the better prepared you'll be comparedto
other candidates. While there are technical guides available, it's essential to strike a balance and avoid
becoming overly specialized for the purpose of a spring week or conversion. Markets are vast, and during
a subsequent internship, you'll likely rotate through different desks, so having a broader
understanding is valuable.

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Building awareness and preparing questions

Before your spring week, it's essential to stay updated on market developments and understand how
these changes might impact the firm where you'll be interning. Additionally, you should research recent
transactions and relevant work conducted by the firm. Familiarize yourself with the various teams you'llbe
shadowing or meeting during the spring week. This preparation is crucial as it enables you to develop
well-informed questions to ask employees, leaving a positive impression and fostering meaningful
conversations from which you can learn. For instance, if you're interning at a boutique bank, you may
interact with teams like Healthcare, Technology, Restructuring, ECM, and DCM. For a markets spring
week, you might engage with desks such as short-term interest rates trading or cash equity sales.
Preparing thoughtful, well-researched questions for each team canset you apart from other candidates.

How to Convert the Spring Week

During your spring week, aim to excel in all your interactions with peers and employees at the firm.HRmay
use the spring week as a selection process for fast-tracking candidates to an assessment center, so giving
your best effort is essential. Even if the spring week doesn't lead to conversion or fast-tracking,
performing at your best allows you to learn, build valuable relationships, and position yourself for future
opportunities. Here are some tips to make the most of your spring week:

1. Dress professionally and be punctual for all sessions, demonstrating your attentiveness.
2. Take thorough notes and review them daily to refresh your knowledge for upcoming
sessions.
3. Follow up on conversations with employees through LinkedIn messages or emails to
express your appreciation.
4. Attend social events and use them as opportunities to connect with HR and other team
members.
5. If you're assigned buddies or people to shadow, conduct research and prepare insightful
questions.
6. Practice active listening and avoid speaking over others; make your contributions impactful.

Conversion Assessment Centers

The conversion process for spring weeks varies by firm. Some may have an assessment center at the end of
the spring week, while others conduct it a few weeks afterward. In some cases, successful candidates
are fast-tracked to telephone rounds for the next year's recruitment process.This section focuses on
conversion assessment centers.

Conversion assessment centers can include interviews with senior individuals at the firm, groupcase studies,
and math tests. The format may differ between investment banking and other divisions like markets,
research, or investment management, but the general principles of preparation and performance
apply.

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Investment Banking ACs

Maths test

In an investment banking assessment center, you might encounter a math test that assesses your
proficiency in basic mathematical operations, data interpretation, and their application in a financial
context. While similar to the initial online tests, this in-person test aims to evaluate your ability to perform
under real-life conditions.

Case studies

During a group case study, you'll be assigned a task, which could involve analyzing extensive documents
related to a past transaction to answer specific questions. Alternatively, you may be askedto perform a
similar analysis for a hypothetical transaction and present your recommendations as a team. Expect to
be tested on your fundamental technical knowledge, yourcapacity to apply it indynamic scenarios, and
your critical thinking skills.

Before your team starts working on the case study, take a moment to review the instructions
independently, identify your strengths and weaknesses, and determine where you can contribute most
effectively to the task. Effective teamwork involves sharing your thoughts on these matters,enablingthe
team to allocate sections of the task efficiently.

Once you've been assigned a specific section, work at a reasonable pace to fulfil your role. Keep in mind
that not all available information will be relevant to your output, so maintain a critical perspective and
investigate information only if it adds value. Time management is crucial for successin a case study.

After everyone has collected their notes, shared ideas and engage in critical discussions. This not only helps
you understand what others have done but also expands the applicability of your knowledge when
questioned by the panel. Consider running through the entire presentation withthe team.

During the presentation, remain composed, refer to your notes if necessary, and support your team
members when needed or if you can contribute effectively.

Interviews

Your interviews during an investment banking assessment center will typically be conducted by senior
individuals at the firm, such as managing directors and partners. These seasoned professionals have
extensive industry experience and have met numerous candidates. It's essentialto use this opportunity to
stand out and establish a meaningful connection with them.

Interview questions may cover various topics, including self-introductions, why you're interested inthefirm,
what you've learned during the spring week, technical questions, market awareness, competency
questions, and even brain teasers. However, these interviews can also include unexpected
questions, such as your opinion on a political debate or direct inquiries about your qualifications for
investment banking.

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During these interviews, your journey to your current point may receive significant attention, sohavinga
compelling narrative that sets you apart and demonstrates your unique value to the organization is
crucial. Your ability to market yourself also reflects your capability to pitch transaction ideas to clients
effectively.

Ultimately, the interview is an opportunity to get to know the senior person better and establish a
connection. Engage in conversations that provoke follow-up questions by making your responses
interesting. Additionally, switch the conversation by asking questions about the director's career and
experiences at the firm.

Here are some questions you could ask partners:

1. Can you share a specific person or influence that inspired your career and contributed to
your success?
2. What is your personal leadership philosophy, and are there specific principles or structures
you follow to enhance your leadership?
3. Reflecting on your career, what do you wish you had known when you started, and how
would it have impacted your journey?

Market ACs

In markets assessment centers, you can anticipate encountering similar types of behavioural,
motivational, and situational questions as you might in Investment Banking Division (IBD)
interviews. However, the technical interview in this context may feature some variations. Your technical
interview could begin with questions related to current events in the financial markets or significant
news stories. Subsequently, you might face brain teasers or mental math questions. For instance, you could
be asked to estimate the size of a country or calculate the duration of a train journey from New York to
Miami. These questions are designed to assess your thought process, and often, the interviewer may not
know the exact answer themselves. It's crucial to articulate yourthoughtprocess, use hand gestures, and
take notes on paper. Explain the rationale behind each step, andavoid introducing numbers or steps
without providing context. Aside from these technical aspects,the same interview tips mentioned for
Investment Banking Division (IBD) assessment centers apply to Sales & Trading (S&T) assessment
centers as well.

Research ACs

Conversion assessment centers for research divisions in banks, whether in equity or fixed income, typically
comprise at least one interview primarily focused on behavioral, competency, and motivationalquestions.
These questions may revolve around why you prefer a specific division (equity vs. fixed income) and cover
the standard, universal questions encountered in all assessmentcenters.

Both equity and fixed income research assessment centers generally include case studies. In the casestudy,
candidates are presented with a scenario outlining current market conditions and macroeconomic
factors (e.g., bursting asset bubbles, dovish/hawkish Fed policies, Chinese market reopening, etc.).
Candidates are given time to design and present an investment portfolio for a client, involving various
asset classes such as government bonds, stocks, and foreign exchange. The

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presentation should recommend at least one product based on the current conditions, provide
justification for its suitability, and outline potential risks. Evaluation criteria often include the clarity of the
presentation, the variety of asset classes and strategies employed (e.g., hedging), the rationale behindeach
choice, and measures taken to minimize portfolio risk.

Equity research assessment centers tend to focus more on pitching stocks and analyzing specific
industries. Therefore, having commercial awareness and a few stock ideas can be advantageous. On theother
hand, fixed income research assessment centers emphasize bonds, so having a basic understanding of
bond terminology can be helpful. Interviewers usually don't assume specialized knowledge but rather
provide information for analysis to assess your processing and decision- making skills.

Asset management ACs

Asset management assessment centers also involve competency, motivational, and behavioral
components, similar to other assessment centers. In terms of case studies, they align closely with
what you might encounter in research or markets assessment centers. There may be a stronger
emphasis on portfolio allocation to reflect the diverse range of clients you may encounter.
Additionally, expect a focus on diversification, risk management, and portfolio hedging.
Understanding how to hedge different investments (e.g., shorting a specific equity) can be beneficial.
Familiarity with concepts like correlation, expected returns, and benchmark comparisons as they apply to
portfolios is important. Being well-informed about historical examples of portfolios (e.g., 60/40) and
their performance can also be useful. Knowing the specific allocations of major asset managers can be an
advantage. Furthermore, understanding different investment philosophies, such as value investing,
growth investing, and contrarian investing, can enhance your responses and provide depthto your answer.

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