Breaking into Investment Banking: What options do I have under poor market conditions?

1. Virtual Internships: For students who did secure offers from BB firms, the good news is that banks like Goldman Sachs, JPMorgan and Citi are exploring 'virtual internships' for their summer recruits.  According to a report, 36% firms expect to start with a virtual programme, while the same percentage of firms plan to continue with a normal internship with delayed joining date. Most banks intend to pay their interns in full and some like Citi may reduce their internship periods. In fact, Citi recently promised full- time offers to interns attending its 'abbreviated program' upon graduation as long as they can meet 'minimum requirements'.  2. Target Middle Office: Choose to apply for Risk/Compliance/ IT roles which have relatively steady headcount. These divisions haven't suffered significant drop mostly because they don't recruit in huge numbers as opposed to front office, especially investment banks that typically hire 2-4 headcounts.  Indeed it's expected that companies may want to accelerate their FinTech projects now more than ever, hence to apply to middle and/or back office roles. Front office roles will take a major hit since IPO and M&A activities will be reduced. There are two more options you should consider under poor market conditions. LIKE this post if you find it helpful and I’ll share the remainder of the tips in the next couple of days.

3. S&T, Private Banking and Asset Management: These divisions will be less affected, as even under stressed market conditions companies and high net worth individuals still have to manage their worth, and come with effective hedging and capital protection plans . Again, instead of just focusing on front office, scope out research related and even technical roles where the headcount is fairly stable. 4. Stop Overthinking, Start Ramping Up Skills: Several ibank roles now require Python knowledge or another similar expertise. Use this time efficiently to build up skills in financial modeling, coding, analysis to raise the competitive bar. In any case all interviewers will want to know how you used the lockdown time, and you don't want to come across as lazy or complacent.

We help university students like you to get into Investment Banking, Banking, Property/ Conglomerate and Advisory/ Consulting. Follow us on Instagram (ig: hkcareers) to know insider tips about grad job/ internship hunting. Visit hkcareers.hk to know more about the result-based career coaching program.