SPRING WEEK
GUIDE
:
LSESU Business &
Investment Group
lsesubig
lsesubig
business-investment@lsesu.org
Table of Contents
Foreword ................................................................................................................................................ 2
Acknowledgements ............................................................................................................................... 3
Part I: Finance ....................................................................................................................................... 4
Section A: Before the Application .................................................................................................... 4
Application Process and Timelines ................................................................................................... 4
Which Division? ............................................................................................................................... 5
Resume and Cover Letter Tips ....................................................................................................... 10
Networking Tips and Joining Relevant Organisations..................................................................... 15
Section B: Application Progression ................................................................................................ 17
Preparing for Online Assessments .................................................................................................. 17
Preparing for the HireVue .............................................................................................................. 18
Preparing for Interviews ................................................................................................................. 20
Section C: Succeeding in the Spring Week .................................................................................... 22
Preparing for the Spring Week ....................................................................................................... 22
How to Convert the Spring Week .................................................................................................. 23
Part II: Other Careers .......................................................................................................................... 26
Section A: Law ................................................................................................................................. 26
Before the Application ................................................................................................................... 26
Application Progression ................................................................................................................. 28
Fast-Track and Conversion ............................................................................................................ 30
Section B: Consulting ...................................................................................................................... 30
Overview of Industry ..................................................................................................................... 30
Application and Conversion ........................................................................................................... 31
1
Foreword
You are perhaps an 18-year-old having just finished high school and now settling into a new
institution; an institution with people from all around the world, an institution with different
methods of teaching, and an institution, for many, in a foreign city and country. You have been
thrust into a world of unknowns and are tasked with the challenge of understanding such
unknowns and navigating among them successfully.
One of these unknowns is your career path. It is at university where your ambitions and
professional development come into question and enter the spotlight. It is surely the case that
one of the many reasons why we attend university is to realise employment after it. So, we
should not be afraid to tackle the several hurdles that come with attaining our desired career
outcomes, no matter how uncertain the path to those outcomes may be.
In the UK, the path to attaining a career in certain fields is quite structured, albeit still complex
and difficult to traverse – only those who build a meticulous plan, develop the relevant skills, and
exert the necessary level of effort will have a strong chance in succeeding in their pursuits. Our
guide is suited to those students who wish to pursue a career in finance, consulting, and
corporate law. More specifically, it is suited to highly ambitious students who wish to ‘break into’
elite careers.
The first step of this journey is to apply to (and take part in) spring weeks and first-year schemes.
These are normally 1-week insight programs at leading firms that take place in the Easter break.
These programs provide you with an opportunity to learn about the industry through
presentations, network with employees at the firm, attend technical workshops and shadowing
sessions, and take part in a group case study project.
Ultimately, many of these programs provide you with the chance to be fast-tracked to the
following year’s summer internship (or vacation scheme) through final-round interviews or an
assessment centre, taking you one step closer to securing a graduate role. Even if you are not
successful in ‘converting’ to a summer internship, the spring week is valuable experience on your
CV and will give you an advantage when applying directly to internships the following year.
Perhaps, you realise after the spring week that the industry is not for you, giving you the
opportunity to rethink your ambitions and strategies before you reapply to internships next year.
Members of our committee at the LSESU Business & Investment Group have collected their
experiences during their time applying for spring weeks and have summarised them in this guide
to support you in your endeavours. Most contributors received several spring week offers and
have a bank of wisdom to share with you.
We hope that this guide serves you well; good luck with your applications.
Asif Islam
President, LSESU Business & Investment Group
2
Acknowledgements
This project was coordinated by Anna McFadzean (Co-Head of Alternative Investments) and
Stephanie Zhou (Co-Head of Banking).
Significant contributions were also made by Kofi Coleman (Co-Head of Alternative
Investments), Felicia Qian (Co-Head of Marketing), Anna Jin (Co-Head of Socials), Rohan
Prakash (BIG Capital), Bhavik Mohanlal (Co-Head of Markets), Sabrina Daniel (Head of
Welfare), Anees Mumtaz (Co-Head of Law), Amaan Khan (Vice President), and Asif Islam
(President).
Many thanks to Daniyal Mirza (Chair), Amandeep Nagra (Chair), Tony Xu (Co-Head of
Banking), and Szymon Pawluk (Mentor) for reviewing this document and providing comments.
This document is the intellectual property of the LSESU Business & Investment Group, a
student-run society affiliated with the LSE Students’ Union. This document is freely accessible
for anyone to read. The LSESU Business & Investment Group does not give permission to any
entity, group or individual to reproduce the material in this document (either in part or full)
under a different name without due consent.
The LSESU Business & Investment Group is not a financial adviser and does not give
investment recommendations – none of the information in this document should be taken as
financial advice. This document may contain some fictitious/exaggerated information – this is
not done to mislead the reader but only to emphasise certain ideas to serve as a better learning
experience.
3
Part I: Finance
As Europe’s premier finance society, we have come across hundreds of students at the LSE and
beyond who have succeeded in attaining spring week offers. Many of our star students have
received 5+ offers and were put in a prime position to embark on a long-lasting career in
finance.
Receiving spring week offers in finance is not easy. Most spring weeks have an offer rate of 13% and many firms mainly target students from a selective group of universities (Oxbridge, LSE,
UCL, Imperial, and Warwick). Even if you do not attend these universities, it is very possible to
receive spring week offers if you have a well-written application and comprehensive profile, but
it may be a bit difficult to achieve given the lack of a ‘network’ of successful applicants at such
universities to support you.
This guide serves to bridge that gap and provides timely advice to anyone wishing to secure
spring week offers, enabling access to all. The information in this part will put you in good stead
to make a strong application, but it is important to note that the very top applicants may go
above and beyond what is in this guide to land offers. To differentiate yourself from the rest,
original and innovative strategies may be employed - we will leave that to you to think about.
Section A: Before the Application
Application Process and Timelines
Most spring weeks open up their applications during the months of August, September, and
October. There are some latecomers, but the most important ones at the top firms open up in
the stated period. You can find out when a spring week opens up using the BIG Application
Tracker. Our tracker is updated daily and provides you with all of the specific details needed to
make a strong and timely application.
Most spring weeks have the following application process:
1. Resume and cover letter/written questions submission
2. Online tests
3. HireVue (on-demand interview)
4. Telephone interview/assessment centre
Some firms do not ask for online tests (Goldman Sachs, J.P. Morgan, and Bank of America).
Others have several rounds of telephone interviews (Evercore and Perella Weinberg Partners).
Some others do not conduct telephone interviews and stop at the HireVue stage. Each firm has
its own unique process, but every student should expect to face all of the stated parts at least
once.
It is advisable to apply as soon as you can once a spring week opens up but that is only if you
feel that your profile and CV is fully up to scratch. If you do not think they are, it is better to
wait a few weeks before submitting an application. Most firms are a bit more relaxed on
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deadlines for spring weeks and do not review applications immediately compared to summer
internships.
Which Division?
Finance spring weeks come in various forms. Some may be divisional (that is, you may be able to
choose which divisions you intern in) and others may be generalist (you hear from several
divisions). Some firms may just be of one type of division (the boutiques like Lazard and
Evercore only focus on investment banking whilst some firms including Optiver and GResearch only focus on trading/market-making).
To be clear, this guide only focuses on front-office, revenue generating divisions (or functions).
This includes investment banking, sales & trading (or markets), investment research, and
asset/wealth management. We do not focus on back/middle office divisions including
operations or technology, although this guide may assist you in those endeavours.
If you are applying to spring weeks at firms which only focus on one function/division (boutique
investment banks, specialist asset managers, and trading firms) or at firms which allow you to
choose your divisional interest, then it is important to know beforehand why such a division
interests you.
This section will outline the day to day of some of the main front office divisions, and which
strengths and preferences suit each one best. It is important to note, however, that there are
discrepancies in how certain banks refer to certain roles and so some confusion may arise.
Therefore, it is best to refer to the specific firm’s website to get details on the name of each division
as appearing uneducated on this during an interview will not reflect well on you*.
Investment Banking
The umbrella term for Mergers and Acquisitions (M&A), Equity and Debt Capital Markets
(ECM/DCM) as well as Leveraged Finance (LevFin or LAF) and Restructuring. Bulge Bracket
investment banks like J.P. Morgan, Goldman Sachs, and Morgan Stanley focus on M&A, Capital
Markets and Leveraged Finance whilst elite boutique banks like Lazard, Evercore, and Centerview
Partners focus on M&A and Restructuring - they will also offer Capital Markets services that are
light on balance sheet requirements.
An analyst in M&A is tasked with facilitating the client (corporations and financial sponsors)
with the process of sourcing, valuation, execution, and other financial considerations for the
purposes of a merger/acquisition. It is therefore a highly analytical role, which, due to the
importance of the deal for the client, can become highly intense.
An analyst in DCM or ECM is primarily tasked with offering guidance on the raising of capital
for the client, either through the selling of equity (ECM) or the issuance of bonds (DCM). This
involves work such as valuation for ECM analysts, whereas DCM analysts assess the credit market
for debt issuances. This role is more fast paced than M&A as you tend to work on a higher volume
of deals, each for a shorter duration of time.
An analyst in Leveraged Finance supports private equity firms and corporates with financing
solutions in transactions that are heavily leveraged and require a lot of debt capital (i.e., a leveraged
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buy-out by a financial sponsor). They structure the tiers of debt in the transaction, perform credit
analysis on these instruments, and support deal execution.
An analyst in Restructuring is responsible for supporting financially distressed businesses with
liability management and debt restructuring. The work is highly dynamic, with several stakeholders
involved including creditors, the courts, and the board of directors, all with different interests.
Restructuring analysts also have a lot of exposure to legal documents and the insolvency process.
It must be noted that IBD is known for long hours (80-100 a week on average), with many firms
expecting work to be done during weekends. It is worth considering whether the benefits of the
work outweigh the sacrifice of work-life balance.
Day to day tasks of an analyst include:
• Research (looking into financial data for a company or industry)
• Excel work (valuation of a firm using methods such as a DCF or LBO)
• PowerPoint work (preparation of materials such as a CIM)
• Attending meetings with the management of the client firm
• Pitching (reaching out to potential clients to secure a deal)
* For instance, some banks have ‘coverage’ teams dedicated to certain sectors (e.g., healthcare or TMT teams) whose
role spans both M&A and capital markets whereas there are also ‘product specific’ teams that solely work on either
M&A or ECM/DCM. Knowing these particular details at a given firm could help set you apart as it shows
proactiveness in learning about the job.
Sales, Trading and Structuring (S&T/Markets)
S&T is the markets division of an investment bank and encompasses sales, trading and
structuring. It connects institutional investors to the financial markets and allows them to
allocate large amounts of capital to specific and unique investments. There are also specialist
trading/market-making firms in operation including Optiver, Citadel Securities, and G-Research
that offer spring weeks.
An analyst in Sales is tasked with the origination and maintenance of client relationships.
Therefore, this role involves both reaching out to new prospective clients as well as communicating
with them on a regular basis in order to understand their preferences. Salespeople convey market
trends, investment ideas and research to clients. This then facilitates the job of the trader as they
have the client and can proceed to execute on behalf of them.
An analyst in Trading is tasked with executing trades that either come as a request from the
client or at the suggestion of the sales/trading analyst. Their P&L is generally made through the
bid-ask spread – that is the difference between the bid price obtained from the seller and the ask
price from the buyer of the asset. The trader aims to capture this spread by buying at the bid price
and selling at the ask price, earning a profit on the trade. Trading analysts are also responsible for
managing risk and looking out for market factors that may affect their trades; they also ensure that
there is sufficient liquidity to execute a trade without significantly affecting the share price.
An analyst in Structuring (structured products) is responsible for building complex financial
products for institutional investors (asset managers and hedge funds) that meet their investment,
hedging and risk management requirements. They are responsible for assessing the risks of the
structured product and finding a fair market price for it.
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Day to day tasks of an analyst include:
• Relationship management (developing and maintain relationships with clients)
• Pitching (discussing market trends with clients and suggesting trades)
• Market making (executing trades on behalf of clients)
• Market research (keeping extremely up to date with market related news)
S&T, in contrast to the IBD, has fewer working hours and therefore a superior work/life balance.
The sales role relies more on one’s interpersonal skills due to its relationship-oriented nature
whereas trading can be highly analytical depending on the ‘desk’ (or type of asset). For instance, a
role specialised in emerging market derivatives or fixed income will require more quantitative
aptitude and thus will recruit more heavily from degree disciplines that reflect that*. Structuring is
less familiar among university students but is a role which can be incredibly interesting.
*Note that this does not mean that it is impossible to break into these quantitative firms without a maths or
computer science degree, but simply that degrees with a quantitative emphasis are more desired.
Investment Research (IR)
Investment research teams provide in-depth research and creative recommendations to clients to
better inform their investment process.
Equity research analysts focus on analysing individual stocks and sectors. They provide
recommendations to investors, such as buy, sell, or hold, based on their analysis of a company's
financial health, industry trends, and market conditions. Equity research analysts often cover
specific industries or sectors, such as technology, healthcare, or finance.
Fixed Income research analysts analyse bonds, debt securities, and other fixed income
instruments. They assess the creditworthiness of issuers and provide insights into the performance
and risk associated with various fixed income products. Their research helps investors make
decisions about purchasing or selling bonds.
Macroeconomic research analysts focus on broader economic trends and factors that impact
financial markets. They analyse indicators like GDP growth, inflation, interest rates, and
geopolitical events to provide a macroeconomic perspective that guides investment strategies.
Quantitative research analysts use mathematical and statistical models to analyse financial data
and develop trading strategies. They work with large datasets and employ quantitative techniques
to identify patterns and opportunities in the market. Quants often work in algorithmic trading or
quantitative portfolio management.
The most straightforward way in which research teams generate revenue is through the selling of
their research to potential investors. Therefore, it is imperative that a team outputs high quality
research consistently in order to establish a strong enough reputation. This process may involve
publishing free research in order to get more looks initially within the investing space that they
cover.
An often underappreciated aspect of the job is its client facing nature - one must be skilled at both
securing and maintaining clients to build a strong client base which will purchase their research.
The importance of relationship management is further increased as the role may expand into
additional responsibilities such as attending conferences or connecting buy and sell-side firms
together to facilitate a trade(s).
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Day to day tasks of an analyst include:
• Research (locating and then using data to ascertain a given value for an asset before then
making the recommendation to buy/sell/hold - this will involve modelling)
• Publishing recommendations via research reports
• Present investment strategies to clients
• Maintaining commercial awareness (watching the news, keeping track of movements in
the market etc.)
Asset Management
The asset/wealth management division serves the financial needs of high net worth individuals
and institutions, providing tailored solutions to optimise and grow assets whilst managing risk.
Asset management may be split up into public and private components. In public asset
management, capital of investors is deployed into public assets (listed equities, fixed income
securities, currencies, commodities, and derivatives). In private asset management, capital is
deployed into private assets (private equity, private credit, real estate, and infrastructure).
All investment banks will have a public asset management focus whilst some may also have a
positioning in the private markets. There are also specialist asset managers like Blackrock and
Fidelity that have a primary focus in public asset management, albeit they dabble in private
investments. Finally, there are also specialist asset managers that focus on private markets,
including Blackstone and Clayton, Dubilier and Rice (both of which offer spring weeks).
Roles in public asset management are much easier to come by and are less competitive whilst
roles in private asset management are to the contrary. Breaking into private asset management is
more difficult than investment banking, primarily due to the lucrative profits made by firms
which operate in that industry. It is normally advisable, if one is interested in private markets, to
spend a few years in investment banking beforehand. Furthermore, private market spring weeks
are incredibly rare, so the following will focus more on public asset management.
An analyst in Portfolio Management is responsible for managing the clients portfolio on their
behalf by executing investments and constructing a diversified portfolio of assets. They regularly
rebalance portfolios depending on market factors and intrinsic performance.
An analyst in Wealth Management is responsible for developing plans for retirement planning,
tax optimisation, estate planning and wealth management, building a comprehensive picture of
the client’s cash flows, assets and liabilities. They may also be responsible for structuring trusts
and wills.
An analyst in Relationship Management is responsible for building and managing strong client
relationships. They initiate contacts with clients, understand their ambitions, risk tolerance, and
preferences. They update clients on portfolio performance and share new opportunities with
them, whilst offering timely advice about market changes.
An analyst in Research is responsible for conducting research on the markets, asset classes, and
investment products. They assess risk-return profiles of different portfolios and generate
recommendations to the portfolio team and relationship advisers.
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Asset management has a superior work-life balance compared to the other functions but is
typically faced with lower compensation. The role is less cyclical than markets and investment
banking and the ability to work across a range of asset classes is intellectually stimulating.
Furthermore, the ability to work with wealthy clients and large institutions is great exposure.
Pros and Cons of Divisions
Division Pros
IB
•
•
•
•
•
Cons
High compensation
Direct pathway to the ‘buy
side’ (especially private equity)
Project oriented work
Exposure to deals that shape
the economy
Opportunity to network with
C-Suite executives
•
•
•
•
•
S&T
•
•
•
•
•
IR
•
•
•
•
AM
•
•
•
•
High compensation
Superior work/life balance to
IBD (50-70 hours per week)
Fast paced work
Development of extensive
market knowledge
Highly meritocratic (your
value-add/ P&L is more
tangible)
Intellectually stimulating
Highly meritocratic (rewarded
after making enough of the
right calls)
More independence - can have
your voice/input heard from
early on
Stable and predictable hours
(50-60 per week)
•
Work-life balance (50-60 hours
per week)
Intellectually stimulating and
diverse work
Stable and acyclical
Significant exposure to wealthy
clients
•
•
•
•
•
•
•
•
•
Potentially repetitive work (at the
junior level)
High working hours (80-100 per
week)
Limited client interaction early on
(depends on bank)
Low job security (marketdependent)
Intense competition and cut-throat
environment
High stress during market hours constantly under pressure
Early start to work (6/7am)
Fewer exit opportunities (though
better for hedge funds)
Low job security (more responsive
to market changes)
Fewer exit opportunities and longterm career development (still
significant in asset
management/hedge funds)
Compensation not as good as IBD
or Markets
Reputation can be damaged by a
few bad investment calls
Low compensation compared to
IB, S&T, and IR
Long-term technology disruption
with robo-advisers
Less exits compared to other
divisions
9
Useful resources:
• Efinancialcareers
• Unofficial Guide to Banking
• Intern Game Plan
• Peak Frameworks
• Mergers & Inquisitions
• Investopedia
Resume and Cover Letter Tips
Your resume and cover letter provide an opportunity for you to depict your character and
illustrate to the firm why they should hire you. Since recruitment teams have thousands of
applicants to process, they use resumes and cover letters to distinguish promising candidates.
Resume
A resume consists of four main sections in the following order:
Education
1. List your university and degree including any extracurriculars (can also save this for the
extra-curricular section)
2. List your secondary school
Key tip: include academic achievements (A-levels) and any scholarships
Work Experience
1. Work experience 1
2. Work experience 2 (and so on)
Key tips:
• If you haven’t had prior industry experience, then emphasise skills which are transferable
to a career in your desired industry
o For example, a tutoring job which honed your communication skills
• Quantify the impact that you had on the business
o It is much more effective to write ‘I doubled sales’ than ‘I contributed to sales’
Extra-curricular
1. Leadership Example: Captain of [Enter Secondary School]
2. Other extra-curricular activities, such as team sports
3. Any major personal projects or business pursuits (and so on)
Key tip: highlight extra-curricular activities where you have displayed leadership and teamwork
skills
Skills, Certifications and Interests
1. List any languages you are fluent in
2. List key achievements that you have not covered in the previous sections
3. List any programming languages you are proficient in
4. List interests that you pursue outside of university. This shows HR that you are a wellrounded candidate
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General writing tips:
• Ensure your resume fits on a single A4 page. Prioritise brevity - each point that you
include should show a valuable trait that you possess
• Start each dot-point with an action verb: led, managed, organised, developed etc.
• Tailor your resume to the firm that you applied for.
o Many firms post key characteristics that they are looking for in their interns. Try
and show that you possess these through your examples
o Be sure to include events that you have attended which were hosted by the firm
• Aim to limit dot-points to a maximum of 3 under each subsection (e.g. ‘Work Experience
1’)
• Write in the past-tense
• Maintain consistent formatting throughout your resume (e.g. same font for subsections,
larger font for headers)
The following resume attached below of our fictitious student Jeff Bezos is what an ideal CV for
spring weeks would look like. Do not be intimidated by the extent of Mr. Bezos’ grades, work
experience, leadership experience, and skills. We have intentionally built the CV such that Mr.
Bezos excels in all aspects. Most strong candidates have not achieved even 80% of what Mr.
Bezos has achieved.
For example, normally, we would not expect candidates to have more than 2 work experiences in
finance. Many strong candidates have experiences as tutors, sales assistants, and waiters in their
CV and do really well. Although it is nice to have lots of finance experience before applying to
spring weeks, it is not necessary. When applying to spring weeks, it is all about what you bring
from those experiences and how they have contributed to your skillset and outlook.
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Jeff Bezos
linkedin.com/in/jeffbezos | JeffBezos@lse.ac.uk |+44 7215214829
EDUCATION
London School of Economics and Political Science
• BSc Economics: Expected First Class Honours
• Full-Tuition Scholarship
Sep 2023 – Jun 2026
Winton College
Sep 2015 – Jun 2023
• A-levels: Mathematics (A*), Further Mathematics (A*), Economics (A*), and Chemistry (A*)
• GCSEs: 13 9s, 1 A*
• Awards: Academic Excellence Award, Gold in British Mathematical Olympiad, Full-Tuition Scholarship
WORK EXPERIENCE
McDonald & Co. – Leadership Academy
Jun 2023 – Present
• 1 of 100 selected for 2-year programme, developing critical analysis and professional skills ranging from PowerPoint
presentation, company research and public speaking.
• Presented findings of strategy group exercise, leading group of 10 students to finish in 1st place out of 10 teams.
VCV Capital Partners – Private Equity Insight Programme
Aug – Sep 2023
• 2-week programme, focusing on technical knowledge, commercial awareness, modelling and presentation skills.
• Conducted due diligence and market research to pitch the take private of Odaco, presenting to executives.
• Built capital structure models and attended calls with LevFin teams at Pierpoint, Gouldman, and Staines.
Pierpoint & Co. – Sixth Form Insight Programme
• Interacted with 20+ investment bankers and gained knowledge of the divisions of the bank.
• Won pitching M&A deal pitch competition in team of 6 and presented to senior bankers.
• Received return offer for the 2024 Spring Week (Investment Banking Division).
Aug 2023
Blackshield & Co. – Sixth Form Insight Programme
Jul 2023
• Shadowed Restructuring, Consumer Retail & Leisure, Industrials, and Business Services teams across a week.
• Took part in an M&A case study on OilSat merger with ThreeWeb, discussing rationale, valuation and execution.
Hawkeyes – Sales Assistant/Cutter
May 2021 – Jun 2023
• Worked within a team of 60 at London’s most elite bespoke tailor, personally covering 35 clients in 15 countries.
• Delivered an aggregate sales amount of £1.5m whilst becoming salesperson of the quarter in 3Q 2022.
EXTRA-CURRICULAR ACTIVITIES
LSESU Business and Investment Group – Alternatives Subcommittee
Sep 2023 – Present
• 1 of 4 selected from 100+ applicants to host industry professionals and M&A workshops at the LSE.
• Coordinated extensive outreach efforts to cooperate sponsors as well as public sector institutions for sponsors.
BIG Capital – Bootcamp Trainee
Sep 2023 – Present
• 1 of 40 students selected to participate in 8-week training course through BIG Capital, LSE’s student fund.
• Produced a pitch on REBU, shorting the stock due to increasing regulatory scrutiny on the sector.
LSESU Basketball Society – First Team
Sep 2023 – Present
• Trained up to 10 hours a week to optimise performance and lead team of 5 students to win Michaelmas tournament.
• Worked alongside coaches to improve team tactics, applying new tactics to improve efficiency by 37%.
Winton College Economics Society – President
Sep 2020 – Jun 2022
• Elected to Eton’s largest society with 50+ members to host events ranging from speakers’ series to seminars.
• Volunteered as economics mentor to younger students, teaching them macroeconomic principles on rates.
OTHER ACTIVITIES
Languages: English (native), Spanish (native), Greek (native), Mandarin (limited working proficiency)
Volunteering: Police Cadets (Team Leader), Army Reserves, Charity Representative
Interests: Football, Greek Mythology, Arabian Philosophy, Origami, Snooker and Dart
12
Cover Letter
Most firms require a cover letter to understand your motivations for applying to both the role
and the firm. If a formal cover letter isn’t required, then often some iteration of it will be. For
example, an application may ask you to provide an answer to ‘What led you to apply to this
division at this firm?’
A cover letter consists of four main sections in the following order:
Introductory Paragraph
• Include a page header where you list your name, email, phone number and LinkedIn
• Treat this as a formal letter by starting your cover letter with ‘Dear [firm] hiring
team/recruitment team’
• Follow this with a brief self-introduction of 1-2 sentences, covering your university,
degree and interest in the internship
Why Firm
This section should be tailored to the firm that you are applying for. Ensure that you extensively
research the firm’s annual report, their values, recent charity partnerships, and any major news
headlines which they have been featured on. If you have connected with employees at the firm,
or have attended an event run by the firm, mention the knowledge that you gained and why it led
you to apply to the firm.
Key tip: determine whether this paragraph is sufficiently tailored to the firm that you are
applying for by replacing the firm's name; if it remains accurate, personalise it further.
Why Division
Here, you can convey your interest in the division by highlighting:
• Industry experience
• Any certifications you have undertaken
• A personal story which links to the function of the division
• Courses in school that link to the function of the division
• Networking events which imparted knowledge of and interest in the division
Key tip: where possible, try and craft a story about what led you to be interested in the division
by writing in chronological order.
• For example: Through X, I gained insight into… which led me to pursue Y to further
develop my skills
Why You
This is where you can make a distinct impact on HR. Discuss 3-4 competencies and how they
will equip you with the necessary skills to succeed in the role. With each competency that you
cover, include a metric of success and a detailed example.
General writing tips:
• Ensure your cover letter fits on an A4 page
• Aim for a cover letter between 300-500 words
• Maintain a balance between sounding self-assured and knowing which valuable skills you
possess, without sounding hubristic
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Jeff Bezos
Amazon Warehouse
Bexley
DA17 6AS
Blackshield & Co.
Old Court
St. Stewart’s Lane
London
EC3X 9UL
Date: 31/09/2023
Re: 2024 Spring Insight Programme
Dear Hiring Manager,
I write to you expressing my interest in joining Blackshield & Co. on the 2024 Spring Insight Programme
in the London office.
My interest in Blackshield & Co. arose after attending the 6th form insight programme in the Financial
Advisory. On the programme, I engaged with several employees at the firm, from analyst to director.
What stood out to me was everyone’s pride in the Blackshield & Co. heritage and culture. Many
emphasised the long-term dedication to client service, the importance of loyalty and confidentiality, and
the criticality of a dynamic approach in the financial markets. As a Police Cadet and Army Reservist, I
value these characteristics very highly and understand their necessity when building good relationships
and effectuating team projects. Furthermore, I experienced Blackshield & Co.’s unique standing as the
pre-eminent Asian independent adviser through the workshop on the firm’s history. After reading about
the firm’s permanent incorporation of ESG values in their strategy, I believe that this standing will prevail
long into the future – I wish to contribute to that legacy through a career at Blackshield & Co.
As an economics student, I find the application of complicated concepts to dynamic environments
intellectually stimulating. This is what draws me to investment banking as it connects theory from
accounting, finance, law, and economics into a practical consideration about how to execute a particular
transaction. This was clear to me when researching about Blackshield & Co.’s participation in the merger
between ThreeWeb and OilSat. I was intrigued by the methods used to value ThreeWeb at £4.8bn despite
its near-bankruptcy experience in 2022. Furthermore, I enjoyed reading about the regulatory challenges
with the government’s all-powerful ‘golden share’ in ThreeWeb. Transactions like these require innovative
solutions and the consideration of several interplaying factors, all of which make investment banking
particularly interesting.
Within the LSESU Business and Investment Group's Banking Subcommittee, I excelled at organising
industry events and managing sponsor relationships. My selection for BIG Capital's exclusive Bootcamp
highlighted my analytical prowess, evidenced by a persuasive pitch on REBU. Moreover, my tenure as
President of the Winton College Economics Society showcased my organisational skills and mentoring
capabilities as I guided fellow students in economics principles. With my proficiency in several languages,
I bring a well-rounded skill set to the Blackshield & Co. Spring Insight Programme.
I look forward to hearing from you about my candidacy and I wish you great health.
Yours Faithfully,
Jeff Bezos
London School of Economics
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Networking Tips and Joining Relevant Organisations
This is one of the most important and overlooked tactics during the application season which
will give you an edge in recruiting. It provides a genuine/authentic answer to ‘Why firm’ whether
this be in the cover letter or an actual interview/assessment centre. The people you talk with
have answers unique to themselves, something you cannot find on the web.
The Strategy
Approaching more experienced individuals can be intimidating or uncomfortable, as you might
wonder where to find them and how to reach out to them, fearing they may question your
intentions or report you to HR as a weak applicant. Additionally, you may worry about running
out of questions or merely asking what everyone else typically does in such situations. But
honestly, what’s the worst that can happen? They’ll never blacklist you and at most will just
ignore you.
When approaching people, you need to be consistent and patient. You need to organise a
spreadsheet with everyone you’ve reached out to, what firm they work at and the last time of
contact. Think about which firms open earliest (BIG Tracker) and then start networking with
those firms first. When reaching out to people, use LinkedIn (ideally get premium) to find people
who work at these different firms. Add a note with 300 characters and keep it concise (template
below). It’s a numbers game, so go for 5-10 during your initial outreach (don’t want too many
calls if you’re unable to prepare for them or don’t have experience doing them yet).
Once you have secured a call, prepare a list of questions that you can ask based on the person’s
background and the team they work in. Also be prepared to sell yourself and build a meaningful
conversation.
Here are some questions you can ask analysts/associates:
• I’d love to learn more about your journey to your current role.
• What is the most rewarding project you’ve worked on so far?
• Why did you want to work for this company?
• What is the most challenging part of your job?
• What are the challenges facing the company going forward?
• What should I be doing to prepare myself for a career in IB, any resources?
• What skills do you value and look for when recruiting juniors?
• What would you do differently now if you were in my position?
Here are some questions you can ask interns:
• When did the application open?
• What did you use for the cover letter/written questions to make it unique?
• How did you prepare for tests/Hirevue/interviews/assessment centres?
Key tips:
• Don’t just go for LSE alumni, these people are bombarded by LSE students as everyone
wants to do IB
o If you message LSE alumni, make sure you mention similar
societies/backgrounds. They help people they see themselves in.
o You can message bankers that did not attend conventional target universities (or
those that started in Big 4 first, they truly understand what the application grind
is and are more likely to help you
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•
•
Clean up your LinkedIn profile, look at 2 /3 years for examples. Please use a good
photo
Remember they should be doing most of the talking
nd
rd
Remember, your network is your net-worth. These people you contact and build relationships
with will pay dividends to you years down the line.
Outreach Template
Dear (NAME),
My name is NAME, I’m a first year undergraduate at UNI studying COURSE and would like to
learn from your experiences working at FIRM for the last TIME.
Would it be possible to arrange a quick call? I completely understand if you’re too busy but even
a 1 or 2-line reply would make my day.
All the best,
NAME
Relevant Organisations
A lot of recruiting for springs is focused on diversity candidates i.e., those who are from
disadvantaged/underrepresented backgrounds. Many organisations also have a network of
employees, from the junior level to directors, at top organisations who they can put you in touch
with.
To take advantage of this you need to join organisations who represent your background:
1.
2.
3.
4.
5.
6.
7.
SEO London
Rare Recruitment
Upreach
The Brokerage
10,000 Black Interns
10,000 Able Interns
Employability
Read the requirements for all of these organisations carefully (on their websites), you cannot join
them otherwise. They will ask for evidence of income, race or general background to screen you.
These firms offer unique opportunities such as:
• Applications to firms who specifically partner with them e.g., Nomura’s SEO Spring
• Networking events with other students/firms
• First-year summer internships
• Highlighting your application to HR
• CV and Cover Letter review services
• Exclusive off-cycle internships in the future
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Section B: Application Progression
Preparing for Online Assessments
Online assessments are a very crucial part of the application process. Many firms only progress
the top 20% of candidates to the next stage, and this could mean that you need to achieve full
marks (or close to full marks) to have a strong chance. Therefore, preparing extensively for tests
is an imperative, and treating each test you take with care will only maximise your chances in
doing well. The BIG Application Tracker has a column which tells you what provider a firm may
use for their hiring process.
Types of Tests Available
There are a variety of types of tests you’ll encounter when going through the Spring Week
Application Process. Most commonly these can be divided into:
1.
2.
3.
4.
Numerical Reasoning
Verbal Reasoning
Logical Reasoning
Situational Judgement
Numerical reasoning tests look at your ability to analyse charts/tables for the required data. A
good idea is to practise the ability to filter out irrelevant information and find the needed data as
quickly and efficiently as possible.
Similar to the numerical reasoning test, verbal reasoning tests will most likely provide you with a
short excerpt, followed by a true, false or cannot say question. They also test your abilities to find
the required information as fast as possible, whilst going through lots of different information at
the same time.
Logical reasoning tests will have you look at a logical sequence and have you determine what the
next part of the sequence would be. Usually, they’ll contain a variety of shapes, where the trick is
to find out how to quickly identify the pattern within.
Situational judgement tests are definitely the hardest to crack, as it assesses your personality
within a work environment. It might seem like these do not have a right or wrong answer, but
most do have a preferred answer, they seek in candidates.
Key Test Providers
First and foremost, it might be useful to see which test provider the firm you’re applying to is
using! The most popular ones are:
1. Aon
2. Cappfinity
3. Talent-Q/Korn Ferry
4. SHL
5. WCN
6. Kenexa
The link is just there for you to familiarise yourself more with the specific platform, usually with
a quick google search you can find out which firm uses which platform.
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Here are a few other resources that can assist you in familiarising yourself with the different
tests:
1.
2.
3.
4.
5.
Test Help Tutors
Practice Aptitude Tests
Psychometric Tests
Job Test Prep
Assessment Centre
Some of them do have payment plans, however there are free resources on there that you can
make use of. You do NOT need to spend money on tests etc in order to land a spring week and
even if you do, we encourage you to do your own research before buying anything. The internet
is full of great and free resources, so don’t feel pressured into buying anything.
A few quick tips:
•
Practise, familiarisation = efficiency: As with most things, try and practise as much as
you can, the more you practise, the less surprised you will be. Usually, the time limit is
where most struggle with, so knowing how to answer the questions quickly, decreases
this problem
• Google is your best friend: Just googling ‘Numerical Reasoning Tests’ or ‘(insert bank
name) practice test’ will give you plenty of results, this form can serve as a starting point
for you, but do use the internet to your full advantage
• Ask, ask, ask! Feel free to ask 2nd or 3rd years for advice or help. Now don’t just spam a
message to everyone you come across, but if you do need help or guidance, plenty are
happy to do so
• Don’t stress yourself too much! This might seem like some strange new territory right
now, but with practice, this will soon become familiar and much less overwhelming
• Treat every test as an A-Level exam! For most spring weeks, you need close to full-marks
to progress to the next round - therefore, you need to put your full effort into them
Preparing for the HireVue
Pre-recorded interviews are perhaps the most strange and daunting part of the application
process.
During pre-recorded interviews, you are asked a few questions (between 2 to 5 normally) that
cover your motivations for the role, your skills and experiences, and your knowledge of the firm
and the wider industry within which it operates. You are given a few minutes to prepare your
answer once you have seen the question and another few minutes to answer.
Most firms have a bank of tens of questions from which you will be randomly allocated a few
whilst others repeat the same questions to every candidate. It is therefore useful to ask around
what questions have come up in the pre-recorded interviews for each firm if people have done it
before you. It is also advisable to have a word document with all possible (and hypothetical)
questions that you could receive and your responses for each so that you can ‘remember’ them.
Here is a list of all the common questions that could come up in a pre-recorded interview:
• Tell us more about yourself and why it led you to apply to our program.
• Why are you interested in this industry and division specifically?
• Why did you apply to our firm? What makes our firm different from our competitors?
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•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
What do you wish to learn and take from this program?
Describe a sector or stock which you have been following – what interests you about it?
What is happening in the market right now and how could it affect our business?
Describe a transaction that our firm has conducted. What makes it interesting?
Tell us about an interesting piece of news that you have read recently.
Tell us about a time when you learnt about your weaknesses and your strengths.
Tell us about a time when you led a team through a difficult period (or to achieve a goal).
Tell us about a time when you addressed conflict.
Tell us about a time when you solved a problem using lots of data and research.
Which achievement illustrates your initiative and willingness to push beyond what is
required?
Tell us about a time when you had to persuade a group of people to accept your point of
view.
How do you manage your time? When did you have to manage multiple high-pressure
tasks?
How do you go about setting your goals and how do you set your priorities?
Tell us about a time when you presented detailed information (or a complex idea) to
someone.
Tell us why your skills and experiences make you a suitable candidate for this program.
You will realise that these questions can also be applied to real-life interviews, too. Therefore,
preparing answers to all of the above will also serve you well if you progress to further rounds.
When structuring answers that relate to situational judgement and competency, you always want
to structure them in the STAR format: S – Situation, T – Task, A – Action, R – Result. Here is
an example:
‘Tell us about a time when you had to persuade a group of people to accept your point of
view.’
Situation: During sixth form, I took part in a 6-month investment program with an asset
manager, the aim of which was to have the largest portfolio at the end against 10 other teams.
Our team was planning to renew our investments in October as the 2019 general election was
coming up.
Task: I wished to develop an investment thesis that would profit from the outcome of the
elections and give our team a distinct advantage over others. I wished to convince my team that
it would be a great idea to invest in property developers.
Action: All the polls were indicating that Boris Johnson and the Conservatives would win.
Having a strong understanding of conservative economic and social policy, I felt that if Boris
won, the property sector would experience rising valuations given the conservative ideal of home
ownership, and manifesto pledges to leave the EU with a clear plan, indicating medium certainty.
Therefore, investing in developers would be worthwhile.
However, my team were not convinced as they felt that the market in general would rise should
the Conservatives be elected, and property would not be so important or generate alpha. To
convince them further, I showed them the historical price trends of property businesses after
momentous Conservative elections, especially in 2010, where many developers and estate agents
sustained long term growth in prices and valuations compared to the rest of the market.
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Result: With this, they accepted my proposition to invest in the property market. This
investment performed well and was one of the few that enabled us to win the competition in the
end.
Please note that you do not need to have (or use) finance-related experience in your responses.
The main thing firms are looking for is your ability to structure a response – they do not really
care about the content (as long as it makes sense and is relevant to the question). Therefore, take
your time to think about following the STAR structure as best as you can.
With regards to etiquette for the pre-recorded interviews, here are some tips:
• Always do them when you are alert and mentally fresh
• Do them in a well-lit and clear background, preferably in an office/boardroom
environment
• Ensure that you are dressed your smartest and most professional
• Ensure that you look directly at the camera during the entire recording
• Make sure you speak slowly, with pauses when necessary
• Don't make it seem that you are regurgitating memorised answers
• Show some character, smile a bit, and use body language to express your ideas
• Try to complete your answer with at least 10 seconds to spare
• Imagine you are speaking with a real person
Preparing for Interviews
Spring week interviews are not that serious and in-depth compared to summer internship
interviews. For most firms that conduct interviews, you would normally have just one 30-minute
interview. Some firms (the boutiques) may have two or three.
You would be asked motivational, competency, and technical questions during these interviews.
Most importantly, it is important to build a connection with the interviewer, so ask them good
questions towards the end, be positive and smile during the interview, and always think about
your responses before you speak.
Motivational: testing your motivation for the specific company and specific division you have
applied for
Examples:
• Why Investment Banking/S&T/Consulting/Law?
• Why this firm?
• Why this division?
Competency: testing your ability to handle different situations, as well as your skillset
Examples:
• Walk me through your CV.
• Tell me about yourself.
• What are your biggest strengths and weaknesses?
• Tell me about a time you showed leadership/dealt with a difficult situation/had to
change somebody’s mind,
Technical: testing your financial knowledge and current awareness
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Examples:
• Tell me about a recent deal that we have done.
• What is currently affecting M&A/the markets,
• Tell me about a news article you recently read and why you found it interesting.
• What is a government bond and what is the relationship between yield and price?
• How would you invest £1m?
Tips to prepare:
• Research company well to understand their values, what makes them unique, culture, and
research deals
• Reaching out to people on LinkedIn or other connections that are in similar roles
• Practice - you want to be very comfortable with material so you are able to adapt your
answer when you get a question that could throw you off; be malleable. Also makes
interview more conversational and enjoyable
Interview tips:
• The best way to go about answering questions is in a calm, structured and enthusiastic
manner. For a lot of questions, the STAR technique is the best way forward. In
competency and motivational questions especially, a lot of the time it’s not what you say
but how you say it; you want to be able to demonstrate that you are able to effectively
organise and communicate your thoughts in a clear manner.
o S: situation
o T: task
o A: action
o R: result
o R (bonus points): reflection
• Other than answer structure, make sure you have a good attitude and make the
interviewer feel as though you really want to be there. In other words, make sure you
pass the airport test. Be smiley, personable and enthusiastic. You should always try to
make your interviews as conversational as possible to paint some colour as to who you
are. Everyone can memorise and recite interview questions, not everything can be an
enjoyable person to be around
• Next, make sure you are looking presentable and are on time if not early. If this is an
online interview, a white wall would be ideal with a quiet environment and no
distractions
• Chances are, at the end of the interview you will be asked if you have any questions to
ask. Make sure you do your research prior to the interview so you’re able to ask well
thought out questions that show you have looked into this. Keep the interviewer’s role in
mind; don’t ask HR a technical question, for example, so keep a wide range of questions
in mind. A lot of the time, you won’t know who specifically is interviewing you prior to
making sure to have an array
Tips for assessment centres:
• Sometimes final round interviews are assessment centres (also very common in spring
conversions)
• Here, you are given a variety of tasks such as group interviews, group discussions, or
different tasks
• Have a look at the next section for more information on these
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Section C: Succeeding in the Spring Week
Preparing for the Spring Week
Having Conversations
Ideally, you’d like to start thinking about how you are going to prepare for the spring week at
least a month before it occurs. The best point to start from is to ask people at your university (or
mutuals on LinkedIn) who did the spring week last year about their experiences. You should ask
them how each day went, the tasks and case studies they did and how to prepare in advance for
them, what they could have done better etc. Once you have a few conversations, you should be
in a certain mindset whereby you are excited to do the spring week and ready to take on the
hurdles that you may face.
Building Technical Foundations
Before your spring week, you must ensure that you learn the relevant technical knowledge (to the
equivalent level of what is expected from summer internship applicants). This is in order to
perform well on the group case study exercises, presentations, and to be able to ask relevant
questions on the internship in order to stand out. It also helps to know your technicals inside out
just in-case the conversion assessment centre is close to the end of the internship (i.e., for some
firms, on the last day, for others, a couple weeks after). The technicals that you are required to
know depend on which firm and division you ultimately wish to gain the internship in.
If you are aiming for an investment banking return offer, then your technical knowledge before
the spring week should at least be to the level where you understand the ‘Basic’ sections in the
‘400 Interview Questions’ guide – the more the better. You also need to be able to understand
how these technicals can be applied to real life case studies and modelling. For example, it is not
enough to just know the formula Enterprise Value = Equity Value + Net Debt + Minority
Interest without understanding what it means in context. You need to understand its application
in M&A transactions, i.e., ‘The transaction value was $4.7b, with a purchase price of $3.2b,
implying that the control premium on the previous day’s market-closing price was 27%’. This
typical line in the headings of transaction announcements applies the enterprise value formula in
the dynamic environment of M&A. It is important to understand the connection between theory
and practise for your spring weeks, so that you can grasp the applications and stand out when
making contributions.
The similar thing applies to markets (and other divisions). Make sure that you have a strong
grasp of the different functions in a markets division, what they do, and the products they work
on. You should be expected to understand (and apply if you can) the fundamentals of different
securities, how their values are affected by market factors, and how to trade them. For example,
it would be beneficial if you grasp and can apply bond/equity pricing theory. You should have a
decent grasp of different derivatives available to participants and their wider importance in the
markets (i.e., mortgage-backed securities, interest rate swaps, options contracts, credit default
swaps etc.). In all honesty, if you have been a true fan of the markets for several years, you
should have picked these up over time. The more you know, the more you are better prepared
among other candidates. There are some technical guides that you can follow but many of them
end up becoming overly specialised for the purpose of a spring week/conversion - markets are a
huge place and on an internship the following year, you will probably rotate around 3+ desks.
22
Building Awareness and Preparing Questions
Before the spring week, you also need to keep up to date with the market and understand how
changes will affect the firm which you will be interning in. You also need to read up on recent
transactions and relevant work that the firm has conducted. Finally, you need to be aware of the
different teams that you will be shadowing (or meeting) during the spring week. The reason for
all of this is to enable you to prepare questions beforehand to ask employees during the spring
week in order to impress them and also develop meaningful conversations from which you can
learn. For example, if you will be interning at a boutique bank, you will most likely hear from
several teams including Healthcare, Technology, Restructuring, ECM, DCM etc. If you are on a
markets spring week, you might hear from desks like short-term interest rates trading or cash
equity sales. It would put you above other candidates if you prepared questions for each team
that are well-researched and relevant to the firm.
How to Convert the Spring Week
During the spring week, you would want to apply the above in all of your engagements with
peers and employees at the firm. HR may use the spring week as a means to choose selected
candidates for a fast-tracked assessment centre, so it is essential to perform your best. Even if
the spring week does not convert or everyone gets fast-tracked, performing your best will enable
you to learn as much as possible and build meaningful relationships which you can leverage.
Here are some tips to get the most out of your spring week:
• Dress your smartest, do not be late for any session, and always demonstrate your
attention
• Take notes and reflect on them each day to refresh your knowledge for further sessions
• Follow up any conversations you have with employees with LinkedIn messages or emails
saying
• Stay back for any social events and build a strong rapport with HR
• If you are allocated any buddies or people to shadow, do your research and ask good
questions
• Do not speak over others – take a moderate approach, and make your time to speak
impactful
The conversion process for spring weeks depends on the firm. For some, there is an assessment
centre at the end of the spring week. For others, the assessment centre is a few weeks after the
spring week. For others, you get fast-tracked to the telephone rounds to the following year’s
recruitment process. This section focuses on conversion assessment centres.
In some assessment centres, you just have a few interviews with senior people at the firm and
that’s it. In others, you add a group case study and a maths test to these senior interviews. IB
ACs are quite similar to markets/research/investment management ACs.
23
Investment Banking ACs
Maths test
On a maths test, you will normally be tested on simple operational mathematics, data
interpretation, and applications to finance. This is very much similar to the online tests you
would normally do initially. Just some firms prefer to test your ability in a real-life environment.
Case Studies
During a group case study, you will normally be given a task to work on. In some cases, that may
be going through hundreds of pages relating to a past transaction in order to find answers to a
set of questions. In other cases, you may have to do the same but for a hypothetical transaction
and suggest your recommendations as a group. In the questions that you will answer, or the
proposals you will make, you should expect to be tested on basic technical knowledge, the ability
to apply it in dynamic contexts, and take a critical perspective on the material at hand.
Before your team begins to work on the case study, it is important for each of you to quickly go
through the instructions independently, think about your own strengths and weaknesses, and
where you can contribute to the task the best. Some people may have better technical knowledge
whilst others may have a stronger understanding of deal rationale. It is essential that, when
working in a team, you share your thoughts on these matters in order to split sections of the task
between each other for better efficiency.
Once you have been assigned a particular section, work at a reasonable pace to perform your
role. Remember, that all of the information available to you is not relevant to your output.
Therefore, be critical of everything and only investigate a piece of information if it may be
valuable. Time efficiency is key to performing well in a case study.
Next, once everyone has gathered notes, share your ideas with each other and discuss them
critically. This will not only help you understand what others have done and expand the
applicability of your knowledge when questioned on the panel, but it will also enable you to think
about the weaknesses in your thesis/component. It would be great to run through the whole
questions/presentation once with the team as well.
When presenting, keep your cool, always refer to your notes if you forget something, and
support your team members if they need help or if you feel you contribute better.
Interviews
Your interviews will be with senior individuals at the firm – think managing directors and
partners. These people have worked in the industry for decades, perhaps, and have met many
people. You need to seize this moment to stand out and build a strong and meaningful
connection with them.
You may be asked typical things like introducing yourself, why the firm, what you have learnt
during the spring week, a couple technical questions, market awareness, a few competency
questions, and perhaps a brain teaser.
But these interviews will also be full of curveballs. Some interviewers may ask you about your
opinion on a political debate, i.e., ‘should we tax charities?’ Others may ask you very direct
24
questions like ‘do you have what it takes to be an investment banker?.’ Others may ask you ‘if
you had the chance, what would you advise our CEO do?’ The interviewers are trying to tap into
untouched territory and see how well you can respond and build a coherent story and case for
yourself.
During these interviews, there may be a lot of emphasis on your journey to your current point,
and you really need a strong story that you can sell to these bankers; something which makes you
unique and valuable to the organisation. But the ability to sell yourself also indicates your ability
to sell a transaction idea to a client!
Ultimately, the interview is about getting to know the senior person a bit more and building that
connection with them. This is only possible through giving answers that ignite further follow up
questions (which is done by making your responses interesting) as well as switching the interview
up and asking questions to the director about their career and experience at the firm.
A few questions you could ask the partners are:
• Was there a specific person or thing you took inspiration from that in your career and
how did it contribute to your success? Who do you look up to in life and how do they
influence you?
• What is your personal leadership philosophy? Are there principles or structures that you
follow which enables you to lead better?
• What do you wish you knew when you started your career and how would it have
impacted your career?
Markets ACs
You can expect similar behavioural, motivational and situational questions as those you may
encounter in IBD interviews, the only thing which may be different is the type of questions you
encounter in your technical interview. In your technical interview you may be asked a few initial
questions on what is happening in markets/big news stories, followed by brain teaser/mental
maths questions, e.g., estimate the size of a country, how long is a train journey from New York
to Miami. These sorts of questions aim to give the interviewer a better understanding of your
thinking process, and in most cases the interviewer may not even know the answer themselves! It
is critical that you think out loud, use hand gestures and make notes on paper. Explaining the
reasoning behind each step is key and try not to introduce numbers/steps without indicating why
you have done so. Otherwise, the same tips above for IBD also apply for S&T ACs.
Research ACs
Conversion ACs for research divisions at banks (either equity or fixed income) firstly will contain
at least one interview that largely consists of and centres around behavioural, competency, and
motivational questions. These typically include considering why a particular division (equity vs.
fixed income), as well as the general traditional questions encountered across all ACs.
Both usually also involve case studies. The case study typically involves candidates being
presented with a brief detailing current market conditions and macroeconomic environments
(e.g., asset bubble pops, hawkish/dovish Fed, Chinese reopening, etc). Candidates will then be
given time to design and present an investment portfolio for a client trading a variety of asset
classes, including government bonds, stocks, and FX. The presentation should detail at least 1
product to be recommended to the client given current conditions, justification for why it would
work, as well as potential risks with this. Each candidate will be judged based on clarity of
25
presentation, the variety of the asset classes and strategies (e.g., hedging) used and the rationale
behind each, and the measures taken to minimise portfolio risk.
Beyond that, equity research ACs will focus more on pitching stocks and analysing particular
industries, so commercial awareness and having a few stocks in mind would be handy. On the
other hand, fixed income research ACs tend to focus more on bonds, so elementary knowledge
about bond terminology would be helpful. Interviewers typically do not assume specialise
knowledge, but rather give you information to work with and analyse how you process and work
with it from there.
Asset Management ACs
Asset management ACs will have the same competency, motivational, and behavioural
components as the other ACs. In terms of case studies, they are very much closely aligned to
what you would expect at a research or markets AC. There may be a stronger emphasis on
portfolio allocation based on different investor preferences to reflect the variety of clients you
will encounter. There may also be a focus on diversification, risk management and portfolio
hedging, so it will be good to understand one can hedge against different investments (i.e.,
shorting a particular equity). Therefore, it would be ideal to know how concepts of correlation,
expected returns, and benchmark comparisons are applied to portfolios. We suggest that you are
well-read in different examples of portfolios that have been used in the past (i.e., 60/40) and
how they have historically performed – it would be even better to know the specific allocations
of the major asset managers. In addition, you should also know about the different investment
philosophies that asset managers could apply, i.e., value investing, growth investing, contrarian
investing, etc. These concepts would add more flavour to your answers.
Part II: Other Careers
Whilst the focus of this guide has been mostly on finance spring weeks, we thought that it would
be appropriate, for the sake of completion, to include some information on first-year
programmes in other industries including Law and Consulting. These sections are not entirely
comprehensive but are a useful starting point to initiate your endeavours in these career fields
should they interest you.
Section A: Law
Before the Application
General Overview of First Year Schemes
First-year schemes provide you with an insight into what a career in commercial law entails.
Crucially, they put you at an advantage in obtaining a training contract as they ensure you have
legal work experience on your CV and some first-year schemes fast-track you for a vacation
scheme. They are typically 2-5 days long during which you will share an office with an associate,
have a trainee buddy, participate in presentations, attend socials and complete some type of task.
Most applications open in October and close by February/March. Many commercial law firms
offer them, a list will be provided later in the guide.
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Here is a non-exhaustive list of first-year schemes divided into those that fast-track you to a
vacation scheme and those that do not:
Fast Track:
1. Weil Fast Track
2. CMS First-Year Scheme
3. Latham First-Year Winter Scheme
4. Clifford Chance SPARK
5. HSF Workshop
6. Freshfields Spring Scheme
7. Linklaters Pathfinder
8. Allen & Overy First Year Scheme
Other First-Year Schemes:
1. Macfarlanes First-Year Insight Scheme
2. Slaughter and May Spring Work Experience
3. White & Case First-Year Insight Scheme
4. DLA Piper Insight Programme
5. Baker McKenzie First-Year Insight Scheme
6. Simmons & Simmons Spring Insight Scheme
7. Reed Smith First-Year Scheme
Additionally, many other firms, such as Norton Rose Fulbright and Sidley Austin, offer Open
Days. These events provide valuable insights into the firm's business and culture and are worth
considering as well. Open Days typically involve spending a day or evening at the firm, allowing
you to learn more about their operations.
Researching Law Firms
Researching a law firm may initially appear daunting due to the abundance of information
available. To simplify this process, consider breaking down your research using the provided
template. This allows you to cover the training contract structure, their key practice areas, who
their most notable clients are and any recent news e.g., deals, announcements, etc. (Link to
research template).
Writing the Application
Now that you have your research, you can begin answering the application questions. Three
common questions are:
1. 'Why Commercial Law and Why This Firm': This question aims to gauge your
motivation for pursuing a career in commercial law and assess your understanding of the
firm in question. Avoid generic responses like desiring a "fast-paced environment."
Instead, personalise your answer by drawing from your unique experiences. Share
insights into your interaction with the worlds of business and law or highlight relevant
work experience that has shaped your career aspirations. A good way to differentiate
firms is through their practice area speciality. Whilst many firms may seem similar in this
regard, with thorough research you should be able to discover where firms are sourcing
the majority of their revenue, and thus, where they focus the majority of their resources
and lawyers. For this, you can take a look at their annual report. For example, A&O is a
very strong firm for finance with the majority of its revenue coming from its finance
practices. Therefore, your application should showcase an interest in finance when
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applying to A&O, and this should be linked to the firm's award winning finance
practices.
2. 'What Are Your Hobbies and Extracurricular Activities': This question offers an
opportunity to showcase your personality and interests beyond your academic life,
demonstrating you are a well-rounded and interesting candidate. Share your genuine
hobbies and extracurricular activities, emphasising any that demonstrate skills such as
teamwork and leadership. University is a great place to pick up new hobbies. As opposed
to listing your hobbies, as most candidates do, it is better to mention a select few
hobbies. You should then highlight the skills you have gained from a particular hobby
and how that will be of use to you as a commercial lawyer.
3. 'Tell Us About a Recent Commercial News Story': Select a recent news story that
interests you and relates to commercial law or business matters. Waton’s Daily podcast
on Spotify and the FT are good places to find a story. This question is also analysing
your ability to explain a concept in a clear and concise manner. Crucial to this question is
your ability to display why a particular news story interests you. To do this you must link
back your analysis of the news story to personal experiences and interests.
Joining Relevant Organisations and Useful Resources
Organisations such as SEO London, Aspiring Solicitors and Rare Recruitment can massively
help you during not only your application process but also through the programmes they run.
This includes exclusive work experience through Rare Articles and SEO London’s Corporate
Law Programme. You can also join societies such as your university law society which may be
sponsored by City law firms and organise exclusive events or post about upcoming events that
you can sign up to.
Useful resources:
1. Legal Cheek
2. Chambers Student
3. The Corporate Law Academy
4. Littlelaw
Application Progression
Preparing for Tests
For both the Watson Glaser and any other verbal reasoning tests:
1. Practice extensively: familiarise yourself with the question style through consistent
practice. The more you practise, the more comfortable you become with the format and
types of questions. Link to preparation doc and tests.
2. Strategic approach: Employ a strategic approach by initially eliminating options that are
clearly incorrect. Narrowing your choices down to two options makes the test more
manageable. However, when you're left with two choices, refrain from making
assumptions or hasty conclusions. For instance, if you're torn between 'probably true'
and 'true,' only select 'true' if the paragraph unequivocally supports it. If not, opt for
‘probably true’.
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Situational Judgement Test (SJT):
The SJT is a type of psychometric test in which you get given a reading and then 4 (ABCD)
answers/ solutions... to choose from. Link to tests.
Tips:
1. Consider firm values and culture: when answering questions, take into account the firm's
values, qualities, and culture. Imagine yourself in their workplace and respond
professionally.
2. Ethical decision-making: prioritise ethical considerations. Don't merely provide answers
that you think the firm wants to hear; instead, focus on what's ethically right in the given
situation.
3. Behavioural assessment: put yourself in hypothetical situations and think about how you
would behave. Assess your likely behaviour in a behavioural scenario and evaluate the
effectiveness of your solutions in a cognitive scenario.
Performance Dimensions in the SJT:
1. Task Performance: Evaluate your technical proficiency and communication skills in taskrelated scenarios.
2. Motivation: Show dedication to your job and an eagerness to learn and grow.
3. Interpersonal Skills: Demonstrate your ability to work effectively in a team, reflecting
strong interpersonal skills.
Preparing for Interviews
For Commercial/Case Study Interviews:
1. Most case study interviews will be based on a standard, fictional mergers & acquisitions
scenario. You should first and foremost, familiarise yourself with how an M&A deal
works.
2. Knowledge of the key legal mechanisms used within the ‘Share Purchase Agreement,’
which is the main legal document of an M&A transaction, is crucial to succeeding in
these case study interviews. In summary, these legal tools are indemnities, warranties,
representatives and conditions precedent. You should understand the definition and
application of these terms prior to your case study interview.
3. Case study interviews are designed to test logical reasoning, commercial awareness and
flexible thinking. Bearing this in mind, very little knowledge, other than that
aforementioned, is needed to succeed. You should aim to identify parts of the
contract/scenario which may prove unfavourable for your client. You should also think
of ways you could solve these issues.
4. It is useful to have a broader commercial awareness of current affairs going into the
interview. Not only may you be questioned on this, but it is particularly impressive if you
can link an aspect of the case study to a real-life news story you had read on, for
example, the FT.
5. Mock interviews are the best way to prepare for case study interviews. Once you have
gone over several case studies, you become familiar with the common questions and
issues that the interviewers want you to pick out.
For Competency Interviews:
1. Create a Table: Prepare a table listing potential competency-based questions and your
responses.
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2. STAR Method: Use the STAR method (Situation, Task, Action, Result) to craft concise
and structured answers. For each competency, write down a real-life example of when
you demonstrated it.
3. Firm-Specific Competencies: Check the firm's website for specific competencies they
value, such as teamwork. Tailor your examples to align with these competencies.
For Motivational Interviews:
1. Prepare Questions and Answers: Anticipate common questions like 'Why this firm?' and
'Why commercial law?' Craft well-thought-out answers in advance.
2. Tailor Your Answers: Leverage your research about the firm to tailor your responses.
Explain how your motivations align with the firm's values, culture, and specific
offerings.
Link to a list of practice interview questions.
Fast-Track and Conversion
Some vacation schemes will fast track you to a vacation scheme (or assessment centre for a
vacation scheme) based on your performance whilst for others, attendance is sufficient to
guarantee that you will be fast tracked. For the schemes that will fast track you based on scheme
performance, you must, in summary display the following; enthusiasm and active engagement
throughout the scheme; strong interpersonal skills and an ability to network effectively;
completion of any assessed tasks to a sufficient standard.
Clifford Chance SPARK is the only first year scheme that may lead to a direct training contract
offer. Receiving the training contract is subject to good performance and feedback from your
time on the scheme, as well as a final one-hour interview with a partner which is based on your
SPARK scheme experience and tests your understanding of the role of a trainee as well as your
general commercial awareness. The best way to prepare for this interview is to draw upon
specific examples from the SPARK scheme itself that have developed your understanding of
commercial law. Do note the interview is designed to be largely conversational and to go off of
your personalised SPARK scheme experience.
Section B: Consulting
Overview of Industry
Consulting spring weeks are not as common as finance spring weeks and law first year schemes.
Albeit, for the sake of completion, we will discuss them here briefly over a page or two.
There are two types of consulting firms:
1. Pure play: BCG, McKinsey, Bain, Oliver Wyman, OC&C, Compass Lexicon etc.
2. Professional services: PwC, EY, Deloitte, and KPMG
The pure play consultancies simply provide consulting services to businesses, governments, and
other entities. They advise on decisions that affect the entity’s operations and support with the
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implementation of new projects. Some pure play consultancies may focus on industry verticals
whilst others may focus on just strategy. Others will be spread across the two.
Consultants normally work on case studies which may last between a couple months to a couple
of years. Their work resolves around solving novel problems. They structure a logical chain of
approaches and then conduct extensive research to achieve the outcome. The work is extremely
intellectually stimulating; each day brings a new challenge which requires a considerable amount
of thought.
For some context, the MBB consultancies (McKinsey, Bain, and BCG) are considered to be the
most prestigious consulting firms and have a reputation in the corporate world alongside that of
the most elite investment banks. Many investment bankers switch to MBB and vice versa.
The professional services firms not only do what the pure play consultancies do, but also focus
on other specialisms including tax, risk, audit, and deals advisory. Therefore, if you were to do a
spring week at these firms, you may be exposed to other fields than actual consulting and have
the opportunity to convert to a field that is not pure consulting.
For some context, the professional services firms do not have a reputation in line with the MBB
consultancies and investment banks. Many employees in the professional services end up trying
to break in to MBB or investment banking.
Application and Conversion
When it comes to applying, most of the consulting spring weeks do not hold interviews. Many of
them are based on written applications, online tests, and HireVues (or on-demand interviews).
There are only one or two which may hold an interview. In these interviews, you may be given a
short case study to complete.
In terms of your CV and the general application, nothing major would be different between a
finance spring week application and a consulting one. Perhaps, on your CV, put a stronger
emphasis on impact and how you achieved something.
Here are a few tips for the case studies:
• Set the problem out in a logical framework and use a MECE approach
• Understand the drivers, work with hypotheses and structure your thoughts
• Lead the case, ask questions, and ensure you clarify anything you doubt
• Be ready to perform quick calculations
• At the end, provide your recommendations and next steps and risks
When it comes to conversions, many of the consulting firms do not give the candidate a chance
to interview for next year’s summer internship. For example, McKinsey and BCG both offer
spring weeks, but do not offer conversion interviews. Other consulting spring weeks in the
professional services may have a brief assessment centre after the spring week, whilst others give
you fast-track for next year’s assessment centre. There is little guidance in this respect. Perhaps,
this is a point where consulting and professional services firms can improve for the future to
have earlier access to university talent.
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