With London being one of the top global financial centers, it’s no surprise that the city offers abundant opportunities for investment banking jobs. Competition is fierce as top graduates flock to London, seeing it as a fast track to build an impressive resume and develop key skills. To land an investment banking job in London, it’s crucial to understand the recruiting timelines, polish your technical skills, and network proactively. Having an MBA from a target school certainly helps, but is not absolutely necessary. With proper preparation and persistence, you can break into investment banking in London from various backgrounds.
London is the preeminent global hub for investment banking
As one of only two full-service financial centers in Europe, London offers unparalleled opportunities for investment banking careers. The major global banks like Goldman Sachs, JPMorgan, Morgan Stanley, Credit Suisse and Barclays all have headquarters in London. Boutique firms like Lazard, Evercore and Moelis also have a strong London presence. Graduates flock to London not just for banks, but also fund managers, fintech, private equity, and hedge funds. Landing a front office job like M&A, ECM, DCM, or leveraged finance can be a fast track to success. Networking is key, as most banks fill 50-60% of roles through employee referrals. Cold outreach on LinkedIn to bankers is an effective way to build relationships and gain insights into the recruiting process. Develop technical skills through internships, relevant coursework, case competitions and modeling courses. While an MBA is not strictly required, target schools like LBS, INSEAD, Judge, and Saïd enjoy preferential recruiting. Stand out by demonstrating interest and developing domain expertise in a specific sector.
Boutique firms value creativity and offer better work-life balance
Regional boutique investment banks like Robey Warshaw, Moelis, and Evercore have grown in popularity in London. While offering lower compensation than the bulge bracket US banks, they provide greater flexibility, better work-life balance, and faster progression opportunities. These firms value creativity and innovative thinking rather than technical precision. Networking is even more critical at boutiques given their smaller intake. Informational interviews can help secure a foot in the door. Once recruited, exceed expectations by producing work product with unique insights, not just following orders. Aim to build a niche as a creative thinker to advance quickly. Boutiques have flatter structures so associates can directly interface with senior bankers and CEOs from day one. The deal flow is also more interesting, focusing on complex mandates for discerning clients. Feel comfortable working independently and taking ownership early on. An entrepreneurial spirit coupled with some luck is key to succeeding in the boutique world.
Look beyond banking for attractive opportunities at funds and fintechs
While banking grabs all the headlines, working at a fund or fintech can provide superior lifestyles. Many PE funds like CVC, Bridgepoint, and EQT have been expanding and recruiting heavily from banks. The work draws parallels to banking but offers better hours and accelerated carry potential. Network with alumni through cold outreach and get referrals. Fintechs are also booming across lending, trading, wealth management, payments, and infrastructure. Stand out by showing interest in cutting edge technologies and presenting creative solutions to business challenges. Startups value entrepreneurial team players who can grow with the firm. While compensation may start lower, equity upside over time can far eclipse banking. Look into growth stage fintechs that can provide some stability while also offering huge potential. London’s vibrancy in both PE and fintech make it the ideal place to pivot away from traditional banking into these high upside roles.
Consider spring weeks and industrial placements to test out investment banking
Undergraduates looking to break into investment banking in London should actively consider applying for spring weeks and industrial placements at banks. These schemes offer 1-3 week internships during second year university for penultimate year students. Spring weeks and placements are the primary pathway leading to final year graduate schemes. Banks use them to assess potential hires for full time roles. Net
working with junior bankers, experiencing the workflow, and proving yourself through live projects is invaluable. Spring week schemes are competitive but great for exploring investment banking and confirming it as the right career choice before your final year. Industrial placements involve extended 6-12 month long internships between second and final year. These provide even deeper immersion into the ground realities of life in an investment bank. Network extensively ahead of time, practice technical and behavioral interviews rigorously, and leave a strong impact during your spring week or internship to maximize your chances of securing that coveted full time graduate offer from a top investment bank.
London provides unmatched access to investment banking opportunities across elite global banks, boutiques, funds and fintechs. Standing out requires meticulous preparation, networking, technical skills development through internships, and laser focused persistence. An MBA from a target school helps but isn’t mandatory. With the right attitude and effort, several paths can lead to a successful career in investment banking in London.