With IB graduate recruitment right around the corner, I thought it’ll be a good time to write this up for anyone looking to go into IB.
The reality is, getting into IB in Australia is very difficult. Majority of the bulge brackets give most of their offers to the analysts who have gone through their summer and winter internships, leaving little to no spots during the graduate recruitment round. Even though the return rate for these internships are quite low (anywhere from 30-50%), your best chance of getting into IB is through getting a return through a summer or winter internship.
So how do I get these summer/winter/graduate positions in the first place?
The first untold reality of IB recruitment is that you need to get your resume/application in EARLY. Generally a month or longer BEFORE applications close. Applications are marked on a rolling basis, so sending in your resume early maximises your chances of getting your resume read. It is rare for applicants to get interview offers if they apply within 2 weeks of the application deadline, and almost impossible for applicants to get interview offers if they apply within 1 week of the application deadline.
A way to maximise your chances of your resume getting bumped up is by networking. Referrals can get you quite far and can be the edge you need to get you into an interview.
Because of fair recruitment practices, all banks hire applicants on the same interview timeline. This means all interviews are started and completed in a single week. In 2024, this week starts 8th April for grads and 1st August for summers. This day otherwise known as Super-day is when all the banks call their interview offerees and try to book them in for an interview.
It would be common practice for expecting applicants to wait at a cafe in the city in interview attire, and once receiving a call, have an interview scheduled that same morning. Sometimes this could even mean declining the first few offers if they believed that they would receive interview offers from larger bulge brackets later on during the day.
These interviews will balance both behaviourals as well as technicals where they might ask you to explain how to build a DCF or LBO model so make sure to prepare for the spectrum of technical questions they might ask. Also expect them to ask you what other firms you’re applying for, so make sure you have an answer prepared for that (don’t lie).
This interview week is often the most stressful period of an applicants recruitment process, so if you’re lucky enough to make it through the multiple interview rounds and secure a banking offer, congratulations!