Leveraged Finance - Best Time and Places to Apply for FT (Graduates)?
Hi fellow monkeys, I'm an intern in M&A at a MM and due to downsizing I was told by fellow analysts that conversion is a no go. I am graduating this October, and after talking to a couple of friends from the LevFin space I decided to make the switch. So the following questions pop up:
- When are offers coming out for full-time in 2025? Or am I already late? (I heard that FT recruitment starts a little later as compared to SAs, so I think would be weird given that 2025 is in 8 months)
- Which are the strongest groups in LevFin in London? (Could you please provide your personal ranking if you're not an intern? - I don't want to rely on League Tables as it's half bs)
- Did the job market pick up compared to last year? - I've seen that lateral hires had a mediocre chance last year and that even SAs couldn't really convert...
- Is there a difference in how the different BBs's LevFin teams function? (e.g.: modelling experience / client exposure / formal training programmes)
- Is it realistic switching from an internship in M&A at an MM to a full-time in LevFin at a BB? Hard but doable? Tips?
- Are HireVues an unavoidable torture? Are they actually useful, when you have a reference in the firm? Any tips on typical questions?
Any help would be greatly appreciated! Godspeed.
Based on the most helpful WSO content, here's what you need to know about transitioning into Leveraged Finance (LevFin) as a full-time graduate:
Timing for Full-Time Offers in 2025: Generally, full-time recruitment for investment banking, including specialized areas like LevFin, starts later than summer analyst (SA) recruitment. For full-time positions starting in 2025, you should be actively preparing and applying now, as recruitment can begin as early as the previous year. It's not too late, but you should act quickly.
Top LevFin Groups in London: While I can't provide a personal ranking, it's widely recognized that some of the strongest LevFin teams in London are found at banks like J.P. Morgan, Goldman Sachs, and Barclays. These banks often have robust networks and significant deal flow, providing a solid platform for new graduates.
Job Market Trends: The job market's dynamics can vary year by year. Recently, there has been a slight uptick in hiring, reflecting a recovery from any previous downturns. Lateral hiring and SA conversion rates have been improving, but it's still competitive.
Differences in BB LevFin Teams: Each Bulge Bracket (BB) bank's LevFin team might have nuances in how they operate. Generally, larger banks will offer more structured training programs and might provide more modeling experience and client exposure early on. It's advisable to network with current employees to get a sense of each bank's culture and operations.
Switching from M&A at a MM to LevFin at a BB: Transitioning from an M&A internship at a middle-market firm to a full-time role in LevFin at a BB is challenging but feasible. Highlight any transferable skills such as financial modeling, deal management, and client interaction in your applications and interviews.
HireVue Interviews: Many BBs use HireVue as a preliminary screening tool. While they can seem impersonal, they are often an unavoidable first step in the recruitment process. To prepare, practice common behavioral and technical questions and ensure your answers are concise and well-structured. Having a reference in the firm can be beneficial, but you'll likely still need to go through the standard application process.
For actionable advice, continue networking with professionals in LevFin, tailor your CV to highlight relevant skills and experiences, and prepare rigorously for interviews. Good luck, and may your efforts lead you to a successful career in Leveraged Finance!
Sources: Full-Time Dilemma - 2 Offers, https://www.wallstreetoasis.com/forum/job-search/full-time-recruiting-class-of-2025?customgpt=1, Am I too late or too early to apply for Sophomore SA 2023?, When does 2020 full-time recruiting start ? (US & UK), Start full-time early after getting a return offer?
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