Securing a Spring Internship as a First Year Student

By Gumana Hamid, BSc Economics and Political Science Student at Royal Holloway

Connect with Gumana on LinkedIn

As I stepped into my first year at university, I was determined to make the most of every opportunity in the finance world. Little did I know that this determination would lead me to secure multiple spring internships and insight days at some of the most prestigious firms in the industry. In this blog, I'll share my journey, the challenges I faced, and the strategies that helped me succeed in the competitive landscape of the financial sector.

The Power of Early Preparation

My journey began the moment I learned about spring internships. In the fastpaced world of finance, being ahead of the curve can make all the difference. I quickly realised that waiting until the "right time" to start applying wasn't an option – the right time was now.

Mastering the Art of Application Tracking

One of the first challenges I encountered was keeping track of the numerous opportunities available. With so many financial firms offering spring internships, it was easy to feel overwhelmed. That's when I started looking for ways to track all of my applications and keep up with all the different spring internships that are available, I did this by using application trackers. I primarily used the LSE and Bristol University application trackers. These tools were goldmines of information, providing details on: - Opening and closing dates for applications - Overview of each firm's application process - Specific requirements for different roles - Tips and insights from previous applicants Using these trackers allowed me to create a strategic plan for my applications. I could prioritise which firms to apply to first and tailor my preparation for each application.

Understanding the Nuances of Application Types

As I delved deeper into the application process, I discovered a crucial distinction – the difference between rolling applications and those with set deadlines. Rolling Applications: Some firms operate on a "first come, first served" basis. They close their vacancies as soon as they find suitable candidates, even if it's before the official closing date. For these opportunities, applying early wasn't just beneficial – it was essential. Non-Rolling applications: Other firms review all applications after a set closing date. While these didn't require the same urgency as rolling applications, I found that applying early still gave me more time to focus on the subsequent stages of the process. Understanding this distinction helped me prioritise my applications and manage my time more effectively.

The Art of Learning from Rejections

Let's face it – rejections are an inevitable part of the process, especially when you're aiming high. When I first started applying, I faced my fair share of rejections. However, I quickly realised that each rejection was an opportunity to learn and improve. I started noticing patterns in my rejections. For instance, I often found myself stumbling at the interview stage. This realisation prompted me to focus more on preparing for these interviews more strategically . I practiced common interview questions and competencies that firms are looking for, I familiarised myself with each firms uniqueness and how they operate, and even reached out to peers who had successfully navigated these stages for advice. Remember, a rejection isn't a reflection of your worth – it's a stepping stone to your next success.

Navigating the Application Process

As I progressed through multiple applications, I began to see a common structure emerging. While each firm had its unique elements, the general process usually followed this pattern:

1. Initial Online Form: This typically involved submitting basic personal information, academic history, and sometimes answering motivational questions.
2. Online Assessment: Often the first major hurdle, these assessments tested various skills: numerical reasoning , verbal reasoning, logical reasoning, situational judgment.
3. Recorded Video Interview: A relatively new addition to many application processes, these interviews required answering pre-recorded questions within a set time limit.
4. Assessment Centre / In-Person Interview: The final stage usually involved a day at the company's office, participating in group exercises, individual presentations and face-to-face interviews.

My Top Tips for Success

• Be Proactive: Don't wait for opportunities to come to you. Seek them out actively. Attend career fairs, join finance societies, and always be on the lookout for events and programs
• Leverage Social Mobility Foundations if you are eligible: Organisations like The Brokerage, UpReach, SEO London, and The Social Mobility Foundation are incredible resources. They provide mentorship, exclusive opportunities, and valuable training to help students break into competitive industries.
• Network, Network, Network: LinkedIn is your friend. Don't be afraid to reach out to professionals in roles you're interested in. Many are happy to share their experiences and advice.
• Embrace Every Opportunity: Say "yes" to experiences that come your way, even if they're outside your comfort zone. You never know where they might lead.
• Prepare Thoroughly: Especially for online assessments and interviews. Practice numerical and verbal reasoning tests, prepare answers for common interview questions, and stay updated on industry news
• Reflect on Rejections: Use them as learning experiences. Analyse what went wrong and how you can improve for future applications.
• Develop a Growth Mindset: The finance industry is constantly evolving. Show that you're adaptable and eager to learn.
• Build Your Personal Brand: Start early in developing a professional online presence. A well-crafted LinkedIn profile can open many doors.
• Balance is Key: While it's important to be proactive, don't forget to maintain a balance with your studies and personal life.
• Practice, practice, practice! Especially for online assessments. Many firms use similar platforms, so the more you practice, the more comfortable you'll become with the format and types of questions.

These are the experiences that I gained

BP Work Experience Week: This program was an eye-opener to the diverse world of a major energy company. Each day focused on a different department: - Finance: Understanding the financial backbone of a global corporation - Marketing: Exploring brand management and customer engagement strategies - Project Management: Learning how complex, multi-million dollar projects are executed - Procurement: Discovering the intricacies of global supply chain management - Cybersecurity: Delving into the critical world of protecting digital assets We participated in workshops led by industry experts, engaged in group tasks that simulated real-world scenarios, and even had sessions on CV writing and interview skills. This experience taught me the importance of understanding how different departments interconnect in a large organisation.

JP Morgan Spring Internship: The "Spring into Finance" program at J.P. Morgan was an intensive five-day deep dive into the world of investment banking. We explored various areas: - Investment Banking: Understanding deal structures and financial modeling - Global Markets: Exploring trading floors and market analysis - Asset Management: Learning about portfolio management and investment strategies The program included panel events with senior bankers, group tasks that simulated real deal scenarios, and networking sessions. One of the most valuable aspects was the chance to work on a mock pitch to senior management, which gave us a taste of the high-pressure environment of investment banking.

Deloitte Spring into Audit Program: Initially, I was more interested in consulting, but this two-day program opened my eyes to the world of auditing. We participated in: - Panel discussions with Deloitte partners - Case studies on real audit scenarios - Group presentations to senior management What struck me most was how auditing requires not just financial acumen, but also strong analytical and interpersonal skills. It's about understanding a business holistically, not just its numbers.

Janus Henderson Internship: This internship, facilitated by UpReach, focused on investment management. It included: - Panel events with fund managers - Networking lunches with industry professionals - A stock pitch activity where we analysed and presented investment recommendations This experience gave me invaluable insights into the thought processes behind investment decisions and the skills needed to succeed in asset management.

Helpful Resources

• Application Trackers: - LSE application tracker / Bristol application tracker: https://www.bristoltracker.com/home (available for Law, Tech & Finance). These provide comprehensive information on internship opportunities across various firms.
• Social Mobility Foundations: The Brokerage, UpReach, SEO London, The Social Mobility Foundation. These organisations offer support, mentorship, and exclusive opportunities for students from diverse backgrounds.
• Online Learning Platforms: Coursera, edX, Wall Street Prep. These platforms offer courses on financial modelling, valuation, and other key skills.
• Financial News Sources: Financial Times, Wall Street Journal, Bloomberg. Staying updated with industry news is crucial for interviews and networking conversations
• Practice Platforms for Assessments: JobTestPrep, AssessmentDay, Graduates First. These sites and others on the Royal Holloway Careers Moodle pages offer practice tests similar to those used by many financial firms.