Hello there Aussie bankers.
What exactly are the requirements for an applicant to have his resume passed and endorsed for a penultimate yr summer internship? From what I have gathered:
85+ WAM
Student Society Leadership
97+ ATAR
An internship in 1st/early 2nd year that has some relevance to banking/finance
5 A well-formatted resume that passes the ATS
How far off am I?
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Based on the WSO content, your understanding of the requirements for a penultimate year summer internship in banking aligns well with industry standards, though there are some nuances to consider:
85+ WAM (Weighted Average Mark): Indeed, a high academic performance is crucial. Banks often look for candidates who demonstrate strong intellectual capabilities, and a WAM of 85+ is typically considered competitive.
Student Society Leadership: Leadership roles in student societies are highly valued as they demonstrate teamwork, leadership, and the ability to balance multiple responsibilities—qualities essential in banking.
97+ ATAR (Australian Tertiary Admission Rank): While a high ATAR can be indicative of your academic abilities, it's not always a strict requirement. Focus on how your overall profile (including university grades, experiences, and skills) aligns with the needs of the internship.
Relevant Early Internship: Having an internship in your first or early second year that is relevant to banking or finance can significantly strengthen your application. It shows proactive engagement with the industry and practical understanding of the work.
Well-Formatted Resume That Passes the ATS (Applicant Tracking System): This is crucial. Ensure your resume is not only well-structured and clear but also optimized for ATS by including relevant keywords from the job description.
Additionally, networking can play a significant role in getting your resume noticed. Engage with professionals in the industry, attend banking events, and possibly reach out to alumni from your university who are now in banking. This can provide you with insights and potentially advocates within the banks.
Your checklist is quite comprehensive, but always remember to tailor your application to each bank's specific requirements and culture.
Sources: Are brainteasers still popular?, New Inflation, Who Dis? | The Daily Peel | 1/13/23, DOA – Debt on Arrival | The Daily Peel | 5/10/2023, Japan Stocks for the Win | The Daily Peel | 5/30/2023, Business School Case Books
I think the WAM and internship figures are correct. 85WAM/6.5 GPA is generally the bare minimum that banks look for as a hurdle. They will want to see some early experience (think boutique Corp advisory, big 4 M&A/parallels such as restructuring or infrastructure advisory) to demonstrate that you have been trying to expand your corporate finance expertise.
I don't think student society leadership is essential though. It can be extremely helpful due to the networking and support that you will receive but banks typically don't look at it as a hurdle. Any role that you can do that suffices as leadership is good to have in your resume. Case competition participation is also really helpful.
Finally, bankers will almost always look at your interests section at the bottom. They want to see that you are a unique individual with interests beyond uni and finance.
Thanks for that mate. Would you say equity research type internships are any good?
I should pre-empt by saying that this is just my opinion and there's a huge amount of other factors/things that could influence your success in attaining an offer.
I would say so. Anything before penultimate year that allows you to deepen your analytical skills and develop some real examples of how you can add value in a banking environment is good. It would probably be nice to have something small in corporate advisory/at least have done a few banking case comps (UBS, JPM, bj If they still do it) so that you've got a tiny bit of experience with pitch books and IB discussion materials but research it a really good start.
On that note as well, the crucial part is going to be how you sell that experience in an interview. You'll want to write down any accomplishments you have during your time in the role so that you can incorporate them into your resume and interview answers, but you'll also want to think at a high level about why you like/don't like the job. When IB interviewers ask "why banking" you can use your experience in other financial services roles to explain that you like x and y about research (should be things that overlap with IB) but that you didn't enjoy a and b about it (which ideally shouldn't overlap with IB), i.e. "research doesn't expose you to live deals which is a major downside because they fascinate me..."
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