Summer interns aren't a bank's number one priority.
You're not the superstar they're waiting to hire. Around this time, banks have to deal with locking down their summer intern offer holders, followed by fast-track recruitment, followed by graduate recruitment. If you applied in the first week of August and you still haven't heard back for a numerical test a week later, once again, don't panic. Life as you know it isn't over.
Make sure your application for bank X is completed before they visit campus (either for a careers fair or for their own presentation).
Make a decent impression on the business reps and HR. Be smart and in the conversation, throw in that you have already applied by saying "thank you for taking the time out to talk to me. Just out of curiosity, I've already applied for your programme and was wondering when you generally tend to hold your first AC?" If they like you, they'll remember you when they screen.
The Cover Letter
A great cover letter doesn't earmark you as the new rainmaker but a bad cover letter does earmark you as a retard.
Firstly, if English isn't your first language and your grammar sucks, get a native speaker to read it for you. If a cover letter is optional, do it. In banking, when something is optional, it normally implies "you don't have to do this but if you decide not to, don't let the door hit you on the way out".
The format should be - why this programme, why banking and why you. I would argue that why this programme and banking can be combined into one, especially for the likes of GS where 300 words is the limit. Don't treat the additional questions as HR fillers since they actually get read.
Finally, when writing a cover letter or answering a question regarding 'why this bank?' - get creative. If you keep listing easy-to-access Euromoney awards, you're not exactly different to the 90% of the other candidates. Google news search and databases like Datamonitor are a pot of gold (your university will have subscription so ask your librarian). If you're applying for IBD positions, mention a deal you read about recently that set an industry standard or talk about an aspect that interested you.
The Tests
Numerical tests - practice them. Percentages are your best friend so know them well. Most banks tend to use PSL style tests while Barclays still uses SHL. I think UBS still uses the old SHL. If you really want to make sure your BAML application is strong, do CS, DB and MS beforehand. They all use PSL and by the time you get to your BAML numerical, you should be able to complete the 20 questions in 10 minutes.
It wont be because all of a sudden your maths skill are superhuman but the fact that questions repeat themselves. The likes of JP, DB, BAML all re-test and paper tests are slightly harder because they give you a shitty Staples calculator and the time can be unrealistic.
Endgame
If you're reading this now and you haven't started, it's not too late. Over the next 2 days, work on your CV. By Sunday, start writing cover letters and filling out the administrative stuff on applications for banks which are lower down your list. Apply by mid to late September and you're okay. Trust me.
Also, write a cover letter but don't send it until the next day and before you do, read it. This is also relevant to the bullet about cover letters. For someone who has written a lot of essays and spent the last four months working on pitchbooks, reading something the next day with a fresh pair of eyes makes you really think "wtf was I writing?". Unless a deadline is fast approaching, take a step back.
I will follow this up with an Assessment Centre 101 soon. Any questions, drop me a line although I'm slow to respond so be patient.
You're not the superstar they're waiting to hire. Around this time, banks have to deal with locking down their summer intern offer holders, followed by fast-track recruitment, followed by graduate recruitment. If you applied in the first week of August and you still haven't heard back for a numerical test a week later, once again, don't panic. Life as you know it isn't over.
Make sure your application for bank X is completed before they visit campus (either for a careers fair or for their own presentation).
Make a decent impression on the business reps and HR. Be smart and in the conversation, throw in that you have already applied by saying "thank you for taking the time out to talk to me. Just out of curiosity, I've already applied for your programme and was wondering when you generally tend to hold your first AC?" If they like you, they'll remember you when they screen.
The Cover Letter
A great cover letter doesn't earmark you as the new rainmaker but a bad cover letter does earmark you as a retard.
Firstly, if English isn't your first language and your grammar sucks, get a native speaker to read it for you. If a cover letter is optional, do it. In banking, when something is optional, it normally implies "you don't have to do this but if you decide not to, don't let the door hit you on the way out".
The format should be - why this programme, why banking and why you. I would argue that why this programme and banking can be combined into one, especially for the likes of GS where 300 words is the limit. Don't treat the additional questions as HR fillers since they actually get read.
Finally, when writing a cover letter or answering a question regarding 'why this bank?' - get creative. If you keep listing easy-to-access Euromoney awards, you're not exactly different to the 90% of the other candidates. Google news search and databases like Datamonitor are a pot of gold (your university will have subscription so ask your librarian). If you're applying for IBD positions, mention a deal you read about recently that set an industry standard or talk about an aspect that interested you.
The Tests
Numerical tests - practice them. Percentages are your best friend so know them well. Most banks tend to use PSL style tests while Barclays still uses SHL. I think UBS still uses the old SHL. If you really want to make sure your BAML application is strong, do CS, DB and MS beforehand. They all use PSL and by the time you get to your BAML numerical, you should be able to complete the 20 questions in 10 minutes.
It wont be because all of a sudden your maths skill are superhuman but the fact that questions repeat themselves. The likes of JP, DB, BAML all re-test and paper tests are slightly harder because they give you a shitty Staples calculator and the time can be unrealistic.
Endgame
If you're reading this now and you haven't started, it's not too late. Over the next 2 days, work on your CV. By Sunday, start writing cover letters and filling out the administrative stuff on applications for banks which are lower down your list. Apply by mid to late September and you're okay. Trust me.
Also, write a cover letter but don't send it until the next day and before you do, read it. This is also relevant to the bullet about cover letters. For someone who has written a lot of essays and spent the last four months working on pitchbooks, reading something the next day with a fresh pair of eyes makes you really think "wtf was I writing?". Unless a deadline is fast approaching, take a step back.
I will follow this up with an Assessment Centre 101 soon. Any questions, drop me a line although I'm slow to respond so be patient.