Investment banks in the UK are under more pressure than ever to ensure their graduate recruits come from more diverse backgrounds, following a damning report suggesting that most people hired into the industry were well-polished middle class students.
Summer internships are the best way of getting a full-time job at an investment bank – and arguably just as tough to get into – so are banks changing the pipeline that feeds their analyst hires?
According to our analysis of over 200 students who are set to take part in the front office summer analyst programme this year at J.P. Morgan, Goldman Sachs and Morgan Stanley in London, the answer is…a bit.
Top students from the London School of Economics and University College London still dominate the 2017 class. So too, do those students reading either economics and finance (and are usually on for a first class degree). But there are hints that the net has been cast a little wider than usual.
The University of Nottingham, which is not exactly a red brick university, has provided 5% of the J.P. Morgan intake this year. Most are studying its high-regarded Economics degree, but they’re also not the typical public school students that tend to hail from the more prestigious universities. Goldman Sachs, meanwhile, has been taking on interns from De Montfort University.
Economics students make up the vast majority of summer interns at U.S. investment banks in London – 50% of our sample at Morgan Stanley were majoring in the subject, compared to 44% at J.P. Morgan and 37% at Goldman Sachs.
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