I’m in my second cycle and I’m honestly shaken.
Last year I applied to 7 firms and got through the application stage at all of them (some rejections came after the VI / written exercises). I made it to 3 ACs, but I was rejected post-AC every time.
I spent the past year fixing the exact things I thought sunk me — I drilled interviews weekly, I read the FT daily, listened to the FT News Briefing, read All You Need to Know About the City, and I genuinely feel like I understand the market now. I’m far more fluent talking through deals, current trends, and events.
So far this year I’ve applied to 3 winter schemes — 3 straight rejections at the application stage. I don’t understand how it’s gone backwards.
I feel like I’ve done everything you’re “supposed” to do. I graduated with a first from an RG university and ranked in the top 5% of my cohort while working multiple jobs. I published research and was invited to present at Harvard. I sat on committees for multiple societies. I took a chance and moved to London to make this career work. I couldn’t get a paralegal role, so I’m in retail.
I don’t know anyone here (only moved to the UK to go to uni) and then to London to get a TC and build a life. I feel so stupid and SO defeated.
Right now it feels like I’m free-falling and I genuinely dont know what to do.
I’m not looking for sympathy I just need clarity. Is this normal? Are firms just this cut-throat this year? Is it algorithmic screening? Is it the market? What do I do????
If it’s clarity you’re after, I’m afraid we’re all stepping through the same foggy tide of vacation scheme and training contract applications, where clarity truly is a rare current. Many of us, if not all, have asked ourselves “wtf are firms looking for?” Yet, I hope 2 things should, ironically, become
clear here for you:
(I) Don’t be disheartened by the rejections. They are often random and out of your control. As Andrei revealed, him and his friend were rejected numerous times before receiving an eye-watering amount of success. If you were to isolate their first few rejections you would assume they weren’t great candidates. Clearly that wasn’t the case for them, and it isn’t the case for you. There is light at the end of the tunnel.
(ii) The issue with my first point is that it might imply that you have a lack of agency within the application process. That is certainly not the case. Having seen your background, both academically and professionally, the question you should ask yourself is not
if you get a TC, but rather,
when! Yet, again echoing Andrei’s advice, aim to make far more quality applications. People often create a false dichotomy for applications; one must choose either quality or quantity. That is just not the case. Rather than 7 applications, strive to make 15, if not more! Another reason I prefer this strategy is because, not only does it give you a better chance statistically (playing the numbers game), it also removes any sense of ‘what if.’ By that I mean, if unsuccessful during the cycle, beating yourself up by asking “what if I sent those extra few applications?” So, even if it means a few extra late nights, I’d say it’s worth it. Hell, if you get a TC at a US/MC firm, this is nothing in comparison haha.
Overall I would reiterate that a few rejections don’t define you, nor do they act as any sort of early-trajectory-predictions for the rest of the cycle.
I’m looking forward to seeing you post WHEN you get a VS/TC. Best of luck!