07 June 2024
Securing a Spring Week during your first year at university can be a crucial step towards building a successful career in industries such as investment banking, consulting, and other professional services. If converted to a summer internship, it will also save you many hours of applications in your second year. To help you with this, I’ve put together a comprehensive guide with the steps I took (and steps I wish I had taken) to get accepted for a Spring Week.
How to apply
Preparation is key, especially with your first hectic weeks of first year approaching. Aim to have your CV and cover letter polished and ready before applications open. Missing deadlines because you are still working on these documents can be a major setback. Many firms begin accepting applications as early as August so use databases like Trackr to know when applications open and apply as soon as possible. Many firms accept applications on a rolling basis meaning they review applications as they come in so if you are late, spaces may fill before yours is reviewed (it’s happened to me).
A well-crafted CV is essential. It should be no more than one page, with a simplistic format and font to ensure it passes through the Applicant Tracking Systems (ATS) that initially screens CVs. While a general CV that you use for all applications may suffice, your cover letter must be tailored for each application. For this, you can use a template keeping some parts the same such as your value proposition highlighting key skills and experiences, and your interest in this sector which should demonstrate your knowledge of it. However, tailoring is crucial when explaining why you are specifically interested in the firm, referencing its values, culture, and any recent achievements that resonate with you.
Keeping track of your applications is also essential as it ensures you don’t miss out on any firms or follow-up actions. Create a spreadsheet in Excel or Google Sheets to keep track of where you applied, when you applied, and what stage of the process you are in.
Application Strategies: Quantity vs. Quality
There is a debate on whether to focus on the quantity or quality of applications so here are the benefits and drawbacks of both.
The quantity approach involves submitting as many applications as possible. The idea is that the more applications you submit, the higher your chances are of being accepted.
However, this approach means that due to time constraints, you may not be able to extensively tailor your application to each firm. Nonetheless, you should still tailor your cover letter to some extent. This method is beneficial if your application is not particularly strong, either due to a lack of relevant experience or because you are not from a target school. I heard from a recruiter that since each firm is looking for something different, by applying to many, you increase your chances of finding that one firm which naturally likes what you are offering. Additionally, the more applications you complete, the better you get at the process.
The quality approach involves carefully tailoring your CV and cover letter to each specific job description. This demonstrates to the recruiter that you have done your research and are very interested in the firm. This method often works best for students from target universities or those with lots of relevant work experience. While this approach reduces the number of applications you can submit, it increases the likelihood that your applications will stand out to recruiters.
How to Excel in the Application Process
Once you get past the initial CV and cover letter screening, you will likely face online tests and possibly HireVue’s, which are online recorded interviews. This is often where students fail due to insufficient practice, thus wasting their previous efforts. You are typically given 5 days to complete these so set a reminder of when it is due so you do not miss it (you would be surprised how many students forget and miss the deadline).
Online tests can include situational judgment, numerical reasoning, and verbal reasoning tests, depending on the industry. For example, investment banking may focus more on numerical tests, while consulting might emphasize verbal reasoning. To perform well, practice is essential. Many firms provide practice tests, and you can also find additional resources online, such JopTestPrep which offers tests for most major firms.
For the HireVue interview, you are asked a question, given a minute to prepare, and then given 2 minutes to record a response. Typically, you cannot redo your video and there are three to five questions. To excel, prepare as you would for any interview: research the company and industry, and practice answers to competency and strength-based questions. Although talking to a camera can feel awkward, you will become more comfortable with practice.
To succeed in the different stages of the application process, practice as much as possible before any tests and prepare well for the interviews with research and by answering questions. If you follow these steps closely, you will have a good chance of securing a Spring Week at a top institution. Best of luck!
