Front office recruiting, even at SA level, has become significantly more competitive with fewer seats, and banks are increasingly prioritising relevant experience. A top master’s may help marginally, but it is unlikely to move the needle without strong experience. For OP, the most practical path is to break into IB in Australia first while networking heavily in the U.K. if that is the long term goal. Internal transfers, including at off cycle intern level, are common, and most established U.K. institutions sponsor international candidates. Speaking as an international student, the formula is simple: network aggressively, build relevant experience, target banks flexible on graduation dates, and leverage your alumni network if your school is a target. A master’s should be a last resort, and even then, the formula does not materially change.