Age and Investment Banking: How Old Is Too Old to Break In?
There’s no issue more sensitive than age.
Ok, maybe the CFA, GPA rounding, and Brazil come close.
But I’ve gotten many panicked “How old is too old to break in?” questions over the years.
Rather than skirting around this issue yet again, let’s jump in and see:
- Why the problem is not your age at all
- Why some experiences make you “older” than others
- Why banks like less experienced and capable recruits
- What to do if you are “too old”
Misnomers
The question “How old is too old to break into finance?” is a misguided one: in the US it’s not even legal to ask for your age when applying for jobs.
Internationally, this is not true and in some countries they will ask for your age, photos, and other information that would result in lawsuits in the US.
Still, most large banks are US-based and have standardized recruiting processes – so even if you apply in another region they’re not likely to ask explicitly how old you are.
Which means that most of the time, banks cannot measure your age precisely.
Or Can They?
Instead, they assess your “age” by looking at how much full-time work experience you’ve had after graduating from university.
Chances are that 10 years of full-time work experience makes you at least 30 – unless you were a child prodigy and graduated university at age 15, but then you wouldn’t be doing finance anyway.
And when banks see those 10 years of experience they mentally switch into “Too old / experienced to be an analyst” mode.
This has some interesting implications:
- If you’ve done military service, worked full-time, or done something else full-time for a few years in between high school and college, this won’t necessarily “count against you.”
So even if you’re slightly older than a 22-year old college graduate, banks won’t say “You’re 3 years too old for this job! Go away!”
If you’re a recent graduate, you’ll be placed in the same category as everyone else – unless you have a really unusual situation (you started a business when you were 18, ran it for 10 years, then sold it and started college at age 28).
- The more full-time work experience you have, the harder it gets to break in at the entry-level.
Yes, finance is the only industry where experience can actually count against you.
This applies to both Analysts and Associates – it’s tough to do something else for a few years after business school and then move into banking.
- Full-time experience after university makes you “older” than full-time experience during or before university.
So if you’re tempted to take a year off and become a ski bum or do volunteer work or anything else “full-time,” then taking a leave of absence from school and returning once you’re done is a better idea.
This isn’t logical in the slightest, but nothing in finance is.
Guidelines
Those were both under the assumption that you graduate around age 22-25.
And those guidelines are mostly correct, but it’s not because of your age itself – it’s because of how much experience you’ll have by then.
- Analyst-Level: Banks rarely hire anyone at the Analyst level with more than 2-3 years of full-time experience.
- Associate-Level: If you’ve done an MBA banks usually want 3-5 years of experience but not more than 10.
For Associates, it’s less about the years worked and more about the level you’ve attained.
Someone at the mid-level could potentially come in as an Associate, but a top executive will not take a pay cut and start correcting spelling mistakes in pitch books 100 hours a week.
Keep in mind that these are guidelines rather than absolute laws.
I’ve seen relatively senior people join banks as Associates, despite having more than 10 years of experience – if you find the right group and tell the right story it’s doable.
…But Realistically
On the other hand, no, you will not be hired as an investment banking analyst if you are 50 and have 25 years of work experience.
You won’t even get hired as an Associate with that kind of background.
Yes, you can break in coming from very random backgrounds, but there’s a limit when it comes to years of work experience rather than the experience itself.
Why Do They Do It This Way?
If you’re in this category you might now be asking, “Why? Shouldn’t they want people with more experience who are better leaders and problem solvers?”
And I agree with you – it’s silly to be this rigid.
But banks don’t see it that way – they have 2 main concerns with more experienced candidates:
- You can’t prioritize work above all else and be on-call 24/7.
- You won’t do whatever senior bankers ask you to without questioning orders.
Concern#1 applies mostly to Associates.
Banks assume that if you’re older you might have a family and actual responsibilities outside work, reducing your willingness to stay at the office until midnight all the time.
Concern #2 applies to everyone – banks know that only less experienced hires are likely to follow instructions all the time without pushing back.
This is why it’s difficult to break in if you’ve started a company or done something off the beaten path that required a lot of independent thought – you might not be able to follow orders.
No, not everyone in the industry thinks like this.
But it is a numbers game, and bankers want to maximize their chances of finding workhorse Analysts and Associates – so they target people in very specific categories.
So What Do You Do If You’re “Too Old”?
It might be difficult to break into investment banking if you have too much experience, but there are other options:
- Pursue something like trading at a small prop trading firm where they care more about your results vs. your age or pedigree.
- If you’re too experienced to be an Analyst but not too old to be an Associate, a top business school is your best bet.
- If you’re already beyond business school or you’re in a very senior position at a company, think about Operating Partner-type roles at PE and VC firms.
And if you’re frustrated with the rigidity, find a less structured industry.
As bankers might say, “It is what it is.”
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Hello…
Am 25 years old, will be 29 upon graduation, with a BA econ or BA in finance ( admission pending )
Am wondering what in your opnion will be the proper route to take to ensure emplyment in IB before graduation ( internships…)
As well, is a 29 year old junior analyst something unheard of?
Yes internships in IB.
Yes 29 is stretching the age limit a bit but you can always try applying and see how it goes!
I am 29…..Geophysicst….Trying to break in Finance through CFA ..what you suggest
Having some work experience in finance will be useful!
Hi
I’m 25 and currently working in business development for a small financial services firm(mainly focused on niche custodian solutions but is branching out into other business areas) in the UK. The role gives me the opportunity to be entrepreneurial, perform duedil and be quite involved in pitching/negotiating deals. I’m really more interested in M&A/private equity in the long run, however I never went down the route in the first place because I messed up my first degree. I’ve been studying part time with the University of London in Economics and Finance and will graduate at 27. I’m wondering what my best options are to try and break in?
1. Apply for analyst programs for when I graduate.
2. Apply for a full time masters program at a target school then apply for analyst programs. (Would be 28 when graduating)
3. Make the most of my current role for the next couple of years, apply for full time MBAs and try and break into IB as an associate, in which case I’m wondering do associates with no prior banking experience have much hope for making it to PE?
4. Are there any other options that are available to me?
I’d choose 1 because that’s the most direct way to your goals. An MBA/masters, from a top tier target school, can help you. Otherwise, I wouldn’t bother going that route because this route can take a long time. I’d sit and evaluate why you really want M&A/PE and what you can offer to employers – how can you add value? Then think through your current network – can anyone assist you (provide you advice etc) to achieve your goals?
Hi! Thanks for you website, the information you give is very helpful!
I’m currently trying to decide which path to take. I’m 24, dropped out of university because of a death in my family, went on to work at a non-finance related consultancy and started a small import-export business. But I really want to break into investment banking. I’ve been accepted to study Philosophy & Economics (B.A.) at UCL in London or Economics at University Frankfurt (B.Sc.). At the Frankfurt Uni I might be able to get my degree in two instead of three years if I take a very heavy course load. But I’ve been living in Germany for the past years, so I’m more tempted to go to London, plus UCL has a better reputation (I think). But UCL would leave me with a very high debt (approx. 60 000 GBP) and Frankfurt probably hardly any or no debt at all.
1) Where do you think should I study (UCL or Frankfurt) to have the highest chances of getting a front office banking job, hopefully at a bulge bracket firm?
2) Or maybe I shouldn’t go to a university, but study for a distance learning degree and continue working instead?
2) I’ll be 27 when I graduate. I know you said it’s not too old to break into banking, but will it be too old for a bulge bracket firm? Especially considering I’m a woman – I heard that most employers don’t like hiring women of that age because of the high possibility of maternity leave.
Thank you in advance for your help!
Congrats!
1. I’d say UCL though readers may have better suggestions
2. University degree works better if you want finance
3. That wouldn’t be too old as long as you can explain yourself in interviews. You might be a few years older than others but that shouldn’t be a big deal
Thanks for your advice!
Anytime!
Hi, first of all great website.
I’d like to know if there are any chances to get a job in IB beyond 30 years old. After I finished high school I had some economic problems and couldn’t study for a couple years so by the time I finish college I’ll be 31 years old. Will it be impossible to get a job then?
You may be on the older end if you want to break in now. It is rather rare to have analysts in their thirties
Rare. but, still possible? Thanks
Anything is possible. It is up to you.
Hi, I am 28 years right now, doing my PhD in construction management, but willing to move to IB. By the time I graduate I’ll be 32, so I thought about quiting and trying to go for an MBA instead, yesterday I had an interview with a top MBA program admission officer, and he basically told me I’m already too old, to take the MBA parth into IB (I still need 1 year experience + the 2 years for the MBA = 31). Should I take his advice or ignore it?
Which way do you think I should take? PhD and networking with no financial background, or MBA at a target school?
Thanks!
Putting IB aside, do you want to do the PhD? Does it interest you? Are you truly passionate about it?
If not, I’d probably go for the MBA. You may be a few years too old to break in after the MBA as an associate, but no one is stopping you from doing so. And I believe an MBA at a target will probably open you quite a few more doors even if you don’t want to work in finance afterwards
At the 32 can it be possible to join IB?
Yes though you may be a few years older than other associates, and over 7+ years older than other analysts
Hi Nicole,
I am turning 30 this year, meanwhile pursuing an MBA part-time at Stern. I work for one of the most presitgious Financial Services companies, but unfortunately on the Operations side (Been here for 21 months). I have another 3.5 years experience on the buy-side in Asset Management. How realistic given my graduation age at 32, and job exp. would it be to get into IDB as an Associate? Do you think I should map a contigency plan on the buy-side after I graduate if I will be married, with a child and owning a home? Please be as brutally honest as possiblE, thank you in advance for the advice.
Thank you
It can be challenging without the relevant IB experience though I believe having the Stern MBA/AM experience can help. You just need to network a lot, brand (have a great pitch) and position yourself well. I assume you shouldn’t have a problem getting interviews; having the deal experience to talk about, knowledge & passion of finance (IBD and recent deals in particular) & a good story to explain your transitions will set you apart from other candidates
Contingency plan – its always good to have a plan B these days given the volatile markets. Even though you are working for someone else, you are ultimately working for yourself
Brian DeChesare,
I am considering trying to enter into PE or IB now but wonder if it is even worth my effort at this point. Let me explain a bit. I have a PhD in organic chemistry, two year post-doc, and then 7 years of experience split between two of the largest bio-techs and pharmaceutical companies. I am now in my MBA program at a top 20 school and looking to make a move into PE or IB. With my age and lack of actual finance/business experience (my 7 years consisted of research with some work in actually starting up a lab) and my age of 40 when i graduate, will it even be worth the effort? When i think of the hours, i can tell you that it doesnt phase me at all as i worked the same if not more hours for the 8 years of graduate/post-doc schooling for much less pay. But i realize selling this to a PE or IB may not be all that easy to do esp in this market. Just curious your thoughts at this point in my career etc.
thanks,
Jon
What about biotech & pharma VC firms? Your background might be interesting to those firms, and if you liked bio-tech (I presume you did or else you wouldn’t have been there for such a long time), you might find the work there more interesting
Hi Nicole,
I am currently studying Bioinformatics at the Free University in Berlin (I am not sure about its reputation). Next year I will be finishing my master at the age of 25. I have many internship experiences in this field and I know certainly that I don’t want to live this lifestyle: loose and isolated. On the other hand, I really like the life of an analyst: full of action, communication and even the stress.
BUT it is unable in Germany to get a job, which in unrelated to you major. So I want to try my chances in USA.
Do you know, where I could get a job or at least an internship opportunity? What are my chances (not related major, absolute no experience in finance, not native speaker)?
Thank you very much,
Isabella
This link should address your concerns http://www.mergersandinquisitions.com/international-student-non-target-networking/
Thank you, Nicole, for the quick reply!
The article really motivated me. Although I have a slightly different background, a lot of information could be useful for me :-)
Thank you and thank you to your team, this is a great website.
Thanks for your support!
hi,
iam just turned 30years i am interested to learn a course of CFA is it possible to do this course would u give me suggestion.
thanking you
https://www.cfainstitute.org/pages/index.aspx
You can still register at your age
Hi Nicole,
Your website has been very helpful. I am currently 35 years of age.
After completing my graduation at the age of 21, I acquired 6 years of experience working in a bank in India. After that I left for China (got married) and found it very difficult to get a finance related job. Hence I took up studying for the CFA certification. I just passed the level III exam.
Kindly look into my case and advice whether it will be possible (at 35 years of age and considering my past work experience) to a get a job as an associate in IB.
Thank you.
Yes it is possible – you just need to network a lot and demonstrate your ability to model and generate deals. I think it can be challenging if you don’t have relationships in IB/with major corps in China but it is not impossible. Cold call a lot!
Hi M&I–
I’m a 39-year-old corporate attorney, specialiazing in M&A, corporate finance and commercial lending transactional work. Five years ago I left a big firm in my regional market and established my own boutique corporate law firm.
I love transactional work and would like to transition into Private Equity in a major market. I could go to business school, but I still have a considerable debt load from law school, and at this stage I’m not sure how spending two more years at school will help me get where I want to be.
Any advice?
Thanks!
http://www.mergersandinquisitions.com/private-equity-recruiting/ could give you more insights
Probably not. I’d network and start applying. You may want to look at legal roles at PE firms
hi!
i’m 22 and just had to drop out of university for personal reasons (diagnosed depression). i will be taking a gap year off to get a full time job and (hopefully) starting university again at age 23, to graduate at age 26. all of this means that once i graduate i will have 4 years in between my high school grades (which were AAAB at a level) and enrolling at university. do i still have a shot at an analyst job at a bank? or is my cv straight in the bin?
*sorry i mean 4 year gap between leaving high school and getting a job and 5 years between school and entering university
Use those four years, network a lot, learn as much as you can about the industry and make sure you GPA is above a 3.5
Nice article.
I am a 22 year Commerce graduate with a specialization in Finance. I am currently pursuing my ACCA qualification. I have 10 months work experience as an Assurance Associate in Ernst & Young and am currently working as a fninancial analyst in an Investment Company. Would like to know if I can break into an IB as an analyst or in a graduate program. Am interested in working in an MNC to aquire diversified expereince both work related and personal experience. Thank You!
I don’t think you’d be too old and I think having experience in IB will help so you might want to focus on gaining that
Avid reader of your site and this article was a great read. I do have a question however, for a early 30s individual coming in from the technology side background is an EMBA from a top b-school a valid way to break into IB as well?
Did you mean executive MBA? Maybe – http://online.wsj.com/article/SB122245000101279341.html
I am 38 yr old engineer in a hitech field with 10 yrs of exp. Can I make career change to investment banking?
Maybe more challenging especially given this environment
Hi Nicole,
Thanks for all the posts. I’m 31, previously worked for a NASDAQ listed independent film company. I wrote our S-1 registration statement, handled the majority of IR, and worked with IB’s attorneys and various others. I’m currently doing a low paying internship at 2 PE groups, one a pure middle market buyout shop, one more of a direct deal/PE fund focused asset management shop. Wrote most of our fundraising doc for the buyout shop’s first fund. I’m also applying to B-school (CBS, Wharton, Tuck). I had shitty grades at a highly ranked liberal arts school in Philosophy. I’m looking to get into late-stage VC/early stage PE, or the grey area known as Growth Equity.
I have a strong amount of connections in IB (MS, Moelis, GS, Jefferies, etc) and PE (Audax, MSPE,Sun Capital, MatlinPatterson, etc.), limited number in VC. Couple in my target area. I’m a co-founder of a tech startup that’s building some momentum. I’m considering doing a semester’s worth of modeling training at one of the expensive in-person classes, because I really want to know how to do it, and because of weird circumstances at my job, I don’t have access to an Associate, VP, or Principal who can help me build my skill set.
What’s your take on strategy here? I can still work until 2 am, I don’t have a family, I take orders pretty well, but then I’m not looking to get hit in the head with a football. I want to set myself up for success, but will be waiting to hear back from B-schools. I’ll be 33 when I get out. What’s my next move? Wait to hear back? What happens if I get the skinny letter?
Love to hear your thoughts.
Seems like you have quite a few options? My question to you is (1) What are your goals (2) What do you have on hand now – what is concrete?
Sometimes you might be going around in circles thinking too much
B-school might help if you truly want the experience which is why I asked (1) but it is NOT a guarantee for any sort of job security or doing the job/starting a company/building a life you love etc
Hello
My name is Nash and I am 31 years old. I have two masters degree (MBA and MS Finance). I have four years of work experience but its in different field. Currently I am working as a Business Analyst and pursuing DBA (Doctor of Business Administration). I have a passion for Finance and no experience as a buy side analyst. Due to financial circumstance and the economy, I am working as a Business Analyst. Could you please guide me the best way to become a buy side analyst or associate.
Thanks
Nash
Hi, I have attended 3 semesters of school so far, but I took a few years off when I wasn’t sure of my direction. I spent some time in China running my own (tiny) English tutoring operation, and then later returned to my hometown to work with the family business (aviation) and also start an aviation-oriented side-business. None of that is finance experience, but I’m hoping it will at least give me something interesting to talk about for my “story” with interviewers.
I’ll be entering University of Southern California next semester to try to get into the business school and then IB, and it will take me 2.5 years to graduate (I’ll graduate in Spring 2015, and will be 26 years old by then). From what I’ve gathered so far, 26 is old but not way too old to enter IB.
My first question is, how is USC regarded by investment banks? I *think* it would count as a semi-target, but if that’s not the case please let me know, just so I don’t get my hopes up.
My other main concern is that I will have to spend this first summer taking classes instead of doing internships in order to graduate on time, meaning I will only have one free summer for internships. And as far as I know, it’s difficult to get the really good summer internships after junior year unless you already had some finance experience from summer after sophomore year. Will I be mostly out of luck by then, or are there enough cases of people getting good internships in their 3rd summer without having finance internships previously?
I started to ask people I know who work in IB about possible internships around my region this fall, but I’m afraid I got interested in IB too late, and I can’t realistically pull off anything like that since it would only last for a few weeks by the time I got anything going.
So overall, I think I will have good grades and a somewhat different or interesting story/resume by the time I’m applying for IB jobs, but having only one shot at summer internships worries me, especially when that one shot is out of USC rather than a higher-tier target school. Any comments or advice about my situation will be much appreciated.
Hello, I will be graduating from undergrad at 31 with probably about a 3.5 GPA in econ from Northwestern. I spent a few years working in Real Estate then taking care of a sick family member which set me back as far as school is concerned. I am working on getting an internship in IB before going into my final year of school. Will I be able to land an internship let alone break into IB at my age?
I believe you are most likely a few years + older than most analysts and some associates. With that being said, I think you can still land an internship/break into IB.
I hope not to ask a precedently asked question, but it is probably similar.
I got my undergraduate (NOT top score) at 26yo (various reasons), and luckely I started working immediately in a good company in italy, in management controlling&reporting area. I’m now 27, and I’m trying to break into finance (studing your fin,models course). I’m very interested in m&a but also in cap markets, sales&trading, financial markets, ecc.
I was thinking to start in september (I’ll be 28 in aug) a 12months MS in Finance&Investment in England to find job more easily in the industry but then I will be 29.
I’m not planning an MBA at the moment (very expensive, ecc).
Would you think a good idea to have these 2years experience in a company, then MS, and then breaking into? Or is it a waste of time because I will be no pre-finance-experience AND old?
Thank you very much and sorry for the long text…
PS I have done a 3months internship in small inb.bankin boutique when I was 22.
Getting a MS in a target school may increase your chances. I’d also suggest you to attend networking events and network with people in the industries you are interested in. You can then gain a better understanding of what working in such industries entail
Thank you Nicole!
Hi,
Not sure if this is the right forum, but i have a somewhat age related question.
I’m 26 and a half, I work at a mid cap diversified conglomerate en South America, been here for 2 years. I’ve been interested in ibanking for sometime, and I’ve managed to get an offer from a Tier 2 bank’s local office (not Brazil, Mexico or Argentina). Normally I would jump at the opportunity, but my company just hired 3 banks to go public in NYSE. I think that this process would be hugely beneficial as well as the fact that I would get to meet people.
However, the bank offer does pay more, and would allow me to save something (as opposed to nothing) to help pay for MBA, which i’m plannning on doing in 2014.
My current company is more of a big name, and I would meet many bankers before, however the tier two bank does pay more and, while a hell of a lot less prestigious, the work itself would be more interesting.
Any suggestions, comments and/or tips are welcome. Thanks.
Additional info: I basically work in CorpDev at my company, although that area doesnt officially exist, and I dont get to really participate as much as I would like due to company culture and my being relatively young – hence why I looked for opportunities in banking.
Can you wait till your company goes public before you switch?
It seems like you are leaning toward taking the offer from the bank though you’re afraid of taking the leap. I may be wrong.
I’m going to ask, but its doubtful a job offer would stay open for 6 months when they have an immediate need.
you’re right in that i’m not sure if i want to take the leap. the objective is MBA in 2014 and i’m not sure if asking for recommendations at my new company would be looked on favorably after only 8-10 months on the job.
Hi Brian
I’m 24 and a trainee solicitor with a leading Irish corporate law firm. I will be 25 when I qualify and will have had almost three years work experience by that time.
I’ve a 1st class honours degree in Law and Accounting and have good quantitive skils. I find that working as a lawyer is too far removed from where the deals actually happen. I’d like to be closer to the money where the action happens.
I’m very eager to break into investment banking. Is there any advise that you can offer? For example, what positions / level should I be targeting? I am looking at the London market in particular but am open to moving to the States (NY, Boston, San Fran) if the opportunities are better there for positions at my level.
Any advice would be greatly appreciated. I’m genuinely passionate about investments and finance (I read stuff like Security Analysis by Benjamin Graham in my spare time!). I really feel that the law was a wrong career choice. It’s a mistake I made and one that I would like to rectify before it is too late.
Many thanks
Joe
This article should help http://www.mergersandinquisitions.com/breaking-and-entering-into-finance-part-ii-the-lawyer/
hi,
i am 35 and been doing wealth mgmt in int’l retail banks for 5 yrs, and 6yrs of IT (ecommerce/CRM system) before that. did an mba after bachelor in a 2nd-tier uni. been wanting to switch to IB and been hearing diff advice… eg. do a 2nd mba in top b-school /cfa /some also said im just too old to breakin to ib.
any comments on these 3 advices would be greatly appreciated + what kind of startup ib roles i can apply (realised im too old to apply analyst).
many thanks.
I would not even attempt to get into IB at this stage – aim for asset management because they care less about your school name / reputation there and more about what you can do. PWM to AM is also a logical progression.
thks brian, that brings on a totally new angle… for asset mgmt, should i start with say any particular courses? or just try to apply some entry level roles in various fund houses to start with?
also, not sure if this is the right forum to ask – as there are consistently lots of IPO activities (h-shares) from where i am living, based on my background, any path i can take to switch into this industry at this stage? (did a locally-recognised industry certificate on corporate finance earlier but didn’t really help with job app)
thanks again for all the great advice, its very much appreciated =)
Yes, apply to fund houses and see how it goes
Working for a local corporate that is about to go public may be a unique and good move for you to interact with bankers (assuming you are in IR division)
Perhaps look at Chinese banks like CICC which have ECM divisions.
After reading this article, I’d like an option about my chances of breaking in.
1] I’ll be 24 when I finish my undergrad degree (at a non-target including a work placement year).
2] I am thinking of working for a couple of years after graduation and trying for a Masters at a target. If this works out, I’ll be 27 by the end of this.
In get that this is do-able for analyst level. However say it gets to the point I need to do an MBA, I’ll be in my early-mid 30s possibly.
Am I overestimating the age factor at both levels (analyst and associate)? Or am I missing something?
*I’d like an opinion about my chances
Yes you may be a bit too old as an associate after your masters.
My guesstimate is that by the time I complete an MBA, with the info I’ve supplied, I’ll be 31-32.
Would this be alright for an associate role?
Any tips for what I should do in the present to maximise my chances?
Thank you in advance!
You may be a bit too old for an associate role. What you can do to maximize your chance? Network a lot.
Is 31/32 too old to enter as an associate after an MBA?
Perhaps. A few years older.
Too old to try?
You can still try. Maybe a bit on the older end
hi
i am currently studying ACCA and will be qualified by september 2013, at the age of 25, actually my problem is i have been working for small organisations which lack support and growth for my career, however i am looking forward to a career in banking
i have seen many profiles on linkedin and found out that guys with same qualification and of same age already having 2 to 3 years experience in banking as analyst or associate,
could you advice if it will be too late for me to join banking sector
regards
You’d be a bit on the older side though you can still try
I’ll be 25 by graduation with about 3 years of work experience. But it is possible that I’ll be 27 if I graduate after a Masters programme with 4 years of experience.
Would being 25/27 make things harder (but not impossible) in terms of breaking in? Would BBs be out of the options completely (unless I go for an MBA- though I’d be 30/31 by finishing that)?
Mind you the work experience is really 1 year of full time experience (other 2 are part time) and post masters its expected to be about 2 years of full time experience.
I’m only wondering due to this section:
“In the FAQ I gave 30 as the upper limit for Analyst-level hires and 40 as the limit for Associate-level hires.
Those were both under the assumption that you graduate around age 22-25″
?
Not really, the bigger problem is that you’ll have 3 years of work experience which can make you seem “over-qualified” for analyst roles.
But it depends on how you spin it… downplay the experience and if it’s really only 1 year of full-time, emphasize that aspect.
Thanks!
Hi I am now 24,and a treasury analyst at a BB, recently I am struggle with my long term career. I always want to do trading and enter an asset managment firm. My recent job roles could lead me to three professional certification: CPA, CFA, FRM. If I switch into trading, CPA will possibily out of my life (Work experience not relevant). Someone would say CFA and FRM is good enough in the banking industry. Unfortunally I do the CPA because of my parents wish. And I want them to be happy. As the age of 26~27 I should be able to obtain my CPA. At that time. Would I be too old to break into trading?
Sorry for asking stupid question, but is something I have kept in my heart for long. And I wish someone could give me some good advises.
Could there be a possible of win-win situation..
Not too old for trading, but those certifications generally won’t help a huge amount for AM… maybe the CFA but not the others. See:
http://www.mergersandinquisitions.com/cfa-investment-banking/
http://www.mergersandinquisitions.com/degrees-certifications/
Hey!
I did my a-levels in 2009 (acc. B, business. C and eco. D and i know they are bad) and since then doing CA from Institute of chartered accountancy of pakistan. I have cleared my foundation ( module A and B) and will try to clear intermediate till mid 2014 (module c and D). By that time I’ll be 24. I was thinking to go for inv. banking after CA intermediate and continue CA professional (mod E and F) after that. I have no work experience. I am from asia but want to study inv. banking from london uk. Can you please help.
Thanks :)
What is your specific question? If you’re asking whether your age will be a problem, no, it won’t be, as 24 is a normal age for getting into the industry.
Hi,
I liked your article quite a lot. I understand you must have received my kind of questions quite a lot. I recently completed my Masters in Financial Mathemtics. I am currently 25 years and have no work experience. Due to lack of opportunities I am looking to work as a Business Analyst.
Will I be too old for an associate level hire when I am 30-32 years of age? This assuming I complete my MBA by then.
Appreciate the response. And keep up the great work
Paven, you may be a few years older than most associates after your MBA because most associates are around 25-28, I believe. However, if you have the opportunity to start off as an analyst and work your way up (or even transfer from one firm/division to another), you may not need to do your MBA and can then reach the associate level before 30.
Hi I am a fan of your website. Thank you for all the advice.
I am a double degree law and commerce bachelor degree holder from the University of Sydney and am a senior associate with two years experience with a big four m&a transaction advisory team. Will it be too late to break into investment banking at my current age (turning 29 soon)? Shall I go for anaylst or associate position? Thank you so much for your time in advance.
You may be on the older end as an associate. I’d go for an associate role given your education and experience. Your big four experience may be useful for IB roles and I would not discount your experience, which is why I’d aim for an associate role.
Thank you!
I am 33 and I have BEng in Electronics and Information Engineering. I have 8 years of experience in the Software Engineering field. Is it difficult for me to break into IB taking into account I have no MBA and my age is very old ? Also what is your best piece of advice for me ?
You have a shot, but your odds are not great versus people who have had years of experience in the field. I’d suggest:
1. Consider Finance Roles Outside of Investment Banking
See the http://www.mergersandinquisitions.com/getting-a-finance-job-from-engineering/ on trading, and middle / back office roles. While these have some disadvantages compared to investment banking, they’re still much better than sitting around watching TV all day. You could also think about asset management, private wealth management, consulting, or anything else that takes you closer to business – investment banking is not the be-all end-all that some would have you believe.
But investment banking is the higher paid profession compared to Trading, correct ?
Not necessarily. It depends on your performance.
Thank you Nicole.
You are right the responsibilities of the Trader are much more interesting that that of an IBer but how best can I get my foot in the door do you know ?
To break into trading – Focus on brokerage houses and cold call as many houses as you can. http://www.mergersandinquisitions.com/cold-calling-investment-banking/
Prepare your pitch by knowing why trading, the stock markets and one or two of your favorite stocks. Understand how the market works and demonstrate your love and passion in the markets.
Sorry I meant how do I get my foot in the door for a trader role with only SW development experience and a BEng in Electronics Engineering ?
Hi!
I’m an undergraduate studying Finance, though I won’t be graduating until I’m 24, turning 25 just a few months later (I was an idiot and couldn’t decide on a major). I was wondering if I’m too old to consider joining an investment bank and to take a MBA a few years later down the road? I’m freaking out over this, so any advice would be extremely helpful to me. Thank you!
You may be a few years older than the analyst class. I’d apply and see if you get an offer first. If you do, you can still give it a shot. If you progress fast enough you may not need an MBA so that will save you time
Hi,
I’m just curious about what my chances are for breaking into banking with my background? I’m a 25 year old graduate with good grades from a non target school. I’ve been working for about 2-3 years at an asset management firm in an operations role. If I manage to get into a top MBA program, can I network my way in or will I be too old to break in at the associate level? If banking isn’t an option, what’s the next best career path for me?
Yes, there’s a chance you can network your way in, though you may be competing with other candidates who have had a few years of experience in IB. You may be a bit older than the typical associate, who is around 25-28. You can look at front office roles in AM, ER, PWM.
Nicole,
Thanks for the quick response! I want to sign up for the coaching session but was just wondering if that’s only for banking? Or can it be like a “career coaching” session? I didn’t get interested in finance until pretty late and didnt find this site until recently so I know my options are limited. I was originally an accounting major until I went to an investment conference my senior year and really liked it so I kind of switched my major to Finance last minute. I guess I’m just curious if there is someone I can talk to to discuss what my options are at this stage of my career?
Thanks for your inquiry! Our coaching services are suitable for clients who are already in finance or want to break into finance (university students or professionals). Our page http://www.mergersandinquisitions.com/investment-banking-coaching/ should address most of the questions you have. Otherwise, please let me know and either my team or myself will contact you to address your other concerns re coaching.
hi
I’m 25, currently working as an actuarial analyst. I only have a year of experience. How difficult will it be for me to break into IB.
Thanks for the great article.
You have a decent chance though you’ll be competing with candidates who have had experience in IB so you’ll need to demonstrate that you know some knowledge of finance and know why you want to transition from actuary to IB. While this link isn’t directly relevant, I believe you’ll find it useful http://www.mergersandinquisitions.com/getting-a-finance-job-from-engineering/
I;m 21 years old and post graduate in commerce.
can i make career in investment banking?
show how can i make it possible.
please reply as early as possible.
http://www.mergersandinquisitions.com/finance-low-gpa-no-experience-non-target-school/
Hi, I have completed my Bachelor of Business (economics and finance) in 2009 from a decent university in australia (RMIT). SInce then I have worked in a call centre for 2 years and landed a job as an underwriter at QBE insurance, I want to break in and don’t know how to go about it. Im thinking of either studying CFA or Masters in applied finance. Currently 25 years old.
I think a Masters in Finance at a reputable school maybe your best bet (if you have time it may be a good idea to pursue CFA on the side for buy-side roles). http://www.mergersandinquisitions.com/investment-banking-masters-programs/
Hi,
I found this great website after an emotional day finding out I almost got conned out of£150 by some crooks posting a fake investment banking job and offering me a telephone interview only to send an email saying I needed to have an IMC qualification added to my CV which I could buy from them.
Anyway, this is my situation. I left Nigeria for the UK some 13 years ago, with a Financial Studies diploma and a work experience in the accounts department of NNPC (body responsible for the Petroleum aspect of the country). After deciding to have a family first, I went back to college in 2007 and did a sales job for about 3 years before going back to the university. I finished my degree in Business Management and IT in February and I’ve been considering going for an MBA in one of the top business schools in the UK. The problem is, you’ve just made me realise I may be too old to get anything now. I am 34 years old and I don’t have a real hands on experience in the relative banking field. However, I’ve got a few banking networks back in Nigeria. I have always wanted to work in finance of some sort and I know I am ready and now kids are out of the way too. Question is can I still break in as an analyst, investment manager, or trader of some sort when I graduate from MBA (age 35/36) or should I just make a better use of my £23k for something else? or indeed with my degree now, can I apply as a trainee or junior of some sort in any of these banks? Please be as honest as possible. My future depends on it right now.
The truth is not going to hurt more than what I found out yesterday. Many thanks in advance.
Thank you for your message. An MBA may help you retool yourself though you’ll be competing against people who have had experience in the industry for a long time so I don’t think it will necessarily help you in your case. You’d probably start as junior if you were to work for a financial institution (FI). If you already have financial responsibilities, I’d probably just look for a job at a FI now. You may want to look at IT/accounting roles in banks given your experience.
Thanks a lot. At least I know where to look now.
Anytime!