How to Get an Investment Banking Job
Ah, yes, so after deep and thoughtful consideration you’ve decided you want to spend the next few years of your life as an investment banker. Although in some countries I might be legally obligated to stop you, I won’t. In fact I’ll show you how, in three simple steps:
- Get the attention of recruiters and get your foot in the door.
- Make an investment banking resume that stands out and get an interview.
- Nail your superday interviews and land the offer.
Your Foot In The Door
“I opened the doors for you… showed you how the system works… the value of information… how to *get it*! Fulham oil, Brant resources, geodynamics and this is how you pay me back you COCKROACH!”
-Gordon Gekko, “Wall Street” (1987)
If only everyone applying for finance jobs had Gordon Gekko to open the doors for them. But most of us don’t, which is why we need a strategy for getting a foot in the door ourselves.
The strategy you use depends greatly on your background. And there are basically three types of relevant backgrounds:
- You are still in college and are just starting your senior year. Or you’re even younger.
- You have been out of college working for over a year but have not yet entered business school and have no plans to do so in the near future.
- You have been out in the real world for several years or more now and going to business school is a real option. Or perhaps you’ve already been.
If you’re not from one of these backgrounds (e.g. you are already a senior and it is past the fall recruiting season), it’s best to put aside dreams of banking for now because it will be very difficult to get in. I’m just being realistic and telling you upfront what most would not.
If you’re still in college, your best bet by far is on-campus recruiting for investment banking internships or full-time positions. Apply to every single position for any type of banking job available and make sure your resume is good enough to get selected (see next section). Have friends in i-banking? Contact all of them and forward your resume. But at this point you’re more likely to get in via recruiting since most of your friends are still in school.
If you’re out of school and want to transition over from another job, you’ll have to depend on recruiters and networking to break in. You should use your school’s alumni network, contact anyone and everyone you know in the finance industry and also talk to headhunters at finance-focused recruiting firms such as Glocap. When talking to all these people, it’s especially important to get your story straight because their #1 question will be why you want to switch in now. Your story is a 3-5 minute pitch on your background from college to now and why you’ve realized your calling in life is investment banking, despite not doing it initially.
If you’ve been out of school for a long time (more than 3 years let’s say), your best bet is going to business school to transition in. The longer you’ve been out the harder it will be to claim that you really wanted to do i-banking all along – if that were really the case, why are you just now trying to switch in? Going to business school lets you position yourself as being the expert in some niche (technology, marketing, publishing, media, etc.) related to your previous life experience and then say you want to move up and learn about “the business” of said niche. While I think this logic is questionable, recruiters eat it up.
What if you don’t match one of these backgrounds? Give up right now and stop dreaming. Just kidding. It’s still possible to become an investment banker but the process will be more roundabout.
Landing The Interview
Once you have a recruiter willing to speak with you or someone on the inside who knows you, you need a solid resume to stand out and actually land an interview.
The investment banking resume serves one purpose: to catch someone’s attention for at least 2 seconds and get them to say “yes” to interviewing you. Don’t get emotionally attached here or spend days trying to improve it, because all the wording changes you make are useless: no one at an investment bank will spend more than 2 seconds on your resume (unless you are a hot girl and attach a picture, I mentioned banks were male dominated and chauvinistic, right?).
When we reviewed resumes of people we would look for 3 things: 1) previous finance experience 2) previous industry experience (we were in an industry group) and 3) something interesting. If you had at least 1 of those we would probably not toss the resume away immediately. When I say “previous finance experience” this is a pretty broad category – something like accounting or consulting would also qualify, and sales might even work as well. Basically we just want to see that you haven’t just been a traveling bard for the past 5 years, because you probably won’t like sitting in a cubicle.
You should spin everything on your resume to make it sound more business-like/finance-like/related to banking. And if you have absolutely no work experience that can be spun into this, I recommend coming up with hobbies related to investing or stocks and then positioning your work experience as the “interesting” or “industry-expertise” part of your package.
How To Bankify Your Resume
“I’ve been getting a lot of tips on how to write it, mostly from my staff. They really seem to be up on this stuff. They tell me I have to use the active voice for the resume. You know, things like “Commanded U.S. Armed Forces,” “Ordered air strikes,” “Served three terms as President.” Everybody embellishes a little.”
-President Bill Clinton, White House Correspondents Dinner, April 29, 2000
And that’s exactly what you should do: embellish a little. You want to shape your resume to emphasize working with financials and numbers and leading vs. following. Here are a few examples of resume makeovers:
Industry Background
-Software Development Intern, Cell Phone Company
Developed cell phone applications for collecting demographic and user/revenue data in a team of 3 and investigated new web technologies. Presented findings to CEO.
This doesn’t exactly scream finance, now does it? In fact, it screams “nerd” to me. Let’s see if we can improve this….
-Technology Consultant, Cell Phone Company
-Recommended use of new web technologies and appropriate budget to CEO.
-Designed applications for analyzing demographic data and optimizing revenue per user for mobile software.
This second one is better for 3 main reasons:
- The title. “Technology Consultant” sounds more related to finance and corporate jobs than “Software Development Intern,” which sounds more like a shorts-and-t-shirt type job. People scan resumes VERY quickly and often only look at the title for each job so it’s important to get this right.
- It sounds like you had a higher-level position than just programming – “design” and “recommended use” imply this. These are also exactly what you’ll be doing in banking – designing presentations and recommending a course of action.
- You dealt with money or financial matters. From this description someone could ask you how you sized up the market or thought about the budgeting process. While not directly related to banking, these are both more relevant than describing the design or implementation of a product.
Research Background
With a research job you need to show that you developed expertise in a particular niche and that this expertise also extends to understanding the economics/financial matters of a particular area. Here’s an actual example from a friend’s resume that I revised:
-Research Assistant, Cleantech Group
-Worked directly with Professor [x] to perform data collection and analysis of cleantech industries, including ethanol, solar cell, module and wafer manufacturers.
Ok, so he learned a lot about… solar cells. I’m not led to think that he would be a great investment banker from this. I gave it the following makeover:
-Research Assistant, Cleantech Strategy Group
-Gathered data on the ethanol industry in the US and analyzed performance of specific ethanol companies and the industry as a whole. Specific characteristics examined include firm management, history, financial performance and value of IP and technology assets.
-Performed data collection on solar cell manufacturing companies and analyzed financial performance and production methodologies.
-Tracked individual companies and determined which to focus research on based on financial metrics and qualitative analysis of fundamentals.
In this example you might argue that I made up stuff that my friend didn’t actually do and greatly embellished the truth. Guess what? With something like this you have to, and it doesn’t really matter.
Bending The Truth: Why It’s Ok
Bending the truth in this situation is acceptable because your interviewers won’t expect you to know the answers to advanced financial questions. At most with this type of entry they might ask you what metrics you looked at, what the typical range was, and to explain a bit about the financial workings of a solar company.
You could research this for an hour and come up with acceptable answers. The other reason why bending the truth is ok is that your interviewers are highly unlikely to know more than you in this situation. Unless you’re applying to a CleanTech group (of which there are very few so far on Wall Street), this is a risk-less gamble. Besides, what I wrote above sounds a lot better than the vague “data collection and analysis.”
If Bill Clinton can serve 3 terms as President, so can you.
Hope For The Best
Once you have created the perfect investment banking resume, you’re ready to submit it to everyone you’ve been talking to and all the recruiters you know. Spread your net WIDE especially if you do not have previous banking experience. These applications are very random and there is no downside to applying to as many places as possible.
One thing I didn’t mention in these resume tips is what to do with previous, actual finance experience. I think this should be pretty obvious, but basically you want to discuss each deal or project you worked on in as much detail as possible and shorten everything else on your resume to make room for this previous experience. Nothing else really matters if you have a previous investment banking internship, for example, so leave it on but abbreviate greatly.
For more on resumes for those who have previous finance experience, see my guide to private equity resumes.
Landing The Offer
“And there is no such thing as a no sale call. A sale is made on every call you make. Either you sell the client some stock or he sells you a reason he can’t. Either way a sale is made, the only question is who is gonna close? You or him? Now be relentless, that’s it, I’m done. “
-Jim Young, “Boiler Room” (2000)
So what do you need to close? I’m not going to give a complete list of questions to expect here because other sites already have plenty of those. What it comes down to is proving you:
- Burn The Midnight Oil
- Don’t Shake The Jello
- Want To Be Gordon Gekko
Can you do these 3, or if not at least pretend you can? If so, you will be able to nail your superday interviews.
Burn The Midnight Oil
“Alright, I’ll do it. But do me one last favor, will you. Can you give me two hours? That’s all I ask man, just two hours to sleep before tomorrow. I suspect it’s going to be a very difficult day.”
-Raoul Duke, “Fear And Loathing In Las Vegas” (1998)
No, you’re not going to get those 2 hours of sleep, and especially not if you ask for them like that. You must convince your interviewers that not only do you not need any sleep at all, but that you would never ask for any either.
More than just claiming you “work really hard” you need very specific stories here. When I was interviewing for these jobs in my senior year of college I discussed my experience working at a big company and how I regularly put in 100 hours a week and lived at the office toward the end of my internship there. We were under a massive time crunch to get projects up and running by the end of the summer, so we had to sacrifice a few things. Sleep, hygiene and social lives. The exact sacrifices you make in banking (ok, you probably shouldn’t mention the hygiene one).
What are some good stories to show how much you worked?
- Startups or starting your own company: what could possibly be more work? Not even banking.
- Taking leadership of a large project that takes several months to complete: carnivals, sports events, international science fairs, mud wrestling matches, it could be anything as long as you can articulate how much you worked and how you always felt like you were dying.
- Working 2-3 jobs at once and having to multi-task repeatedly. This lets you hit the multi-tasking theme and the working a lot theme.
If you don’t have a story I recommend that you make one up or exaggerate sufficiently to come up with one of the above. If the only times you worked really hard were during Finals Week or for a few days at a time, come up with something better.
Often times in banking you’ll be killing yourself for weeks at a time or more so come up with something that’s at least this long in duration. Besides, if you really never have gone for weeks on minimal sleep what makes you think you can do it now?
Don’t Shake The Jello
“To succeed as an analyst…. DON’T SCREW UP!”
-VP to my friend at bulge bracket training
As a junior investment banker, your most important duty will be checking numbers and not making mistakes. You may think this is a waste of time but I’ve seen countless occasions where someone screws something up in front of the client and everyone ends up looking stupid. As with showing your interviewers that you can burn the midnight oil, you need specific stories here to really make an impact and stand out.
It would be ideal if you were an open heart surgeon or astronaut in a previous life. Unfortunately if you’re reading this right now you probably have neither of these experiences.
Assuming that I’m correct and neither of the above applies, the way to show your attention to detail is by emphasizing that whatever you did was used by real, paying customers or read/viewed by a lot of people. Having wide exposure implies that you had to get your stuff right. Which is again exactly what you need in banking.
An example of how to tell this kind of story:
“I ran a web site about getting into college and common questions that students and parents might have, from my sophomore year til now. It started off pretty slowly but after awhile we built up an audience of 1,000 readers a day. As editor, I spent hours checking all the material we had for the tiniest of mistakes and errors before making anything public. There’s nothing that damages your credibility as much as careless mistakes. Parents especially notice this. Early on I published an article with a few glaring mistakes and received a pile of email from readers pointing this out. From then on I made sure to triple-check everything, paste it into Word and print it out and re-check it multiple times and ask friends to look it over before posting anything. With such a wide readership I can’t afford to make mistakes and now I require all my writers to do this prior to me even reviewing their work.”
This is perfect because of the following:
- Admits that you did make a big mistake once but learned from it and are now super-attentive to detail.
- Shows that you are in a position where mistakes cannot afford to be made or your business suffers.
- Adds in a touch of leadership theme near the end by mentioning in passing the others you worked with.
If you have nothing like this, make a list of every single organization you’ve been in and every single project you’ve worked on over the past 3-4 years. Bending the truth is ok; outright lying is not. Pick the one thing you’ve done that is most applicable. Add in some of my description from above as necessary.
If you want to work at top groups (e.g. the former UBS LA) this is critical. If you want those investment banking bonuses, you can’t shake the jello.
Want To Be Gordon Gekko
“I am not a destroyer of companies. I am a liberator of them! The point is, ladies and gentleman, that greed, for lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind.”
-Gordon Gekko, “Wall Street” (1987)
Yes, greed is good. Even if you’re not quite Mr. Gekko himself, you should be able to convince me that you’re actually interested in finance. This sounds elementary but you’d be surprised how many people don’t do this. You will be asked about industries, companies and markets you’re interested in. Here’s an example dialogue to show the points you need to emphasize.
Interviewer: “Tell me about an industry or market you’re interested in.”
You: “I really enjoy following the alternative energy industry because it is up-and-coming and no one really knows how things will play out yet. Within the industry, there has been a lot of activity lately in the solar cell manufacturer sector, driven by technological breakthroughs that make solar cells more cost-effective as well as favorable government subsidies in Germany and Japan and major budget commitments by the Chinese government.”
Interviewer: “So were the any alternative energy companies you personally invested in? There’s been a lot of IPO activity lately, right?”
You: “Yes, there have been a lot of IPOs lately… but I think most of them were overvalued and riding on hype alone. After looking at the landscape, I personally invested in [xx solar company] a year ago. I looked at their financial performance compared to the competition and despite growing at 50% year over year, on par with others, and having 10% profit margins, also on par with the industry as a whole, they were trading at a discount to their competitors. Their P/E was only 30x rather than the 40-50X that others had and their EBITDA multiples were 30% lower than their competitors as well. It seemed like a bargain.”
Interviewer: “Interesting… but there must have been a reason why they were valued less highly than the competition.”
You: “I did some research into that… the main reason was that they came in below earnings expectations in the quarter just before I invested, and announced expansion plans for new facilities at the same time. Investors balked and questioned why they were spending more on CapEx and product development when their margins were falling.”
Interviewer: “A valid question. So why did you not see this as a serious weakness?”
You: “I did some research of my own on growth vs. profitability for solar cell manufacturers, and I found a much stronger correlation between annual stock returns and growth compared to returns and profitability. It seemed investors were focusing on short-term results instead of thinking long-term and looking at other companies in the industry. It is a nascent, high-growth industry so you’d expect growth to matter more than cost savings.”
There. Now unlike Gordon Gekko, you’re not using insider information to boost your gains. And you’re probably not making millions a day on your investments.
I’m not saying this is a perfect response, but it does a few things correctly. For one, it shows you’ve put some thought into this stock pick and can explain in simple terms the qualitative and quantitative reasons for investing. Candidates often give weak responses to this sort of question, saying they liked the management team or product or something else. That’s nice but you have to mention something about the financial metrics and how it compares to the competition as well. This is a finance job after all.
One thing to note: don’t mention anything about wanting those high investment banking salaries. Yes, wanting money is good but be sure to frame it correctly and don’t be so direct. Plus, your investment banking analyst salary won’t even be that great on a per-hour basis.
But What About The Finance Questions?
For the finance questions, please consult the investment banking interview guide. The level of technical detail you get asked about will depend on your background – someone with finance internships or other experience will get a lot more questions than someone from a liberal arts or engineering background, for example.
If you want to learn financial modeling in-depth, check out video-based training with Breaking Into Wall Street.
Recommended Resources:
I’m in graduate school now, finishing in June with a MSc in Accounting & Finance from a reputable UK school. I did my undergraduate work in a business related major at an ivy, but went through the 2008summer/2009fulltime recruiting season where my 3.6 at the time didn’t make the cut. Likely be graduating with honors from my masters and already presented two mock ipo pitches for courses (I understand and can do the work).
Two Questions:
1. How do I make the transition to IBD in NYC from the UK with educational background and summer finance background 2boutiques (IB) 1buldge bracket (PWM)?
2. When you say contact the alumni, what is the best way to go about doing this?
You need to do a lot of networking to make this happen. Fly to the US / NYC and set up in-person meetings with bankers there, spend 15-30 minutes chatting and make a good impression on them. For contacting alumni you can just email them using information found in your alumni database.
Hi, i must say that you are running a great website here!
With regards to getting into Investment banking, I am 21, and have graduated from UCT in South Africa, with a Bcom Economics/Finance, and am planning on doing my honors in finance next year.
With no RELEVANT work experience, what are my chance of getting into a internship here in South Africa?
Any advice on what i should start doing?
I think in South Africa they actually value certifications like the CFA more highly, so that could be one route. But work experience is still super important, so I would find a way to get some kind of informal / unpaid internship as well.
Hi
I work in Madrid as Manager in a Big 4 (Valuation / TAS Department). I have 3 years of experience in these practices. My prior experience was as external auditor in the same Big Four (another 4 years).
I have Spanish CPA and CFA level II. Besides, I am Business Degree and I have an Undergaduate in Corporate Finance/Investment Banking (Master).
Next year I move to US to work with my actual employer and to study a Part Time MBA (I have been admitted in Chicago Booth, Kellog and NY Stern).
1) Actually, I am 32 years old, What about my chance to join IB in US, next year?
2) Do you advise me try in Global Bank (MS, GS…) or must I focus in Regional US Bank / boutique?
3) Chicago o NY?
Thanks a lot!!
I would spread your net as wide as possible and go for both large banks and regional ones. Chicago is easier to break into but there aren’t as many jobs. Age should be fine.
Thank you very much and congratulations for your really interesting site!!
Hi! Congratulations for the blog, it’s really helpful. Probably if I had run into it before my IB interview for summer intership last january I wouldn’t have srewed it as I did…
Given that I didn’t get any offer for summer internships in IB, but did get an offer for a summer internship at a Magic Circle Law firm, do you think I should do the internship or apply for finance summer school such as LSE, HEC… ? (penultimate year now) In addition, should I next year apply for full-time positions or for internship, as this way may be easier to get into?
Many thanks!
I would do the internship because finance summer school doesn’t help much. If you can delay graduation that might be a smart move, so you can apply for internships again next year.
Thank you! In that case I’ll do the internship!
I’m interning in asset management at a BB (regional office) this summer, but am interested in investment banking for fulltime. How tough will it be to get an offer in banking after interning in asset management?
Also, what are your thoughts on working in a less-common banking city such as minneapolis (strictly in terms of the job as i wouldn’t mind living there)? How does this affect compensation and would it severely damage my chances of breaking into PE?
It’s tough but doable, contingent on how much you network. Minneapolis will give you better hours, but lower compensation and reduced chances of getting into PE as there simply aren’t as many firms there.
I got an offer from Borsa Italiana (london stock exchange group).
It’s an unpaid summer internship in ETF division (listing etc).
Does it add any value to my CV for an IB job?
thanks m&i
Sure, it will help. Not as good as working at a large bank but still something.
I am a rising junior in Stern where I am majoring in Finance and minoring in Politics. Currently I am considering doing a double-major in Finance and Accounting, and I am wondering how much (if at all) this helps my chances for a SA position junior summer. I should add that I have a 3.9, speak 4 languages (Swedish, Spanish and German) and am doing a finance internship at a music label this summer.
Thanks for your help, and kudos on the excellent website.
It doesn’t really matter if you already have the Finance major… maybe a small boost.
I am currently a graduate with a B.Sc (Adv Maths) and have decided to discontinue the second of my combined degree as I have decided that I would like to pursue a career in investment banking. As it is mid-year, there does not seem to be any intake for graduate analyst positions at the large investment firms.
Unortunately, I have not been able to do any internships as of yet – considering that this would be my penultimate year in my combined degree – I am a littl unfamiliar with the finance sector (although I have been trying to research it), and the only work experience I have is in retail.
I am considering a Masters in Commerce of Economics, or perhaps an honours in Financial Maths.
I would appreciate any advice or opinions on whether the honours or Masters would increase my chances of a successful application, and if you think the Masters would be better, which majors within the Masters would be best in terms of a successful application and in the long-run (progressing in the firm) – I have on mind, economics, finance, banking, management, econometrics.
Furthermore, what would be my chances of landing a summer internship with what I currently have (assuming I undertake further study)? and what could I do in the mean-time to make myself more attractive?
Lastly, I am uncertain about which area of investment banking is best (there seems to be M&A, equity&debt capital markets, corporate finance, etc). I have read that graduates usually get put into an area of the employer’s choice – do I need to show employers an interest in a specific area of IB? I guess this question will also be important if I need to choose subjects in a Masters course – which areas are the most lucrative, and pay high salary (Sorry – as I’m not too familiar with these areas, I can only really ask rather stupid questions)?
I guess my post will probably be one of the longest and maybe pathetic you’ve read, but I ‘d appreciate you’re opinion on the matters above.
At this point you need work experience more than anything else. I would try to set up some unpaid / informal internships by cold-calling local banks, and then delay graduation by doing a Master’s program. Specific classes / specializations really don’t matter much.
Hi,
I am a senior student who goes to Kendall College for a business management degree in Chicago. The school is known to be a hospitality/culinary school.
Do you think that might be a turn down for recruiters?
However, for the past couple of years, I have been the founder/president of an Investment Club at school. How could I make good use of that for my resume, and for the next year?
Thanks
Recruiters will probably just put your school in the same category as any other non-target school – the fact that they don’t recruit there will hurt you, but hospital/culinary doesn’t matter. For the investment club, see this article:
http://www.mergersandinquisitions.com/investment-banking-resume-no-work-experience/
Hi M&A,
I’m currently a student having a hard time deciding what to “concentrate” in to get the most out of my college education in preparation for a future job in investment banking.
I hope to concentrate in finance, and also an additional area, either accounting or economics. Which do you think will be more beneficial for a job in i-banking?
I have heard mixed opinions:
-accounting is better for banking overall, and economics is better for trading
-accounting prepares you to do banking in the VERY beginning but people will catch up in about a month b/c u learn a lot of useless accounting as accounting major
-economics provides a better fundamental base for banking
I understand that what I major in probably will not make a difference in the long run, but since I’m paying lots of money for college, I am trying to get the most out of it.
Your thoughts would be greatly appreciated! Thanks!
It doesn’t make much of a difference. Accounting is more practical in terms of skills for banking but economics gives you a broader idea of what you’re actually doing and why you’re doing it.
I would probably do Economics and just take a few accounting classes on the side.
I am pursuing MBA(Finance) from Amity University. I have done my graduation in B.COM(h) from delhi university. I want to make my career as a financial anaylst or an equity researcher. Can please suggest me how to take the intial steps.
Start by networking and getting a relevant internship – that’s a broad question and it’s hard to answer everything in the comments section, but you should look at the networking-related articles on this site and also the interview / case study with a reader from India:
http://www.mergersandinquisitions.com/investment-banking-india/
Hi M&A,
Great blog so many congratulations! I am 25 years old and graduated with from one of the best universities in the UK; albeit with a 2:2. I did undertake one internship on the ECM Syndication desk in London and a few short work experiences in Corporate Finance in Pakistan. Since graduation I’ve been working in Accounting/Finance jobs in Royal Dutch Shell (so a step down). What is the best route for me to get into IBD?
I may have a position I can get in Pakistan. Should I take it or stay with Shell and search for opportunities? Also, should I go back to university. If so, would an MSc in Finance help me get my foot in the door into a front office role?
Many thanks!
Anything you mention could work. If you have something in Pakistan I would take it as soon as possible, the longer you stay outside the industry the harder it is. Only bother with an MSc if you have no other options for breaking in.
Thanks M&I. Investment Banking in Pakistan does not pay very well at all although it would give very good experience. Do you think that it would be easier to move to a bank in London, HK, NY or Toronto after a year or two in Pakistan? Secondly, there seem to be all sorts of numbers floating around about compensation. I’ve been with Shell for 2 years and make $80k a year (including bonus). Any idea how much a 25 yr old in IBD would be raking in?
Thanks again!
Yes, it would be easier to move elsewhere after a year in banking. I really don’t know how much you would make in Pakistan but I would guess at least $100K for an analyst if you’re making $80K at Shell.
I’m a 2010 graduate of an ivy Master of Science in Real Estate degree with a public accounting background of around 6 years, primarily with a Big Four. What are my chances of breaking into IB with a Real Estate niche? Would it be possible to break in within a generalist group? At what level? My undergrad and grad GPA is at 3.30. I’m 30….
Should I try a part-time MBA in the future?
I would look at this article for information on breaking in as an accountant:
http://www.mergersandinquisitions.com/breaking-into-investment-banking-accountant/
Your best chance is to move to TAS and then move into banking, or do a top MBA if that’s not possible.
I am 40 years old female with MBA Finance and MS statistics. But I have nearly 15 years of software development experience. I want to leverage my MBA degree and get into M&A field… Is there any way I can get into this field… Are there any specific degree/certification that can help me…
Thanks,
R
No specific degrees, bankers care mostly about undergrad, MBA, and work experience. If you already have those, the only option is to network extensively and use your business school contacts to break in.
Hi M&I,
I am currently a rising junior in a top 20 undergraduate b-school. I have a 3.8 GPA, double-major in accounting and finance, in the honors program, and am interning for a bulge-bracket in private wealth management. I also have worked in sell-side research and S&T for an institutional brokerage firm last summer.
I know that next summer is crucial in order to break into investment banking and we have on-campus recruiting, though it is very competitive. Would I get noticed based on my creditentials by applying online at company websites? And are there any other ways to get noticed than just through on-campus recruiting that I should be doing now?
You should be networking with alumni a lot. See all the networking-related articles on this site. You may get noticed just applying online, but it’s very random and you never know what you’ll get so I strongly recommend networking.
Thanks for the advice!
Hi Again M&I,
The internal job boards at Shell today showed a position for ‘Trader In Development’ program advertised for internal people only. Would you know how much Traders in an oil company make (starting and progression) and how does the experience compare with I-Banks? Also, can one look to move into a bank as a commodities trader (trading financials) after some experience as a Trader in Shell? Shell (or anyone in Trading) doesnt provide an insight into bonus percentage or any details as a trainee trader. Would you be able to enlighten me?
Thanks in advance for your response!
Not really familiar with those roles, but I would imagine you get paid less than at a bank or prop trading firm because of the bureaucracy in big companies. You can probably move into banks afterward but you might be limited to commodities trading.
Thanks M&I. I must admit that your’s is the most reliable blog that I’ve seen. There’s a few other blogs which say things like ”an associate would make $400k a year” which seems rather unbelievable
Any help with regards on how to break into investment banking in South-Africa? Any information wull be highly appreciated.
There will be an upcoming article on this topic – short version is that degrees such as the CFA may actually be helpful in South Africa and that the usual networking / recruiting tactics elsewhere on the site apply.
Thanks.
I graduated with a finance degree from Florida State University in May 2009 (3.75 GPA) and worked for a tax and financial planning firm after (11 months). Although my duties were basically that of a researcher and bookkeeper, I had a nice title– Manager of Investor Services. I also Interned at Merrill Lynch Global Wealth Management during college.
I was paid very low at the tax firm and decided to resign. I moved to Charlotte earlier this month to network and land a better gig. Whats the best way I can leverage myself? Do I have a shot at a boutique investment bank? Thanks for the tips!
Yeah I would go for boutiques if you’ve only been out for a year or so – see all the networking articles under Recruiting at the top. I would try networking to boutiques for 6 months, and if that doesn’t go well you can do something in a related industry / maybe do an MBA in the future.
Thanks for the quick response, I’ll definitely check out the networking articles. One of my main reasons for moving to Charlotte was for networking purposes; My sister (recent Cornell MBA) landed a consulting gig here with EMC three weeks ago and I’m hoping she can help me make some valuable connections.
I was planning on trying boutiques for 3 months and then re-evaluating if things don’t work out. I’m going to focus on getting a personal banking job for the time being just so I have something to put on my resume and to pay the bills. I have been planning on an MBA for some time now, since my 2nd year of undergrad actually. However, I would like to get some solid experience to improve my chances of getting into a school in the NE.
Thanks again for the tips.
Hi M&I,
I was introduced a perked into investment banking by an uncle of mine who is the CEO in a big bank, and since then been extremely interested in the field. Ive been doing some research of my own on the subject and it serves to strengthen the my presumption that this is my calling.
Some background information.
Im currently a Law Student at a Russel Group University in the UK, I am in my final year. I am a 20 year old Malaysian. I only did a law degree because of all relevant interests at the time, such as engineering, and geology, Law was the one I found most stimulating- also, in my point of view, lawyers whether practicing or not, seem to make up the creme of society. I am currently on course for either a 2:1 or a First class degree.
After this, I hope to do the BAR examinations ( Practicing qualification ) so as to give myself options in the future. By then I would be 22. From then on, I would like to break into investment banking. What courses of actions or routes are available to me? Also, what further qualifications should I acquire to nudge me in the right direction? Should I try to get into the treasury dept of a bank?
I am currently considering doing a degree in accountancy or finance to complement my law degree. But definitely in the near future, a CFA. I hear it is quite difficult to break into investment banking, and I want to do this right. If you could point me in the right direction, or rather tell me what I need to do to get there, then it would be most appreciated.
Thank you.
Also, unless Im wrong, a legal degree is an advantage in this situation? how so…from an employers perspective.
Im also proficient in 4 languages: English, Mandarin, French and Malay.
See this article: http://www.mergersandinquisitions.com/breaking-and-entering-into-finance-part-ii-the-lawyer/
I am 27 and have a 2.1 from King’s College London in Physics and finished top of my class. I have been working since graduation in 2007 at BP in London in a trade support role. I am about to start a full time masters in Physics at Imperial College as the department have offered to fund me completely through the course and it has always been a dream of mine to do the masters. How best to go about breaking into investment banking once I have finished the masters? Should I be looking to do as many internships during the course as possible? What kind of banks should I be aiming my application at?
Yes, try to do internships at energy-focused groups / banks and also take economics/finance classes if possible – and then the usual networking with alumni and other tactics.
Hi M&I
I know it is a bit of a vague question but are my chances of getting a job high? Is physics a desireable subject (to masters level) for IBs? At 28 will I be too old to go into a trainee/analyst role? Would I be better off pursuing a less lucrative role?
Thanks
Oh and is imperial a well regarded school?
It really depends on what your work experience looks like. Banks rarely hire Ph.D. students because they focus on undergrads, so I wouldn’t say your chances are great based on what you said. If you can get good internships that changes. And yes Imperial is good.
Thanks M&I. I believe you’re right, I have probably missed the boat as far as investment banks go. Oh well, McDonalds it is :)
Background:
My background is in venture backed high tech startups, involved in everything from sales to product management to consulting. After we successfully sold one company to HP I decided that I wanted to be in IBanking (involved in the tech vertical). I continued to work and went to Chicago Booth for my MBA on weekends. Unfortunately I graduated in December of 2008 (job search was pointless at that time and I was embedded in a well funded startup in a director level roll). I am now at the point with the market thawing, and with some limited success at current gig – where I would like to make, or at least plan, my career transition. My current title is in Business Development, and I am currently involved in financial modeling, evaluation of partners for acquisitions as well as monitoring and analyzing publicly traded companies in our space. Technically I am experienced in servers, storage, networking, handheld mobile like the iPad, CDN, cloud computing, etc etc etc. I have a huge personal interest in the equity markets as well as tech space.
Question:
Given my background and experience, what is the best way for me to pursue a job? Should I look at certain sized firms or particular shops? I am located in NYC.
Thanks
At this point since you’ve already gone to business school your only option is a lot of networking; focus on tech boutiques such as Qatalyst Partners, similar tech / media firms in the SF Bay Area, and perhaps anything you can find in NYC. Tap your alumni network and customers / clients / former clients / co-workers and so on and go through them – if that doesn’t work, it may be better to work for even longer and then move into finance in some kind of Operating Partner capacity in PE/VC.
Thanks …. I appreciate it. So essentially, graduating in the throughs of the Lehman collapse was sort of a death curse (in the sense that it threw off the timing).
Thanks again
Hi, Congrats for the great website!! Would seek your advice regarding my career decison. I am almost 26 and just graduated from one of the Top University in Italy two weeks back with Masters in General Nanagement. I am an Indian and looking for Investment Banking jobs here in Italy, but so far never got a single response. Since My girlfriend being Italian would like to settle down here but cant make it so far.
Two Questions:
Any suggestion and advice to crack for the Interview Opportunities or Job prospects in Italy in Investment Banking.
What if I start in India and move to Italy after couple of years experience would it help or it might reflect negative points to my application.
See this article for tips on Italy – I think it would be hard to make the India – Italy transition, easier if you start out in the UK first:
http://www.mergersandinquisitions.com/investment-banking-italy-edition/
Hi,
Great blog, thank you very much. I have a specific question, please. I have Master in Physics, graduated in 2002 in Russia; have 6 years of experience in IT Support in Russia. Recently I moved to England and very interested in IB. I have 2 years UK IT Support experience, Microsoft Developer Certificate with good knowledge but no commercial experience in programming. I’d like to break into IB as a programmer or analyst or just any position for the beginning. Can you give me any recommendations and steps I should take or tell me what kind chance I have to break into IB in London please? Can I apply graduate scheme or I am not qualified?
Thank you in advance
If you want to do front-office IB, then business school is your best bet… otherwise it would be very difficult at this stage. If not, you could go to back or middle-office roles via networking with alumni, cold-calling, and so on.
Hi,
Im a bit stuck and not sure whether its even worth me trying to pursue a career in IB as all i see is a requirement for 2.1 and certain UCAS points for grad schemes, internship, etc. I graduated with 2.2 in UK in accounting and finance two years ago and have just finished MSc in Finance & Financial Systems. (Didnt do very well in my A-levels).
Apart from maybe trying to do some voluntary work in investment banks, i cant think of another way, seems like every door is closing !! Have tried contacting a few friends who work in Pwc, deloitte & banks, but they all say 2.1 is a must + A-levels. Im taking a SAP course + internship for 2months in a company this august hoping that it will help in breaking into some financial institutions. I am so determined to make it but cant see a way through….any help and advice is greatly appreciated. Thank you.
I would think about business school / working full-time for a few years and then transitioning in if you don’t have good grades.
Thank you for your reply. Just one more advice pls, hope you dont mind. I am currently working (have been) in a university for the past 4 years (finance assistant, database implementation & admin roles). Is it worth me trying to apply for the administrative & support roles and then trying to work my way through ?
Many thanks.
That is very difficult (see the articles on the back office), so no
Hi
my ambition is to become a equity trader at a leading investment bank jp morgan goldman sachs , i finished my first year at queen mary university studying mechanical engineering, im aiming for 2.1 at least so that i can do a MSC at imperial, so it can give me the edge, by doing this what is the chance of becoming a trader at a leading investment bank?
Depends on everything else in your profile… your network, how well you do in interviews / at assessment centers and so on. A lot of people go to top schools and get good grades.
thank you for answering my question, suppose that I the 2.1 in mechanical engineering, and get a MSC in imperial, do I have a freedom in which sector in investment banking I can choose to work at example asset management, or is my qualification going to restrict me?
Major is not relevant for picking which finance industry to go into… most people are not finance majors anyway.
Thank you for replying again, so does that mean that I can choose any sector in a investment bank?
Yes.
Hi there,
Background: I am currently a Senior at Cornell. I am majoring doing Applied Maths & Statistics and getting a minor in Finance. My only internship is in strategy, but can definetly be bolstered up to highlight the financial forecating & other such work I did.
Question: Assuming I follow the appropriate steps, do you think that my quantitative background will actually give me an advantage over Finance/Accounting majors? Or is it just the opposite? Is this a “unique flair” that will grab a recruiters attention?
Thanks for any feed back.
Great articles, btw. Very well written and attention grabbing.
See: http://www.mergersandinquisitions.com/investment-banking-major/
Thanks for the response!
I read the article and I just have one question:
Holding GPA and “story” constant, is it true that…
Hard Major > Finance Major?
Yes, but not so much that it’s worth majoring in something hard just to impress.
Thanks again.
Your site is officially bookmarked.
If I want to get into investment banking or hedge funds or private equity, will it be imperative that I go to an Ivy League school for my undergrad degree? I live on the West Coast (California). Thanks.
See all the articles on networking under “Recruiting” at the top of the page. It is not “imperative” but it does help a lot.
Thank you very much for the quick reply. Two more questions questions, if it isn’t to much of a bother. I have 2 contacts at JP Morgan Chase (One is head of security; the other used to be assistant to former Chairman Bill Harrison [charming lady]). Would those help significantly?
And two, I want to go to Wharton School of Business. If not admitted there directly, should I just stick to a school like UCLA or UC Berkley (Haas) or transfer?
Your help is highly appreciated.
1) Yes. 2) Go for Ivy League schools (well except Brown) and other top places like Stanford, MIT and a few of the top state schools like Michigan, UCLA, UC Berkeley etc.
Hi there. Great website. Was hoping you could give me some advice. I graduated from a top 20 UK university about a month ago as the top economics student. Unfortunately I came to the realization that I want to get into investment banking a little late and most of the grad schemes are closed now. Also I don’t have any work experience. So basically what I want to know is A) Do my grades count for anything? and B) What’re the best jobs for me to consider at this point that could possibly lead to a career in investment banking?
Cheers
Your grades will help, but experience is quite important for IB… at this stage think about transaction/valuation work at a Big 4 firm, smaller banks, private wealth management, corporate development at normal companies.
Thanks for the prompt reply! I had another quick question. I’ve applied to a few accountancy firm (including the Big 4) but the roles are all in tax and I’ll be studying to become an ACA on the side. Would that be of any use for investment banking once I qualify?
It can be useful but less so than valuation or TAS
If I choose to go to a Public Ivy, instead of one like Harvard or Wharton, will it hurt me much? Public like the UC’s, Illinois, Iowa, Ann Arbor, etc? Thank you.
The schools you mention are not Ivy League schools – they are decent to good state schools and vary greatly by which one you go to. For example, UCLA or UC Berkeley = good for banking recruiting, whereas UC Davis = hardly any recruiting. If you go to one that has good recruiting, it’s almost as good as Harvard/Wharton but if you go to one like Iowa where there isn’t much recruiting, it will be much harder to get in.
Alright, I see. Thank you very much for taking your time to help me.
hi there,
I am currently doing a bachelor of business degree majoring in banking and finance and international trade. I’m wondering whether u could give me some advice on what path to take after graduation. would i be able to get into investment banking straight after graduation? I also want to do MBA part time while working. wat are my chances of getting into ibanking? and how do i do that?
thank u
It depends on whether you’ve done banking internships and networked a lot… if yes, you can get in, if not it will be hard. For the MBA questions, see the “Exit Opportunities” category at the top of the site.
Hello M&I, if you would please advise me, I would appreciate it.
I graduated about a year ago with a poor GPA (under 3.0, attributed to family/personal problems) from a non-target school with a Communications degree with many business electives taken in my junior/senior year. Decent marketing internships and activities.
I am currently working as a FA for about half a year now. Quickly established I absolutely hate the work. In hindsight,I took the position rather hastily. I looked at it as an opportunity to get the S7/63. After many hours of research, I am now 100% positive that I wish to pursue Finance and I know that FA can actually hurt those chances. Though I am registered for the CFA1, I understand certifications really don’t do much (I am also genuinely interested in learning the theories and concepts). Currently looking at B-School as an option 4-5 years down the road but wanted to develop a story and track record first.
I am not looking to land a job at GS IBD (sure, it’d be nice), but how could I simply position myself to get into a Finance position, anywhere? Would my time be better spent if I left my current position to network, study for the CFA, and worked some branch bank position while I did this? Also, how will this look to recruiters/B-schools?
Thanks!
At this point your best move would be to go to a local boutique and do banking, or at least something closer to banking there – I would not go to a retail bank if that’s what you’re asking. The closer to banking, the better.
Your site seems very US oriented, so i’m curious to know what investment banks think of schools in Canada. I’m working on a double major in Finance/Accounting, and although you say that a CFA is not worth it, it seems to be a big deal for getting finance jobs here in Canada.
Do you have any recommendations for a Canadian student who is looking to break into IB? I’m thinking of moving to Toronto to be closer to the action, but it’s hard to draw out a plan of action when 99% of the articles online are about Europe and US ivy league schools and on-campus recruitment, which is rarer here.
Thanks very much, your site is tremendously helpful!
Canada is similar but the industry is smaller. The CFA may matter a bit more but in my view it’s still a massive time commitment (500 hours? 800 hours?) for a questionable ROI. I would move to Toronto and get started networking ASAP.
RE: your comment about being too US-focused and target school-focused, you should review all the articles under Recruiting at the top of this page. I have spent dozens of hours interviewing readers from all different backgrounds to create networking case studies, tips on info. interviews and cold-calling, and so on, and there are a number of interviews from readers in different regions as well under Groups at the top of the page.
I am currently an sophomore double majoring in finance/economics at a respected university where banks heavily recruit. I think double majoring will be too much of a work load with the current extra curricular activites I am a part of, (wall street club, capitalism institute, business fraternity), and I am wondering if it will help me more to major in either financial management or economics, instead of double majoring. I would major in one and minor in the other. I plan on working for an investment bank when I am older and already have some ties to Merrill Lynch/BoA through aggressive networking
It’s not worth it if it hurts your grades… stick to 1 major.
http://www.mergersandinquisitions.com/investment-banking-major/
Hi, I am a Canadian citizen and will be going to the University of Western Ontaro starting next year as a freshman. I hope to graduate with a major in economics and hope to attain a good average throughout school. I was just wondering what you think the possibilities are of me getting an investment banking job in New York at a good firm as I do not particularly want to work in Canada. Thanks
It’s tough due to work visa issues in the US – to maximize your chances, you want to start out with US-based internships as soon as possible so that it’s easier to move over after graduation.
Hi,
My name is Tamanna and I’m currently working as an Biomedical Engineer (Electrical Engineer) for a well known Multinational company.
I’m looking for a career in investment banking. I haven’t got great A level grades but I got a 2:1 at Unversity.
I dont have any experience in the Finance world, how will I gain some experience and therefore a find a job in a well known investment bank?
See all the articles at the top of the page under Recruiting in the menu at the top… unpaid internships, local firms, cold-calling and networking boutique firms…
Hi,
My friend is interested in doing something in investment banking. He graduated from the University of Delaware in 2009 and has a business degree.
He has no previous experience though. He’s not really looking for internships any more, and now just wants a job.
What can he do to get hired, even with his lack of experience?
Do you have any suggestions about what he should do?
Thank you.
See all the articles in the Networking category under Recruiting at the top of the page. Cold-call local firms, network with alumni, and so on.
Hi
I have done BSc and MSc in Physcis and MPhil in Physics and in my 2nd year of PhD in Physics. I am 29 years old and have only one year internship experience in technology management in a small startup which I did before starting the MPhil. I have good quantitative , analytical and reasoning skill and a good communicator in my area of expertise that is physics. Also my IT skill is quite good. Due to funding difficulties I want to quit the PhD and looking for jobs now. I have an active interest in financial market and always try to keep myself updated. I desperately want join an investment banking firm as I consider it has very interesting dynamics. Although from my background I might sound like a geek, actually I am socially quite skilled and captained football and badminton teams during college and university days. What do you think will be a realistic chance for someone with my background to get into the IB. Also do you have any suggestion about tailoring my CV to get noticed?
Cheers,
Nikhil
http://www.mergersandinquisitions.com/getting-a-finance-job-from-engineering/
Hi, again
I’ve been reading quite a bit about Pace University and it’s Lubin School of Business. It’s ranked in the top 4 for undergraduate business degrees in and around New York. If I cannot get into Wharton ED (Which I’m planning on trying) would Pace be a good choice? If it helps, I know a couple people in JP Morgan and Chase who might be able to help me further in getting a position there; they don’t work in IB exactly but they have a bit of longevity there.
Thank you very much for taking your time to help me.
Yuvraj Singh
Honestly I don’t know anything about Pace so I can’t really comment – your best bet is to check with current students there and see what recruiting is really like.
All right, thank you, again.
Hi, I have just started my MBA from manchester b school and looking forward to work in investment banking with focus on alternative energy industry. I have done bachelors in manufacturing engg and started my career with automobiles in operations for 2.5 yrs. Later i started a venture into advertising media buying/selling.
Pl advice how should I start searching for internships and building network in the industry.
If you look under Networking under Recruiting at the top of the page you will see dozens of articles – the Banker Blueprint available on the right side of the page also gives a lot of tips.
Hi, Great bolg. I am planning to do Ms.Financial Engineering from NYU-poly. Will this help me getting job in investment banking or shall i persue for CFA or CPA? And if yes what is approximately starting salary and how many hours do i have to work in a week. I have no prior experience and have just graduated.
Thank you.
CFA/CPA is useless. A Master’s degree will help, but you need to network because NYU-Poly is not a target school. For the other answers, please refer to the articles under “On the Job” at the top of the page.
Thank you very much..
And 1 more question will MBA be better option than MS.?
They’re different. MBA is more helpful after several years of work experience, MS can be more useful immediately.
Hi, this blog is awesome. Lots of good information. I`m currently living in Toronto, I graduated a year ago with a B.Sc Economics and have been working as an investment advisor with a big bank at their call centre advising on personal investments, particularly mutual funds. What do you think my chances are of getting an opportunity to work as an IB analyst? Cold calling for internships/entry level?
Thanks.
It’s tough if you’ve been out a year – think about cold-calling at boutiques and go for unpaid opportunities / propose them if they don’t already exist.