How to Get an Investment Banking Job
So, you want to break into investment banking?
In some countries, I might be legally obligated to stop you – with force, if necessary.
But if you’ve already taken the effort to search online and find this article, I won’t stop you – instead, I’ll show you exactly how to do it.
There are 6 steps to breaking into investment banking:
- Understand the Industry – You’re going to be a peon at first.
- Plan Your Strategy – Networking? Cold-calling? Business school?
- Craft Your Story – So, why do you want to do investment banking? You can’t just say “for the money” even if that’s the truth.
- Network Like a Ninja – You need to pick up the phone and talk to real people to maximize your chances – online applications are useless.
- Bankify Your Resume – Think “Gordon Gekko” rather than “clueless liberal arts major” or “geeky engineer.”
- Ace Your Interviews – Are you smart, can you do the work, and do bankers like you? You better hope so.
Now let’s jump in and see exactly what to do for each step so that you land investment banking offers.
Prerequisite: The Banker Blueprint
Remember how your economics and math classes had prerequisites?
Well, so does this article: please click here to sign up for, download, and read The Banker Blueprint right now.
This free, 37-page guide covers everything in this article but goes into more detail in certain parts and has alternate examples.
You should read both The Banker Blueprint and this entire article because they feature different examples and focus on different aspects of breaking in.
Have you downloaded and read the entire guide?
OK, good, now you may continue.
Understand the Industry
First, understand that banks are extremely rigid with their recruiting.
We’re not talking about innovative tech startups where anyone who can kick ass and take names is welcome: we’re talking about conservative, traditional organizations that stick to what has worked for the past 20-30 years.
Banks have a strong preference for undergraduates and business school students at the top universities: think Wharton, Harvard, LSE, Oxford, and so on.
It is significantly more difficult to break in if you are already working or you’re not at a top school.
Why?
Banks assume that if you’re already working full-time, you would never sacrifice your social life and sanity to start working 100 hours a week – they want students who don’t know any better.
They also assume that if you’re not at a top university or business school, you may not be smart enough or hard-working enough to do banking.
Furthermore, banks have developed relationships with all the top schools worldwide and already do very well recruiting just at those institutions – so they don’t see a real need to go beyond that.
The statement above are not my own views – I’m just cutting out the politically correct BS and telling you how banks think about their recruiting.
Entry Points
Next, realize that there are 2 entry-level positions in investment banking: Analysts and Associates.
Analysts are recruited straight out of undergraduate or Master’s programs, or sometimes come in after 1-2 years of full-time work elsewhere. They are like the peons in Warcraft: they are at the bottom of the food chain and do all the work.
If you start out as an Analyst, most of the time you leave after 2-3 years and go into another field like private equity, hedge funds, or venture capital.
Associates either get recruited out of top MBA programs or are promoted directly from the Analyst pool. They manage Analysts, work more directly with clients and senior bankers (Vice Presidents and Managing Directors), and put out fires.
Associates are expected to stay in banking for the long-term – moving to private equity, hedge funds, and venture capital is significantly more difficult.
Plan Your Strategy
So, which of these 2 entry points – Analyst or Associate positions – should you aim for, and how do you get in?
Let’s break it down by level:
Undergraduates
This one’s easy: get an investment banking internship any way you can.
If you’re at a top school, you’ll go through on-campus recruiting and also network with alumni, family, professors, student groups, and so on.
If you’re not at a top school, you’ll need to be much more aggressive with networking and cold-call dozens of small, local banks.
Then, after you get this banking internship, go through the same recruiting / networking process and leverage your experience into full-time interviews and offers for Analyst positions.
Recent Graduates (< 3 Years of Full-Time Work Experience)
Once you’ve graduated, your options are more limited: you either network your butt off or you wait until you have 3 years of full-time experience and apply to top business schools (as in MBA program – not Master’s programs).
Cold-calling will not work as well because you have more experience.
Spend 6 months networking with alumni, professional referrals, organizations like the CFA Society, and anyone else you can find and focus on boutique banks – if you don’t see any results after 6 months of exhaustive effort, apply to top business schools.
Experienced Graduates (>3 Years of Full-Time Work Experience)
Apply to top business schools – you’re too experienced for Analyst positions, so you need to re-brand yourself and go for Associate positions instead.
MBA Students
At this stage, networking is even more important than at the undergraduate level because everyone else is doing it too.
If you’re at a top school you can still use on-campus recruiting, but you need to begin contacting alumni 6-9 months in advance of business school, setting up informational interviews and doing everything else you can to break in and land Associate positions.
Beyond the MBA-Level / Over 10-15 Years of Full-Time Work Experience
The ship has sailed – you’re not going to become an Analyst or Associate with 10-15 years of work experience.
Either consider a different industry that’s more open to capable, experienced candidates (e.g. prop trading firms) or advance to the C-level executive / Partner level and then move into finance as an Operating Partner.
Craft Your Story
Once you’ve decided whether or not you can break into investment banking and what position you’re going to aim for, you need to craft your story.
Your “story” comes in 2 forms:
- A 1-2 minute explanation in interviews that answers the “Walk me through your resume / CV” or “Tell me about yourself” questions.
- An abbreviated, 2-3 sentence version that you use when networking or cold-calling.
Your story needs to convince bankers that you will excel in investment banking and that you are much better for the job than anyone else.
You do that by structuring your story around 5 points:
- The “Beginning”
- Your Finance “Spark”
- Your Growing Interest
- Why You’re Here Today
- Your Future
Here’s what you could say for each of these points:
The “Beginning”
You were born in New York but moved to London when you were younger and attended university there, initially planning to major in English literature.
Your Finance “Spark”
When you were studying abroad in Paris, you met a few friends who owned their own M&A advisory and real estate brokerage firm, which got you very interested in exploring finance.
Your Growing Interest
When you returned to London, you joined the student investment club and also switched to a double-major in finance and economics.
You then interned at HSBC in their M&A group last summer.
Why You’re Here Today
Although you had a great experience at HSBC, you want to apply your knowledge of finance and M&A to much larger companies and work on more cross-border transactions.
With your experience in the US, UK, and France, you’re well-equipped to work on deals involving companies in any of those countries.
Your Future
In the long-term you want to specialize in cross-border M&A deals, and especially anything involving real estate – all going back to your initial “spark.” You see this bank as the best way to gain the skills you need to do that.
Abbreviated Version
When networking, you would cut the outline above down to 2-3 sentences and say that you’re a finance/economics major from [University Name], you worked in HSBC M&A, you have experience in the US, UK, and France, and you’re interested in specializing in cross-border M&A deals involving those countries.
More “Story” Examples
You should now have an idea of how to structure your story.
For more examples, please click right here to download The Banker Blueprint.
Also, please watch this video tutorial on How to Tell Your Story in 5 Simple Steps.
Network Like a Ninja
So now you’ve figured out whether you can get into investment banking, the best way to break in, and what you’re going to say when you meet bankers.
Now you need to network like a ninja to land interviews and offers at banks.
There are 2 methods of networking: developing relationships and cold-calling.
If you have 6-12 months before recruiting begins – it starts in August-September for full-time positions and December-January for summer internships – you should focus on developing relationships via informational interviews, weekend trips, information sessions, and more.
There are dozens of tutorials on this site covering all types of networking, so I’m not going to repeat everything here – please see this article for the high-level overview:
And then click on “Recruiting” link right here and go to the Networking category to get everything else.
If you’re in a rush and you’re an undergraduate or recent graduate, you will need to do a lot of cold-calling – find small, local banks, call and ask how to get an Analyst position there, and rinse, wash, and repeat until you succeed.
Again, I am not going to repeat everything here because networking is covered from A to Z in The Banker Blueprint and in the “Recruiting” section of the site.
Instead, I’m just going to answer the most common questions I get on the topic:
Where Can You Find Names and Contact Information?
Start with your alumni database and searches on LinkedIn – go for people with similar backgrounds (schools, interests, geographies, companies, etc.).
Contact student groups, professional organizations like the CFA Society, talk to professors, family, family friends, friends of friends, and leave no stone unturned in your search.
Get access to Bloomberg or Capital IQ or Factset and use those to look up bankers’ contact information directly and call them.
For names and information on 10,000+ banks, PE firms, and hedge funds, click here to sign up for The Networking Ninja Toolkit.
What Should You Say When You Start Networking?
If you’re cold-calling, state your name and what school/company you’re at and ask how best to secure an Analyst / Associate position at the firm.
The other person will probably object or say, “We’re not hiring,” in which case you respond by saying, “So are you in charge of recruiting?” and not giving up until they put you through to a banker or the head HR person.
When contacting alumni or people you find on LinkedIn and emailing them, send a 5-sentence email to introduce yourself and propose a specific time to speak for 10 minutes.
See the informational interview guide for what to do after that.
How Persistent Should You Be?
More than you think. Never, ever, ever give up after getting just 1 rejection – always check back even after being rejected multiple times.
Put responsive people higher on your priority list, but never give up entirely unless someone has not responded after 10-20 attempts.
You don’t want to do anything crazy like show up to the office with a chainsaw and flamethrower and demand to speak to the Managing Director, but emails and calls are fine.
Where Can You Learn More About Networking?
That seems like a lot but it actually just skims the surface – for even more intensive training, click here to sign up for The Networking Ninja Toolkit.
You’ll get the names of 10,000+ banks, PE firms, and hedge funds as well as dozens of scripts, email templates, and tutorials on everything I mentioned above.
Bankify Your Resume
So now you have your story straight, you’re out networking and working the phones like a ninja, and you’re meeting bankers left and right.
When you meet those bankers, you’ll need a resume (also known as a CV for European / Australian readers).
Please ignore all the “generic” resume templates you see online – they are completely inappropriate for investment banking.
Investment banking and finance have very different standards for resumes – if you act like you’re applying for a marketing position or a non-profit, you’ll get rejected in 2 seconds.
Copy and Paste These Resume Templates
Once again, I’ve done all the work for you: just choose from the resume and cover letter templates below, copy them, and fill in your own information:
- University Student Investment Banking Resume Template
- Investment Banking Resume Template When You Have No Real Work Experience
- MBA-Level / Associate Investment Banking Resume Template
- Investment Banker Applying to PE / Hedge Funds Resume Template
- Investment Banking Cover Letter Template
The Secret About These Templates
Since I introduced these templates, they’ve became the standard in the finance industry – just go to a school like Wharton and try to find someone who is not using one of the resume templates above.
Of course, you can change around the fonts, font sizes, margins, and so on – but if you do not use one of those templates, you might look out-of-place next to everyone else.
So it’s in your best interest to use them and adapt as you see fit.
Bankifying Your Resume: Examples
So now you’ve got the templates and you’ve started filling in your own education and work experience entries – let’s go into this in more detail and see how to bankify your experience.
“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.
Craft your resume to emphasize working with financials and numbers and leading rather than following. Here are a few examples of resume makeovers:
Engineer:
Software Development Intern, Cell Phone Company
- Developed cell phone applications for collecting demographic and user/revenue data in team of 3 and investigated new web technologies. Presented findings to CEO.
That doesn’t exactly scream finance, now does it?
It screams “tech nerd” to me – here’s how we’d apply a makeover to this entry:
Technology Consultant, Cell Phone Company
- Recommended development budget of $100,000 to CEO based on analysis of ROI on similar projects in the past.
- Worked in team of 3 to design applications for analyzing demographic data; optimized revenue per user for mobile software and made recommendations that led to 20% higher RPU.
This made-over version is better for 3 reasons:
- The Title – “Technology Consultant” sounds more related to finance than “Software Development Intern,” which sounds more like a shorts-and-t-shirt job.
- Recommendations and Analysis – You recommended specific numbers here and analyzed the financial returns of previous projects – just like what you do in real finance.
- Results – At the end you have a tangible, monetary result: a 20% higher revenue-per-user number.
This example is a bit of a stretch because you might not have done everything I’ve listed above – maybe you didn’t achieve specific results, or maybe you didn’t make a budget recommendation.
That’s fine – just try to spin your title and emphasize any recommendations and analysis you did complete.
You do need to be careful with changing around your title, especially if you had an “official” one during your internship/job – check with your former boss first to make sure it’s OK.
Research Background
With a science or research background, do not try to be Mr. Wizard – the worst thing you can do is write tons of technical jargon that no one understands.
Instead, focus on the business / economics / financial aspect of what you did and how it affects the real world.
Here’s an example:
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.
That’s nice, but no one would care unless he happened to be interviewing for an alternative energy investment banking group.
Here’s the makeover:
Research Assistant, Cleantech Group
- Gathered data on US ethanol industry and analyzed performance of specific ethanol companies and market; reviewed 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 ones to research based on financial metrics and fundamental analysis.
You could argue that this person didn’t do some of the things listed there / that I’ve embellished the truth too much.
It doesn’t matter as long as you can back up what’s written there.
Unless you’re writing about something that bankers know a lot about – like accounting or financial modeling – you won’t get into trouble because they won’t know enough to test you.
You need to learn how to spin if you want to succeed in investment banking.
There is a limit to this – you can’t lie or make outright ridiculous claims (e.g. “Made $25 million for company by winning clients!”), but you can use the strategies in this article on how to spin your way to success.
Ace Your Interviews
So now you’ve networked like crazy, you have a killer resume/CV, and you have dozens of interviews lined up at banks – how do you seal the deal and land offers?
As with networking, there are dozens of articles and tutorials on this topic on the site so I’m not going to repeat all of that here.
Download The Banker Blueprint and read everything there, and then read everything under Recruiting here.
I’m going to take a different approach in this tutorial and focus on the 3 most important traits you need to demonstrate to investment bankers:
- You can burn the midnight oil.
- You won’t shake the jello.
- You want to be Gordon Gekko.
Here’s how to demonstrate all 3:
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)
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 also that you would never ask for any.
You need specific stories of when you’ve burned the midnight oil in the past.
When I was interviewing, I talked about how I worked 100-hour weeks at IBM one summer when I led a product team there, and how I lived in the office toward the end.
Here are example stories you could use in interviews to prove that you can work 24/7 and don’t care about having a social life or interests outside of work:
- Startups or starting your own company: What could possibly be more work? Not even banking.
- Taking leadership of a large project that required 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.
Don’t just say that you studied a lot during your week of final exams – that’s too short a period to prove anything.
Come up with something where you were very stressed out over at least a few weeks, and if necessary, embellish to get your point across.
Work-life balance is view as less necessary than oxygen and food in investment banking: unless you’re willing to sacrifice everything to break in, forget about it.
Don’t Shake the Jello
“To succeed as an analyst…. DON’T SCREW UP!”
-Anonymous VP, Bulge Bracket Investment Banking Training
As a junior investment banker, your most important duty is checking numbers and not making mistakes.
Whether it’s setting up meetings, responding to emails, sending out documents, or valuing companies, screwing up will screw you over far more than over-delivering will help you.
Ideally, you were an open heart surgeon or astronaut in a previous life and you can talk about how making a mistake there would have resulted in death or explosions.
But I’ll assume that you haven’t done either of those – so instead, you should talk about how you did something that involved real, paying customers or something that was read or seen by lots of people.
Wide exposure implies that you must have had your act together – essential for banking.
Here’s an example story:
“I ran a web site about getting into college and answered common questions that students and parents had.
It started off slowly but after awhile we built up an audience of 1,000 readers per 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 them.
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 check everything before I even look at their work.”
This is perfect because:
- You admit that you made a big mistake once but learned from it and are now meticulous (hits on the weakness/improvement theme and the attention to detail theme).
- Shows your leadership because you were in charge of writers and gained an audience of 1,000 readers per day (bankers love specific numbers).
Make a list of every single organization you’ve been in and every project you’ve worked on over the past 3-4 years – pick the best example that demonstrates your attention to detail and go with it.
And when you’re picking your 2-3 mini-stories, make sure at least 1 of them demonstrates that as well.
You 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)
Repeat after me: greed is good.
If you are not interested in business, finance, and the economy, why the hell are you wasting my time in this interview?
You don’t need to have actually bought and liquidated companies like Gordon here, but you better have a market, industry, or stock you’re very passionate about.
Example dialog with the interviewer:
Interviewer: “Tell me about an industry or market you’re interested in.”
You: “I really enjoy following the alternative energy industry because it’s up-and-coming and no one knows how things will play out yet.
Within the industry, there has been a lot of activity in the solar cell manufacturer sector, driven by technological breakthroughs that make solar cells cost-effective as well as government subsidies in Germany and Japan and major budget commitments by the Chinese government.”
Interviewer: “So were there any alternative energy companies that 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 ABC Solar a year ago.
I compared their financial performance to the competition, and found that despite growing revenue at 50%, 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 the competition.
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 less highly valued 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 if their earnings were already below expectations.”
Interviewer: “A valid question. So why did you not see this as a serious weakness?”
You: “I did some research on growth vs. profitability for solar cell manufacturers, and I found a much stronger correlation between returns and revenue growth than between returns and earnings or cash flow.
Investors were focusing on short-term results instead of thinking long-term – but it’s a nascent, early-stage industry, so growth matters more than profitability at this point.”
You don’t need to have 5,000 pages of financial analysis to give an answer like this: you just need to do a few hours of research and read up on the industry.
At the very least, learn something about the financial metrics of the company or stock you’re picking – and please, do not say something common like Apple/Google/Facebook.
But What About the Technical Questions?
I’m glad you asked – first, click here to read the investment banking interview superday guide – that covers all the categories and types of questions you need to know.
There’s also coverage of what to expect in interviews outside the US and case studies / assessment centers there.
More In-Depth Interview Training
To master investment banking interviews and land offers, click here to sign up for the investment banking interview guide.
There are over 400 “fit” and technical questions there, as well as “story” templates, sample interviews, deal discussions, and more.
It’s the single most comprehensive guide out there – sometimes I think there’s almost too much material.
In addition to the interview guide, you should sign up for the Excel & Fundamentals Modeling Course to learn accounting, valuation, and financial modeling from the ground up.
There are lots of other modeling courses available on Breaking Into Wall Street – our sister site – as well.
Click here and enter your name and email address to get free modeling tutorials and a sneak peek at everything else available on the site.
There’s something for everyone there – whether you’re completely new, you’re more advanced, or you’re looking for industry-specific knowledge.
Broken In Yet?
OK, so this was a long and in-depth guide – but it’s also the most popular article on this site, so it must be working.
Go re-read everything above, take notes, and then take action and start working the phones, networking, and landing interviews and offers.
When you’re done, come back here, leave a comment, and let us know how many offers you got and which bank you’ll be working at.
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I did an MBA back in 2007 (from a top school in Pakistan), during which I did an internship at British Petroleum & later on got hired as an international management trainee at Reckitt Benckiser at their Regional Office in Dubai, where I worked for three years working in the commercial and supply planning function within the finance department. I left it in 2010 & currently pursuing a masters in economics at NYU, and finance courses from Stern. I’ve cleared three levels of CFA. What else do I need to grab that all important summer internship at an investment bank & what part of all this story do I need to play up the most, that might be of any interest to any banker.
Network, network, network, and so on. Part-time school year internships would also help a lot. Focus on how your work experience made you more interested in IB.
Out of curiosity, what college did you attend? I apologize if it is to personal.
http://www.mergersandinquisitions.com/about/
Are Treasury and Investment banking similar in job functions/roles? What are the differences between the two of them? Thanks
No, Treasury is more of a middle office role that deals with internal finances… so not similar at all.
Isn’t that Treasury S&T division in a bank similar with IBD S&T in which Sales advice on clients’ needs and Trader making trades in FX, bond and etc or structure the products that fit the clients’ needs? I am sorry I get confuse with the difference.
What do you think of the professional certificates or training program in IB from Investment Banking Institute, New York Institute of Finance and etc? Will it help people like me with zero or very few experience in banking/finance gain the network to enter the industry and land a job in IB? Thank you
Honestly I am just not sure of that one. For training programs, please read the site… 1. I offer my own programs, so clearly I am biased against competitive programs. 2. Such programs are not a magic solution to getting offers… they’re pretty much snake oil.
The difference is that the programs here are intended for undergraduate/MBA students and anyone in a finance-related field… I don’t want you to sign up thinking that they will magically get you in if you’re from a completely different background.
If I wanted to switch from humanities to investment banking while still doing my undergraduate in the University of Toronto, what would my next steps be? Just curious. Thanks in advance.
? Not sure I understand your question. “Investment banking” is not a major. Join related clubs, start networking with alumni, take some classes, and so on.
I’m at one of the top Universities in Australia and the course directly suited to investment banking is a Bachelor of Commerce majoring in Investment Finance. So I guess any degree in Business or Commerce and then major in finance
What uni?
Not entirely dissimilar to Mariam, I’m an English & Classics student at Oxford in the UK, is IB beyond the realms of possibility?
Anything is possible, sometimes banks actually like people with liberal arts backgrounds as long as you have learned something about finance on your own.
I have landed an investment banking interview with JP Morgan as an intern. I am totally blank on LBO’s and financial statement analysis. I have 2 weeks to prepare. Any advice or how to prepare would be helpful? I am a masters student in mathematical finance.
See the modeling courses offered by this site, or check out the books recommended on ibankingfaq.com
Hey Brian, great site you have here. I will be attending Emory University as a transfer student this spring and it will take me about 6 semesters to complete the degree. Since I am not starting out as a traditional undergrad student could you let me know the best way I could position myself for a S&T job after graduation. I am planning on reading a couple of books to learn more about the business and putting together a mock portfolio and joining some clubs. Do you have any other ideas for me..what type of internships should I start with? I believe Emory is a semi-target for for IB and a lot of those banks also recruit for BO/MO as well. Would my chances of landing a S&T gig at a MM/boutique be much better coming out of Emory? I appreciate your time and any advice that you have to offer.
Most middle market and boutiques do not have S&T or have very limited S&T so it’s not the best option – maybe small prop trading firms instead. If you look at the S&T-related articles here (do a search) you will see some tips… if you go to the recruiting podcast there is a discussion there. Most important are passion for the markets and being level-headed/quick with numbers.
Thank you for your response. I don’t want to put all of my eggs in one basket and will try to go for M&A as well. Could you tell me anything about recruiting for IB in Charlotte, NC…is it just as competitive as NYC IB or will coming from a school like Emory give me a good shot as long as I have good grades and relevant internships?
Not sure about Emory but Charlotte is less competitive than NYC, though not by a whole lot. You really need to network these days unless you have a 4.0 from Harvard and a family in banking.
Hey, LOVE your website. All the things you talk about are pretty much what I had to do being in a non-core school, and it got me somewhere. I was wondering if you have any advice for me in regards to how I can make the most of the J.P. Morgan Winning Women event.
http://www.mergersandinquisitions.com/investment-banking-information-sessions/
Great information and no bs guidance! Throughout my academic career I have been in the sciences, particularly Biology. I will be finishing my PhD in Molecular and Cell biology withing a year. I have very little financial/business acumen, but am currently learning as much as I can from independent (not official courses or certificates) sources. What should be my approach and do I even stand a chance? You mentioned liberal arts is somewhat attractive to IB recruiters. This is very different from hard Science and I have had no commercial/industry ties as in the example of the Cleantech research assistant, thus no evaluation on companies, biotech stocks, etc. My skill set would, however include a strong analytical ability, working long hours and a specialized knowledge base that provides expertise in an emerging market. Thoughts?
You should focus on healthcare/biotech boutique banks and maybe VCs and pitch yourself as an industry expert. You wouldn’t have much of a chance at large banks.
Hi Brian, I was put on hold for a month by a bulge bracket firm. Do you have any recommendations as to what I should do in the meantime other than pursue other firms? should I be contacting my interviewers? the people i met along the way? or will that not make a difference? I know they put me on hold so they can interview more candidates on their next superday. but please let me know if there is anything i can do to increase my odds!
http://www.mergersandinquisitions.com/why-no-final-round-offer/
Very informative website. Perhaps you can give me some advice or shed some light on what to expect in my situation. I have an undergrad degree in electrical engineering with a low gpa, I worked for a small IT firm for a few years, and now I’m at UNC for my MBA. How should I go about attaining an M&A job? Should I aim for analysts or associates positions?
You have to do Associate if you’re completing an MBA. If UNC has banks recruiting go for that, otherwise you need to network a lot and find alumni from UNC in finance.
Great website.
I am 24 years old. I am a qualified Actuary (Fellow of the Institute in London). I worked as an actuary for a year at the actuarial consulting arm of a Big 4 firm in South Africa. Once I finished the actuarial exmas I managed to get placed as an equity analyst at one of South Africa’s largest AM firms. I wish to emigrate to the UK or US and find a role either in research or S&T. However, my CV lacks international brand names (both education and work experience). My current options seem to be:
1. Education at a top school – MSc or MBA. Would either of these help given my WE background, and the fact that I want research/S&T and not IBD?
2. Try get a sell side role here in SA at an international bank. Use this to land a role overseas in c. 1 year.
3. Try get directly into the said markets as an analyst covering insurers (buy or sell side) – my education combined with current job definitely fits well. At such a distance I am unsure if this is realistic or not?
4. I have a chance of landing something at Mckinsey in London (or South Afirca). I really don’t want to do consulting long term, but would the “brand” and “pretige” of getting this on my CV help for a reasearch role. Imagine would be quite useless for S&T.
5. Anything less obvious you may suggest that I have not thought of?
Please give you opinion on best course of action.
I am well on the way to getting the CFA – but I konw your thoughts on the designation. Also got a Brit. passport so UK seems my best bet.
Many thanks
I would go for a Master’s program at a top school, something like LSE would be good. I wouldn’t do McKinsey just for the brand name if you don’t want to do consulting.
I am currently doing an MBA at Hult International Business School, and am focusing on finance. My aim is to get an associate position with an Investment Bank when I graduate, but am not sure if my background will work against me. I have worked mostly in the hospitality industry and have studied hotel management in Switzerland. I also worked in accounting for IBM, which included analyzing proposed savings.
Will having worked about eight years in hotels work against me in the application process or would it be seen as an asset that I have experience from a different industry. I definitely am accustomed to long days, and my electives include financial modeling, strategy, and company valuation.
Also, I will graduate in August 2011, do you have any idea when the banks open the applications for Associate programs this year?
I appreciate any feedback, and will definitely be using a lot of the information on this site. Very useful.
The only reason it would work against you is that you’re competing with others who have IB experience… focus on applying to RE, Gaming, and Lodging groups and you can pitch yourself as a good addition though. Banks recruit a year in advance, so for 2011 positions they started and finished in fall 2010 – at this point you would have to look at smaller/local firms.
I work for a development finance think tank here in South Africa. I am also a master student in finance and working on my cfa. Could you give me some advice as to how I can break into investment banking in the UK
Your best bet is to complete a Master’s program at a top university in the UK – suggestions:
http://www.mergersandinquisitions.com/investment-banking-networking-london
http://www.mergersandinquisitions.com/investment-banking-london-eastern-europe/
Hello, This is one of the best finds for me as i have been thinking of IB for a long time now. I am business analyst(7 yrs)at the No 1 bank in US and work in home lending solutions. Well after reading liars poker by Michael lewis, IB sounds way more fascinating than just crunching numbers. what is your suggestion for me to get a food hold in IB area?
Read everything here: http://www.mergersandinquisitions.com/recruiting
To what extent will an internship within finance – M&A (i.e. working on internal m&a deals)for a top bb bank help when getting on to a graduate ib program
Thanks
Andrew
Not sure I understand the question but it will help, probably not quite as much as a real IB internship though.
Hi,
I’m a first year undergraduate student who’s majoring in Industrial Engineering at the University of Toronto. I have a couple of questions…
1. How does a degree in Industrial Engineering look?
2. What sorts of work experience, given my major, would work towards me getting into IB?
3. How much do grades matter? My first year I did a program called Engineering Science which is well known to be extremely difficult, and ended up with a 2.0… I have no doubt my grades will go up to 3.2-3.5 when I switch into Industrial Engineering next year, but will my first year grades affect my chances in the future?
1. Fine? Similar to any other engineering degree.
2. Read the rest of this site. Get business-related internships, even if they’re unpaid/informal. See http://www.mergersandinquisitions.com/recruiting
3. http://www.mergersandinquisitions.com/faq So yes if you have under a 3.5 then it will be more difficult to get in via the normal channels
Thanks for the reply. Would you consider an Engineering degree from U of T to be considered a “top school” for recruiters? And what exactly are the “normal channels”?
THanks a lot for your help!
I don’t know how recruiting is at U of T so can’t really say, but I think they would be focused on Houston offices there which has advantages and disadvantages. “Normal channels” = apply online like everyone else, please do a search for “networking” to see in more detail.
Hello, I have a few questions that have really been bugging me!I’m 20 years old, and this september I begin a program called Banking & Wealth Management at a recognised college here in Ontario (they ensure a job interview at a bank within their co-op program). It is 3 years long which would earn me an Advanced Diploma.
My program covers these financial areas:
•Small business financing
•Consumer lending
•Investment sales
•Life insurance
•Financial planning
•Bank operations
As well as these licensing exams I will have taken by the end of the 3rd year:
•Investment Funds in Canada (IFIC)
•Canadian Securities Course (CSC)
•Certified Financial Planner (CFP)
My program is a co-op program, so during the 3rd year, I will have to work at a bank starting position(most likely a teller), but since I don’t plan on settling for the teller position for long, how do I shift from a Teller position to Investment Banking?
It seems like an extreme shift. It is it posssible? Or would I have to go from a Teller position to a Financial Planner, and then finally move up to an Investment Banking Specialist?
Would that be impossible without a University degree?
Thanks so much for your time.
Try to get some type of unpaid or informal experience at a local boutique right now as opposed to waiting – see all the case studies here on the site under the Recruiting tab at the top. Teller to IB is tough and not recommended.
Hi –
I’m 2008 MBA graduate from Wash U, St. Louis and working in the mfg industry in one of company’s GM leadership program. Having completed my program soon, I’ll be joining M&A / Strategy team for my company.
I wanted to pursue IB after my MBA, but couldn’t do it due to couple of reasons – firstly Wash U is non-core IB school, economic recession and my visa status closed doors of many firms.
Now things are changing — my visa status is expected to change soon (that will atleast open doors), economy is doing better and I’m pursuing internal M&A role in a company.
What would be your advice for pursuing IB in my case? — though I understand it’s going to be tough fight.
Should I pursue IB now or wait to get atleast 2 to 3 years of M&A experience? What steps should I take now to prepare myself for future?
Thanks much.
If you’ve already graduated then you’re probably better off getting M&A experience first… reader with a similar story here: http://www.mergersandinquisitions.com/break-into-investment-banking-part-time-non-target-mba/
Hello,
I am doing PhD in Operations management from a top a 20 B school. I am looking for an internship as an Associate position in investment banking. I have a strong engineering bankground with work experience in strategy, financial modeling, market analysis and stake holder analysis for businesses at the Bottom of the pyramid.
Any tips for securing a internship at Associate position with IBD would be great.
It is difficult form a PhD program as you greatly overqualified. It would probably be easier to get some type of quant role at this point. For breaking in from an engineering background:
http://www.mergersandinquisitions.com/getting-a-finance-job-from-engineering/
http://www.mergersandinquisitions.com/investment-banking-engineer-no-finance-background/
Hi
I’am a 21 year old law graduate and while taking a gap year to decide what to do next I have taken an interest into investment banking although I have always had an interest in getting into banking in general. I am planning to attend law school this year and intend to study banking and corporate modules with the hope that they will be of use in getting within this field (and at the same time provide a back up option incase I do not).
What would you advise in my case with regard to getting into IB, would you recommend I attend law school or pursue a different route to get into this field??
Thankyou for your time.
http://www.mergersandinquisitions.com/breaking-and-entering-into-finance-part-ii-the-lawyer/
HI,
I am currenlty working as an Engineer for one of the top defense contractors. I have a B.S. in Electrical Engineering and Masters in Systems Engineering from Cornell. I have been working as an engineer for the past five years and considering a career change to investment banking. I am also working on my Masters in Finance and MBA from Northeastern University. I have about 1.5 yrs left before graduation.
What would you advise in my case with regard to getting into IB since Northeastern is not one of the top B-schools?
Thanks…
You have to network like crazy and/or try to stop your program and get into a better school to have a good shot. Or, keep doing what you’re doing and consider fields outside of IB such as asset management.
I am 29 years old, a year ago I decided to go back to school to get my bachelor’s degree after several years in the mortgage industry. I currently have a GPA of a 3.90 and I attend a college that is geared towards working professionals who want to attend school full time. I am also taking an investment banking course for 3 weeks this month. What are my odds for breaking into the business?
Not great if you’re coming from a non-target school… you need to gain access to networking opportunities and recruiters somehow, courses won’t help without that.
I am a 20 year old going to be senior in college. I am working on my Bachelors in Economics and a minor in Information Technologies. I have yet to hold an internship as I was also a college baseball player. I have recently quit baseball to focus on school. What would you suggest to help get a jump start into obtaining a position in investment banking? Does my major and minor provide a good starting point? Thank you for your time.
At this point you really need to get work experience, without it you have no real chance at getting into IB. So find some kind of unpaid internship or something else related to finance or you have no chance if you’re already going into your final year.
Do companies offer internships other than just summer? Would a internship just at a bank be good or should I try and work for a big firm?
Hi,
I am 23 years old, just about to graduate with a Masters in Economics and Finance from a top 10 (target) University in the UK. I have a years work experience within the finance industry (not Banking). I’ve applied to most of the boutiques (30-40 applications) but don’t seem to be getting any replies. Do you have any suggestions to help me break into IB or any boutiques you would suggest? Thanks for your help.
See everything here under Networking: http://www.mergersandinquisitions.com/recruiting/
Hi M & I,
I’m 26 years old, graduated from an Ivy League school with a 3.8 (History), and have always wanted to get into finance. However, so many personal things happened during undergraduate that I could not participate in junior and senior year recruiting.
Is there any way I can get in, with a few strikes against me?
(I’ve applied plenty of times, read parts of Networking Ninja, etc., and tried just about anything). Any more suggestions?
If you’re already several years out of school all you can do is go to boutiques and hope for the best, do something in an adjacent industry and then go to MBA program or maybe do Masters program and use that to re-position yourself.
I am currently teaching English (to adult businessmen) in Seoul. What do you think of getting a Master’s in International Trade and Finance, at a Seoul University? (Will it stop me from getting a job back in the US)?
Unless you want to work in Korea no reason to do that… easier to go back to US
Hi
I have a question to ask.
How difficult is it to get into I-Banking Analyst positions after working in asset management firms (Blacrock,Ameriprise,etc.)
Thanks.
It’s hard because there’s very little skill set overlap, not common to happen
I am feeling a bit disheartened at this point. Although I am not giving up yet, the difficulties of getting into investment banking seem larger than I thought.
As a 29 year old female, having no degree or experience in finance isn’t helping me to break into investment banking. I have thought about going back to study for part-time to get a degree in finance, but the costs put me off straight away.
Am I not bold enough? Shouldn’t I fight for my dreams at any costs?
I am confident that it is what I want to become an investment banker. However the reality is not as sweet as the dreams.
Any advice now would be appreciated.
At this point you would need an MBA to have a good shot, do a search on this site
Hi guys-
I will be a freshman next year at Babson college. I am majoring in Quantitative Analysis, but I have freshman required courses I have to take first. I want to get a job in the future in investment banking, or some other highly competitive finance job. I know that since I am not going to an Ivy I need to network myself a lot. Would it be to early to start emailing recruiters from IBs during my freshman year? What about getting an internship between my freshman and sophomore years?
Thanks in advance. Feel free to email me any tips.
nyr_nym@yahoo.com
Jon
Yes too early just go for unpaid and informal internships locally for now
So I should wait until my sophomore year?
Yes, fine
Hello!
I am to graduate University of Bath in 2012, doing BSc Business Administration and expecting a first. I also have done a semester in University of Texas. I have an year experience in finance (but not IB) in a large oil and gas company, as part of my course.
However, I have missed to apply for IB internships the last few summers/springs.
Is it better to apply for seasonal/summer internships first to the major banks or apply straight to the graduate programmes, despite the enormous competition?
Thanks!
Internships are always better, easier to get into
Thanks for that. Also – is it a good idea to apply for some Master in Management/Finance degrees at top unis or it would be waste of money/time and it is preferrable to find a graduate job work for 2-3 yrs and then do MBA straighaway?
Yes Masters programs are good for improving recruiter access http://www.mergersandinquisitions.com/investment-banking-masters-programs/
Hi,
I have an internship right now in New York but it is not IB related at all. How do I use this for my advantage? And I also want to work in New York after graduation next year? Thanks for any opinion
http://www.mergersandinquisitions.com/how-to-spin-investment-banking/
Hi, Brian,
Will questions left on old passages be seen? Do I need to submit my comment on recently written passages? In case my question fail to get an reply, I post it here again. I look forward to hearing from you. Many thanks!
I want to pursue a career in investment banks. Afterwards, I may move to financial advisory, private equity or asset management firm. Considering the school prestige and curriculum, which program do you think better fit my career planning? One is Master of Analytical Finance in Lehigh University (a high percentage of math and computing courses). The other is Master of Business Finance in University of Maryland(Robert H. Smith Business school, typical finance courses).
Thanks very much!
Maryland is better
Just to set expectations: I answer comments here for free but they are a lower priority than customer questions, so I don’t reply to everything every day (otherwise I would do nothing but reply to comments and emails). Please expect at least a few days before a response especially if it’s over a weekend or a holiday.
I totally understand that. I didn’t know whether comments left on previous articles could be replied, so I sent my quesion again on newer ones. I really appreciate your time spent offering precious insight.
Would you please offer me some specific reasons? Just simple elaboration is fine.
Thanks very much!
Because more banks come to recruit there
Hi Brian,
Many thanks for all that’s shared on this site. I’m 26 years old and have a civil engineering degree from a Canadian university with a mediocre gpa. I’ve graduated for about 3 yrs now and due to different circumstances, my work experiences have been quite choppy with 2 years in Engineering and a year in Real Estates. Until recently, I joined in a commercial bank in their corporate banking department receiving very low salary and narrow prospects. I did try to network a bit but found that it’s near impossible for my background to break into S&T in Asia.
Now I really want to build my career in trading and am planning to study either Master of Financial Engineering or an MBA starting next year (27 yrs old). I don’t mind working for a boutique or even asset management firms after graduation as long as I get my foot into the door.
I see that you may prefer MBA over Masters for people with a couple years of experience for IB, but what about for S&T, is it still the same deal? Also, with my background and age, is it a little too late to start all over again?
Much Appreciated,
Dida
For S&T the MFE degree is definitely better and it’s not too late to get in esp. with technical background
Thanks again for your thoughts!
Just wondering, is having an undergrad degree in a non-business major, like history or Chinese language, counted against you in trying to break into the industry?
http://www.mergersandinquisitions.com/investment-banking-major/
I’m an engineer with over 5 years experience and I have passed level 1 CFA. I want to break into the industry but it seems like most employers want recent grads with experience in the industry. How should I go about breaking into the industry?
Probably need business school at this point search here for “MBA”
Hi,
It’s 6am and I have been here for 2 hours having accidentally stumbled on this site. Fabulous work!
My career in a nutshell
Undergraduate :- Engineering(Electrical)from a premier Uni in India with a 1st degree
Master’s :- MBA at Bristol Business School (Graduating in 3 weeks, hopefully with a 1st degree)
Work experience(Overall 3 Years) :- 6 months as a project Engineer with Wipro just after my Bachelor’s in 2007.
Joined Barclays as a Retail Banking Advisor and in 9 months became a trainer(1 yr 9 months). Quit in 2010 to do my MBA.
Whilst doing my MBA, worked as a Business Strategy Consultant for Wellspring(3 months) and Marriott International(3 months) for work experience. Also worked 20 hours a week as a Bartender to fund my living expenses.
Significant achievements at Barclays and had several leadership roles in Uni(Bachelor & Masters)
My question is, do you think I should apply for an Analyst or an Associate postion??
Also, I have managed to network a fair bit and have an interview call next Thursday at JP Morgan London. I have not been told yet about the job role however I was told that they would like to see me and have an interview. I sent a mail eqnuiring about the job role and I am waiting on it.I have no knowledge about Investment banking, which is the best place to start? and are there any specific interview guidelines for analyst or associates?
Many Thanks,
Tony
If you have an MBA you can only apply for associate roles. See everything on this site under Interviews in the Recruiting link at the top of the page.
Hi everyone,
As of now I am a sophomore in high school and am very interested in this field. The Stock market and business has always interested me throughout my life.
When I am an adult I know for a fact that I want to become an investment banker.
I have a few questions for some of you that have some experience in this field.
First of all, what can I do now that will significantly help me in my future? I am currently a member of FBLA (Future Business Leaders Of America) at my school. Also I have a 4.0 GPA and I am taking business classes.
This summer, I was a able to be a part of Park University Summer Business Academy. During my stay, I was able to make some contacts with people who worked at Charles Schwab, and I have a lunch meeting with once of their friends who is currently and analyst.
What would be some good questions to ask him? I am very nervous about this and I would be very grateful for any help that I could get.
Currently, I am to young to get an internship anywhere since I am not 16 yet, but when I am old enough, what would you recommend for me?
If you have any answers for me please contact me a lucaswalterwyland@gmail.com
Thank you so much for your time and reading this, I am very grateful.
Just relax and learn more about it, you will not come across in a positive manner if you’re that young and still interested in banking… search for “informational interviews” for the second part.
Hi Brian, I have done my MBA from University if Wales Institute of Cardiff (not one of top b School) and I am working as financial advisor for one of the top bank in world.I got full time experiences of more than 5 years. I am looking to get job in IB, how do I go about that?? do I need to do my MBA again from top b School or its only networking can help me?? many thanks
At this point only networking can help, another MBA would probably look strange unless you could re-label the first one something different (not recommended)
Hi. Thanks for the guide-very helpful although i have a few questions.
How can i get in into investment management if:
I am 31 yo guy. Graduated last year from not top britiah universiry in international business management. Had investment management module during last year in the Uni. Ive passed with degree 2.2. Had no internships before bit have an experience as export sales executive in the UK.
My native is russian ( that might be helpful). I do really want to do serious thing now And im very greedy. Ready to do everything needed to archive my target. Please advise how can i proceed. Your help would me much appretiated.
Start by going through alumni from your university and networking with them, also consider a Master’s degree from a top school and taking advantage of recruiting there.
Hi,
I have always wanted to get into the investment banking world, because I love deal making and at the end of the day it is a sexy job.
The reason I am writting this is just to see where and how i would be in getting a job as a investment banker job.
i have no college degree but am very skilled in B2B sales and know enough about finance to talk and sell it.
Me and my brother own a nationwide appraisal management company. Our clients are some top ten lenders and banks and some mid size firms aswell. We have also put together a deal with a 800 milluon dollar company to do a co-branding venture together (deal is still in legal but will close soon). and have also bought some other companies that are in our field
So with this very detailed resume about myself, where would i stand on the sales side for a investment banking company?
Can’t get in without a degree. Doesn’t matter if you are worth $500 million and have great experience – bankers have tunnel-vision with recruiting. I would either get the degree and then an MBA if you really want to get into IB no matter what, or continue doing what you’re doing since it’s more interesting and you’ll probably make more money anyway. Most bankers don’t even make $1MM per year these days so the pay isn’t as great as you think.
First off, I come from a blue collar background and had no idea how important it was to go to top universities and obtain stellar grades, and the opportunities that were available in IB. If it wasn’t for your website and a few others, I’d still be in the dark wasting my time as an engineer.
I have an undergrad degree in electrical engineering from a pretty unknown university (with mediocre grades) and have about 8 years of experience in aerospace and defense. I have almost completed my MBA at a non-target (University of Connecticut) where I have a 3.7 GPA but have dragged my feet because I’m unsure what to what to do at this point. I completed one internship as a research analyst, but it had nothing to do with IB, it was actually pricing carbon credits.
I have applied to all the BB and some mid-sized banks for the past year for analyst and associate positions without a single interview. Career services weren’t real helpful. I get a fair number of calls for risk positions, which I’m obviously not interested in. I think based on my recent academic performance there is a chance that I can get in a top university now. Even though I would have wasted considerable time and money, I have contemplated trying to get into Columbia or Stern and redoing the MBA. In lieu of that, I have considered completing my MBA at UCONN and enrolling in either Columbia, Stern, or Baruch’s masters in financial engineering programs and trying to utilize their career services to attempt to land an internship in IB. Let me be clear, I want to get into IB, I would only want to get into S&T as an absolute last resort.
What do you think would be give me the best opportunity to get a chance in IB? Also, as I have no real experience, should I be applying for analyst positions or associate positions?
Transfer to a top MBA program, anything else is a waste. Have to go for associate positions w/ 8 years experience and MBA.
Thanks for your advice, I appreciate it.
Hi I am currently pursuing an MBA in lasalle university Philadelphia I am in the MBA CFA fast track program so will be taking the CFA level 1 in may 2012 2 weeks after graduation. My undergrad degree was in 2008 in accounting from temple university after which I worked for 4 months in 2008 at ernst & young Philadelphia before I got laid off. Since then I have not had a real job I took sometime off and went home to my parents in Africa and worked there for about a yr in a family owned business in entertainment. I recently just returned to the US in 2010 and was only able to get a job as a case manager for prudential financial. I quit after 6 months to go back to school for my MBA . I want to know with my poor work experience what chance do I have of getting an investment banking job considering I am now pursuing an MBA and will take the CFA .
You have a shot but the issue is that your MBA program is at a non-target school, so you’ll need to network like crazy to get in.
Thanks for your prompt response.one more thing since my work experience all together is only about a yr and I have a gap year which I spent in Africa helping my parents out , how do I factor this into my resume, my job in Africa cannot be verified and is not related to banking basically I was operations manager for a night club owned by my dad. Should I just skip this all together on my resume? I am worried it makes me look indecisive and confused.
Um still include it just focus on the parts that are relevant to IB like leadership, managing clients, etc. etc.
Throughout your website you continuously refer to Engineers as “geeky” or “tech nerds.” How do you think the building you live and work in are built? Or the cars you drive; or the planes you fly on? What about when you take ill and rely on the technology & equipment that your “geeky” or “tech nerd” Engineers designed and manufactured to help you or a loved one…ever been to hospital and seen how theses geeks or nerds contribute to society and civilization? Your advice and general attitude is that of an immature and miss-informed little boy. But that’s ok; the next time I am looking for someone to extract that one protein in hundreds that make up snake venom so we can create a drug that destroys cancer cells … I’ll be sure to look for a financial whiz like yourself that sweeps into the lab wearing a fancy suit and carrying an accounting ledger and that has ALL the answers. Too bad you didn’t work at NASA when that space shuttle exploded; I am sure your financial background would have been able to tell them their O-ring was faulty.
You may want to refer to the About page on the site – I was actually a CS major at Stanford and worked at several tech companies, so I know something about engineering.
You need to read beyond the surface level on this site – often times we poke fun at things or go with a running theme, but it doesn’t actually mean that we think something. There are numerous examples of this – it’s similar to irony or sarcasm in literature.
Clearly, engineers (and doctors, and lawyers, and so on) are an incredibly crucial part of society and we could not live without them, but here we are just adopting a persona and poking fun at these professions from the perspective of a stereotypical financier.
The above post is meant for the people who run this site
I’m 24 and in the home stretch for my business degree and unfortunately I come from a non targeted low reputation school in Toronto Canada. The program was also kind of generalized and I lack specific knowledge about technical stuff, jargon and the things people look for when they make investments. The last of my courses will be finished in December and I graduate on June 2012. I got interested in investment banking a few years ago when my friend got into Operations at a bulge bracket firm and have been trying to figure out how I’d get in ever since.
Can I still benefit from your courses and somehow break into the investment banking field or should I give up and try to find a job as a bank teller? I really don’t care about money or anything else I just really want to learn how to work as an analyst and do the job as best I can. I’m spending most of my time now trying to get familiar with the markets and the terminology. It’s so interesting that I want to live and breathe this stuff. I’m just still an amateur at it unfortunately.
At this point it would be tough to get into investment banking specifically (if you don’t have an internship and haven’t networked much), but you could still go for another field in finance like asset management, private wealth management, etc. The courses are more applicable to IB/PE so I wouldn’t bother right now.
You keep saying how it is hard to get into IB if you have work experience. Does that include any work experience? After high school, I took a few year break, and worked a full time job, which was just a simple factory job. I am back in school(non-target) I am doing well and I am 22 years old.
Do I still have a chance?
Your chance of getting in IB is significantly higher if you have work experience that relates to IB/Finance.
Your factory job experience is not directly related to IB so I’m not sure if recruiters will care.
Focus on networking with bankers and land an interview. Can’t comment on your chances but being in a target school with finance experience will help you big time
I’ll just have to work hard and see what happens.
Last spring I got to start an equity derivatives desk at a small hedge fund. (Mutual contact, I still work there)
I’m a rising Junior–should i downplay this to make it sounds more like a regular internship? Or just flat out say- Head Trader Equity Derivatives? How should I spin this?
I’m worried that it might be a little too hard to believe. It’s really my only “finance” related experience thus far though
If you had an official title, use that. No don’t downplay your experience. Make sure your resume shows that you build the desk from scratch and your contributions. This is a good experience!
Awesome. Thanks!
I completed an economics degree in 2008. I am also a candidate for the second level of the CFA. However, unfortunately due to many circumstances, I haven’t worked in the last three years. I am now applying for work and don’t really know where to start. I am interested in obtaining a junior analyst position but everytime I contact any firm, they say we’re not hiring and refuse to put me through to anyone. I manage to find the emails of partners in those IBs and they just forwarded my emails to the HR which replied again and said we’re not hiring. It feels like a never ending circle. I recently signed up for an event with the CFA society in my area and I hope I can network there. When networking, should I actually mention that I’m looking for work? Thanks!
Yes, you should mention that you are looking for work but don’t be “desperate” or “calculating – I am only your “friend’ because you can get me a job. Be authentic, genuine and tell people about your situation. Ask if they can help (under the proper circumstances)
I don’t know how you drafted your emails you send to the MDs in IB, but most MDs do forward your resume to HR unless they are interested in hiring you in their respective team.
When you email MDs, pls ensure your email is punchy, brief and to-the-point – key is to get their attention and land an informational interview
Pls have an explanation of what you have been doing during the three years – family issues? learned a new skill? Traveling? etc etc. People will ask. And look confident when they ask you.
I relocated to the US from Canada and use the time to volunteer with the CFA society as well as other nonprofits, learn spanish, obtain level 1 of the CFA and attended many Wharton seminars, courses and workshops. I understand it isn’t work experience but many of these skills are relevant to the field of IB. Thanks for your response. I think with the proper networking, I should be able to land an informational interview. This website is a great resource!
Hi, Great site: thanks for sharing all of this info. (Though why do you do it if it will increase your personal competition in this market and therefore directly negatively affect (reduce) the results of your greed?! (/fruits of your labour)). A philanthropic IBer?! :)
Anyway, the real question I want to ask is this:
- Can a 28y/o geophysicist (with no finance history/internships or networks) get into a global IBing Grad program? Would pushing a ‘commodities/trading’ approach through previous mineral exploration experience help?
Or would getting an MBA be a better approach?
Any advice much appreciated.
I would vote MBA given you are the perfect age and are looking to transition careers.
Hello,
I’ve studied urban and regional planning, and I’m really interested in working in the finance industry.I am 22 years old and looking forward to getting an internship, work for a couple of years and do an mba. I will try my best to get into a top b-school. Where should I look to get an internship? I want to be on the finance side of real estate development and construction. What do you recommend?
I’d look at roles in real estate investment banking (in IB firms) first. I’d also look into real estate investment trusts (REIT) and perhaps commercial real estate firms (like Cushman Wakefield). I’m not sure what networks you have and which one of the above interests you more. I suggest you to do some more research on the three above, and I believe firms in the three categories take interns