How to Break Into Investment Banking as an Engineer
“It’s something very personal, a very important thing. Hell! It’s a family motto. Are you ready Jerry? I wanna make sure you’re ready, brother. Here it is: Show me the money. SHOW! ME! THE! MONEY! Jerry, it is such a pleasure to say that! Say it with me one time, Jerry.”
-Rod Tidwell, Jerry Maguire
If you’re like Rod here, you’ve come to the right place.
You’ve done engineering or you come from a technical background, but now you want to break into finance. Show me the money!
So here’s how you break into the industry:
What You’re Up Against
Every recruiting effort is a battle – sometimes you have advantages over the enemy, and sometimes you’re at a disadvantage.
Here’s what other professions are up against:
- Lawyers: They can work long hours and deal with annoying clients all day, but can they count?
- Accountants: They can do mind-numbingly boring work and they know finance, but can they work long hours?
And here’s your key challenge as an engineer:
“I know you’re good at math and making calculations, but can you talk to people? Do you have any social skills? Are you actually interested in finance? Are you willing to work 100 hours a week rather than the 50-60 you’d get at Google, Facebook, or Twitter?”
You need good answers to those, and your interview performance needs to be polished to a waxy shine – otherwise you’ll come across as the engineer who doesn’t know what he or she is getting into.
In Your Favor
But it’s not all bad news. There are some things working in your favor:
- They won’t doubt your quantitative skills or your attention to detail.
- Depending on your experience, you can prove that you can work long hours relatively easily.
- You have options outside of investment banking that other professionals like lawyers and accountants don’t have access to.
Telling Your Story
Here’s how you apply our story-telling template and tutorial to investment banking interviews if you’re an engineer:
“I started off being interested in [Engineering / Technical Field] back [Before College / In College If You've Graduated], and thought I would do that for a few years.
But after getting exposed to [Your Finance "Spark" - Meeting Someone, An Event, Student Group, Internship], I realized that I was much more interested in pursuing business because I want to make an impact and work in something much faster-paced.
Since then, I’ve done some research on my own and also [Hopefully Done More Finance-Related Work / Activities], and I’ve realized that starting out in investment banking would be the best fit for me. In the long-term I want to be an investor or trusted advisor to companies, and I see banking as the ideal path to getting there.”
You might expand that in interviews or shorten it if you’re networking, but that’s the basic idea.
If you’re an engineer, you’ll have a much easier time telling your story if you’re applying to groups with a technology focus – whether they’re in banking, PE, or anything else.
It makes it much easier to use the Background In One Field + Finance Experience = Long-Term Success formula discussed in Why Investment Banking.
There’s not too much specific to engineers when it comes to networking: if you’re a student, go through alumni, your friends, family, peers, classmates, anyone in your fraternity or sorority, and so on.
Cold-calling also works well with local boutiques, and some regions – like Silicon Valley – have a high concentration of tech-focused boutique investment banks, so you may have more success there.
If you’re already working, you can go to your co-workers, former co-workers, clients, and former clients for networking purposes as well: just be careful to not say too much too early.
Should you go for bulge bracket banks or target middle-market / boutique firms exclusively?
It depends on how old you are and what you’ve done up to this point. Some rough guidelines:
- Already Working Full-Time: Forget about bulge brackets unless you have a killer connection – go for smaller places.
- Graduating Soon, With No Relevant Internships: See above.
- You’re Applying for Internships in Your 2nd or 3rd Year at School: It’s worth spreading your net wide if you’re still at this stage, though you’ll have more luck with large banks if you’re at a well-known school.
Other Options: Hedge Funds, Prop Trading, Sales & Trading, and Middle/Back Office Roles
I mentioned above that engineers have options available to them that others don’t, because of their quantitative background.
There are 2 main categories here:
- Trading: Hedge Funds, Prop Trading Firms, and Sales & Trading at large banks.
- IT / Support Roles: Referred to as the “middle office” or “back office” at banks.
You stand a good shot of getting these jobs because they look for people with quantitative and technical backgrounds.
Even if you’re not doing algorithmic trading or any programming, you still need good math and probability skills to succeed in trading.
And if you’re in an IT or support role, programming is essential and you have a huge leg-up with your background.
But there are a few things to watch out for:
- Even if the work you’re doing is more technical, having a demonstrated interest in finance is still critical. Especially at top schools, engineers are all very, very good at math – but they’re not all genuinely interested in finance.
- You should avoid IT / support roles unless you truly have no other options – transitioning to the front office is quite tough unless you want to get into sales & trading rather than investment banking.
- The main disadvantage of all these options is that your exit opportunities are more limited: you either stick with trading or you move into an entirely different industry if you get tired of it.
So they’re not right for everyone, but you should at least consider them and do some networking in these areas if you’re coming from an engineering background.
Spinning Your Resume
So you have your “story” set and you’ve planned out your recruiting strategy, which firms you’ll contact, and what fields of finance you’re most interested in.
Next, you need to craft a winning resume – because almost everyone will ask for it. Here’s how you do that:
Step 1: Use this investment banking resume template if you’re an undergraduate, or use this more experienced resume template if you’re already out of school.
Step 2: Pick the 3-4 experiences you want to highlight – these should be what you’ve done full-time, your summer or school-year internships, or major activities where you’ve held leadership roles.
Step 3: Remove technical jargon and engineer / programming-lingo from your resume and re-frame everything in terms of business rather than C++.
Here’s a poor way to word an example bullet on your resume:
“Inspected client’s customer support code and assisted with migration from Linux 2.4 to Linux 2.6 by implementing support for 64-bit multi-core processors in assembly code as well as support for threaded processes in operating system kernel.”
No one aside from programming geeks knows what the hell that means – so you need to write about the business results instead:
“Reviewed client’s customer support system and found room to optimize process by 20%; recommended and implemented changes, which saved client $10,000 and 10 hours of labor per week over first year.”
Please don’t write about multi-core processors – write about the time or money you saved people, or the additional revenue you brought in as a result of what you did.
In Interviews
Interviewers will focus on the key questions we referenced above:
- Are you genuinely interested in finance? Do you have a demonstrated track record of interest?
- Have you learned enough about accounting and finance to answer basic technical questions?
- Do you have the stamina to work 100-hour weeks?
- Can you talk to people? Comb your hair? Dress properly?
Here’s how you can answer these “objections”:
- The 100-hour week one is probably easiest: just talk about all the lab work you had to do, all the last-minute projects you worked on, or any time you hit “crunch time” in your internships or full-time jobs.
- To prove your interest in finance, pick a few interesting tech (or other) stocks or companies to discuss. Avoid Google, Apple, Twitter, Facebook, etc. as everyone will talk about those. Also talk about any investing you’ve done or any recent tech market news.
- To answer technical questions, there are interview guides and financial modeling programs that will teach you everything you need to know. You can also go through accounting / finance textbooks or ask your friends for a crash-course.
The last point – proving your social skills – is tough to explain in words, but you need to be polished and you can’t hesitate when you answer questions.
The best way to get good at this one is to practice with any friends who are smooth talkers and imitate them as much as possible.
Also, make brevity a habit – many engineers ramble on endlessly about technical details, but in interviews you want to keep 90% of your answers to 2-3 sentences at the most. If they want more, let them ask.
Technical Questions
Since you don’t have a finance background, bankers will have lower expectations when it comes to technical questions.
But that doesn’t mean you can just ignore them: at the very minimum, you need to know the fundamental accounting and valuation questions – the 3 financial statements, how they link together, how to walk through changes to the statements, and how to value a company.
You could get questions on more advanced topics like merger models and LBO models, but these are more common if you’ve had some type of finance experience: definitely know the basic concepts, but don’t spend time learning every single obscure detail.
If you’re in a time crunch, your best bet here is a comprehensive, concise interview guide that lays out everything in plain and simple terms.
Plan B Options
So you networked your butt off, you spun your resume as best you could, and you nailed your interviews.
But you came out of it with no offers.
What are your options?
1. Consider Finance Roles Outside of Investment Banking
See the section above on hedge funds, trading, and middle / back office roles. While these have some disadvantages compared to investment banking, they’re still much better than sitting around watching TV all day.
You could also think about asset management, private wealth management, consulting, or anything else that takes you closer to business – investment banking is not the be-all end-all that some would have you believe.
2. Business School
It’s never a magic bullet solution, but you can use business school to re-brand yourself… if you do it properly.
Just make sure you get into a top MBA program, that you do some kind of pre-MBA internship, and that you have a few years of full-time work experience first.
3. Keep At It
This one is only applicable if you’re working full-time: if you’re in school, you have deadlines.
But if you’re already out and working, keep in mind that the job search process takes a long even if you’re spending 8 hours a day on it.
Expect to spend 6-9 months looking before you find anything – and it might take a year or longer in a poor economy.
So don’t throw in the towel until you’ve exhausted Plans B, C, and D.
Break Into Investment Banking
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I am working in a back office for a bank in their IT division. I would like to get into their Investment Banking division. I think courses in Finance/Investment banking will get me there. I do not have a background in Finance. I would appreciate if you could suggest some books/readings (the ones that I can buy from Amazon) in learining basic Finance concepts. Once I complete them, I am planning to apply for a Masters in Investment Banking and Securities. Please share your thoughts and comments. Alternatively please email me on srinivaspach@yahoo.com.
See the bottom: http://www.mergersandinquisitions.com/leveraged-finance/
I’m getting my PhD in Mechanical Engineering from Temple University. Also I have 6 years of experience in commercialization of patents in europe. Do you think investment banking companies could be interested in my background (and school rating)? are there other job opportunities for engineers to work in finance, management, investments…? Thanks
Potentially yes but you are better off doing something in trading or something more quantitative… http://www.mergersandinquisitions.com/degrees-certifications/
Hi ! I’m working at senior position in a large bank, managing customer service function. I have approx 13 yrs of sales & service experience in different industries , whereas last 5 yrs in the banking domain.
I want to become hedge fund manager or get a break into investment banking field and looking for a career transition.
Need some opinion and views from you . I’m also exploring the option of taking GMAT to get into top MBA institute , however not sure if post MBA top organisation would be keen to try with a fresher at the age of 37 ? Are the organisations open ?
Also, are there any chances without MBA ? what’s the best way to try . Will appreciate you Honest ans and practical suggestions.
Regards,
Rohit
At this point you pretty much have to go for the MBA – with that much experience it’s almost impossible to move into IB/HF via networking.
I need your help
I have done BSC in IT finished it and am now on my final year in civil engineering I will finish in Jun and I think 75% i will get 2:1
the question is I want to work in a bank in finance or anything that will put my feet there, is there anything I can do any advice I can get will be very helpful as am going to finish this year I thought maybe do MBA but the problem is they cost allot in a good uni I hope I made myself clear.
Ah I have no real experience in an office and am now 27 years old.
Thanks.
Not sure I understand your question – your best option at this point is to go do an informal or unpaid internship at a finance firm and then leverage that into a full-time / paid offer.
thanks for your replay
do you think finance is harder then civil engineering?
and dos the age matter a lot as am 27 so do you think its will be hard for me to get in?
do you have some of the investment banking name that i can start to apply to in London UK.
thanks again
http://www.mergersandinquisitions.com/age-investment-banking/
Read through the rest of this site for UK-specific advice or do a search for it, there have been several recent articles. Finance is not “harder” intellectually than engineering but it is harder to get into.
Hi All,
I’m due to do the Summer Internship in Technology for a major bulge bracket this summer.
Provided I perform well at the IB, I have two decisions:
1. To go to a FO position in a Tech/Business Consulting firm (Sales or Business Consulting).
2. Pursue the IB Graduate job and work up to Business Analyst (or sometihng non-programming).
Is the IB Grad worthwhile in the long run? Are MD-level technology positiions worth working towards given their salary / work environments? Cheers.
Personally I don’t think MD-level tech positions at banks are worth it… still stressful and you make a lot less money than MD-level front office people. So either go to the tech firm if you want to do tech, or if you want to do business get in as a front office IB analyst instead
hi ,
i have done my graduation in civil engineering and have an experience of 6 years in civil engineering doing construction and managemnet. Now , haveing said so i want to change my carreer from a civil engineer to a Financial manager . though i dont have any finance related experience however a desparate interest in finance. i wanted to go for an MBA in finance but i found myself not elligible as i dont have an experience in the industry of finance and investment.
with the backdrop above in view , i would like to inquire , how would it be the option to go for an Msc in finance before going for MBA finance?
also weather it will be workable and doable for doing Msc finance being a civil engineer with no experience of finance?
regards
rommell
Yes the MSc can be a good option http://www.mergersandinquisitions.com/investment-banking-masters-programs/
hi
first of all thank u very much for a prompt reply . secondly i strongly commend such an outstanding job by creating a website giving answers to a lot of people who r really confused abt their life and future … BRAVO
However . i have gone through in detail to ur refered link and found it quiet difficult and risky to go for an Msc finance and an MBA finance , if one doesnt have had any major in finance b4. As i found the conclusion that doing any Masters in finance will not make u learn anything in finance rather it will just gain u time in an enviorment in which u can manuvoue for ur future in finance.
So , while having said so , i would like to inquire again .. which type of MBA would best be suitable for an engineer who has a carreer in engineering for last 8 tears and now wants to have a career switch ? because lot of other people are reccommending me to gofor MBA marketing rather than in finance ?
regards
romel
The point of an MSc in Finance is that you probably DON’T have the finance background, which is why you’re doing it. And you will learn about the subject, in fact far more than you would in an MBA program.
The exact MBA type really does not matter – a completely unrelated degree at HBS beats a finance degree from Unknown MBA Program any day of the week. School name is infinitely more important than what you study in the program.
thankx..
i exactly got ur point … but do u think getting an MBA finance from HBS would really be an easy job pragmatically particularly when one doesnt have any know how of finance?
Finance is not rocket science – if you can do math and have a basic quantitative ability, you can pick it up quickly.
Hello
I have been working for 4 years as a senior software engineer in a large private bank in Zurich and will be joining one of the top 3 business schools in Spain, this fall, for doing my MBA. Please suggest what areas do i need to concentrate upon to increase my chances of getting into the business side of the private banking, asset management or IB department of my current client bank.
I can gain leverage from my existing contacts within the IT dept. of the bank.
Many Thanks,
Bumba
It’s not really about areas to focus on, it’s more about networking via alumni, former co-workers, professional organizations and so on… maybe focus on tech industry groups in IB or tech investing so you can use your background to your advantage.
Thanks M&I for your valuable comments.
As far as networking is concerned, my approach is to seek help from few, but high profile people who can exert the maximum influence, as opposed to the more contacts/low profile approach. Do you think that I can get caught on the wrong foot because of this?
Thanks and Regards,
Bumba
No I think it’s fine
Thanks M&I.
Dear M&I
I am thinking of the option of starting to prepare for CFA simultaneouly while doing my MBA and sit for level 1 next December. How much value do you think this would add to my credibility in AM or IB? Or, is it that a min. of level 2 is required to get a handsome leverage?
Thanks,
Bumba
Sorry, I noticed that you have already addressed this issue in a different section. So please don’t bother to reply. I will read up the section on CFA. Thanks again.
Swagata
I have been working in IT for last 10 years. Last few years have been doing backoffice consulting work at financial services firm such as Fidelity, Barclays & Citi. I am trying to find out how to move to an equity analyst career. I am 33 year old. Please tell me which is better option
a) Full time MBA in finance. ( I wont get to top 10 but can get something 10-15 ranked school).
b) Part time NYU MBA+ CFA
c) MS Finance NYU + CFA
d) MFE from NYU
Thank you very much.
At this point a) is your best option but if it’s not at a top 10 school it will still be tough. Maybe consider asset management or working at a smaller firm.
Where do you think MFE would take me to?
The issue is that you have too much work experience (do a search here for “age”) so IB would be tough with just a MFE degree… probably limited more to trading-type positions if you do that
I have given up on IB.. Now concentrating on more of FO jobs so that I could have some interest in my career. MFE I believe would help me get interviews for low level quant dev jobs which still would be better than senior level BO jobs. what do u say?
Not sure but yes an MFE would lead to something better than back office jobs
Hi,
I’m an engineer at Cornell interested in ibanking.
I will complete my degree in 3 instead of 4 years and my gpa is very close to a 4.0
The problem is that I do not know what to do during this summer.
I’m too young to get an ibanking internship so I’m trying to get an internship that is not related to ibanking just to have something to do.
If I don’t get any internship, what should I be doing?
I have 2 years left in college. Thank you.
http://www.mergersandinquisitions.com/no-investment-banking-summer-internship-offers/
but it’s June already and the article you gave me is for people who have couple months before summer.
If you look under Recruiting at the top of the page you’ll see some case studies and interviews where readers were in similar positions… cold-call local firms aggressively. If that doesn’t work, make up your own project, take finance-related classes, start a group, or do something else like that.
I am currently working as a Strategy Analyst at a Leading Retail company. I have been working here for 1.5 years and was considering making the move to investment banking.
I work long hours and do get paid nearly as much as i would get paid in Banking. I have a strong background of building financial models.
My I have a bachelors degree in Chemical Engineering and a Masters degree in Industrial Engineering & Statistics. Quantitatively i have a very strong background but also have a very strong Business acumen which comes naturally and has also been further developed at the company that i am currently working for.
Please could you please advice me if i would be a good fit and how hard would it be for me to get a breakthrough into Banking Industry.
You have a shot but you would need to network a ton and be very persistent… better to do it now as it will just get more difficult if you wait. Aim for retail/consumer groups or boutiques as you have the industry background there.
Hi,
If I am a Software Engineer with 7 years software engineering experience and have a BEng degree with no Finance experience and no MBA and want to get into Investment Banking which CV do I use ? I will use one of your templates and business tailor it to my personal experience as I think I can add a lot of Business related keys inside it.
Thank you so much for your help and this great website. Keep it up.
Thanks,
Smarty
Probably this one http://www.mergersandinquisitions.com/mba-experienced-investment-banker-resume-template/
OK great. Which one is it do I choose ? Is it
1)MBA-Level Investment Banking Resume Template (PDF)
2)Working Full-Time Investment Banking Resume Template (PDF)
3)Experienced Investment Banker Resume Template (PDF)
Thanks.
2
Thank you M&I.
Hii.. I am an Engineer recently graduated(2011) from IIT(India). I wanted to move into Finance field.My frnd suggested me applying for Financial Engineering at NYU. I am thinking of applying for NYU next year (2012 session).Would dat degree help me getting into IB? What is the diff b/w becoming a quant and getting into IB? What type of jobs do people generally get after MS in Financial Engineering or Financial Mathematics? Currently I have a job offer in a process industry? Should I take up d job or shud I search for some job in a financial industry? If so what type of job wud be beneficial for getting into IB? I dont have the option of getting an intern now in any IBs. Can you suggest what wud be gud for me to do in dis situation? I have gone through the indian link but it doesnt seem to give me much information.
http://www.mergersandinquisitions.com/investment-banking-masters-programs/ Yes do a Master’s program and then use recruiting there to get into IB
Hi,
I have a 2 years work experience at the second largest investment bank in the world (in India)(cant mention the name) and have done my Engineering in IT from Mumbai university from a reputed college.I work in the Private Banking technology back office and typically do programming and also as a business analyst. Ive given my CFA level 1 waiting for my resulting thinking it could give me a breakthrough in Finance. But I read the posts to find out it was useful only for a career in Inv research and portfolio mgmt. I wanted to get into merger and Acq sales or Private equity. Tried to get internships in IB and even tried applying for jobs but with no luck.Can u tell me the best approach to go ahead with either my search for internships,jobs or do my MBA or something else ????
At this stage probably an MBA… http://www.mergersandinquisitions.com/investment-banking-india/
Hi,
I will be graduating at the end of the year with a degree in Electrical and Computer Systems Engineering. I plan to continue my education with a Master of Business (Banking and Finance). My question is where would this put me in the industry having a degree in engineering and a masters in business? What sort of industry would suit me? I am still unsure whether to continue with Banking and Finance, but it seems to be the only suitable option I have. Your advice is greatly appreciated.
Maybe something in trading or automated trading… if you do a search on the site you will see a few options
Hi, I have just done my 3-year undergraduate course in chemical engineering at University College London. And, i just got an offer from Cambridge university for MPHIL in Chemical engineering. If i were to go into banking sector as a loan officer, would i stand a good chance? Would it take me a very long time to get promoted to the top management position? Thanks for your advice on this.
Probably not unless you have finance experience of some kind first
Hi,
I am working with one of the best investment banks in London as an equity risk analyst for front office technology. i am a cfa level2 qualified and want to break into Mumbai investment banks because I belong to India and finally want to settle down there. I have a work exp of 2 years. How should I brand myself?Is it going to be tough even though I have 2 years front office technology exp with expertise in equity derivatives?
Thanks
You need to prove that you know something about deals and how M&A / corporate finance works, so yes it will be tough; consider self-study and courses on those topics because equity risk analysis / derivatives are quite different.
Hi
I am studying Industrial and System engineering at UW-Madison currently. I have 8 months work experience in a management consultancy(ZS Associates) and 6 months work ex in an NGO. I want to pursue a career in IB. Do I stand a chance? to be specific, what courses should I take and when should I apply and in what position. Will I get an intern at least?
Thanks in advance
If you network a lot, yes. Not many banks recruit at UW so you’ll have to. Courses matter little, it’s almost 100% about networking (look under Recruiting at the top).
Hi,
Thanks for this extremely useful article! I’m a graduate of Electrical Engineering and have been working in the industry for the past 1.5 years. I plan on attending an MBA school after I have achieved another year of experience and will hopefully be able to move into the finance industry. My concern is that my undergraduate GPA may not be competitive enough to get into a top-rated North American MBA program. I may have to settle for an average school in Canada. Will this be detrimental to me? Should I perhaps focus on achieving my CFA (Levels 1, 2, 3) instead?
http://www.mergersandinquisitions.com/stuff-investment-bankers-dont-like-cfa-activities-advanced-degrees/
http://www.mergersandinquisitions.com/cfa-investment-banking/
Hi All,
I graduated in 2005 with a BSc Mechanical Engineering Degree. I’ve since worked in the Oil & Gas and Maritime fields as an auditor and inspector. Whilst my job affords me lots of traveling, the pay off is becoming less and less appealing to me and I have a greater affinity towards business and entrepreneurial ventures.
I am considering doing a Bachelor of Commerce in Economics and thereafter, pursue an MBA. I really would love to get into investment banking or be apart of the greater nexus that is international commerce.
I what do you suggest would be a recommended route – Economics first or straight to MBA? Can you recommend some companies that would find my skills relevant at this current point in my career from a financial perspective?
At this stage an MBA is all that would help, you have too much experience to apply for entry-level post-undergrad jobs.
Hi,
First, very informative website. Good job M&I.
I am a Traffic Engineer and Urban Planner currently and used to work in real estate entitlements before. I am also pursuing PT MBA at a decent Midwest school (ranked 10-15 among PT MBAs) hoping to break into IB. You seem to know a lot more than those in the industry I have talked to. Need your advice on my situation.
In my current job (past 2 years) I do a lot of math/Excel modeling, simulation, forecasting and write a lot of technical reports as a Traffic engineer. I also do some B/C analysis and life cycle cost analysis as a planner. Most of my works is in the public infrastructure (roads and bridges) domain. Result of my work ends up at director level staff at DOTs and municipalities who review my work and approve funding for major road construction projects.
In my previous job (5 years) in the real estate industry, I mostly did engineering analyses and negotiated real estate approvals/environmental permitting with municipal agency staff and elected officials. And I had a lot of client management responsibilities but no finance experience other than P&L responsibilities for my projects.
How do you think I can leverage my experience to break into IB. What areas of IB do you think my experience is relevant? With my current job I can even get a sabbatical to do an internship next (2012) summer before graduating in 2013.
Focus on Project Finance and/or Real Estate and use the “industry experience + finance/MBA = investment banking success” story. And try to get a pre-MBA internship even at a small, unknown firm as that will help you a lot.
Hi,
Praise the lord that I found this website, which is extremly informative and helpful…
I have the diploma in Telecommunications, and now I am working in Event Organizer industry for almost 2years as a team manager, and to be promoted as a sales manager within 6 months, following that, based on the performance, after being a sales manager for 1 year, I will be either promoted to be a sales director or another year as a sales manager…
As currently I want to gain degree cert, thru work I find that I am more interested in Business/Commerce field, so I want to gain bachelor in Business from a local reputable university in Singapore, however, I have to give up my career for these three years of study as there is NO Part-time Business course available in the reputable universities, but I can choose part-time Engineering(estimated 4-5years) which is available…
So could you please advise which path I should take as now I am already 25years old…
Business 3years full-time
or Engineering (Electrical&Electronics) 4-5years part-time
Thanks alot in advance!!
Definitely business assuming that you want to get into finance.
Not pertaining to IB exactly, but a similar question:
I have a four years of experience in academic research labs (BS Biology, left a PhD program), a little government work, and no industry experience. I want to get into Equity Research, and my top consideration right now is to get an internship or some type of volunteer experience to leverage into a real job. My problem comes from spinning my story: My interest in finance comes from reading books and reading the news. I feel like I’m at a catch-22 where I need some type of business-related job to put on my resume as a reason for liking finance.
My questions are:
* How do I spin interest related to equity research without having any relevant experience? In my lab work, I can spin things into a results oriented manner and talk about results and money, but none of it is directly finance related.
* Do I need to spin things to be finance oriented? Can I just rely on being gung ho about doing the work and hope someone will pick me up on the cheap?
My question to you is – why does equity research interest you? If your interest in finance comes from reading books and reading the news, perhaps you can spin the story by saying you enjoy gathering various information, acting like a detective and piecing info together (that’s what research analysts do). You love to understand the stock market and be able to provide investors your views and logic on why you think a certain stock will act a certain way. You love being able to have the power to drive the market. I’d familiarize myself w the stock mkt and pick a few stocks I like to buy/sell and spin the story on why I like to do so
Not necessarily but the above should help. Picking stocks isn’t rocket science; anyone can buy a stock for various reasons, you just need to articulate the reasons in a credible way. No, why do you want someone to pick you up on the cheap? Try to get an interview first, and take my advice and convince them to hire you. Its that simple.
Hi,
Nice article, good inspiration for my future goal.
I’m in sydney with 10yrs of exp in hi-tech wireless industry and
would like to break into IB. planning to do my CFA and apply
though agents. What are my chances ? Any advice ?
Thanks.
Perhaps you can focus on the tech industry group if you have tech experience. Don’t apply through agents. Network like a ninja http://www.mergersandinquisitions.com/recruiting-in-a-down-market-part-3-networking-newbie-to-networking-ninja/ and land an interview!
I graduated from Georgia Tech about a year ago with a 3.8 in Industrial Engineering with a certificate in finance (6 additional finance classes). Since then I have worked at a small software consulting firm that releases its own software providing financial and accounting services in a niche industry. My other work experience consists of 4 terms of relatively meaningless work at a Fortune 300 and a semester-long senior design project with another large company. First question: with my background do I stand a chance of getting into a bulge bracket/MM or should I focus on boutiques?
Second, do I have a shot at getting a job in NYC, or am I better off limiting my search in the Atlanta market? I’m wondering how much name value GT has outside of the Southeast.
Lastly, if I get a job at a boutique, will that be enough to get me into a top 10 B-school, assuming a 700+ on my GMAT and the obligatory extracurriculars?
Thanks.
Focus on boutiques.
Perhaps landing a job at Atlanta will be easier though I’d give NYC a shot too
Yes – as long as you spin your story well
hey, I am currentrly pursuing my mba in finance from a reputed b school. I have been preparing for my summer placements. I have a background in Environmental engineering from the country’s one of the best engineering college.I am interested in entering investment banking.Do you think i can justify how my background is going to help me and do you think i can ustify the career switch?
As long as you can spin your story – why you want to get into banking, how you can add value – you can justify the career switch. Your MBA should be able to rebrand you. Also focus on your business experience and financial skills you gained from your program. Try to join a finance/investing/IBD club at school if possible
Sir, I am working for Ericsson from the past 2 months. I am looking forward to getting into the finance sector. SO, is it possible, say, after 1 year of my working with ericsson I can switch my job or should I look for a job in finance from now on as a fresher.
This article should help http://www.mergersandinquisitions.com/investment-banking-male-escort-in-tokyo/
Hello All,
In 1994 I graduated with a MSc Chemical Engineering Degree. Since I worked in various industries including the Biotech as a Process control engineer, Construction as Product Development Engineer. In 2001 after I’ve completed a MBA in Financial policy I worked as a Senior Consultant in the Mining sector provided capital investment analysis for engineering projects then few year later I worked as a senior chemical Engineer for an Engineering consulting firm. Moving to another country for some reasons I worked as a Technology Failure Analyst for a manufacturing of Electronic devices.
What do you suggest me? Can you recommend some companies that would find my skills relevant?
http://www.mergersandinquisitions.com/getting-a-finance-job-from-engineering/ – shd answer your questions
Hi, I am a PhD graudate in Mechancial Engineering. I am interested in finance. But I don’t any job experince in finance. I am not sure whether they need this kind of people like me. If do, usually what kinds of roles are ok for my background?
Many thanks
Think about more technical roles like trading, quants, and so on if you want to leverage that kind of background.
Hi I graduated as a Mechanical engineer last summer. I am interested in finance. I have taken engineering economic courses in college. My question is how can I tailor my engineering experiences for an IB or Consulting resume.
Thanks again.
Hi! I want to work for one of the bulge bracket investment banks in Singapore and I need help getting there. I have done internships at Citibank and Deutsche Bank but not in the investment banking departments.
I just graduated from my Masters of Mathematics degree in the Philippines, worked for 2 years as an economic research analyst in the Philippine central bank. Undergraduate degree is in Economics/Economic History with a 2.1 from the UK.
How can I successfully make the switch? How do I spin my story to show interest in investment banking?
Network w ibankers. Try to land yourself an interview w the IB depts. Focus on the modelling/quantitative skills you have gained in your last internships. Show your interest by telling them why you want IB
http://www.mergersandinquisitions.com/why-investment-banking/
Furthermore,
1. If you want to move up from the “back office,” regardless of your industry, make sure you impress the right people.
2. Never say “never” even when everyone else says “never.”
3. There’s no one “path” you need to follow – no one really knows what they want to do, no matter how old they are.
- http://www.mergersandinquisitions.com/tales-from-the-back-office/
Thanks for the reply! I’ll check out the links. The no one path tip is a home run.
Hi team, i want to ask that I am a underwritter for retail lending division, i want to move into the investment banking , merger & acquistion
this will help http://www.mergersandinquisitions.com/get-a-banking-job/
Hey M and I, I want to ask what is the best way to go around in India if you want a job of a Technical Analyst. I have my graduation in Chemical Engineering and currently doing MBA in Finance(in my first of two years). Please suggest me the pathway from here.
Technical roles are v broad so you should narrow down the roles you are interested in, figure out what skills such roles require. I’d also suggest you to work on networking and getting interviews. You background seems sufficient though you might also want to consider the CFA if you’re looking at roles in research.
Hi,
I am 28, living in Poland. I have marketing/ management degree, obtained in top Polish school of business.
So far I have 5 years working experience: 2 years of Business Consulting (processes optimization) in the Oil&Gas industry and Retail industry. Company I worked for is one of top 5 American consulting companies. Next 3 years I was working as system consultant in the top FMCG American company. Here I supported IT integration during the acquisition processes of my “ mother company” and plant start-ups. The role I played can be described as Project Manager.
I am looking forward to move into PE. I have basic finance knowledge however I am planning to pass CFA before turning 30.
Can anybody advice me if I have chance to move into the PE without having background in the investment banking/ financial analysis?
My perspective is that I have good networking and soft skills, I know how the corporate clients operate and I am able to get common language with sales/ marketing/ finance/ production/ etc. I am having experience in negotiating MM dollar’s contracts. I am also having experience in managing teams of over 50+ people. I am having fluency in English and Russian (can be useful with Eastern markets). I ma also very keen on strategic management which is my hobby (related books/ literature). Last but not least I am also having good knowledge on the IT industry and very big network over the IT services providers. Lack of financial knowledge I want to “rebuild” by passing the CFA.
Wouldn’t all above fit into PE business, which in the end is about initiating/ planning/ executing/ monitoring and controlling and closing? Wouldn’t my technology knowledge/ FMCG knowledge be useful and “open the doors” into so PE fund?
My plan is to stay in my current job next 2-3 years, pass the CFA in the meantime and start to look for PE related job- on the Senior Analyst/ Associate level. Is that possible/ realistic at all? What can I do next 2-3 years to make my chances higher? One obstacle I can see is that I am currently at pretty god salary level and I wouldn’t like to break it while moving to PE. Still I am willing to do the change. Please comment.
Thank you,
R.
hard to move into PE w/o IB experience
CFA might not necessarily help http://www.mergersandinquisitions.com/cfa-investment-banking/
http://www.mergersandinquisitions.com/private-equity-recruiting-in-2550-words/
I’m not quite sure how valuable your skills are to PE firms to be honest because many prefer people w IB/PE experience or/and network w LPs/investors.
I think the links above should answer your questions.
Hi
I have completed my MSc in Geo-information Technology (GIS). I am working as GIS Consultant from last 5years and looking for a career change.
Please advice me if there is anyway to break into Finance and accountancy.
Thanks
Manoj
http://www.mergersandinquisitions.com/investment-banking-male-escort-in-tokyo/
Hi,
I have done my engineering in computer science and worked for a year and a half at IT consultancy firm. I decided for a career move and did my MSc in International Money and Banking.
Now my question is that what should I highlighting my objective as, should I be making a generic objective or should I make it specific for example: financial analyst.
Also, should I be applying for fresher jobs since I have no relevant experience in finance sector apart from working on EPM(Enterprise Performance Management) for a year which is closely related to monthly budgeting,forecasting.
Thank you
Pratik
What are you highlighting your objectives for? Just apply to jobs that are looking for someone w ur skillset and ideally a financial role that you are interested in. The objectives thing wont help you much. Not sure if you should start out from the bottom. I’d suggest you to network w people on finance and start landing interviews first. Just apply and see how it goes.
First of all thank you so much for taking out time and replying.
I am looking at working as a Research Analyst, but what I see in India is that people who do not have MBAs or premier degrees from top institutes are overlooked, so its really difficult to land upon an interview. I believe networking is the only way here, since applying to companies via their cv portal is completely ignored. I would like to know how to approach such companies when I do not know anyone from inside
Also I believe I can approach potential employers through linkedin too, but I am not sure how I am suppose to do that.
You can email people directly, show them your value & also show genuine interest in what they do. Try to grab coffee w them after. Find out their email addresses and do that.
Better yet, figure out where indian bankers usually hang out and hang out more often at those places and network w them
Also, will appearing for competitive examinations like CFA,FRM and NCFM leverage my position in getting a better job and growth? I am appearing for CFA level 1 this december.
In some regions (India, South Africa, other emerging markets, etc.) it can help, yes
Hello,
I worked as a consultant for 2 years and then did my masters. Now I handled multiple projects for one client during my work. Do I need to mention that on my resume since I am applying for the analyst position or should I squeeze it under one project/client
Yes. List your few most notable projects
Hey,
I have recently graduated from Penn State with a Bsc in Petroleum and Natural Gas Engineering along with a minor in Middle Eastern Studies. I have been applying for jobs for the past 6 months for engineering, and no luck. I found this article fairly interesting and was wondering what you could recommend me to do. I wanted to stay in the business side of the energy industry, hopefully get my MBA after a few years of experience. Which sector would you recommend for me as a fresh graduate? Some people in banking told me that it would be diffucult to enter the finance industry without any experience. My email is hanif.selim@gmail.com. I will be checking this site also. Many thanks.
Have you looked at corporate development/M&A departments within energy companies? Yes though you should still network with people in finance and see if there are any openings that fit you. If you are interested in equity research, I’d suggest you to look at equity research in the energy sector. Find out the contacts of the sector’s research analysts across the street and email them. See if they’re hiring or/and if they can give you any input/intros
Hi There,
Thanks for this great article.
I have Bsc in Chemical engineering since 2007 and have been working as a process engineer for 3+ years, I also have an experience in private business. Currently I am half way through with my MBA in IB at university of Toledo, but having classes through distance learning at home, and I am aiming for distinction.
I wish to move to investment banking or finance, what do you think should be my next step? and what are my chances for it?
Thanks in advance
Given your background, I’d look at quantitative/tech roles in finance. I’d also network w financiers in your region and try to get informational coffee etc with them. Chances? I don’t know you well enough to say but the above shd help
M&I,
I have a BBA in quantitative finance and worked on the structured product sales and trading desk as a TA at several large IB in NYC. In 2007 when the market tanked, I was let go from my job at a very large German bank (don’t what to say any names). I then took a position running risk, creating models, and taking short-term prop positions for a very small asset manager who rather quickly went insolvent and ultimately liquidated. That was in 2009. I have been on the bench since, and I am finding it very difficult to get back in the market. Do you have any suggestions for re-marketing myself so to get back in the game?
Many Thanks!
GD
Sorry for posting in this section. I just noticed the mistake and don’t know how to remove.
GD
I can understand. If you are very passionate about what you do, I’d recommend you to continue networking w peeps in your area. If not, how about finding a new area in finance that you think you’d be good at and network w guys who work in such area? Figure out this new area (based on your interests, skills and strengths) and network w peeps in this area. You might have to start from the bottom but you might not if you pitch your story right. Or try sth new, not related to finance.
Done BSc Geology & MSc in Geophysics at top 3 uk university. Working in an oil company for 2 years. Preparing for The GMAT at the moment incase I decide to do my MBA in the future, or use it for job applications ( I know for a fact that McKinsey does ask for it) – would it help to break into IB??
Another important point – would investment banks pay higher than oil companies? In two cases, in Europe and in the Gulf such as Dubai & Oman?
Thanks
Maybe but doesn’t guarantee it
In general I believe so but again it depends on the role. Can’t say which countries pay more. Again depends on you and the team though I’d believe Europe isn’t exactly the best place to be right now given its economy
Hi,
Starting next year,I will be pursuing a masters in financial engineering(ivy league)
I am a graduating CS/OR double major(ivy) and have one, two term internship experience in a tech company.
I want to get into hedge funding.
but I have zero experience, background, internships in any form of business related fields.
Where do I go from here?
hedging*
Network as much as you can. Learn about the markets and HFs’ trading strategies. Join an investment club, trade your own portfolio
hallo sir,i am impressed with your discussion.currently i have completed my mechanical engineering and iam working for bajaj auto as design engineer.but my aim is different,i want to become an successsful investment banker.but i donot have idea about the finance career.so that i will apply to master of finance engineering at georgia tech and other grad school for my interest.but university councelor told me that it is difficult to get in the course because of my technical background later they has switched my application to industrial engineering.sp i want your help…because my goals are so different.shall i enter the investment banking after my master in industrial engineering?shall i do some extra courses through in finance as distance education…or what else..
pls reply
http://www.mergersandinquisitions.com/getting-a-finance-job-from-engineering/
iama 2011 passed out electrical and electronics engineer. Iam offered a job as a technical accountant. Its like online power bidding and then billing using SAP. Is it a good career option to start. I want to know the scope in future
It’s OK, but not that closely related to front office business (working with and winning clients). So not the best option if you want to move into finance.
Hi,
I have a BE Computer Science degree and am working in Prime Brokerage area for past 2 years, I want to continue working in the same area as a Business Analyst, can you suggest a further course as in Master/MBA which will help me achieve it.
Thanks in Advance
I’m not sure if a Masters or MBA would help if you are already in Prime Brokerage. I think knowledge of HFs and network w HF managers would help. I also know of a person in PB who took this exam http://caia.org/ – it might help
Hi,
I am working as a software engineer since July 2008.I am planning to switch to Investment banking preferably in UK.
If I get into masters program ( MFE etc) from LSE/Oxford etc will it help me get a job into investment banking.Also will I be hired as a first year analyst or a bit senior position.
Hi,
Currently I’m working at one of the top aerospace companies in the world but in a Finance role. Although my title is Finance, the work is far different than traditional Finance (wealth management, IB, PE, etc.) Having one previous internship as a investment banking analyst at a boutique, how do I break back in as a full time associate(bulge or boutique) without looking like I’m just trying to jump ship and that I’m capable of a IB role?
You’ve got to be able to pitch your story and figure out why IB – I can’t help you on the comments page here because this would require me looking at your background in details and talking to you in person. Perhaps you can check out our coaching page for more details.
Sir,
I have completed my B.E in E&TC in 2011.Although from eng.background my maths is not that good.I have good negotiation skills.There is an internship in a startup investment Bank.I want to know whether i should apply for management trainee or internship in Investment Banking?Which will be more beneficial for me?
please reply.
Depends on the bank and your qualifications. I’d imagine m’gmt trainee positions are easier to get but those positions are usually not offered at investment banks but in commercial banks etc.
Ok thanks for all the advise given on this thread. I have been quite lucky and met a partner from a private equity firm a couple of weeks ago. I told him I was interested in doing some work with the company and he said they are taking on a CEO for one of their current projects and by summer there should be lots of modelling work to do, hence I could help out. Of course, this is entirely down to whether this CEO likes me and thinks I can do it. Do you think I should look for other potential interships, I have no prior IB/PE experience so this would be really good for my CV but would I be able to move into a bigger PE firm / BB the year after? Cheers
Yes. See what that PE firm says and network with other firms in the meantime
Thanks for the help! One more question; if I was unlucky and could not get some work with PE firm, are there many opportunities to move from (energy) trading into advisory / M&A?
yes probably more related to energy advisory though
Greetings,
i have read about the different alternatives to fund/finance renewable energy projects. Among these options there are VC, PE, IB ,the Capital Markets and Project Finance which seems to be the most suitable form according to what i have read lately. Therefore i would like to ask which masters degree (either a MSc in Finance or an MBA Finance) is the best option in order to enter this sector? I hold a BSc in Industrial Engineering, worked for a renewable energy start up in the past and i´m currently working for HSBC in a Graduate Management Trainee Program.
MBA from a top-tier school is better than a MSc from a top-tier school in your case
Hi I am a Civil Engineer with 5 years experience and enhanced mathematics background. I want to break into banking jobs and I am already 27.what;s the best option for me? many thanks
Perhaps roles that are more quantitative like derivatives etc
Hi,
This is an amazing website and a guide for one who aspires to break into IB. Myself being one of those, will like your advice on the same. I completed my Bachelor of Technology in Computer Science in 2008 from one of the best colleges in my country. Thereafter I worked in the IT industry for 3 years just to get a feel of it, although I was never genuinely very interested in it (But I was quite good at it, was getting a lot of money and recognition and the companies I worked for, are the best and most recognized in IT sector). A month back, my husband got transferred to US and I moved with him to New Jersey abandoning my IT career. I have, for last two months, have developed an interest in finance. Though I have an option for seeking another software job again and getting good money for it as I have a good work experience and brand names, I am a lot inclined towards pursuing IB. Please advice me if I am being realistic at all? I was planning to do a CFA to enhance my resume which has no finance back ground at all, but reading several articles here has left me in doubts. I can start reading some books etc just to get started though. What else should I be doing? I am quite good with numbers and people. Had a gpa of 3.2 and have done tones of extra stuff inside my company apart from coding (like taking initiatives to start marketing campaigns and educational seminars in remote colleges about the products, organized summits single handedly, basically things involving a lot of interacting with people). Do you think I will stand a chance at all. How much time should I give myself before I give up looking for career in finance?
I’d network ad perhaps get a part-time MBA at a top business school to increase your chances
I am an undergraduate (sophomore) in Industrial Engineering at Georgia Tech (ranked #1 USNews for IE). I’m doing the economics/finance track within IE. My GPA when I graduate will hopefully be ~3.9+ if I continue to do well.
I haven’t started began internships and I’m not quite sure what companies/positions to aim for to boost my resume. I would be willing to relocate to pretty much anywhere in the world. I also speak near-fluent Arabic (but am an American and a non-native speaker) and am wondering if that could give me an edge in UAE or elsewhere in the Middle East.
Yes it will help in the Middle East. I would review this article for ideas on internships / activities: http://www.mergersandinquisitions.com/investment-banking-resume-no-work-experience/