Investment Banking in India: How to Break In Even If You’ve Been Out of School for 5+ Years and You Don’t Have a Finance Background
I get a lot of questions about this one, but everyone behind M&I is relatively clueless when it comes to India.
Luckily, that’s not the case with our readers – many of whom work in the region or are planning to in the near future.
This interview comes to you from a reader who landed a boutique investment banking Associate position in India, coming from a non-finance background (engineering).
Read on to learn all about investment banking in India, how it’s different from North America and Europe, and how you can break in.
Background
Q: Can you tell us about your background?
I was an Electrical Engineering major from one of India’s top engineering schools, and I worked at a top IT company here for 5 years, after being recruited on-campus.
I was on assignment in the UK for 2 years, and also had entrepreneurial experience co-founding a software firm.
Things did not work out and I chose to close it down a few months before starting my job search.
Q: Ok, so you started the job search after you had already been out of school for many years and after you had experience working full-time and starting your own company. What were the key challenges you faced in breaking into investment banking?
The two main ones:
- I didn’t have a finance degree, so most larger investment banks refused to even look at me.
- Many firms were reluctant to hire me due to my age.
Since investment banking is a relatively new field in India, the consensus here is that only Chartered Accountants (CAs) or finance MBAs can handle the job. I had to convince firms that even someone without those credentials could do it.
Also, many firms in India pick mostly post-graduates and offer them Associate roles – relatively few banks here actually have formal Analyst roles.
Q: Ok, so you faced quite a few challenges. What about the recruiting process in India? How is that different from other regions like Europe, North America, and East Asia?
I don’t have firsthand experience of applying to those regions, but here are some key points to be aware of in India:
First, there are far fewer front-office investment banking jobs – only around 2,000 to 3,000 total – despite the size of the economy. That means that bulge brackets are even more selective, and that they only pick students with MBAs from top schools in the US, Europe, or from the top Indian Institutes of Management (IIM). Sometimes CAs with a few years of banking experience are also picked for front-office roles.
Next, the majority of investment banking jobs in India are in knowledge process outsourcing firms (KPOs) – “Captive KPOs” (part of bulge bracket banks) and “3rd Party KPOs” that serve many clients.
It’s easy to get lured into working for these KPOs, but I strongly advise against it because you’ll get pigeonholed into making pitch books and doing valuations all day. They try to spin it in a positive light by sending you abroad for 2 months, but it’s not real front-office work – the exit opportunities are limited, so I would avoid this if at all possible.
Since the majority of investment banking jobs are at KPOs, the actual front-office teams at real banks here are small – maybe 30-40 people for bulge bracket banks and 5-15 for boutiques.
The interviews are similar to Europe / the US – you start with a phone interview first, then meet the Associate, VP, and so on.
Overall they’re more “by the book” and more technical – some firms also ask you to create models and complete case studies.
Most undergraduates are recruited from top engineering schools like IIT – unlike the West, the best Indian students go to engineering or medical schools, so that’s where banks recruit.
Breaking Into Investment Banking
Q: So you already had the odds stacked against you, and you were in an extremely competitive market with a lot of engineers trying to make the switch into finance. How did you set yourself apart from everyone else?
I knew that my resume was strong, since I had worked at a top IT company and also had experience starting my own – the only problem was that I lacked an MBA.
I used 3 strategies to set myself apart:
- I had been an active stock investor since college and had managed funds for several other people. I had decent returns over the years, and attached my portfolio performance over the past 5 years to my resume.
- I completed a short financial modeling course and leveraged that to get contacts in the field.
- I relied heavily on networking and cold-calling since on-campus recruiting wasn’t an option.
I thought about studying for the CFA as well, but then I saw your comments about it and decided not to!
Q: Maybe you can walk us through your networking process. I get a lot of questions on how to find names and contact information in the first place – how did you do this when you had already been out of school for years?
There were not many alumni from my college in investment banking, since the field is relatively new here. I got some contacts through the financial modeling training program I went through, and also used LinkedIn, Facebook, and plain Google searches to find people.
I cold-called over 200 firms to receive my first interview.
Q: Wow. So of those methods, which were most effective in getting you interviews?
I attended a lot of meetups in Mumbai that I found on social networks, but most folks didn’t respond positively because of my non-traditional background.
For me, cold-calling was the most effective networking strategy.
I was humiliated at first as I received rejection after rejection, but then I got used to it and kept at it since I knew from your other articles that cold-calling definitely worked.
I focused on boutiques, and after hundreds of calls and weeks of effort, I was invited to my first interview – and won an offer after 8 grueling rounds of interviews.
Q: I get a lot of questions on the usefulness of financial modeling courses. How much did yours help you?
It helped in 2 ways:
- I had no formal finance background, so I needed it to crack the interviews and pass any modeling tests they might have given me.
- Perhaps more importantly, I made some of my networking contacts through this course.
Even now after I’ve started, it has proven helpful because many boutique firms do not have formal training programs for Analysts – so it gave me a head start on everyone else.
Culture, Models, and Bottles
Q: How do salaries and bonuses in India compare to what you would earn in North America / Europe? Is everything based on local rates, or are you paid the equivalent Dollar / Euro salary?
In absolute terms, salaries are less than what you would get in New York or London, for example.
But the cost of living in India is also much lower – so if you take this into account, the actual quality of life you could get with your salary is comparable.
Here’s the pay scale for base salaries:
- Front-Office Bulge Bracket Banks – Pay the most, often higher than New York/London in PPP (Purchasing Power Parity) terms due to the lack of qualified candidates.
- “Captive” KPOs – Also pay a lot, but the work sucks.
- Boutiques - They start out lower than the “captive” KPOs, but salaries scale up higher after a few years.
- 3rd Party KPOs – Pay is the lowest and the work also sucks.
Exit opportunities from the first 3 here range from “decent” (KPOs) to “great” (boutiques / bulge brackets).
You should avoid the 3rd party KPOs – but also keep in mind that “captive” KPOs are a dying breed since many firms have sold their divisions.
Bonuses have been excellent at bulge bracket and middle-market firms here – in the boom years of 2003-2007, bonuses were 100-250% of base salary.
Boutique bonuses average 30-75% of base salary, while “captive” KPOs are 30-50%, and 3rd party KPOs are even less.
Q: How is the culture at Indian financial services firms different from what you see elsewhere in the world?
Indian firms tend to be more conservative, and the financial markets here are not as well-developed – the bond market is negligible and derivatives trading does not involve the complexity found in North America / Europe.
Also, business here is based on relationships and proximity to important government officials – it’s less “professional” than the West.
About Your Future
Q: You defied the odds and broke into investment banking after you were already out of school for years, in an incredibly competitive market. How will you leverage this experience in the future?
I want to work at a top private equity firm one day – but during my job search I found out that a top MBA is becoming indispensable for IB/PE jobs due to the branding and the network you gain in the process. People also tend to listen to you more readily if you have an MBA from a top business school.
So I’ll be pursuing an MBA in a year or two – but since I’ve already broken into investment banking, I’ll pursue a 1-year MBA rather than a 2-year program.
For Further Reading
We’ve focused here on how to get into finance in India – if you want to read all about consulting in India, check out Consulting Jobs in India and learn how to work for top firms like McKinsey, Bain, and BCG there.
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Hi,
I have worked at a captive KPO for one and a half years. I did my undergraduate degree from a reputed college in India. I was under the impression that KPO experience might count in getting selection and later placements in top-tier Indian B schools. However, now I get to hear that BB hiring at Indian schools actually prefer fresher grads rather that KPO guys. Can someone throw some light on this…..
Thx!,
Kanishka
Yes that is generally true and the interviewer above pretty much confirmed that, KPO –> real bank is a tough transition to make
Thx for your reply Brian! Still would you be able to advise what kind of transition I can expect ? Also, is corp fin analyst in a company relevant experience for IB/PE ?
Yes it’s relevant really not sure of details on the transition though as I don’t know much about the Indian market
I am a student of one of the best engineering colleges in India(IIT KHARAGPUR) persuing an engineering degree.I am aware of the fact that many banks come to my college campus for recruitment but they all come for Technology division like DB and Barclays capital.Should I apply for an internship in IB in the New York ,London and Singapore offices and what is the scope of being selected ,as I donot want to work in the technology division of these firms ? And also how would they conduct my interview? Are these banks recruiting undergrads from India for investment banking analyst in NY/London offices?
I would not apply in those other places unless you have connections there or a good reason to move overseas. Most of the time they just hire locally anyway. Your best bet is to do some type of study abroad program or a Master’s degree in another place and then take advantage of recruiting there.
Hi,
I am student from one of the best engineering colleges in india(IIT Madras).I finished my bachelor in april 2011 , but i had been working in an investment bank startup(finding,arranging and execution of deals in emerging markets) from 2011 and i will be continuing till January 2012 and i want to get a job in a decent investment bank.The reason i want to leave the company is dude to dry work and lack of clients for the business.
I have a low gpa , but a strong referral from the company’s CEO who is worked at leading investment banks.
Can you suggest me on how to proceed to get an opportunity in an investment bank.
Any information would be useful to me.
Thanks in advance.
See everything he did above in this interview… start networking, going to events, cold-calling when necessary, maybe consider the CA designation
Hii Nikhil.. what company is it? I am also from an IIT ( Roorkee, 2011) and I am looking for a job desperately in IB. I tried for the big ones but cudnt get any interview calls.. If you cud tell me the company name it l help me a lot. also I m planning to do my MFE next year so working for one year wudnt be a problem.. Hope u dont mind giving out names..
hi,
I have done gradution in Science then PG(MBA) in finance having 2yrs expreince in the broking firm . Now i am looking out for career in Investment banking so what are the courses or where should i start ? what are the company ?
Please guid me?
See what the interviewee here did – CA, possibly a modeling course, lots of networking.
I am a finance news writer…I have my own finance blog…i have done my BBA and doing the company secretaryship program. What do you think my next step should be if i want to be in the private equity or corporate finance?
You need to work at a small finance firm and/or get another degree such as a Master’s or MBA.
I am 25 years old. So, that should not make any difference, right? Moreover, I aim to do my MBA in distance. Will that be a factor?
If you want to get into PE/corp fin in your situation, you might have to go through the unconventional route since I presume you aren’t eligible to get in through the regular internship programs via university recruiting. With the above being said, you can network “like a ninja”, build relationships w senior folks in PE/corp fin and offer to help them out. No I don’t think doing an MBA in a distance helps. If you really want to do an MBA, get into a top school (targeted universities such as Wharton, HBS by banks).
Pls refer to this link to network like a ninja – http://www.mergersandinquisitions.com/networking-investment-banking-jobs/
Thanks so much, you have been of real help!
Hi Brian,
Some of my friends are working in investment banking KPOs that support global banks like Barclays, CS, MS etc. The profile of these guys remain the same like cranking out pitch books, spreadsheet valuations analysis etc. I am sure everyehere irrespective of the region, banks will have such teams. Is it wise to break into these teams/KPOs with a hope to move up to the front end role in future? Because these teams do the analytics work & can one expect to have front end role in future through such experience?
I can see where you are coming from. While the analytics work might help, I personally haven’t heard of anyone who tried break into banking from working in the IB KPOs like Copal Partners. Do bear in mind your hours working for KPOs can be long and pay probably not as palatable and it might take you a long time before you can break into IB. If you are genuinely interested in the work this might be a good try though I’d suggest you to network your way into banking instead. http://www.mergersandinquisitions.com/networking-investment-banking-jobs/
Hello,
I am a Medical doctor with Master’s in Hospital Administration. Exclusively since last 4 year my profile has been in Strategic business growth , Medical practice acquistion & Research analysis with various Hospital groups. I want my future in IB and am searching for a breakthrough in IB-Healthcare vertical. Was planning to study a M&A course . However I lack in networks.Guide me how to go about ?
Here you go http://www.mergersandinquisitions.com/network-investment-banking-5-simple-steps/
Hi
I am CA Anant Kapur and I have recently qualified Chartered Accountancy examination from the Institute of Chartered Accountant of India after doing my Bachelor of Commerce (Hons.) from University of Delhi. Further, I have also successfully cleared CFA Level I examination.
Previously, I have worked for Deloitte Haskins and Sells in Audit & Assurance Division and Grant Thornton in Tax & Regulatory Services.
Through this work experience during my articles training, I have attained deep knowledge about understanding and analyzing the Financial Statements of an entity and the processes which are carried out throughout the entity.
I have gained skills of teamwork, client interactions and continuously meeting deadlines to provide best output to clients. I possess good analytical and developed Microsoft excel skills while working on various assignments across industries.
Even with such a profile I am finding it really hard to enter an I-Bank. I have been cold calling a bit and forwarding/uploading resumes to various people/websites but no luck as of now.
It would be great if you could tell me how to make my profile stronger. I read about the finance modelling course the interviewee did. It would be helpful if you could tell me the best place to do this course anywhere in India/abroad along with other useful tips.
Thanks in advance.
Don’t give up. Don’t think “making your profile” stronger on paper is as useful as networking. Continue to network and cold call the right contacts – people who have the ability to hire you (i.e. MDs).
When you cold call, make sure you articulate yourself well, have a good voice and keep it brief – key is to get to meet the guy for an information session via coffee. Always ask if he/she has a minute first.
Modelling course? You’ve found the right place! http://breakingintowallstreet.com/biws/
Hi.. evn i have recently qualified Chartered Accountancy examination and m facing same problem like yours.some of my seniors have told me to do audit of banking & FS industry to get there.What path have u chosen? by now u must have even got some job i guess
http://www.mergersandinquisitions.com/breaking-into-investment-banking-accountant/ addresses your question
I dont want to sound rude but many engineers from our country(Yea im indian) want to get into IB mainly because of the things they see on movies or the rumours they hear about pay packets.I wish they evaluated their talent and likes before they jump into this field
Engineers from IIT are mostly recruited at I banks but if you arent from IIT you need to be exceptionally brilliant,need previous finance experience and yes the most popular factor,luck.
I am working in the operations for one of the Bulge bracket banks in India. I always thought that operations was the best way to start off if you are from a non target. However, after reading your article about operations I am a bit paranoid. I am 22 and have been working for a year and a half now. What should my move be to get into IB? Botiques here dont took at you if you dont have an MBA/or are an engineer from IIT.
This would be a bit early to apply for an MBA. What should my next move be?
It really depends on your background. If operations is the “best” job you can get and have right now, make the most out of it and try to network your way into PB even though it is difficult.
I don’t think its ever too early to apply for an MBA. if you have good work experience and good referees (and can craft good essays), why not?
Next move? Network like a ninja. Pitch your story well. Ace your interviews.
In such a case, would a masters in finance degree work? Instead of an MBA?
http://www.mergersandinquisitions.com/investment-banking-masters-programs/
I personally prefer an MBA to MF – hope article above helps
Hi,
I am working as a software developer In TCS with 1.8 years experience.I am trying to get into financial sector without opting for MBA.I have cleared CFA Level II Examination this june but its not helping me.I dont have any contacts into financial industry.Is there any way out?Is CFA a bad choice?
Passing the CFA exams is not an automatic pass into the world of finance.
Have you joined your local CFA society and attended their networking events? Since you mentioned you don’t have any contacts, I’m assuming that you haven’t taken advantage of this yet. You need to network.
Also, what specifically are you looking for in a job?
Hi Mike,
I am open to any profile as of now to get into finance but the thing is I am not getting any calls from anywhere I can show my capabilities only when i get some calls.I have applied through companies website career section but all in vain.
Is it possible to join local CFA society before level III?
Kindly advice
Yes, you can join as a candidate.
http://www.mergersandinquisitions.com/cfa-investment-banking/
http://www.mergersandinquisitions.com/finance-low-gpa-no-experience-non-target-school/
http://www.mergersandinquisitions.com/network-investment-banking-5-simple-steps/
Hi!
I’m an experienced finance professional. Have worked for 4.5 yrs in the corporate banking division of MNC banks. I took a break from work in 2009 due to family reasons. Now I am ready to get back to work and have been looking for a job since quite sometime. In the month of March 2011, I also did a training on investment banking from India office of Wall St. Training. I want to get into an investment bank. Request your guidance.
Regards,
Tripti
Network w bankers and see if you can land yourself a job (just so you get your foot in the door). An MBA in a target school might help you. You can also try back/middle office roles in banks, or even work for financial service providers and then try to land a job in banking (not ideal but an option)
Hi,
I am a Chartered accountant and working at Corporate restructuring(M&A) vertical of KPMG India from past 9 months. I specialise in structuring the deal from tax and regulatory perspective. My profile involves inbound and outbound investment structuring, structuring the organisation holding model for overseas listing, balance sheet right sizing, etc. I have also done internship in a local Investment bank (boutique) where i was invloved in financial modeling, profiling sectors and companies, drafting information memorandum, etc. I aspire to make a career in a Private equity/Venture capital advisory but wish to make a way in it through M&A strategic advisory from any top tier IB. Could you please guide me, how should i shape my career from hereon and do you think i can make my current experience count to get into it ???
Yes your current experience shd help. How to shape your career? Network and try to land a job in IBD. I’d also network w PE/VC principals in the meantime too.
Hi,
I’m an engineering student from a reputed Technical Institute in India. As an undergrad, with no formal finance education, with not-so-outstanding scores, but a passion for the IB/finance sector, what are my chances?
I’ll graduate in May 2012. What should I do to break into IB. An immediate MBA is out of question for me.
Chances: slim unless you network like a ninja and have a great pitch.
Network w bankers. Apply for jobs in midtier banks.
M&I;
any pointers how to switch over to IB from a consulting background?i have over 2 yrs exp. in management consulting.
http://www.mergersandinquisitions.com/consulting-to-finance/
Hello, I was going through your article and I have few queries. I have recently completed my MSc banking and finance from University of leeds , UK . But I had to come back to India due to the shortage of jobs for international students in Uk . Now, I am trying to break into Investment banking cause I just love. I have been trading in equities and other alternative investment for quite some time now. I am contacting PE directors and investment firm directors but no one has been helpful to me as they said that due to global economic slowdown has even effected their business and they are not hiring .
I am confused that what should I do now to break into the field. I seriously need some help in this. I have even written articles and I plan to start blog writing as well
but can you suggest what will be helpful to me.
Keep on networking. Don’t give up.
Sir,
I am an engg graduate from one of an average engg college in india with a cgpa of 6.98 out of 10. i want to make my career in investment banking, i have no contacts, also i got a job in one of the pvt sector bank in india. can u please guide me wat to do in order to achieve my goal as i am from a non-financial field
This should help http://www.mergersandinquisitions.com/investment-banking-from-state-school-no-finance-background/
Dear sir,
I am an electronics engineer presently working in IT dept of a good bank at Singapore.I have cleared CFA level 2 and CAIA level 1 and desperate for a break into investment banking arena. What are my chances in India and pls advice
Varun
http://www.mergersandinquisitions.com/getting-a-finance-job-from-engineering/
hi
good afternoon
i have completed M.COM and indian CFA,and wants to make career in finance corp/pe firms in mumbai,but i am not able to get any job kindly throw light on this matter how to achieve the full procedure or anything you can.
thanking you
See the tips above. Go to networking events, start out at smaller firms, think about accounting and Big 4 and other non-bank/PE firms to get started there first and then move into one of those.
this website! the comments. I work at a Bulge bracket IB in London. To be precise, I am an analyst and made around £112k last year. Money is good, no?
Can’t really comment. I’d suggest you to refer to salary surveys
Hi
I am a science graduate working in public bank in India , profile being servicing the customers and selling financial products thereby creating revenue . I have a strong desire to work in a investment bank what should I do .
Thanks .
Network intensively and really understand why you want to work for an IB
Hi,
I’m an engineering graduate from BITS-Pilani in India(the top private engineering school in the country and at par with most IITs as reflected regularly in any XYZ ranking you pick)and currently working at Oracle Server Technologies in Bangalore as a Software Developer(6-months work-ex).Gave CFA Level 1 this month and expecting to pass easily.Relax, I read your pieces on CFA so won’t bother talking anymore about it :)Just outlining my profile.
What I wanted to know was whether you’d be able to comment on the usefulness of doing a 1-yr fully-paid via scholarship liberal arts program from the point of view of -
1)Coming across as a well-rounded individual for B-School application in future.(aiming to get into finance and PE specifically in the long-term)
2)Networking(this one coz this program is unique in the sense that it is sponsored and fully-funded by the who’s who of Indian industry and a lot of them regularly meet the fellows selected for interaction).
In addition to courses taught by the best in the field from all over the world,the program strongly emphasizes Experiential Learning and working on business ideas step-by-step over a 8-month period from conception to execution(there goes the entrepreneur pitch)
The website: http://youngindiafellowship.com
PS: I actually read a lot of stuff related to the kind of courses they teach and very much love it, so it’s not like a forced thing.I need to weigh passion against practicality,if this helps in anyway with career goals,makes it easy to convince myself to have a go at trying to get the fellowship.
1. Not sure if the program will help this as much
2. Yes
I thought you said somewhere in one of your articles that bankers don’t give a damn about anything beyond fin work-ex but B-Schools look for diversity and “different”. I mean unless you are a top-athlete/successful entrepreneur/random quirky outstanding achiever, even B-Schools don’t give a damn or what?
Yes, but in your situation, your fellowship can help but might not be able to increase your chances significantly
HI,
i will graduating this year in MBA finance from a reputed B-school in mumbai.I am fresher as i didn’t have any prior work experience. i am very keen on joining an good investment banking and/or consulting firm, but i am unable to get placed through campus placements. please help me out on how should i go on this to get placed as well as what courses should i take to make my resume strong enough.
thanks and regards !!!
http://www.mergersandinquisitions.com/finance-low-gpa-no-experience-non-target-school/
Hi,
I am a B.com from the university of Mumbai graduated way back in July 1993, pursued the CA Course after that, cleared one of the groups of Inter C.A. in May 1996. Have been working abroad all then since 1996 have tried to pursue my CA further but could not make it. In all these yaers i have got good offers which pay around $30000 p.a. to spaek of but i really want to be a finace professional . How do you think can IB help me
You should worry about getting into IB first. Once you get in, I’ll answer your question
Hi,
I love this website for the extensive database it has!!
I am 23 yrs, working for a private investment banking company as a trainee for three months. During my CA internship also i worked at the same post in same company for about 15 months.will this experience help me get into top I banks or should i continue to gather more experience and then start approaching ??
Hi, great article! However, my situation is such :
I am an undergrad 3rd year design student from one of the top colleges in India (IIT-Guwahati). I am very much interested in breaking into the finance field, esp. I-Banking.
So far, I’ve had no financial background. No financial interns, nor any design ones. My CGPA is also bad.
This coming summer I am supposed to be doing an intern. Exactly a year later companies will start recruiting students from my batch.
So, to get into IB or related fields, what am I supposed to do? Apply for :
Option (A)
A financial intern this summer and subsequently apply for a financial analyst position in an I-Bank during on-campus recruiting (is it even possible for me?), and then do an MBA?
Option (B)
A design intern so that it improves my chances of getting a good design placement a year later from now, and after a 1-2 yrs of work experience do an MBA?
I guess you’d say option A is better, but I’m also considering option B since I’m absolutely clueless as to whether I could land a financial summer intern as well as a financial recruit later, with no relevant background at all.
Also, would a job at a bulge-bracket be possible, even if its in the future? That’s my ultimate interest, and definitely not KPO’s.
Please only post your question once on the site.
A. A bit late for on campus recruiting.
B. If you are in design, why do you want to get into IB and related fields? You should be able to address this question before you apply. I think an MBA would help you in your case given your background but I’m not sure when you should do it because it depends on circumstances.
I’d say B might be an easier route for you. Can’t say if BB is possible for you in the future given so many unknown factors.
Hi, great article! However, my situation is such :
I am an undergrad 3rd year design student from one of the top colleges in India (IIT-Guwahati). I am very much interested in breaking into the finance field, esp. I-Banking.
So far, I’ve had no financial background. No financial interns, nor any design ones. My CGPA is also bad.
This coming summer I am supposed to be doing an intern. Exactly a year later companies will start recruiting students from my batch.
So, to get into IB or related fields, what am I supposed to do? Do I apply for :
Option (A)
A financial intern this summer and subsequently apply for a financial analyst position in an I-Bank during on-campus recruiting (is it even possible for me?), and then do an MBA?
Option (B)
A design intern so that it improves my chances of getting a good design placement a year later from now, and after a 1-2 yrs of work experience do an MBA?
I guess you’d say option A is better, but I’m also considering option B since I’m absolutely clueless as to whether I could land a financial summer intern as well as a financial recruit later, with no relevant background at all. This is what I really need to be informed about!
Also, would a job at a bulge-bracket be possible, even if its in the future? That’s my ultimate interest, and definitely not KPO’s.
Desperately need your advice! Thanks.
Please only post your question once on the site and refer to our response to this same question on another post
Hi,
My question wasnt answered and the next one was…so i thought theres some error.Anyway i am reposting the same:
I love this website for the extensive database it has!!
I am 23 yrs, working for a private investment banking company as a trainee for three months. During my CA internship also i worked at the same post in same company for about 15 months.will this experience help me get into top I banks or should i continue to gather more experience and then start approaching ??
Your experience should help. You should network now and see how it goes.
Thanks Nicole for the reply, i would like to get some guidance regarding my career…
Firstly- What do you exactly mean by networking? i just know my colleagues in my office. so how to i network?
Secondly- This might sound a bit out of context, but I am very keen on working for a big MNC, and i have an offer from Marshall and MacLennan India for insurance consultant job.So would insurance consultancy later on help me in IB at a later stage of life if i decide to switch back to IB? or will i have to start from scratch again?
please advice.
Networking = talking to as many people as you can, build genuine relationships with them, give and take (figure out what they want and see if you can match their needs), leverage on your relationships. In your situation, you might also want to cold-call/email firms – http://www.mergersandinquisitions.com/turn-cold-calls-warm-follow-up-alumni-conversations/
FIG groups in IB may be interested in your insurance consultancy experience but I don’t know if its that useful to other teams, and even for FIG, to be honest
Thank you so much for the time and advice Nicole
Anytime
Please can anyone of you guys help me out. I am a B.com from 1993 batch , pursued C,A. but could only manage it till Inter C.A.that also under the old course in 1996. Can you let me know what is the investment banking scenario in India & how could i possibly make it
This article should address your question.
Hi,
I appeared by final paper (P4/P5) of ACCA(C.A) in UK and willing to come to back to India to work as Investment Banker. I have over 10 years experience in Accounts and finance worked with small size company in UK & India.
I have absolutely no idea how is IB job market in India and also how to break in.
Will be really appreciable if you can assist me.
Regards
Neeraj
I’d suggest you to network with people in the industry, cold call people and see where it takes you. http://www.mergersandinquisitions.com/turn-cold-calls-warm-follow-up-alumni-conversations/
I would like to know whats the best option for me. I have completed CS, LLB & MBA. i want to make it big in M & A. I want to crack the deals and work in all ways possible. I have offers from Big 4 as well as a few Invt banks. What should i do? what will give me the best arena to perform?
If you want to work in an IB, I’d take the offers w IBs. You should choose the team you get along with the most and the work you find the most interesting
Can you tell us the hierarchy wise approx salaries prevailing these days in the IB and PE sector in India ?
Readers might give you better insights!
Hi,
i had written earlier asking about insurance consultancy in relevance for IB.
I have worked in I banking for 15 months in a pvt co. I am very keen on working in MNC.
I dont have an offers as such for management consultancy but i would like you to enlighten on the similarities between the two profiles. Is it easy to get switch between IB and management consultancy and is the work the same?? i am at a deciding stage of my career and hence i need certain clarifications. please advice.
thank you
http://www.mergersandinquisitions.com/banker-vs-consultant-why-the-banker-wins-with-a-knockout-in-round-1/
http://www.mergersandinquisitions.com/consulting-to-finance/
Hi,
I started working for a bulge bracket firm with technology division 6 months back after graduating out of a top engineering college.
Here are my quick questions:
1. I believe going for quick MBA is not a good option(as you suggested in one of your articles), correct?
2. Should I try switch to an IB role in a boutique bank with cold-calling and financial modeling courses? I am really skeptical if it would be a good decision moving out of a bulge bracket so early!
3. I have not found any opportunities to network with any bankers yet in my current role. Should I give time to build better network at my firm before moving for MBA? I do not know if that would be possible since bankers work out of a different office.
4. I cannot be a active stock investor and manage funds for others for gaining experience (as the interviewee here) because of firm’s compliance policies.
5. Any other strategy you would suggest?
I would really appreciate your advice.
Thanks.
1. Depends what you want your MBA for.
2. You could try, but whether you could do it or not depends on you
3. I think you’ll have to really take the initiative to network w bankers if they work out of a different office
4. I can understand
5. Go out of your way to network. Ace your current job and get good recs. If you have time, try to pick up some interesting experience (i.e. working for a non-profit on the side, starting your own business)- this will help in your bschool app
Hi….
I am a CA, passed out in 2011.Currently i am working in a consultancy firm but have an inclination for M&A fields. Can you please suggest the ways to break in my interest field?
http://www.mergersandinquisitions.com/networking-investment-banking-jobs/
I’m doing my MBA in finance & marketing from IIPM Mumbai. I was already been placed with Icici securities as senior relationship manager. I have left the job in 45 days of joining & I don’t have any other work experience. Im trying to get a breakthrough in investment banking sector. I have given interviews in few financial institutes in Mumbai. Please guide me in how to go about in this field.
You have to be very aggressive with networking, just as this interviewee was. Meet people at events, get their contact information, follow-up, cold-call banks as necessary, and do whatever it takes to get noticed and win interviews.
hi,
i am currently pursuing my mms(finance) from mumbai university, and i want to get into investment banking, my back ground is of bsc(chemistry), and i have 4yrs of work exp in sales,and i switched on from sales to finance, now its extremely difficult to get jobs in field of finance, m 29yrs of age, can you suggest me how and what should i do to boost up my resume so that i become capable for giving interviews in an investment banking firm.thank you
In your case, going to a top tier (target) business school might help you.
Hi Brian,
your website helped me a lot to know about breaking into IB from a non-finance background.
I m a junior year engineering student planning to take up a career at a big bulge bracket in India. With no prior experience of finance, I plan to take up FRM L1 this summer to provide me an insight into the markets from a quantitative perspective.
As I ve already read the “CFA” section, I know this certificate course has a very less significance. I have applied to a lot of banks/PE/boutique banks but I ve heard from none so far. I have an entrepreneurial experience of finding a youth awareness sort of a platform at college level. Since I do not come from IITs I have no options of campus recruitment to an IB for a non technical role.
GS visits my college for internships every year for a technical profile. I ve mailed the HR too about my interest in finance.
I have a chance of landing up an internship offer at a boutique this summer. Do you think I should stop cold calling bulge brackets since I do not have an experience and instead focus my time and energy more towards my FRM prepn? ( and be satisfied with the boutique offer anticipating it might help me land an interview with an IB more effectively at a later point of time, when, i should be actually focusing more on cold calling).
I ll be obliged by a reply from your side.
Yes be satisfied w the boutique offer because it will help you in the future, but don’t stop networking.
Sir,
i am i my final year graduatiom b.m.s(mumbai university) there lie lot of option before whether to do m.b.a(finance) which i think should be followed by 2yr experience or do fresh c.a ultimately i want to get in I.B other courses such as c.f.a, or CIB(certified investment banker) which is offered by icfai university are other option avail before me.so plz suggest and one i wanna ask that whether private institution in my knowledge such as SIB(school of investment bank) and corporate bridge will actually me get in as analyst in I.B plz guide me…regards
http://www.mergersandinquisitions.com/mba-investment-banking/
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