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How to Get an Investment Banking Job

Close-up Of Businessman Hands Giving Cheque To Other Person In Office

So, you want to break into investment banking?

In some countries, I might be legally obligated to stop you – with force, if necessary.

But if you’ve already taken the effort to search online and find this article, I won’t stop you – instead, I’ll show you exactly how to do it.

There are 6 steps to breaking into investment banking:

  1. Understand the Industry – You’re going to be a peon at first.
  2. Plan Your Strategy – Networking? Cold-calling? Business school?
  3. Craft Your Story – So, why do you want to do investment banking? You can’t just say “for the money” even if that’s the truth.
  4. Network Like a Ninja – You need to pick up the phone and talk to real people to maximize your chances – online applications are useless.
  5. Bankify Your Resume – Think “Gordon Gekko” rather than “clueless liberal arts major” or “geeky engineer.”
  6. Ace Your Interviews – Are you smart, can you do the work, and do bankers like you? You better hope so.

Now let’s jump in and see exactly what to do for each step so that you land investment banking offers.

Prerequisite: The Banker Blueprint

Remember how your economics and math classes had prerequisites?

Well, so does this article: please click here to sign up for, download, and read The Banker Blueprint right now.

This free, 57-page guide covers everything in this article but goes into more detail in certain parts and has alternate examples.

You should read both The Banker Blueprint and this entire article because they feature different examples and focus on different aspects of breaking in.

Have you downloaded and read the entire guide?

OK, good, now you may continue.

Understand the Industry

First, understand that banks are extremely rigid with their recruiting.

We’re not talking about innovative tech startups where anyone who can kick ass and take names is welcome: we’re talking about conservative, traditional organizations that stick to what has worked for the past 20-30 years.

Banks have a strong preference for undergraduates and business school students at the top universities: think Wharton, Harvard, LSE, Oxford, and so on.

It is significantly more difficult to break in if you are already working or you’re not at a top school.


Banks assume that if you’re already working full-time, you would never sacrifice your social life and sanity to start working 100 hours a week – they want students who don’t know any better.

They also assume that if you’re not at a top university or business school, you may not be smart enough or hard-working enough to do banking.

Furthermore, banks have developed relationships with all the top schools worldwide and already do very well recruiting just at those institutions – so they don’t see a real need to go beyond that.

The statement above are not my own views – I’m just cutting out the politically correct BS and telling you how banks think about their recruiting.

Entry Points

Next, realize that there are 2 entry-level positions in investment banking: Analysts and Associates.

Analysts are recruited straight out of undergraduate or Master’s programs, or sometimes come in after 1-2 years of full-time work elsewhere. They are like the peons in Warcraft: they are at the bottom of the food chain and do all the work.

If you start out as an Analyst, most of the time you leave after 2-3 years and go into another field like private equity, hedge funds, or venture capital.

Associates either get recruited out of top MBA programs or are promoted directly from the Analyst pool. They manage Analysts, work more directly with clients and senior bankers (Vice Presidents and Managing Directors), and put out fires.

Associates are expected to stay in banking for the long-term – moving to private equity, hedge funds, and venture capital is significantly more difficult.

Plan Your Strategy

So, which of these 2 entry points – Analyst or Associate positions – should you aim for, and how do you get in?

Let’s break it down by level:


This one’s easy: get an investment banking internship any way you can.

If you’re at a top school, you’ll go through on-campus recruiting and also network with alumni, family, professors, student groups, and so on.

If you’re not at a top school, you’ll need to be much more aggressive with networking and cold-call dozens of small, local banks.

Then, after you get this banking internship, go through the same recruiting / networking process and leverage your experience into full-time interviews and offers for Analyst positions.

Recent Graduates (< 3 Years of Full-Time Work Experience)

Once you’ve graduated, your options are more limited: you either network your butt off or you wait until you have 3 years of full-time experience and apply to top business schools (as in MBA program – not Master’s programs).

Cold-calling will not work as well because you have more experience.

Spend 6 months networking with alumni, professional referrals, organizations like the CFA Society, and anyone else you can find and focus on boutique banks – if you don’t see any results after 6 months of exhaustive effort, apply to top business schools.

Experienced Graduates (>3 Years of Full-Time Work Experience)

Apply to top business schools – you’re too experienced for Analyst positions, so you need to re-brand yourself and go for Associate positions instead.

MBA Students

At this stage, networking is even more important than at the undergraduate level because everyone else is doing it too.

If you’re at a top school you can still use on-campus recruiting, but you need to begin contacting alumni 6-9 months in advance of business school, setting up informational interviews and doing everything else you can to break in and land Associate positions.

Beyond the MBA-Level / Over 10-15 Years of Full-Time Work Experience

The ship has sailed – you’re not going to become an Analyst or Associate with 10-15 years of work experience.

Either consider a different industry that’s more open to capable, experienced candidates (e.g. prop trading firms) or advance to the C-level executive / Partner level and then move into finance as an Operating Partner.

Craft Your Story

Once you’ve decided whether or not you can break into investment banking and what position you’re going to aim for, you need to craft your story.

Your “story” comes in 2 forms:

  1. A 1-2 minute explanation in interviews that answers the “Walk me through your resume / CV” or “Tell me about yourself” questions.
  2. An abbreviated, 2-3 sentence version that you use when networking or cold-calling.

Your story needs to convince bankers that you will excel in investment banking and that you are much better for the job than anyone else.

You do that by structuring your story around four points:

  1. The “Beginning”
  2. Your Finance “Spark”
  3. Your Growing Interest
  4. The Future & Why You’re Here Today

Here’s what you could say for each of these points:

The “Beginning”

You were born in New York but moved to London when you were younger and attended university there, initially planning to major in English literature.

Your Finance “Spark”

When you were studying abroad in Paris, you met a few friends who owned their own M&A advisory and real estate brokerage firm, which got you very interested in exploring finance.

Your Growing Interest

When you returned to London, you joined the student investment club and also switched to a double-major in finance and economics.

You then interned at HSBC in their M&A group last summer.

The Future & Why You’re Here Today

Although you had a great experience at HSBC, you want to apply your knowledge of finance and M&A to much larger companies and work on more cross-border transactions.

With your experience in the US, UK, and France, you’re well-equipped to work on deals involving companies in any of those countries.

In the long-term you want to specialize in cross-border M&A deals, and especially anything involving real estate – all going back to your initial “spark.” You see this bank as the best way to gain the skills you need to do that.

Abbreviated Version

When networking, you would cut the outline above down to 2-3 sentences and say that you’re a finance/economics major from [University Name], you worked in HSBC M&A, you have experience in the US, UK, and France, and you’re interested in specializing in cross-border M&A deals involving those countries.

More “Story” Examples

You should now have an idea of how to structure your story.

For more examples, please click right here to download The Banker Blueprint.

Also, please watch this video tutorial on How to Tell Your Story.

Network Like a Ninja

So now you’ve figured out whether you can get into investment banking, the best way to break in, and what you’re going to say when you meet bankers.

Now you need to network like a ninja to land interviews and offers at banks.

There are 2 methods of networking: developing relationships and cold-calling.

If you have 6-12 months before recruiting begins, you should focus on developing relationships via informational interviews, weekend trips, information sessions, and more.

There are dozens of tutorials on this site covering all types of networking, so I’m not going to repeat everything here – please see this article for the high-level overview:

And then click on “Recruiting” link right here and go to the Networking category to get everything else.

If you’re in a rush and you’re an undergraduate or recent graduate, you will need to do a lot of cold calling – find small, local banks, call and ask how to get an Analyst position there, and rinse, wash, and repeat until you succeed.


IB Networking Toolkit

Break into investment banking – like a pro. Dominate your cold calls, informational interviews, and weekend trips.

learn more

Again, I am not going to repeat everything here because networking is covered from A to Z in The Banker Blueprint and elsewhere on the site.

Instead, I’m just going to answer the most common questions I get on the topic:

Where Can You Find Names and Contact Information?

Start with your alumni database and searches on LinkedIn – go for people with similar backgrounds (schools, interests, geographies, companies, etc.).

Contact student groups, professional organizations like the CFA Society, talk to professors, family, family friends, friends of friends, and leave no stone unturned in your search.

Get access to Bloomberg or Capital IQ or Factset and use those to look up bankers’ contact information directly and call them.

For names and information on 10,000+ banks, PE firms, and hedge funds, click here to sign up for The Investment Banking Networking Toolkit.

What Should You Say When You Start Networking?

If you’re cold-calling, state your name and what school/company you’re at and ask how best to secure an Analyst / Associate position at the firm.

The other person will probably object or say, “We’re not hiring,” in which case you respond by saying, “So are you in charge of recruiting?” and not giving up until they put you through to a banker or the head HR person.

When contacting alumni or people you find on LinkedIn and emailing them, send a 5-sentence email to introduce yourself and propose a specific time to speak for 10 minutes.

See the informational interview guide for what to do after that.

How Persistent Should You Be?

More than you think. Never, ever, ever give up after getting just 1 rejection – always check back even after being rejected multiple times.

Put responsive people higher on your priority list, but never give up entirely unless someone has not responded after 10-20 attempts.

You don’t want to do anything crazy like show up to the office with a chainsaw and flamethrower and demand to speak to the Managing Director, but emails and calls are fine.

Where Can You Learn More About Networking?

Click here to get all our articles on networking.

That seems like a lot, but it actually just skims the surface – for even more intensive training, click here to sign up for The Investment Banking Networking Toolkit.

You’ll get the names of 10,000+ banks, PE firms, and hedge funds as well as dozens of scripts, email templates, and tutorials on everything I mentioned above.

Bankify Your Resume

So now you have your story straight, you’re out networking and working the phones like a ninja, and you’re meeting bankers left and right.

When you meet those bankers, you’ll need a resume (also known as a CV for European / Australian readers).

Please ignore all the “generic” resume templates you see online – they are completely inappropriate for investment banking.

Investment banking and finance have very different standards for resumes – if you act like you’re applying for a marketing position or a non-profit, you’ll get rejected in 2 seconds.

Copy and Paste These Resume Templates

Once again, I’ve done all the work for you: just choose from the resume and cover letter templates below, copy them, and fill in your own information:

The Secret About These Templates

Since I introduced these templates, they’ve became the standard in the finance industry – just go to a school like Wharton and try to find someone who is not using one of the resume templates above.

Of course, you can change around the fonts, font sizes, margins, and so on – but if you do not use one of those templates, you might look out-of-place next to everyone else.

So it’s in your best interest to use them and adapt as you see fit.

Bankifying Your Resume: Examples

So now you’ve got the templates and you’ve started filling in your own education and work experience entries – let’s go into this in more detail and see how to bankify your experience.

“I’ve been getting a lot of tips on how to write [my resume], mostly from my staff. They really seem to be up on this stuff. They tell me I have to use the active voice for the resume. You know, things like “Commanded U.S. Armed Forces,” “Ordered air strikes,” “Served three terms as President.” Everybody embellishes a little.”

-President Bill Clinton, White House Correspondents Dinner

And that’s exactly what you should do: embellish a little.

Craft your resume to emphasize working with financials and numbers and leading rather than following. Here are a few examples of resume makeovers:


Software Development Intern, Cell Phone Company

  • Developed cell phone applications for collecting demographic and user/revenue data in team of 3 and investigated new web technologies. Presented findings to CEO.

That doesn’t exactly scream finance, now does it?

It screams “tech nerd” to me – here’s how we’d apply a makeover to this entry:

Technology Consultant, Cell Phone Company

  • Recommended development budget of $100,000 to CEO based on analysis of ROI on similar projects in the past.
  • Worked in team of 3 to design applications for analyzing demographic data; optimized revenue per user for mobile software and made recommendations that led to 20% higher RPU.

This made-over version is better for three reasons:

  1. The Title – “Technology Consultant” sounds more related to finance than “Software Development Intern,” which sounds more like a shorts-and-t-shirt job.
  2. Recommendations and Analysis – You recommended specific numbers here and analyzed the financial returns of previous projects – just like what you do in real finance.
  3. Results – At the end you have a tangible, monetary result: a 20% higher revenue-per-user number.

This example is a bit of a stretch because you might not have done everything I’ve listed above – maybe you didn’t achieve specific results, or maybe you didn’t make a budget recommendation.

That’s fine – just try to spin your title and emphasize any recommendations and analysis you did complete.

You do need to be careful with changing around your title, especially if you had an “official” one during your internship/job – check with your former boss first to make sure it’s OK.

Research Background

With a science or research background, do not try to be Mr. Wizard – the worst thing you can do is write tons of technical jargon that no one understands.

Instead, focus on the business / economics / financial aspect of what you did and how it affects the real world.

Here’s an example:

Research Assistant, Cleantech Group

  • Worked directly with Professor X to perform data collection and analysis of cleantech industries, including ethanol, solar cell, module and wafer manufacturers.

OK, so he learned a lot about… solar cells.

That’s nice, but no one would care unless he happened to be interviewing for an alternative energy investment banking group.

Here’s the makeover:

Research Assistant, Cleantech Group

  • Gathered data on US ethanol industry and analyzed performance of specific ethanol companies and market; reviewed firm management, history, financial performance and value of IP and technology assets.
  • Performed data collection on solar cell manufacturing companies and analyzed financial performance and production methodologies.
  • Tracked individual companies and determined which ones to research based on financial metrics and fundamental analysis.

You could argue that this person didn’t do some of the things listed there / that I’ve embellished the truth too much.

It doesn’t matter as long as you can back up what’s written there.

Unless you’re writing about something that bankers know a lot about – like accounting or financial modeling – you won’t get into trouble because they won’t know enough to test you.

You need to learn how to spin if you want to succeed in investment banking.

There is a limit to this – you can’t lie or make outright ridiculous claims (e.g. “Made $25 million for company by winning clients!”), but you can use the strategies in this article on how to spin your way to success.

Ace Your Interviews

So now you’ve networked like crazy, you have a killer resume/CV, and you have dozens of interviews lined up at banks – how do you seal the deal and land offers?

As with networking, there are dozens of articles and tutorials on this topic on the site so I’m not going to repeat all of that here.

I’m going to take a different approach in this tutorial and focus on the three most important traits you need to demonstrate to investment bankers:

  • You can burn the midnight oil.
  • You won’t shake the jello.
  • You want to be Gordon Gekko.

Here’s how to demonstrate all three:

Burn the Midnight Oil

“Alright, I’ll do it. But do me one last favor, will you. Can you give me two hours? That’s all I ask man, just two hours to sleep before tomorrow. I suspect it’s going to be a very difficult day.”

-Raoul Duke, “Fear And Loathing In Las Vegas” (1998)

You’re not going to get those 2 hours of sleep, and especially not if you ask for them like that.

You must convince your interviewers that not only do you not need any sleep at all, but also that you would never ask for any.

You need specific stories of when you’ve burned the midnight oil in the past.

When I was interviewing, I talked about how I worked 100-hour weeks at IBM one summer when I led a product team there, and how I lived in the office toward the end.

Here are example stories you could use in interviews to prove that you can work 24/7 and don’t care about having a social life or interests outside of work:

  • Startups or starting your own company: What could possibly be more work? Not even banking.
  • Taking leadership of a large project that required several months to complete: Carnivals, sports events, international science fairs, mud wrestling matches, it could be anything as long as you can articulate how much you worked and how you always felt like you were dying.
  • Working 2-3 jobs at once and having to multi-task repeatedly: This lets you hit the “multi-tasking” theme and the “working a lot” theme.

Don’t just say that you studied a lot during your week of final exams – that’s too short a period to prove anything.

Come up with something where you were very stressed out over at least a few weeks, and if necessary, embellish to get your point across.

Work-life balance is view as less necessary than oxygen and food in investment banking: unless you’re willing to sacrifice everything to break in, forget about it.

Don’t Shake the Jello

“To succeed as an analyst…. DON’T SCREW UP!”

-Anonymous VP, Bulge Bracket Investment Banking Training

As a junior investment banker, your most important duty is checking numbers and not making mistakes.

Whether it’s setting up meetings, responding to emails, sending out documents, or valuing companies, screwing up will screw you over far more than over-delivering will help you.

Ideally, you were an open heart surgeon or astronaut in a previous life and you can talk about how making a mistake there would have resulted in death or explosions.

But I’ll assume that you haven’t done either of those – so instead, you should talk about how you did something that involved real, paying customers or something that was read or seen by lots of people.

Wide exposure implies that you must have had your act together – essential for banking.

Here’s an example story:

“I ran a web site about getting into college and answered common questions that students and parents had.

It started off slowly but after awhile we built up an audience of 1,000 readers per day. As editor, I spent hours checking all the material we had for the tiniest of mistakes and errors before making anything public.

There’s nothing that damages your credibility as much as careless mistakes – parents especially notice them.

Early on I published an article with a few glaring mistakes and received a pile of email from readers pointing this out.

From then on I made sure to triple-check everything, paste it into Word and print it out and re-check it multiple times and ask friends to look it over before posting anything.

With such a wide readership I can’t afford to make mistakes and now I require all my writers to check everything before I even look at their work.”

This is perfect because:

  1. You admit that you made a big mistake once but learned from it and are now meticulous (hits on the weakness/improvement theme and the attention to detail theme).
  2. Shows your leadership because you were in charge of writers and gained an audience of 1,000 readers per day (bankers love specific numbers).

Make a list of every single organization you’ve been in and every project you’ve worked on over the past 3-4 years – pick the best example that demonstrates your attention to detail and go with it.

And when you’re picking your 2-3 mini-stories, make sure at least 1 of them demonstrates that as well.

You Want to Be Gordon Gekko

“I am not a destroyer of companies. I am a liberator of them! The point is, ladies and gentleman, that greed, for lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind.”

-Gordon Gekko, “Wall Street” (1987)

Repeat after me: greed is good.

If you are not interested in business, finance, and the economy, why the hell are you wasting my time in this interview?

You don’t need to have actually bought and liquidated companies like Gordon here, but you better have a market, industry, or stock you’re very passionate about.

Example dialog with the interviewer:

Interviewer: “Tell me about an industry or market you’re interested in.”

You: “I really enjoy following the alternative energy industry because it’s up-and-coming and no one knows how things will play out yet.

Within the industry, there has been a lot of activity in the solar cell manufacturer sector, driven by technological breakthroughs that make solar cells cost-effective as well as government subsidies in Germany and Japan and major budget commitments by the Chinese government.”

Interviewer: “So were there any alternative energy companies that you personally invested in? There’s been a lot of IPO activity lately, right?”

You: “Yes, there have been a lot of IPOs lately… but I think most of them were overvalued and riding on hype alone.

After looking at the landscape, I personally invested in ABC Solar a year ago.

I compared their financial performance to the competition, and found that despite growing revenue at 50%, on-par with others, and having 10% profit margins, also on-par with the industry as a whole, they were trading at a discount to the competition.

Their P/E was only 30x rather than the 40-50X that others had and their EBITDA multiples were 30% lower than their competitors as well. It seemed like a bargain.”

Interviewer: “Interesting… but there must have been a reason why they were less highly valued than the competition.”

You: “I did some research into that… the main reason was that they came in below earnings expectations in the quarter just before I invested, and announced expansion plans for new facilities at the same time.

Investors balked and questioned why they were spending more on CapEx and product development if their earnings were already below expectations.”

Interviewer: “A valid question. So why did you not see this as a serious weakness?”

You: “I did some research on growth vs. profitability for solar cell manufacturers, and I found a much stronger correlation between returns and revenue growth than between returns and earnings or cash flow.

Investors were focusing on short-term results instead of thinking long-term – but it’s a nascent, early-stage industry, so growth matters more than profitability at this point.”

You don’t need to have 5,000 pages of financial analysis to give an answer like this: you just need to do a few hours of research and read up on the industry.

At the very least, learn something about the financial metrics of the company or stock you’re picking – and please, do not say something common like Apple/Google/Facebook.

But What About the Technical Questions?

I’m glad you asked – first, click here to read the investment banking interview superday guide – that covers all the categories and types of questions you need to know.

There’s also coverage of what to expect in interviews outside the US and case studies / assessment centers there.

More In-Depth Interview Training

To master investment banking interviews and land offers, we recommend our comprehensive IB Interview Guide:


IB Interview Guide

Land investment banking offers with 578+ pages of detailed tutorials, templates and sample answers, quizzes, and 17 Excel-based case studies.

learn more

There is a lot of material in the guide, from templates for telling your “story” to hundreds of pages of guidance on the technical questions to interactive quizzes and more.

If you want to learn the fundamentals in more depth, check out our financial modeling courses as well:

Broken In Yet?

This was a long and in-depth guide – but it’s also one of the most popular articles on this site, so it must be working.

Go re-read everything above, take notes, and then take action and start working the phones, networking, and landing interviews and offers.

When you’re done, come back here, leave a comment, and let us know how many offers you got and which bank you’ll be working at.


Read below or Add a comment

  1. Hi Brian,
    I have 5 years of audit experience in Big4 and 2 years in fund controlling. I took a break of 2 years for travelling the world. Now I would like to move more into the investment related function. I am ACCA member and CFA. Can you please advise me in which area I can have a success to break in without starting from junior positions? I am European but my husband is American so I am eligible to work both in EU and US.

    1. I think you’re going to have a very difficult time recruiting for most front-office roles with that background because you have too much experience for entry-level roles, but they don’t like to hire people at the mid-level in industries such as investment banking. I would recommend looking at some of the alternatives and options presented here to get ideas:


  2. Hi Brian
    I have a bachelors degree in Engineering and an MBA from non target school in Canada .i have six years of work experience in security consulting .i am very interested to get into PE or IB and so I decided to join master of finance program at university of Toronto .do you think I have a chance to break in to IB ?

  3. Hi Brian,
    Thanks for a very informative article. I have a question for you. I have 5 years of work experience: 1.5 years in financial reporting, 2 years in Big4 audit (both in Ukraine); a bit over 1 year of financial controller experience for a trading desk in one of the top IBs in New York. I want to get into IBD from the back office. What is my best way about networking my way in if I don’t currently know any bankers personally but do send a report to one IBD group every week? Is it a good idea to email people from the distribution list on the report email and start the conversation in such a way?

    1. With 5 years of work experience, it will be virtually impossible to network your way into IB at this point. You would almost certainly need a top MBA to make this transition. If you want a compromise solution without getting an MBA, then maybe consider Big 4 or independent valuation firm roles, or corporate finance at a normal company. You could always reach out to bankers and ask, but they will tell you what I just stated.

  4. Dadanbek Habarov


    I am 30yo fresh green card holder. Arrived in NY 2 months ago. I am in investments for two years – worked in small local investment banking boutique and investment management in Kazakhstan on analyst position, 1 year each. Prior to that was in financial reporting and risk management in a commercial bank for 3 years, also in Kazakhstan. I have bachelors from a homecountry’s uni and master’s from the University of Edinburgh, with proven excellent performance on both, and CFA designation.
    Have no intention to break patterns trying it into IB here. Just wonder what is my best bet now to give it a start here? Have heard that back-office at major banks may be easiest to break in.

    1. The issue is that you have too much experience to be an Analyst but not enough to be an Associate. Stay far, far away from the back office. I’d say your best bet is to network extensively via LinkedIn/email/real-life events and see what leads open up at banks. If that doesn’t work, think about using a top MBA program to get in.

      1. Dadanbek Habarov

        Thanks for your response.

        Considering I don’t want it into IB, what you would be easiest way to be hired in finance? I am really struggling to get interviews anywhere in finance in NY now. I have limited time too.

        Thanks in advance.

        1. Maybe go for risk management roles at large banks or hedge funds/asset management firms. It’s easier to win those, you have experience in the area, and the CFA or FRM will actually help you there.

  5. Hello Brian, hope everything its ok.

    I am planning to move to Toronto Canada next year. I would like to work in the Financial Industry and i am planning to study Financial Planning in a public College in Ontario. I don’t have a financial background because my experience is based as a sales manager in the Pharmaceutical Industry (4 years of experience), i have an MBA from the Cardiff Metropolitan University (England) and probably before moving to Canada i will take a short Stock Market Investment course to get into the field. What do you think are my chances to work for and investment bank, or get into the financial industry once i move to Canada? What is your advice in this particular situation.


    Eduardo M.

    1. I think it will be tough unless you attend one of the top target schools in Canada because of the small size of the industry and the fact that you already have an MBA. Please see:


  6. Steve Miller

    Hello Brian,

    Curious to get your input. I’ve put 4 years in at a creit card bank within corporate finance since I graduated from a strong state school with a degree in Accounting.

    Currently searching for new opportunity and want to commit to this path before it is too late. At this point what is the best thing I can do to break into the industry?

    Thanks in advance,


    1. At this point, you would probably need an MBA to get into investment banking if that is what you are asking. Banks generally don’t hire people with that much full-time experience for entry-level Analyst roles.

      If you’re willing to consider options outside of IB, you could also think about independent valuation firms, moving to corporate development at your current firm, or going into valuation at a Big 4 firm.

  7. Eugene K

    Hi Brian,
    nice article. I just got a job as a teller at a bank but I’m so much interested in being an investment banker. I studied Actuarial Science as my first degree. How can I get there? which programs and courses would I have to read

    1. It’s almost impossible to move directly from a bank teller into investment banking. You should read everything else on this site, starting with these articles: http://www.mergersandinquisitions.com/get-started/

  8. Hi Brian,

    Thanks for the great article. What’s the likelihood of banks hiring Engineering (Chem) Graduates with about 2 years of working experience in the engineering industry, mainly in o&g and manufacturing?

  9. Hi Brian,

    Thanks for taking the time to read, I’m 29 years old and I am currently seeking to start an into investment banking career. After high-school, I did humanitarian work in South America for 1 year and learned fluent Spanish. When I came back to the states I founded a food-truck business whilst working for the Federal Government as a TSA agent. I discover my passion for excel and numbers during my years in business and I went back to university at age 23 to study International Finance.

    I graduated from a well respected school in Paris, France and left speaking fluent French. Directly afterwards, I got into a masters program and an Ivy League University and whilst it is in the humanities I have taken MBA level finance coursework at the Business School which was one of (H | W.| S).

    My Question is: Should I be focused on an going for a graduate level internship/analyst role (and craft my resume as I’m younger) or associate?

    Any other tips would be greatly appreciated.


    1. I think it will be pretty challenging to get into IB with that background, unless you complete a top MBA first, because you have too much experience to be an Analyst but not enough to be an Associate. If you can’t complete a top MBA, the best option is probably to downplay your experience and apply for Analyst-level roles.

  10. I am an M&A analyst in a Brazilian boutique, going to my 4th year in the role (graduated in 2015). We don’t have such structure as Analyst/Associate, but my role here is definitely an associate one (I would say even with a VP exposure due to the company size), massive valuation attributions and external clients interface. I intend to move overseas hopefully to Australia or US. How do you see my chances of getting into an IB position or M&A Boutique in those countries, considering my experience? Thank you!

    1. I think it would be tough because of work visa issues. And Australia is almost impossible for Australian citizens, let alone non-citizens.

      If you want to work in the U.S., your best bet would be to transfer to a U.S. or European bank with a presence in Brazil and then move internally to a U.S. office.

  11. Knox Watson

    Hello sir
    I’m a rising sophomore at a northeastern public high school. I’m student government, triple honors, blah blah and I’m trying to put myself on the right track but I was wondering what special things I could do to increase my chances at getting into investment banking. I feel like I have a head start getting in early I just don’t know what to do. Thanks!

  12. Hi Brain, I am now working as a commodity broker assistant/ market research in a future brokerage company. I have two master, one for fiance one for economic, and I graduated in 2015. Almost 3 years after graduate. I am now learning intensive investment banking skills such as financial modeling, Is there still a chance for me to break into IBD? what is the proper way?

    1. At this point, it will be tough unless you get an MBA from a top school. You have too much experience to apply for Analyst roles, but not enough to be an Associate (since you don’t have an MBA or IB Analyst experience). So an MBA would be your best option at this stage if you are really committed to IB.

  13. Sarabhjeet Singh

    Hi.. I did my graduation in Arts, then did CFA from ICFAI, Hyderabad…but could not find job in finance industry, now I am doing MBA from Distance Learning and recently done certificate course in Financial Modelling.. I have 15 years corporate experience, but as EA to Senior Management and not in Finance Deptt.

    I want to change my career path.

    1. OK, and what is your question? We have covered reader stories from India before if you do a search:


  14. Hi Brian,
    I’m a 19yr old student in the BCom program concentration in finance and I go to the rather good school but not the best (ualberta)
    And I was wondering what is the best way for me to “network” when I have very little experience (retail only)? I don’t have a good way to go about contacting any banks since I’m so young and in afraid that no one will take me seriously. I have gone to a few banks personally to ask for internships but they don’t seem to be hiring and additionally, internships that I find online require a lot of work experience that I can’t understand how I can acheive.

    1. Please see the networking-related stories on this site for some ideas: http://www.mergersandinquisitions.com/case-studies-reader-success-stories/

      Contact alumni, use LinkedIn and other online means to find people, and go from there.

  15. I have a question for you:
    With a bachelors degree in business and economics, a master of science (2-years) in economics and finance (both from a top Scandinavian business school) and 2 years experience of working in transaction services in a big 4 company (analyst position ~ 25 hours a week simultaneously with school) what are my options if I want to move to IB in the UK or US?
    If I stay at my current position I will be hired as a full-time associated after I end my masters degree. Would it be better to wait to make a move until after some time as an associate?

    1. Your best option is to win an internship at a smaller bank, PE firm, or VC firm, and then use that experience to win an IB internship at a larger bank, and then convert that into a full-time role. If you do not have time because you’re about to graduate, take the Big 4 TS offer, work there for 6-12 months, and go for lateral roles at banks (targeting smaller ones if necessary).

  16. Hey, so I am a Junior at Indiana University Bloomington with a major in Economics. I recently got interested in investment banking this year. I asked the guy in charge of IB networking and workshop here at IU what I could do but he told me since I was a junior its was too late to start the program. I have been a gas station manager for about 5 years. I don’t really have any finance experience or knowledge. Any advice on how to secure an intern this summer?

  17. Thanks for a great article as always! I have a question for you:
    Do you think it makes sense to join as an analyst after having around 2 years of experience?
    They specifically say they are looking for upcoming graduates for 2018 program.


    1. After 2 years of experience doing what? Analysts are typically recruited right out of undergrad or Master’s programs. A few join after working in related roles such as Big 4/valuation or corporate finance. If you don’t have 2 years of related work experience, you won’t be able to join as an Analyst.

      1. Brian,

        Thanks for the reply. I’ve been in a corporate strategy at a telco. company. For me, it’s okay to start scratch as an analyst and I’ve been studying corporate finance/valuation. Does this (“career mini reset”) also happen?


  18. I am a Spanish student from a non-target university for UK banks. My GPA is top 1 out of 130 students

    Next year I will be on exchange at the University of Edinburgh. Do you think I have some chances to get interviews in London for summer internships?

    The following year (two years from now) I will be as a exchange student at Berkeley. Will I have some chances to get inverviews in London? And in NY/San Francisco?


    1. Potentially, yes, but you’d have a better chance at one of the top 4-5 schools in the U.K. (http://news.efinancialcareers.com/us-en/218782/the-top-universities-for-the-analyst-class-for-2015-at-goldman-sachs-j-p-morgan-and-morgan-stanley/)

      It is tough to interview remotely when you are an exchange student, especially since recruiting for summer internships in the U.S. now starts over a year in advance of the internships. You’d probably have a better shot focusing on London/Europe because of the speed of the recruiting process now.

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