A career in investment banking is rewarding. Even though it seems to be a herculean task to get into the field, a well-planned career goal will help you reach the destination. Apart from engineering and technology, investment banking is one career that fetches more money, gives leeway to work with bigger clients or creates a great impact on the world.
Getting to the top in the investment banking field is a multi-step process. It requires hard work, dedication, skill, connections, and experience along with the required education. Let us understand how to get into investment banking with varied backgrounds here.
Getting into Investment Banking
There is more than one way to get into the job of investment banking. Success needs persistence. Let us explore here one by one.
As an Undergraduate:
Here, you must start very early. You should decide to become an investment banker when you are studying in the 1st or 2nd year of your degree.
- Start preparing in your 1st or 2nd year
- Start networking with bankers via LinkedIn, contacts, and other channels
- Learn accounts and financial modeling
- Complete one or two internships during summer
You can try initial internships at search funds, smaller Private Equity firms, VC firms, corporate finance, and, etc. Moreover, you can try at non-IB (Investment Banking) groups also such as wealth management or corporate banking.
As a Recent Graduate:
Many graduates start their careers in corporate banking or finance i.e., non-IB groups and then move into investment banking.
- After graduation, you should work in a relevant job
- If you take an auditing or accounting job, then you can move into IB, say within a year or two after graduation.
- You should network extensively
- Off-cycle internships and rotational programs help you climb the ladder fast
- It is recommended to consider a post-graduation too
As an MBA candidate:
It is recommended to pursue one of the top MBA programs, if you could not avail a job in IB, in spite of one- or two years’ experience as a full-timer.
- An additional degree supports your transition to IB field
- You can carry the full-time experience with you
- A pre-MBA internship is an added advantage
- Network with your alumni
- A part-time or executive MBA program is also a good plan. You can simultaneously work or prepare for your career.
Beyond MBA:
If you are a mid-level executive post-MBA, you may not have a chance to start as an Analyst or Associate. It is better to pursue non-IB roles in which you are already working. You may think of advancing to a senior executive role and then try to move into finance.
Tips to land a job in Investment Banking
- Compensate for the lack of field knowledge with a certification in investment banking.
- Gain experience in the related field
- Network with alumni, contacts, cold outreach using social media channels
- Craft a story with your experience and build a valuable resume
- Bank on your resume. Most employers look for your University, academic performance, investment banking certifications the firms you worked or, and your positions in those companies.
- Use your network for interviews or offers
- Prepare for interviews
- Aim for good offers. If you fail, reassess yourselves and try again.
The Bottom Line
Apart from academic knowledge, gaining field knowledge by obtaining the best Investment banking certifications is crucial. Sell yourself and grab every opportunity. Spend time with people, be a part of the crowd. Stay in your job, keep the job and advance further.
If you want to drive a Tesla on the Atlantic dead-end road, you have to work for it. Choose your academic subject, network crazily, specialize in the field, get trained, search, land, and succeed.