Interested in getting your first job in investment banking? But have you weighed all the pros and cons of your preparation yet? This super-competitive industry needs serious effort and research if you have a deep passion for building a successful career in investment banking.
Let’s see the banker blueprint to understand the details about having investment banking career.
- First things first, know the industry! By now, you have already got the idea of how the banks are being super strict with their recruitment in order to hire the best talent. In general, top banks have the strong preference for students at the best universities such as Oxford, Harvard, Wharton, and so on. It can more difficult for you to break in if you’re not at one of these best universities. Banks tend to have this notion that if you’re not from any top university then maybe you’re not hard-working enough to make it through banking. But there are ways to get into this industry even if you don’t have the prestigious or appropriate credentials. Generally, analysts are being recruited after they have completed their undergraduate or master’s program, along with 1-2 years of work experience. After starting out as the analyst, you may leave after a couple of years to pursue another field like a hedge fund, venture capital, and private equity. Associates are being hired straight from top B-Schools or they are being promoted from the analyst position. They are being supposed to manage the pool of analysts and they tend to work more with clients and senior bankers such as managing directors. Associates stay in banking for long-term and gradually they transition into the hedge fund, venture capital, and private equity.
- Start off by landing the investment banking internship anyway! Network as much as you can for investment banking career. Join any financial group or society to expand your connection. In order to pursue a career in investment banking, you have too much more aggressive because you’ll be cold-calling several small banks. After gaining experience from the internship, you can finally leverage that into getting calls for full-time offers for analyst roles. Focus on networking with several alumni, organizations, professional referrals to get your big shot. If you’re already an experienced graduate with work experience of fewer than three years, then you should consider applying to the top B-schools so that you can re-brand yourself for the associate positions.
- Everyone is networking for their investment banking career, so you need to be wise here. Before the on-campus recruiting has even started, contact the alumni in prior of business school to set up several informational interviews so that you can have enough practice to land associate roles. Getting through the interview process is incredibly tough, but provided you know your niche area, have the foundational knowledge of the markets, have a clear idea of your skill set, and weaknesses as well, it shouldn’t be impossible to crack these nerve-wrecking interviews. The questions are designed to check your competency overall.