Overview
Investment banking recruiting is one of the most competitive and structured processes in the world – it is harder to get into investment banking (1.7% acceptance rate) than Harvard (3.6% acceptance rate). But why are investment banking jobs so competitive?
- Money: ability to make $100-200k immediately out of college
- Opportunity: career establishment and credibility across a wide range of careers within banking, private equity / credit, venture capital, and corporate development
- Challenging work: exposure to sophisticated transactions, C-Suite professionals, and fast-paced working environment
Successful Recruitment Path
Despite the challenge in obtaining an investment banking internship, investU has identified a strategic path to give students a much higher probability of breaking in
Professional Profiling
- Crafting an investment banking resume
- Revamping LinkedIn profile
Networking
- Strategizing outreach (warm and cold connections)
- Forming genuine connections
- Leveraging connections to get foot in the door
Interview preparation
Behavioral and technical review for all kinds of interviews (HireVue, 1st round, and Superday)
Networking Details
Networking is not as challenging as it sounds – it simply requires effort and authentic interest. Reaching out to professionals via warm connections (i.e. people you know) and cold connections (i.e. people you do not already know) to secure informational interviews and ultimately referrals who flag resumes to recruiters before submitting applications
Warm Connections
- For example, a friend or a friend’s older brother
Cold Connections
- LinkedIn messages, cold emails, and cold calls – start with people who have a secondary connection to you (same school, fraternity, sport or interest)
Understanding the Wall Street Landscape
In oder to network and recruit effectively, knowing what you are recruiting for is important. Wall Street consists of both sell side and buy side opportunities, both of which graduating students can work for. Within invesment banking specifically, banks are categorized by size, scale, and types of transactions
- Bulge Bracket: large, full-service institutions with global reach
- Middle Market: mid-sized, broad range of services, with a more regional or sector-specific focus
- Elite Boutique: smaller, more specialized firms, often focused heavily on M&A, restructuring, capital markets, or a specific industry
Within a specific investment bank, teams and functions can be divided by different products, industries, and geographies:
- Product: focus on a transaction or financing product (e.g. M&A, ECM, DCM, or Restructuring)
- Industry (Coverage): organized by industry vertical (e.g. Healthcare, Consumer & Retail, Industrials, etc.)
- Geographic: Americas (US, Canda, Latam), EMEA (Europe, Middle East, and Africa), and APAC (Asia Pacific)
Investment Banking Recruiting Timeline
The timeline for recruiting continues to shift earlier each year Junior Year Summer Analyst: typically begins Sophomore year in November or December Postgraduate/Experienced (Full-Time): occurs year-round but is less structured, and more openings occur in January/February and July/August (i.e. post-bonus)
Summary and Key Takeaways
We get it, breaking into investment banking is an intense process that rewards early planning, persistence, and strategic approach. Take the critical steps to secure your internship and full-time offer
- Structured Approach: craft your professional profile and become comfortable with behavioral and technical concepts before kicking off your recruiting efforts
- Network: create a community of professionals that you can lean on to help guide you throughout the process
- Mange the Timeline: organize your process through detailed tracking to stay on top of expedited recruiting timelines
