Interested in becoming an investment banker? My name is Jason Reid and I am here to help you. I can’t guarantee you a job, but I sure can set you on the right direction and give you the advantage you need to land yourself the dream job.
I had once been in your shoes and I know how tough it can be. That’s why I started MakeMeABanker and this blog. In every post, I’ll share with you my experiences, interview tips, pointers on surviving the office and solutions to some of the most frequently asked technical questions. If you want to learn financial modeling to give yourself the competitive edge, check out my courses on my website (www.MakeMeABanker.com); as well.
Getting the interview
Before you can get the job – you need to first get the interview. How? That’s what I’ll focus on in this edition.
If you are an undergraduate student/MBA student
An undergraduate student should be applying for the position of an analyst, whereas an MBA student should be looking at an associate’s position. Use a combination of the following methods:
- Campus recruitment: If you are studying at top business schools/universities like Harvard, Booth, Wharton, Cambridge, etc., investment banks are likely to visit your campus to conduct recruitment. Be on the lookout for this – as this is your best bet in getting a job
- Online application: Most large investment banks have online job application systems. – Visit their career websites from time to time and lookout for when their application systems open and when they may visit the campuses
- Cold-calling: Use this technique for smaller, boutique banks/firms. Call them and ask if there are openings for an analyst or intern. It's tough, but be persistent and never give up.
- Referral/Networking: Know someone in a bank? Ask if they can help recommend you to the position or help submit your resumé. This is why networking is extremely important – get to know bankers and build your network the day from day one
If you have previous internship experience in an investment bank, you’ll have a significant advantage over others who don’t. If you have an offer from the firm which you previously interned with - even better. Use it as leverage when interviewing elsewhere. Therefore, even if you are not graduating anytime soon, work hard for internships just as you would for a full-time analyst position.
One thing to note: competition is a lot stiffer for MBA graduates as compared to undergraduates.
If you are a graduate with 1-3 years of working experience
To be honest, it is more challenging for you to get an investment banking job as compared to an undergraduate student (I know, it sounds stupid, but that’s how the system works). You should still be applying for the position of an analyst.
- Referral: This is your best bet. Build your network and get to know investment bankers. When there are openings for an analyst position (or even an internship), seek their help in recommending you.
- Cold-calling: Set aside time to call boutique banks/firms. Request to speak to the HR and find out if there are any job openings. Chances aren’t high, but hey, it’s worth a try.
Chances of getting into bulge bracket banks are much slimmer as they tend to hire graduates fresh from school or experienced analysts from other investment banks.
Alternatively, gain a few years of experience and apply for an MBA program (aim for top business schools). Post-MBA, you may then apply for the position of an associate.
Never get into an investment bank via the back office way
Have you ever considered applying for a back office position (such as an IT / administrative / support staff) in an investment bank and hopefully apply for a transfer to the front office? Don't.
Unfortunately, investment banks don't work that way. It is very difficult (if not impossible) for someone in the back office to move to the front office. Focus your attention on getting into the front office directly.
A point to note when making use of your network
When someone submits your resume to their superiors, they are indirectly vouching for you. Most won’t do it unless they believe you have a decent chance of getting the job. So, make sure your cover letter and resumé looks really good before you submit it – don’t take the referral for granted.
--------------------------------------------------------------------------
Want to learn financial modeling? Get a head start in your career even before you step foot in the office. Check out my courses at www.MakeMeABanker.com.
MakeMeABanker: Excel for Financial Modeling
MakeMeABanker: Financial Modeling 101
MakeMeABanker: Financial Modeling 101 - The Expansion Pack
Want to give it a try? Download a FREE course here.
