How to Get a Job in Investment Banking?
After spending several years in investment bankingInvestment BankingInvestment banking is the division of a bank or financial institution that serves governments, corporations, and institutions by providing underwriting (capital raising) and mergers and acquisitions (M&A) advisory services. Investment banks act as intermediaries we’ve seen hundreds of resumes and conducted countless interviews with new analysts and associates. The advice below is a guide based on my firsthand experience of what is the most effective way to get a job in investment banking.
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Step 1: Networking and resume
The first step on your path to an investment banking career is to get an interview. Investment banking is extremely competitive with way more applicants than available positions each year. You will often be up against students from Ivy LeagueList of Target SchoolsA list of the top target schools for investment banking recruiting and hiring. This list includes top targets, second targets, and MBA targets. The reason they are called a target is that the banks actively "target" their students by holding information sessions on campus and traveling to the school to conduct first-round interviews. universities, with a high GPAsGPA ConversionGPA is important for jobs at the top investment banking, finance, and accounting firms. Use our GPA conversion table to calculate your GPA when applying. Bulge bracket banks and almost all other investment banks will look at your GPA when applying for a job and you should include it in your resume. and multiple internships under their belts.
How can I use networking to get an investment banking interview?
Networking is a great way to increase your chances of getting an interview. If you are at a target schoolList of Target SchoolsA list of the top target schools for investment banking recruiting and hiring. This list includes top targets, second targets, and MBA targets. The reason they are called a target is that the banks actively "target" their students by holding information sessions on campus and traveling to the school to conduct first-round interviews. (a school that investment banks recruit directly from), then you don’t have to worry as much about networking as if you’re from a non-target school. Below are four easy approaches:
- An easy way to start networking is to talk to your career center and ask to be introduced to any alumni working at investment banks that you want to target.
- Another approach is to use LinkedIn and find any connections who can introduce you to bankers you want to network with. Be sure to frame the request around learning more about the industry, rather than about getting a job or an interview.
- A third approach is to join a local CFA® society in your city and network with local professionals who may know investment bankers and can introduce you to them.
- Attend the National Investment Banking CompetitionNIBC Investment Banking CompetitionCFI is proud to be a leading partner and sponsor of the NIBC - National Investment Banking Competition - conference. Register for the case competition here. The National Investment Banking Competition (NIBC) brings together 1,600 students, from over 100 universities, competing to be recognized as the best team in the case competition. (NIBC) where hundreds of schools from around the world compete in a live investment banking case competition.
How do I make an investment banking resume?
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Investment Banking ResumeInvestment banking resume template. Learn how to write an investment banking resume (Analyst or Associate) with CFI's free guide and resume template. The IB resume is unique. It’s important to tailor your resume to the industry standard to avoid being immediately deleted
Resume Guide & TemplateInvestment Banking ResumeInvestment banking resume template. Learn how to write an investment banking resume (Analyst or Associate) with CFI's free guide and resume template. The IB resume is unique. It’s important to tailor your resume to the industry standard to avoid being immediately deleted
Step 2: Understanding the interview process
The investment banking interview process is highly structured. The banks move quickly to screen resumes, conduct first-round interviews, conduct on-site interviews at their offices, and extend job offers.
What should I expect in the first round interview?
The first round interview will either be on the phone or on campus (if you’re at a target schoolList of Target SchoolsA list of the top target schools for investment banking recruiting and hiring. This list includes top targets, second targets, and MBA targets. The reason they are called a target is that the banks actively "target" their students by holding information sessions on campus and traveling to the school to conduct first-round interviews.). There are three types of questionsInvestment Banking Interview Questions & AnswersInvestment banking interview questions and answers. This real form was used by a bank to hire a new analyst or associate. IB interview insights & strategies. Questions are sorted into: bank and industry overview, employment history (resume), technical questions (finance, accounting, valuation), and behavioral (fit) you will be asked: problem-solving, technical, and behavioral. The first round interview will have all three types of questions, however, there will be more focus on the technical ones. The objective of the first round is to quickly screen candidates between those that live up to their resume and those that don’t.
What should I expect in the final round interview?
The final round (often called “Super DaySuperdaySuperday ("super day") is the name given to the day for final round interviews for potential analysts and associates at investment banks. At this point, you’ve passed the phone screen, the first interview, the group interview, and all the other interviews. Superday is the last step in the hiring process”) will be held on-site, with everyone being flown into the office from their respective school or hometown. The final round will typically include interviews with several different people, ranging in seniority. Generally speaking, the more junior the person interviewing you, the more technical their questions will be, and the more senior the person, the more behavioral their questions will be. It’s important to dress right for the interview, which typically means wear a suit that’s black/blue/gray and nothing too bold.
Some banks will make decisions immediately following Super DaySuperdaySuperday ("super day") is the name given to the day for final round interviews for potential analysts and associates at investment banks. At this point, you’ve passed the phone screen, the first interview, the group interview, and all the other interviews. Superday is the last step in the hiring process (i.e., the same or following day), with most getting back to you within a week.
Step 3: Knowing how to answer the interview questions
What questions will I be asked in the interviews?
As mentioned above, there are three types of interview questions: problem-solving, technical, and behavioral. The link below contains specific examples of each type…
We have prepared a full example of a real investment banking interviewInvestment Banking Interview Questions & AnswersInvestment banking interview questions and answers. This real form was used by a bank to hire a new analyst or associate. IB interview insights & strategies. Questions are sorted into: bank and industry overview, employment history (resume), technical questions (finance, accounting, valuation), and behavioral (fit) for you to practice with. It uses real questions used by investment bankers to hire analysts and associates at a large global bank.
Real Interview Questions & ExamplesInvestment Banking Interview Questions & AnswersInvestment banking interview questions and answers. This real form was used by a bank to hire a new analyst or associate. IB interview insights & strategies. Questions are sorted into: bank and industry overview, employment history (resume), technical questions (finance, accounting, valuation), and behavioral (fit)
Step 4: Mastering technical skills
The main technical skills to master are valuation, financial modeling, accounting, and Excel.
At CFI, we are a leading global provider of all the above technical skills and encourage you to enroll in our online courses for investment banking to help you be fully prepared for how to get a job in investment banking.
Summary
The investment banking hiring process is very formulaic. The key is to understand the process and tick all the boxes without making any fatal mistakes. It means, limit your resume to one page, have a good GPA, gain relevant work experience, and demonstrate you can gracefully answer both technical and behavioral questions.
Following the steps in this guide on how to get a job in investment banking will provide a great framework for your preparation. At the end of the day, there are no real shortcuts, and you still have to put in the hard work of being well prepared.
Additional Career Resources
Thank you for reading CFI’s guide on how to get a job in investment banking. We hope this has been a useful guide to help you advance your career. Please check out our other helpful guides and resources:
- Financial Modeling GuideFree Financial Modeling GuideThis financial modeling guide covers Excel tips and best practices on assumptions, drivers, forecasting, linking the three statements, DCF analysis, more
- How to Link the Financial StatementsHow the 3 Financial Statements are LinkedHow are the 3 financial statements linked together? We explain how to link the 3 financial statements together for financial modeling and
- Interview GuidesInterviewsAce your next interview! Check out CFI's interview guides with the most common questions and best answers for any corporate finance job position. Interview questions and answer for finance, accounting, investment banking, equity research, commercial banking, FP&A, more! Free guides and practice to ace your interview
- Investment Banking TrainingInvestment Banking TrainingInvestment banking training - CFI financial modeling & valuation courses for training new analysts & associates in the Investment Banking Division (IBD). Training programs typically start in the summer and last about 6 weeks. Analysts are given the opportunity to develop their technical skills in Excel, finance,
