10 Essential Steps For Breaking Into Investment Banking
Your Comprehensive Guide To Standing Out In A Hyper-Competitive Field
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, Last Updated :
Feb 25, 2025
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Competition to break into investment banking is legendary—so much so that even the current CEO of Goldman Sachs was initially turned down. With thousands of applicants vying for only a few slots and hiring seasons moving earlier each year, standing out is essential. If you’re aiming for a place at the table in this fast-paced, high-stakes world, you’ll need a solid plan and a relentless drive.
This guide distills the key steps—from building a banking-ready résumé to mastering the evolving interview process—designed to help you maximize your chances of landing that offer. Whether you’re an undergraduate eyeing an analyst position, a recent graduate looking to lateral in, or a professional pivoting through an MBA, these insights will prepare you to seize the opportunity when it comes knocking.
Investment banking is not just about numbers; it’s about guiding major corporate transactions and advising on some of the most consequential deals in the global economy. Banks vary in structure (e.g., bulge bracket vs. elite boutique), work culture, and focus areas. Before pouring time into recruiting, gain a foundational grasp of what bankers actually do:
Valuation and Modeling: Bankers spend countless hours modeling financial scenarios and valuing companies.
Client Service: The job demands heavy client interaction, especially at senior levels.
Deal Flow: Each firm (and each office) might specialize in certain types of transactions, such as mergers and acquisitions (M&A), restructuring, or industry-specific deals.
❗Tip: Speak with current or former investment bankers to get an insider look at different groups within the same bank—what’s top-tier in one division might not be as strong in another.
2. Figure Out Your Entry Point
Determining how—and when—you plan to enter the industry is crucial. Two main paths generally exist: Analyst (post-undergrad) or Associate (post-MBA or relevant graduate program).
Undergraduate Recruiting (Analyst Level)
Early Timelines: For many top banks, interviews for junior summer internships now begin as early as a student’s sophomore fall or winter.
Internships to Full-Time Offers: Around 80% of full-time analyst roles are offered to successful junior summer interns. Full-time recruiting for new graduates, therefore, offers far fewer spots.
Lateral Moves: If you graduated recently but missed the analyst recruiting cycle, you can try joining a smaller boutique bank or another division within a larger firm and then pivot internally.
Graduate Recruiting (Associate Level)
MBA Track: Most associate hires come from top 25 MBA programs, with the top 10–15 schools commanding higher on-campus recruitment turnout by major banks.
Alternative Graduate Degrees: Certain Master’s in Finance programs also feed into analyst or associate roles, although this route is less common than the MBA pathway.
Definition:
Bulge Bracket Banks: The largest global banks (e.g., Goldman Sachs, JPMorgan) that handle high-profile deals and maintain extensive international offices.
Elite Boutique Banks: Typically smaller but highly specialized firms (e.g., Evercore, Lazard) known for focused advisory work on complex, high-stakes transactions.
3. Join the Best Business Organization on Campus
For current students, joining a reputable business club or finance society can make a huge difference. These organizations often boast:
Internal Resources and Mentorship: Long-standing clubs pass down guides, interview tips, and insider advice from upperclassmen.
Alumni Networks: Alumni from well-known clubs are often more willing to help fellow members secure internships and full-time positions.
Supportive Peers: A like-minded community keeps you motivated and sharp as you navigate a demanding recruiting schedule.
Investigate where each club’s alumni have landed. Groups with proven track records of sending graduates to top banks are gold mines for networking and insider knowledge.
4. Maintain a High GPA
It’s no secret that investment banks prize strong academics. While each firm sets its own cutoffs, the general consensus is:
3.7+ GPA: Places you in a strong position, assuming you have some relevant internships.
3.3–3.7 GPA: Feasible with compelling work experience and persistent networking.
Below 3.3: Unlikely to advance without extraordinary circumstances.
Because junior summer internship recruiting starts so early, your freshman and sophomore grades carry more weight than you might expect. Keep your GPA as high as possible to avoid being screened out before you get a chance to interview.
5. Build a Banking-Ready Résumé
Having a strong résumé is essential for landing interviews. Hiring managers in banking are famously cautious; they want clear evidence you’re committed to the demands of the job.
Stack Finance Experiences:
Investment Banking Internships: Even at small boutique firms, these experiences reassure banks of your readiness for long hours.
Other Finance Roles: Private equity, equity research, or corporate finance roles (like FP&A) also demonstrate relevant skills.
Case Competitions & Leadership Programs: Placing well in finance case competitions and attending leadership summits at top banks (e.g., Goldman, JPMorgan) showcase initiative and interest.
Get Brand Names Where Possible:
Top banks and recognized competitions add credibility to your profile.
Smaller firms can also impress if you’ve built tangible skills—just be ready to describe them effectively in interviews.
Highlight Academic Excellence and Key Skills:
Maintain a strong GPA (ideally above 3.5).
Include relevant coursework (financial accounting, valuation) and technical certifications if you have them.
❗Tip: Format matters. A clear, consistent résumé with properly aligned sections and bullet points signals attention to detail—a critical trait in banking.
6. Network, Network, Network
Although some banks rely more on digital interviews (like HireVue) for initial screening, networking remains a critical differentiator—especially at elite boutique or smaller firms.
Focus on Alumni: Start with individuals who share your alma mater or background. They’re more likely to respond and provide referrals.
Attend Infosessions: Check your school’s recruiting calendar and make time to attend. Gathering contact details can lead to valuable one-on-one chats later.
Make Personal Connections: Impressing someone goes beyond reciting facts. Show genuine curiosity about their experiences and build rapport.
Strategic Follow-Up: Send confirmation emails before any scheduled call, thank-you notes afterward, and share updates if you have new accomplishments. Consistency helps keep you on their radar.
❗Tip: Quality trumps quantity. A handful of meaningful connections at each bank can be more impactful than blasting dozens of generic emails.
7. Master All Interview Formats
Modern recruiting processes aren’t just about phone calls anymore. You may face any combination of these formats:
Recorded Digital Interviews (e.g., HireVue): You’ll receive a prompt and have a limited time to record your answer. Prepare concise responses and maintain friendly body language—eye contact with the camera is crucial.
Phone Interviews: Often used for first-round screenings, phone calls are more impersonal. Project your voice clearly and keep notes handy.
Virtual Interviews (Zoom, WebEx): Treat them like in-person interviews. Dress professionally, ensure a neutral background, and double-check your tech setup.
In-Person Superdays: Final rounds typically involve multiple back-to-back interviews. Poise under pressure is key.
❗Tip: Practice in conditions that mirror each format. Record yourself to spot areas for improvement, from pacing to body language.
8. Craft a Bulletproof Story
Banking interviews consistently test one foundational question: “Why do you want to be an investment banker?” You must demonstrate authenticity, commitment, and a clear line of reasoning. A typical “story” has three parts:
Catalyst: What first sparked your interest in finance? It could be a personal investing journey or a mentor who inspired you.
Action: How did you pursue this interest? Mention relevant internships, case competitions, or leadership roles.
Aspirations: Why do you believe investment banking will help you achieve your long-term professional goals? Show that you understand the industry’s challenges and rewards.
9. Prepare For Technicals
Technical interviews cover topics like accounting, valuation methods, mergers and acquisitions, LBOs, and more. Memorization can help, but genuine understanding sets top candidates apart.
Study Real Companies: Browse SEC filings (e.g., 10-Qs, 10-Ks) on EDGAR or platforms like BamSEC to see how income statements, balance sheets, and cash flow statements tie together in real scenarios.
Build Simple Models: Even a basic discounted cash flow (DCF) or comparable companies analysis in Excel can deepen your conceptual grasp.
Stress-Test With Mock Interviews: Ask friends or colleagues who have successfully recruited for banking to throw tough technical questions at you. Learning to handle curveballs calmly is invaluable.
Definition:
DCF (Discounted Cash Flow): A valuation method projecting future cash flows and discounting them to present value, giving a theoretical price for a company based on its capacity to generate cash.
10. Maintain Your Poise
The interview process is notoriously intense—multiple rounds, challenging case studies, and a barrage of technical questions. Demonstrating composure is essential in an industry that thrives under pressure.
Confidence Is Key: Banking leaders routinely meet CEOs and CFOs. They expect incoming analysts and associates to at least show confidence and intellectual curiosity.
You Don’t Need Every Answer: If you encounter an unfamiliar question, explain how you’d think it through. Interviewers appreciate logical reasoning even when you lack precise details.
Practice Under Stress: Conduct numerous mock interviews and apply for multiple internships or interviews. The more you get used to the pressure, the easier it will be to stay calm.
Want to Break Into Banking?
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