Getting into top investment banks is extremely competitive. However, some banks have relatively higher acceptance rates than others. By understanding bank preferences and strategically targeting banks, candidates can optimize their chances of receiving offers. This article provides tips on how to analyze bank culture, preferred candidate profiles, and application strategies when applying to investment banks as a college student or experienced hire.
Compare bank culture and focus areas
Banks have different cultures and industry focuses. For example, Goldman Sachs favors generalists while Morgan Stanley leans towards recruiting candidates with specific industry expertise. Candidates should research each bank’s culture and priorities. Targeting banks that align with one’s experience and interests can increase the probability of getting interviews and offers.
Analyze preferred candidate profiles
Banks source candidates from target schools and programs. Schools like HYPSM have higher placement rates across all banks. Finance-focused programs also place well. Students should aim for target programs and maximize grades, extracurriculars and internships to fit preferred profiles. Experienced hires should highlight relevant credentials and achievements in their industry or function.
Leverage alumni networks and referrals
Referrals can significantly boost one’s candidacy at any bank. Candidates should network extensively to obtain referrals, especially at banks where they have few other advantages. Alumni networks are excellent contact sources. Informational interviews and coffee chats are effective ways to build relationships and secure referrals.
Understand application timelines and strategies
Application strategies differ by bank. Some banks weight internships over academics while others focus on test scores. Research each bank’s criteria and tailor one’s resume, interview answers and application timing accordingly. For experienced hires, identifying hiring surges and staffing needs can reveal best times to apply.
Getting into top investment banks is competitive, but proper targeting and positioning can optimize one’s candidacy. Researching bank cultures, ideal candidate profiles, alumni networks and application strategies enables candidates to identify and pursue banks where their profiles resonate most.