For fresh graduates and young professionals interested in getting into investment banking, landing that first entry level investment banker job can seem daunting. However, with proper preparation and persistence, it is possible to break into investment banking even if you don’t have prior experience. In this article, we will explore tips and strategies for securing entry level investment banking positions as well as provide an overview of these coveted jobs.
The key to getting your foot in as an entry level investment banker lies in thorough preparation – researching firms, networking, gaining relevant skills and experiences. Recruiting timelines, investment banking hierarchy and compensation are also useful knowledge. With smart positioning and the right approach, ambitious candidates can absolutely land investment banking associate roles. The key is having a game plan and executing it effectively.
thoroughly research firms and roles to find right fit opportunities
When applying for entry level investment banking jobs, candidates should thoroughly research firms, teams and roles to find the best fit opportunities. Large, prestigious investment banks like Goldman Sachs, JPMorgan, Morgan Stanley hire associates through structured campus programs. Boutique banks focused on certain sectors or deals tend to value specific experiences or backgrounds. Thorough research allows aspirants to tailor their preparation and applications appropriately. Speak to any contacts in the field to gain insights on firm cultures and ideal candidate profiles. Identify firms covering industries you are interested in or doing deals you want exposure to. Understand the hierarchy and progression within investment banking teams. This helps determine which roles to target at the associate level to set your career up for success.
networking is critical – tap into alumni & industry contacts
Due to the competitive nature of investment banking recruiting, networking is absolutely critical for landing that first job. Leverage your alumni network and tap into any personal or professional contacts in the field. Even an introductory call or coffee chat can provide valuable advice. Attend industry events on campus and off campus to connect with professionals at your target firms. Make genuine connections, seek informational interviews, and ask for application tips or feedback. The more contacts that know you and can vouch for you, the better. Networking serves not just to get your resume seen, but also to gain insights that strengthen your candidacy and personal brand. With investment banking associates often coming from target schools, a strong network is invaluable for differentiating yourself.
gain relevant skills and experience to boost candidacy
While investment banks hire associates with little to no experience, prior relevant skills and experiences can greatly boost your candidacy. During university, take challenging finance, accounting, valuation, modeling courses to develop technical abilities. Obtain Bloomberg certification and advanced Excel skills. Complete a rigorous accounting, finance or business internship at a reputable firm. Leadership experience such as managing a club also helps demonstrate people abilities crucial for investment banking teams. For those with some full time experience, lateral opportunities into investment banking exist by starting in a bank’s operational roles then networking internally. The key is framing your experiences to showcase analytical, interpersonal, learning abilities critical to being a successful investment banking associate.
understand recruiting timelines to prepare effectively
The first step is knowing the typical investment banking recruiting timelines to prepare an effective campaign. For undergraduates, spring semester of junior year is critical for securing summer internships leading to full time offers. Network and apply for these highly competitive openings in January-March. Deadlines for full time postings are typically July-September, with first round interviews on campus in fall semester. Experienced hires recruit year round, with networking important to get on a firm’s radar. Once you know the standard schedules, work backwards to give yourself time to research firms, polish materials, network and apply. Be ready to act when opportunities are posted. Follow investment banking forums to stay on top of trends and timelines.
learn investment banking hierarchy, culture and compensation
To set appropriate expectations, candidates should understand the investment banking hierarchy they are trying to enter, the culture at firms, and compensation benchmarks. At large banks, the entry level is investment banking analyst. After 2-3 years, standout analysts may be promoted to associate then vice president over time. Associate is the classic transition point to MBA then advancement up the ranks. Expect long intense hours particularly on live deals. However the intellectual stimulation, steep learning curve, and deal exposure attract top talent. Compensation is very high, with entry level investment banking analysts earning $100K+ in base salary and bonus. Associates earn $150K-$200K all-in, with salary rising with promotions.
Breaking into investment banking at the associate level is achievable through meticulous preparation, strategic networking, and communicating your value. Do your research, gain relevant skills and experiences, understand timelines and requirements, and leverage connections. With a focused, savvy approach, you can absolutely land an entry level investment banker job at a top firm to jumpstart your finance career.