With New York City being one of the top global financial centers, it’s no surprise that many finance professionals aspire to land investment banking jobs there. New York has a high concentration of major investment banks and financial institutions, providing abundant opportunities for investment banking analysts. However, the competition is also fierce. Here are some tips for landing entry-level investment banking analyst roles in New York City.
Gain relevant internship experience in investment banking
Completing relevant internships is key to breaking into investment banking in New York City. Investment banks typically recruit entry-level analysts from their summer intern classes. Look for summer analyst programs at major banks like Goldman Sachs, JPMorgan, Morgan Stanley, Bank of America, Citi, Credit Suisse, etc. Investment banks recruit for summer interns about 12 months in advance, so research deadlines and prepare your resume/cover letter accordingly. Aim to secure an internship for the summer before your full-time job search. This hands-on experience will better prepare you for a full-time role.
Obtain necessary qualifications and technical skills
Most investment banking analyst roles require a bachelor’s degree, preferably with a major in finance, economics, accounting or other quantitative fields. Earning a Master’s degree can also help, especially if your undergrad major was unrelated. Beyond education, it’s vital to master financial modeling, valuation, M&A analysis and financial statement analysis. Investment banking analysts spend a lot of time building models in Excel and memo writing. Ensure your Excel skills are up to speed and brush up on writing skills. Follow current finance news and understand technical finance interview questions.
Leverage your school’s alumni network
Networking is critical for breaking into investment banking in a competitive market like New York City. Leverage your alumni network from target schools like NYU Stern, Columbia, Wharton, etc. Alumni who work at banks you’re interested in can provide insider tips and referrals which greatly boost your chances. Attend alumni networking events in New York City to connect in-person. Join relevant LinkedIn groups and connect with alumni online too. Ask for informational interviews to pick their brains on the recruiting process.
Differentiate yourself and showcase passion
With so many candidates vying for limited investment banking roles in NYC, differentiating yourself is key. Get involved with finance clubs/organizations on campus to demonstrate interest. Complete a thesis or other research project related to investment banking topics. Highlight leadership experience and community involvement. At networking events and interviews, showcase a passion for finance and interest in the bank’s specific products/services. Convey your long-term aspirations in the finance industry.
Apply for rotational or diversity programs
Large investment banks often have specialized programs for diverse candidates or rotational programs that can lead to investment banking. Participating in programs like Goldman Sachs’ Engineering rotational program or Citi’s Markets Diversity analyst program can help land that initial interview. The application and screening process may be less rigid initially. Once in the door, you can transition into an investment banking analyst role long-term.
With proper preparation and strategy, driven candidates can land competitive investment banking analyst roles in New York City. Gaining relevant experience, sharpening technical skills, networking extensively, highlighting your passion, and exploring rotational programs are key tips for breaking in. Perseverance and showcasing your long-term potential are important.