How competitive is it to break into ER vs IB?

See title. I wanna break into ER at a respectable investment bank or a boutique bank. I've been networking like crazy. Have a call next week with a ER Associate at CS and I'm currently exchanging emails with an Executive Directly of ER at CS currently and UBS

Background: EY Strategy and Transactions = 2020 for 7 months. 

Plan for Summer 2022 = EY Strategy and Transactions Internship. 

CUM GPA = 3.20 Non-target (had serious familial issues in 2020 which led to my GPA falling off a cliff) Major GPA 3.70+

I hope to apply for summer 2023 internship that leads to a full-time roll. 

What advice can you give me? 

11 Comments
 

build out the strongest stock pitch you can. It should take you 40 hours of

1) getting familiar with the company

2) getting familiar with the industry

3) understanding current drivers of company performance

4) understanding growth strategy

5) evaluate the effectiveness of the growth strategy

6) find catalysts that will precipitate a change in the stock price over the next 12 months

7) model it out and place a valuation on it

 

Thinking of doing the same for HF. How long should they be for ER and HF? Concerned about balancing between being having a comprehensive analysis but too tedious to read and having a high level analysis but risk missing valuable details.

 

Also one more thing occurred to me. Once i complete the stock pitch, do I send it to one of their analyst? I have some connections in Oppenheimer for example, or do I pitch it in the interview? 

I know a guy who covers healthcare in Oppenheimer, we spoke briefly on the phone and messaged me (via linkedin) "If there is anything that interest you in opco, let me know, i'll see what i can do." 

 

1) congratulations on the strong connection! It will help tremendously

2) I've heard/found it prudent to mention the pitch to the analyst who's putting you through to the hiring managers BEFORE having it examined in an interview setting. Most analysts that I've found are very willing to review the pitch and provide some pointers to improve before sending your resume + pitch along to hiring. It will greatly improve your candidacy and will help develop your relationship with the firm. Additionally, having a completely polished pitch vetted by an professional will go a LONG way in intro calls.

Hope this helps!

 

Network with everyone and anyone who will pick up the phone. Refine your "story", refine your stock pitch. Unfortunately there are far less seats in ER than IB, so contrary to some on this forums belief who are IB over everything, ER is quite competitive to break into. I'd recommend being industry agnostic and try networking and applying at all levels BB/MM/EB/Boutique. In ER the analysts "brand" means far more than the banks name

 

Qui reiciendis excepturi sunt dicta. Est aut sit reprehenderit est sit molestias. Et quo consequatur modi odio consectetur. Sapiente et et tenetur illo sequi placeat. Est ipsam facilis quod non.

Dolor ipsum repellat et minima et voluptatem quibusdam distinctio. Qui omnis fugiat tempora molestiae sint possimus. Nihil praesentium voluptatem fugiat nesciunt esse. Vel quo vel quod consequatur. Neque et earum quia autem aut exercitationem rerum.

Ducimus voluptate dignissimos molestiae quo. Rem explicabo pariatur dolorem molestiae nulla eum. Quia nihil rem et rerum earum itaque. Sit voluptas quia velit fugit ut voluptatibus neque. Nihil maxime odit quaerat sit voluptatem facere soluta. Placeat ullam quas aut aut enim voluptatem et.

Career Advancement Opportunities

July 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.3%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

July 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Evercore No 98.8%
  • Morgan Stanley 01 98.3%
  • BMO Capital Markets 13 97.7%
  • Banco Santander 01 97.1%

Professional Growth Opportunities

July 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 06 98.3%
  • Goldman Sachs 01 97.7%
  • JPMorgan 01 97.1%

Total Avg Compensation

July 2026 Investment Banking

  • Vice President (15) $434
  • Associates (46) $258
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (13) $156
  • 1st Year Analyst (80) $150
  • Intern/Summer Analyst (73) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
kanon's picture
kanon
99.0
4
Secyh62's picture
Secyh62
99.0
5
CompBanker's picture
CompBanker
98.9
6
dosk17's picture
dosk17
98.9
7
DrApeman's picture
DrApeman
98.9
8
GameTheory's picture
GameTheory
98.9
9
Betsy Massar's picture
Betsy Massar
98.9
10
Mimbs's picture
Mimbs
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”