I finally did it. Extreme Non-Target to my dream role, Investment Banking Analyst - M&A
The title says it all, I am still in disbelief.. I thought I’d make a post here showcasing how I went from almost giving up, to landing my dream role. I hope this helps anyone that was in my situation. I know the stress/depression/anxiety that you must be feeling. It’s insane. I used to actively apply, research, and network for 100+hrs a week.
So I went to a non target, think worst 10 universities UK. I managed to secure an internship (6 Month) in private credit straight out of university by ‘cold LinkedIn messaging’ the HR departments of every financial institution in my city. (Looking back now this was probably not the best way forward.)
When my internship was coming to an end, I was feeling confident that having that experience on my CV would make it ‘easy’ to land an IB role. (I was wrong.)
500+ applications within the span of 3 months, no success. I had recruiters tell me straight up that I won’t be considered due to my university name. This is where I nearly gave up. I then started cold emailing firms, this didn’t work either, I had a few leads, which turned into dead ends.
I knew I needed to change my strategy, this is where I came up with the idea of asking analysts/associates on LinkedIn for a ‘call’. This worked very well, I gained a lot of insights into the hiring processes in IB.
Now for my ‘winning strategy’ So I made a list of all boutique investment banks in my city, think ~ 10-200 employees. I’d straight up call reception, requested to be patched through to someone I could ‘speak to regarding early careers for myself’ 8/10 times I would be transferred to either HR, or an MD. Most of the times it was an MD. 50% of the time, they would be immediately impressed that I took the initiative to cold call, instead of the traditional cold email. I would introduce myself, my background, my passion for the industry, and why I chose to call their company. (Important to be casual, make it a friendly chat, but seem knowledgeable/intelligent.) Towards the end of the call, I would ask if I could send them over a copy of my CV, they always said yes.
In my first week of sound this strategy, I had cold called 15 boutique investment banks, and had secured 3 interviews. Where I received offers from all 3. I accepted one of the offers, and couldn’t be happier.
If anyone has any questions for me, feel free to ask.
What an inspiring journey! Your story is a testament to perseverance, adaptability, and the power of networking. Based on the most helpful WSO content, here are some key takeaways and insights that align with your experience:
Targeting Analysts and Associates: As highlighted in WSO's top-rated threads, focusing on analysts and associates is a smart move. They are closer to your age, have recently gone through the process, and are more likely to empathize with your journey. Your strategy of reaching out to them for calls on LinkedIn aligns perfectly with this advice.
Cold Calling Boutique Firms: Your bold move to cold call boutique investment banks mirrors the advice from WSO's guide on cold contacting. While cold emailing is often recommended, cold calling—when done professionally—can leave a strong impression, especially with smaller firms where MDs and HR are more accessible.
Persistence and Adaptability: The shift in your strategy from mass applications to targeted networking and direct outreach is a game-changer. WSO threads often emphasize the importance of refining your approach when initial efforts don't yield results.
Personalized Approach: Your ability to make the calls casual yet professional, showcasing your knowledge and passion, is a standout tactic. WSO contributors frequently stress the importance of tailoring your outreach to demonstrate genuine interest and understanding of the firm.
Leveraging Rejection as Motivation: The resilience you showed after facing rejection and skepticism about your non-target background is commendable. Many WSO users have shared similar stories, proving that determination and strategic networking can overcome such barriers.
Your story is a goldmine of actionable advice for others in similar situations. If anyone reading this is struggling with breaking into IB from a non-target background, your journey is proof that with the right strategy and mindset, it's absolutely possible. Congratulations on your success!
Sources: Guide: Cold Contacting Investment Bankers For Non Targets, Non-Target to MM IB: My Advice, Guide: Cold Contacting Investment Bankers For Non Targets, Non target success story, How did you get into investment banking? (non target guys)
Inspiring story man. So proud of you. I'm in a similar situation; semi-target but bad A-Levels. Didn't get any spring weeks so am looking for experience.
If you don't mind could I contact you personally via LinkedIn maybe?
Feel free to DM me on here
Big congrats boss, very well done!
Respect!
Big congrats but I'm honestly surprised this worked. Firstly I'm surprised that reception patched you through to anyone and they actually took the time to speak to you. As someone at a BB, that would never happen here haha.
I'm also Especially surprised you were successful in this environment, in the UK no less (where multiple boutiques are zeroing people due to lack of deals).
But taking you at your word, very good job.
Yep, that’s the reason I only called up boutiques.
From what I’ve gathered, boutiques here usually only hire from associate level upwards. So I’d say I either impressed them so much, or just got insanely lucky lol
Nah that's not really true. Know many analysts at boutiques across London.
But good looks and good luck.
If you got one interview, then yeah maybe you got lucky. You got 3, and got offers from them all - that doesn't sound like luck to me.
May I ask, when you say "boutiques", you are talking about the kind of places that people on this site would recognise e.g. Houlihan Lokey, Raymond James etc. or totally unknown places?
Congrats!
Find myself in a kind of similar situation as I study management at a no name university here in germany and my first four semester I got dogshit grades. Managed to secure an internship at a Big4 in Audit though and through the referal of my director there I will soon start another internship at the same Big4 in M&A. Improved my grades in the last semesters to an okay-ish overall level, completed a semester abroad in a latin american country where I could focus on finance courses. Currently finishing my bachelor thesis and learning for a gmat in a couple weeks, the plan is to get into a german target uni for my masters.
Never give up, everything is possible.
Congrats, respect the hustle! I was in a similar position and this hits deep. Another reason why I keep pushing myself because of people like you who keep grinding
Absolute legend. Huge congratulations man, do you mind ifI shoot you a DM? Super inspiring story and great work
Del
Congrats! Great to see a fellow uk non-target in ib. I have a similar situation to yourself, could I please dm you?
Did you start? Cuz in a recession we are all targets…. Of HR
Yep started. Try to avoid HR lol
.
Congratulations! As someone from a target, there has been a lot of great candidates I know that have had a lot of trouble recruiting for SA 2026 which makes this all the more impressive.
Im gonna try this with boutique shops in my bandwidth in the US hope it works 🤣
Good luck mate
Thx, my response rate is decent because i have extensive intern experience. Still planted in the non-target tier though, haha. Not sure how American shops will take to front desk cold calls but I’m excited to embarrass myself.
:) good shit
Love to read this. Straight hustle and dog. Keep going.
this sounds incredible, mind if i can dm you on linkedin to talk through your strategy?
Can DM me on here it’s better. I prefer to keep my professional life/WSO separate lol
Hey! I am in a similar situation here… Just sent you a DM - could you please have a look?
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