"Non-Targets" in IB

Based on the most helpful WSO content, individuals from non-target schools can and do break into investment banking (IB), even from schools that are considered "low-ranked" by traditional standards. Here are some key insights:

1. Examples of Non-Target Schools:

   • Schools like Baruch College, Arizona State University, and even Montana State have been mentioned as non-targets where students have successfully entered IB.
   • Eastern Mississippi Community College was humorously noted for having a few alumni in BB (bulge bracket) roles, showcasing that even unexpected schools can produce IB professionals.

2. What They Did to Get There:

   • Relentless Networking: Many non-target students reach out to hundreds of professionals, especially alumni from their schools or others who understand the "non-target grind." For example, one individual mentioned contacting ~400 bankers and analysts.
   • Alumni Networks: Leveraging even small alumni networks can be a game-changer. Building relationships with alumni who are already in the industry often leads to referrals and opportunities.
   • Internships and Experience: Starting with internships in related fields like Private Wealth Management (PWM) or smaller hedge funds can provide a stepping stone. One story highlighted a student who interned at a hedge fund with ~$40bn in assets, which opened doors to recruiters at major banks.
   • Persistence and Drive: Non-target students often have to "grind" harder than their target school counterparts. This includes excelling in technical skills, taking relevant finance and accounting classes, and being proactive in their career pursuits.

3. Challenges and Perceptions:

   • Non-target students often face biases, as banks may not actively recruit from their schools. However, their success often demonstrates exceptional drive and competence, sometimes surpassing peers from target schools.

In summary, while breaking into IB from a non-target school is undoubtedly more challenging, it is far from impossible. The key lies in networking, gaining relevant experience, and showcasing an unmatched level of determination.

Sources: Non-Target - The New Prestige, What are the Strongest Non-Target Schools for Undergrad Recruitment?, My Recruiting Story: The importance of reading emotions and the appearance of intelligence, My path from non-target to BB IB, Non-target to BB IB SA