Non-Traditional Struggling to Break into IB Full-Time
Background:
I’ve been grinding really hard for over a year trying to break into investment banking full-time from a non-traditional background. Previously, A year out of college was working in ops role at a regional bank, and realized the mundaneness - I felt held back and realized I wanted to work in a more demanding, intellectually stimulating finance role. As I started reading into what was out there, I became incredibly determined to make the transition to investment banking, and aggressively began doing everything I possibly could.
I was 2yrs out of school and decided to go back for an MSF to try and rebrand, improve my GPA and get back the "student card." I graduated undergrad from a semi-target school with a Business Admin, and my GPA was slightly below 3.5, so not fantastic (have gotten it way higher in masters). I was doing something totally different during undergrad, and so investment banking wasn't even something I knew much about.
I was able to land two investment banking internships at MM firms after starting my masters (basically 6+ months total of IB experience). My first one I worked at full-time - was capital markets focused, had great deal flow, and I got to work on live deals with essentially FT analyst responsibilities. The other one I've recently started and it does a bit more M&A, but slightly smaller firm and not full-time.
I’ve put in the work, studied the guides in depth, built models on my own time, networked like crazy, and have determined that I'm over 1,500 hours deep in this (not exaggerating...). I completely realize the challenge in making this transition, but I really am committed and desperately want to achieve this.
Where I'm at:
I've been actively recruiting for off-cycle/lateral analyst roles at MM firms in NYC. I'm still wrapping up my masters, (but am more than willing to pause or withdraw for a full-time offer, as banking was the sole reason I went for my MSF anyway). I've have gotten a few first-rounds, but nothing further.
I've somewhat/reluctantly/not really have started to consider adjacent roles (credit, valuation, TAS, equity research, etc.) that might give me relevant experience and a path to pivot into banking next (no MBA route), but I really don’t want to give up on IB. I am certain its the best fitting career path for me, and I’ve stayed committed for a very long time, but at the same time, I'm feeling a bit stuck. It's feeling like I just ran a marathon and made it to the finish, but there's a locked gate that won't let me cross the line.
I’d really appreciate any advice from people who’ve been in a similar spot - especially anyone who successfully transitioned into banking from a non-IB role or took a less traditional path.
Which roles actually give you a shot at lateraling in? What’s worth targeting, and what tends to be a pigeonhole? Is there anything else I should be conidering? Is there anything I'm missing or can do right now to stand out more in the off-cycle or lateral process?
Any guidance would be greatly appreciated.
Based on the most helpful WSO content, here’s a breakdown of actionable advice for your situation:
1. Stay Focused on Off-Cycle and Lateral IB Roles
2. Consider Adjacent Roles Strategically
If IB roles aren’t materializing immediately, certain adjacent roles can serve as stepping stones: - Valuation or Transaction Advisory Services (TAS): These roles provide deal experience and exposure to M&A, which can be leveraged for a lateral move into IB. - Equity Research (ER): While not a direct path, ER can demonstrate your analytical and financial modeling skills, making you a viable candidate for IB later. - Corporate Development: This is another viable route, especially if you can join a company with an active M&A pipeline. - Credit or Leveraged Finance: These roles can provide relevant experience, particularly if you’re working on deal structuring or underwriting.
Avoid roles that pigeonhole you, such as back-office or purely operational positions, as they may make it harder to pivot back into IB.
3. Refine Your Approach to Lateral Recruiting
4. Stand Out in Interviews
5. Consider Geographic Flexibility
6. Leverage Your MSF
7. Keep the Long-Term Goal in Mind
Final Thoughts
Your determination and the steps you’ve already taken are commendable. Breaking into IB from a non-traditional background is challenging, but it’s clear you’ve put in the work. Stay persistent, refine your approach, and consider adjacent roles strategically if needed. Many successful bankers have taken non-linear paths, and your story can be one of them. Keep pushing forward!
Sources: Lateraling Guide for Investment Banking, Guide to Lateraling in 2021, Lateraling Guide for Investment Banking, https://www.wallstreetoasis.com/forum/private-equity/going-from-mm-investment-bank-to-mega-fund?customgpt=1, A Guide for Switching From Commercial Banking to Investment Banking
You sound like a grinder and have built good experience. I think it's more just a depressed market for opportunities. Might have to hide out in a valuations role for a year until it picks up again (although we have been saying that for 1.5 years now lol).
Have been considering that route a bit. I hear a lot of valuation is being offshored lately though.
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