Simplified Guide to Breaking in as Non-Target (EASIER THAN YOU THINK)
Hi all, just signed for FT IB NYC and want to give back. This is a very simplified guide on how to break in as a Non-Target who was not a genius or your average "grinder" by any means.
Step 1: Freshman year try to get as close to a 4.0 as possible. Generally, anything under 3.5 you are most likely screwed but really try to get at least a 3.7.
Step 2: Start reaching out to Alumni your freshman year. Recruiting will generally start in spring of your sophomore year and go into the fall of your junior year. You don't want to be a junior reaching out to people like 2 weeks before your application is due. When you start a "relationship" with these people, and cultivate it over 8+ months to a 1+, people are definitely way more willing to push your resume. Please please try your best to be normal, this is literally all that matters. Showcase you are someone who people would want to work with for 15+ hours a day. Be able to actually hold a conversation and continue it lol. Make it casual.
Step 3: Start cold E-Mailing places for your freshman year summer internship. I would first start with local no-name boutique IB places. Explain you are a student interested in banking and are eager and hungry to learn about the industry. E-Mail local places but if that strikes out honestly just spam out E-Mails to any small IB firm you can find as most do virtual work too. If you can't land IB then try PE firms. If can't land either then do Private Wealth Management. Bottom line is try to get something relevant to banking if you can, but if you can't it is not end of the world and you just need something on your resume and something to talk about.
Step 4: Start studying the guides. In my opinion they are so easy to digest and learn from. However, I would be careful with the guides and not just memorize answers like I did when I went through recruiting. I honestly recommend just getting a textbook to really learn the foundations. Technicals are actually very important in interviews. Even if you are very normal and chill if you don't pass the technical screen there is a slim chance you get the offer. The applicant pool is just way too competitive now.
Step 5: Repeat same process as step 3 for your sophomore year summer. Really try as hard as possible to land a boutique banking gig. You are even stronger of an applicant if you had a banking gig freshman year summer then also incoming for sophomore year summer. As a non-target, I 100% moved on in interviews and got interviews in the first place (A lot through just applying online, not even networking) simply due to my resume. I had 2 banking internships that I was able to talk about extensively. Resume matters A LOT. Try your best and grind out the E-Mails, it is worth it guys.
Step 6: As applications start to open, hit up your network for final calls. Do a call with them, explain what you have been up to, and at the end just mention an application for their bank recently opened and you were wondering "the best way to position yourself for an interview or any other ways to increase your candidacy", and you should be golden.
Yep, pretty much did the same thing and broke in from my non-target. If you start early enough and commit it's very feasible. Good stuff man, I'm also starting full time at a bank next summer, SF though.
in other words, if you don't start day 1 freshman year you're fucked
No, see my comment below.
This is great if you know you want IB. But, I’d say most non-targets don’t known that early.
Feel like another really important part is your story. You need to create a compelling story because within the first couple minutes they’ve likely already decided. Do a cool experience abroad, a startup that changed your perspective or just something they can tell the others beyond “that kid from XYZ”. Then wrap it up with why you want IB in the end.
If, like me, you realize you want to work in finance toward the middle of senior year at a nontarget, here are my tips:
1) Network like a madman. Send cringe LinkedIn messages and ask people to hop on a call so you can learn from them. People like talking about themselves.
2) Study the interview guides frequently. Brush up on accounting etc.
3) Get a job in valuation. This is a super transferable skill and I had no trouble landing interviews after about 6-8 months into my valuation job. My undergrad degree was in accounting, so my accounting + valuation skillset was viewed well.
4) Be persistent. Even with all the above, I was dinged a handful of times. It can be discouraging but keep your head up and don’t let rejection get you down. I began looking for IB roles in July and just received my first offer last week. Now, it feels like all the hustle was worth it.
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