Starting out

Based on the most helpful WSO content, here’s a roadmap for someone starting from scratch in investment banking:

1. Develop a Natural Curiosity

   • Investment banking requires constant learning. Start by reading books like Monkey Business and Liar's Poker to understand the industry.
   • Read newspapers like The Wall Street Journal and Financial Times, and explore blogs like Farnam Street to stay updated on markets and trends.

2. Understand What You’re Getting Into

   • Be aware that investment banking is not like school—there’s little hand-holding. You’ll need to figure things out independently and learn on the job.
   • Build resilience and adaptability, as the industry demands long hours and high performance under pressure.

3. Learn the Basics

   • Take accounting classes (at least three) to build a foundation.
   • Start learning financial modeling once you’re comfortable with accounting.

4. Network Early and Often

   • Begin building relationships by reaching out to professionals in the industry. Ask thoughtful questions and show genuine interest in their work.
   • Approach people at banks to learn about their roles and gain insights into the field.

5. Prepare for the Job

   • Before starting, sharpen your technical skills, especially Excel. Learn to format, organize files, and manage emails efficiently.
   • Familiarize yourself with tools like HP12C calculators and practice running quick calculations like DCFs.

6. Cultivate the Right Mindset

   • No one expects you to know everything when you start. What matters is your ability to learn quickly and think on your feet.
   • Stay curious—ask questions, read daily, and seek out subject matter experts to grow your knowledge.

7. Focus on Behavioral Skills

   • Learn to communicate effectively. Books like How to Win Friends and Influence People can help sharpen your interpersonal skills.
   • Practice time management with resources like Eat That Frog.

8. Start Small, Think Big

   • Celebrate small victories, like completing a task with no edits, as they build momentum for larger achievements.
   • Always keep moving forward—investment banking is a series of wins, both short-term and long-term.

By following these steps, you’ll set a strong foundation for your journey into investment banking. Good luck!

Sources: Advice From an Advisor to Senior Wall Streeters, You don't know anything— 5 things to do about it, To All Freshman and Sophomores, Investment Banking Analyst: 15 Things I Wish I Knew, What do you wish you had known before starting in IB?