Want to join investment banking; is it too late/is my background unacceptable?
I’m a recent graduate, turning 22, who wants to get into investment banking but have a very non traditional background. Got a B.S. in psychology, but have taken a few Econ courses being a prior Econ major. I have a 2.99 GPA, and have experience in sales at fashion, went to a non target school and did not get a finance internship. My only certification is a Wall Street Prep Excel Crash Course for finance, I speak 3 languages, and I match most requirements outside of pure-finance-academics (writing, teamwork, others you’d find in a LinkedIn post usually).
Everywhere I look online, I cannot find anyone who has managed to get into investment banking within a year or two with this background, as they seem insanely competitive. I don’t have a close relative who works at a bulge bank, yet networking seems to be the strongest tool to stop me from being automatically rejected when applying to a job (most won’t even respond to me).
I’d be willing to spend months learning all the finance and material, as I believe I could do it. I’d be willing to start a project to add to my resume. Since I’m a recent graduate I can’t apply to internship or programs anymore (unless someone knows an alternative), but I’m not really familiar with alternatives in the finance field as they 1. Still recruit based on a finance background I lack and 2. Still also seem to not be very helpful for pivoting into IB, due to how exclusive their admissions seem to be.
The only people I’ve spoken to who are close to me keep telling me that since I’m young and at least have a bachelor’s and a full time position in sales that this should be possible if I work very very hard, but they’re not very well researched on how difficult entering this field seems to be, even as a recent graduate. Would love some blunt advice, or any stories people have heard that could make this somehow plausible.
Yes and no. maybe you would get extremely lucky at a no-name bank. otherwise likely not. Edit to make it clear, almost 0 chance you enter IB, focus efforts elsewhere.
what even interests you in IB coming from a background like that? $? you say you are unfamiliar with finance roles in general, so what makes you think you even like IB?
go into sales for a S&P 500 comp and try to lateral into tech sales.
2. It is not possible for you to land a job in IB right now that would be worth doing. Your most likely path to banking would be through an MBA after a role in the back office at a bank, accounting, PWM, sales, etc.
Yeah I think you might have a shot at some micro boutique banks if you network your tail off. Will be an uphill battle
What job are you doing right now? Best bet would be to do something for a few years then pivot via mba - but you haven’t mentioned anything in your profile or background that makes you a good fit for an IB role. Why do you even want to do IB? Do you even have a real understanding of what IB is, esp since you don’t have a finance background? Or are you just pursuing bc it sounds prestigious and for money?
Also, what were you doing in undergrad that you got a 2.9 in psychology from a nontarget? That doesn’t align with the kind of person that will succeed in the massively difficult undertaking it would be for you to break in atp. Sorry to be harsh but I don’t think you’ve thought this through
Currently I'm a sales and marketing coordinator in fashion/intimates. I'm still working on progressing that right now since I can't really pivot to IB, and a lot of other finance jobs I can't pivot well to either since, like you said, I don't have a finance background. I was a prior Economics major and switched to Psych thinking I'd be more interested in it; but I never lost my interest in Econ, so I did have the initial interest in a finance-related field, hence why I'm now looking at more finance roles.
When I switched to Psych it was since I was pursuing Pre-Med, I did a lot of heavy science courses (Chemistries, Physics, Biologies, Physiologies, etc), some of which went very well and some which went very bad, I was younger and a lot of things were happening in my life externally that impacted my studies. It's not reflective of who I am now, I don't get phased in hard work anymore, but the damage is done on my prior GPA, and it's something IB seems to look at more than who you are post graduation.
Do you have any suggestions for a road into an MBA to get into IB, if possible via that? Would continuing Sales and then doing an MBA at a well-received institution/school help significantly if during it I were to intern as a IB associate/join a finance club/study a lot to IB, or would the undergrad be so bad they wouldn't even bother?
You still didn’t answer why you even want to do IB. At this point it would be a years long commitment just to get a shot at breaking in. So why do you even want to do it, if you’re clearly not the toe of person that will naturally excel in it?
No amount of networking will save this background. You could absolutely still get into IB, you just need to work a normal job office job, study or cheat on the GMAT/GRE, get into a T20 MBA, and start from there.
This
What do you mean cheat on the GMAT lol?
It’s online now — and OP doesn’t do well on skool stuff.
Indian man + rubber mask + remote virtual access on your PC (or a plane ticket).
Which types of office jobs? I apply to some finance positions outside of IB and none tend to answer due to my lack of finance background and experience, which sort of just loops around itself.
My understanding is a top tier MBA's admission has academic performance requirements and work experience requirements. How am I to match those? I can't even seem to land jobs that have an eventual will to financially support/fund the MBA itself. Would love some advice please.
A lot of MBA Asos have pre-MBA finance experience but definitely not all of them. I’d disagree with the advice from other comments that you need it or even that it particularly helps, I think you just see a lot of people with non-Front Office finance roles use the MBA to pivot to IB because they knew about it from their prior role. I defer to anyone who’s actually recruited out of an MBA however.
From what I’ve read a bad undergrad GPA doesn’t bar you from a decent MBA program, so long as you have a couple years of real work experience you can write/speak about intelligently and you get a solid GMAT/GRE score.
Now, please do not do this, but if I were in your situation and a witch said I had to get into IB or my whole family dies… I would probably join the military, use the degree to get into OCS or something, and then go onto the top MBA and Aso job. I’d bet that path is the highest probability way to break in.
Practically 0% chance tbh
As others have mentioned, ur chances are slim to none. Non-target, psychology, and no relevant internship experience. I could see some leeway from a target school, but even that is pushing it. Your best bet is to wait 4-5 years and get into a top MBA and start as an associate.
Plus, why do you want to do IB other than the money?
The 4-5 years prior to MBA that you're suggesting, would that need to be in a finance role or can it be continuing Sales in Fashion? Trying to, at the very least, get into a finance back office position but I don't match the finance-background requirements. I'm also reading often that people with a better background than mine who get into an MBA, still struggle significantly in just landing an IB job, which somewhat scares my devotion to it if it's still an extremely low likelihood post-MBA.
I wanted to do IB, or another finance related field when I joined University. I started as an Economics major, hence my relevant coursework in it. I started pursuing Pre-Med/Psych after a while simply because at the time it interested me a lot, but I never lost interest in Econ or markets. Some personal stuff in my life impacted my academics and mental state, I was a lot younger so I couldn't do much about it, but it's not reflective of who I am now, and I believe I've always had the potential for it, but the GPA remains there.
I understand where you are coming from and am in no way insinuating that you aren't capable and interested. But the reality is, when you submit your application, all they will see is your resume and numbers for the screening. The story you are telling is not something you can use to get into a full time role right now.
As for what to do now. Short answer, fashion sales. Just my opinion ofc, but don’t try to copy the textbook banker blueprint. Fashion sales is fine. If you crush it with performance and promotions in something you're actually interested in, that would bold well for MBA admissions. Do well in your job and GMAT and get into the best MBA possible.
When you say sales and fashion are you literally working at a fashion store doing retail or are you in a corporate sales role? Regardless, your GPA at a non-target in Psych, which may be the easiest major, will hurt you unless you can get into a top MBA.
Corporate sales role, not retail. I'm interested in an MBA but won't my background ALSO be the reason why I can't enroll in a top MBA?
Furthermore, I read online that people who pursue the MBA and don't have prior job experience have a hard time simply landing IB jobs. It's extremely difficult for me to even land an internship/program on a associate level during the MBA at a bulge bank. Is the only way for me to get a decent chance at IB to risk hundreds of thousands of dollars? Edit: I'm having a hard time landing any finance position, even back office (unless I'm looking in the wrong place, in which case I'd appreciate if you have any suggestions) because of my background, so this all just feels like an endless loophole of inadmission to the finance field. Would networking help in anyway?
Can you move within your current company to something more finance aligned like FPA or strategy? That would set you up better, but you will likely need a MBA still to break in. With a stellar GMAT you might be able to swing a decent program, but your grades and major will drag on you longterm. I'd also question if you can get a top GMAT based on those factors.
Just based off the wording of “want to join IB” already makes me lean towards no lol
Can you contribute any valuable information to the discussion please
Lot of valid points in this thread. It’s definitely possible but due to lack of foresight, it’s a long road to break into IB (at least was for me).
I posted about the path I took below and am happy to chat if helpful.
TLDR; non-target, tech sales for 6 years, did well and got good experience but was a dead end, needed MBA to pivot, M7 program, BB internship, and return offer.
https://www.wallstreetoasis.com/forum/investment-banking/qa-incoming-associate-bulge-bracke-ama-career-switcher-tech-salesbd-mba-bb
Blunt truth: direct entry into investment banking from a non-target with a 2.99 GPA is extremely unlikely, especially now that you've graduated. The recruiting funnel is rigid and filters on GPA and school before a human even looks at your resume. Your best path isn't applying to IB directly, it's getting into a related role like corporate banking, transaction advisory, or a boutique firm first, proving yourself there, and lateraling over.
Mirroring what others have said, but the truth is this isn't worth your time to spend the mental bandwidth on; especially in this job market. I'd argue that therapy or even finding something else that makes you feel like you are performing at the top of your human potential would be better than trying to pursue IB. Really, the underlying issue that I see at the root of this, is that you feel as though you are under performing relative to what your potential is and this is totally understandable. Now a job shouldn't define a person, however; finance as a whole is extremely hierarchal and bureaucratic . Even inside of a bulge bracket there are multiple divisions that are adjacent, or work directly with IB teams filled with people who believe that it is their turn to finally get into IB. There are people who didn't receive a return offer who ended up at middle market banks looking to lateral into BB's or EB's. Hell there are even commercial bankers who are trying to leverage their experience with credit to get into lev fin because they wanted to be in IB, but went to a non target and that was the only finance role they could place into. You for what seems to be emotional reasons believe that because "you want to get into investment banking" should be able to skip the line and by some stroke of luck, hard work, or extreme networking break into IB. The truth is, that even if I were a family friend of yours, who knew an MD at a shop you were interested in your background reads as, I rode a bike without training wheels for the first time; now let me drive a motorcycle on the highway at night I promise i'll do a good job, i'm determined . I couldn't expend social capital on making that intro for you in that case. There's allot of cognitive dissonance going on here. Others have pointed out the MBA route, but a 2.99 is a tough sell to an m7.
Join the military through the officer route and get a MBA
is there any particular reason why you're fixated on IB specifically, beyond the prestige and money? there are many other lucrative roles in finance or sales that don't have the prestige of IB but would definitely afford you a high quality of life. and, most importantly, would be better attainable.
the glamour of IB absolutely wears off the second sleep deprivation hits, so basically 3 days into your first IB stint. the grass is always greener. there's plenty of ways to get rich (and actually keep your health and work/life balance) that don't involve busting your ass and earning a depressingly sad amount per-hour post-tax.
nah, go big 4
"It's a highly competitive path given your background, but how far you get really depends on your networking efforts.
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what's your background? almost nothing is a dealbreaker if you network hard enough
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