What is the ultimate “desired role?” and is IB the ultimate job?

Based on the most helpful WSO content, here's the breakdown:

1. Is IB the ultimate job?
   Investment banking (IB) is often seen as a stepping stone rather than the ultimate destination for many ambitious professionals. While it offers high pay, prestige, and a rigorous skill-building environment, the ultimate "desired role" for many is to exit into fields like private equity (PE), hedge funds (HF), venture capital (VC), or other buy-side roles. These roles are typically viewed as more lucrative, offering better work-life balance and the opportunity to manage investments directly.

2. Why do elite schools (HYPSM, Wharton, Stern, etc.) have better access to HFs/PE firms?

   • Recruitment pipelines: Top-tier schools have established relationships with prestigious firms, making it easier for students to secure interviews and offers.
   • Perceived quality: Banks and buy-side firms often view students from these schools as more polished, technically proficient, and well-rounded.
   • Self-selection: Many students at elite schools may bypass IB entirely, opting for direct entry into HFs, PE, or tech roles, as they have the network and credentials to do so.

3. Is IB prestigious for semi-target students?
   For students at semi-target schools (e.g., Georgetown, Cornell, Northwestern), breaking into IB is still considered a significant achievement. However, the perception of prestige can vary:

   • Within the industry: IB is highly respected, especially for the technical and analytical skills it develops.
   • Outside the industry: The prestige may be less pronounced, as the general public might not fully understand the demands and rewards of the role.
   • Personal perspective: If you're passionate about finance and capital markets, IB can be incredibly fulfilling. However, if you're in it solely for prestige, you might find it less rewarding over time.

4. Are elite school students "smarter" or "better"?
   While students at elite schools often have impressive credentials, it's not accurate to say they are inherently "smarter" or "better." The difference lies in access and opportunities. Semi-target students may need to hustle more—networking extensively, excelling academically, and gaining relevant experience—to compete with their target school peers.

In summary, IB is prestigious and valuable, especially for semi-target students, but it is often a means to an end rather than the ultimate goal. The real question is whether it aligns with your long-term career aspirations and personal interests.

Sources: Comprehensive List of Target Schools for Investment Banking, Is investment banking not as prestigious as most people think? Are kids that break in sub-par?, Is investment banking not as prestigious as most people think? Are kids that break in sub-par?, An old man looking for advice, A bunch of target / semi - target schools have decided to prevent banks from recruiting on campus before the fall