I think having an economics major is required for getting an offer
Hi,
As someone who has attended EB, and BB events in person, seen tons of profiles of current analysts, I strongly believe even not considering self selection bias, having an economics major is required for getting an offer. Based on interviews, whenever I mention what I study, I'm always asked if I've taken additional courses in finance or econ, and once I say no, excitement wanes immediately. I've noticed this in multiple interviews and networking chats. Considering this, it seems like majoring in economics or finance is kind of required. The only exceptions I would make is maybe for perhaps English, and mechanical engineering majors (instead of all other non-finance/non-economics disciplines) and for people with really strong connections to that firm (e.g. familial connections to a firm that they're applying to work for). I know you would assume that the reason why there are so many finance/economics majors in investment banking is because people who study finance related majors self select for finance jobs. However, I think from the perspective of the hirer it's something that's preferred, and it makes sense in a practical way when you consider the tasks that economics majors do as part of their curriculum and how they're similar to what investment bankers do. Then there's the benefit of studying and then socializing with people who aim to work in finance as well.
For venture capital, no. It's not required if you study biology, computer science, or other STEM majors, heck, probably even English too.
Of course finance jobs prefer finance and econ majors... that's kind of an obvious one. The way around an unrelated major is doing a couple of internships to show you're truly interested/dedicated to finance
Yes. This was not always necessarily the case. There was a time even as recently as 6-7 years ago where common advice what you could major in pretty much anything as long as you had some relevant classes, activities and internships, and a 3.5ish+ gpa.
Since then, IB recruitment has moved up much earlier in timeline, become much more accessible to non targets, and become significantly more competitive. By the time pre screened resumes come to my desk I will always see a GPA higher than 3.8, and at least 1 economics or finance major listed or at the bare minimum an economics or finance minor with a highly quantitative major like engineering (still with a 3.8+ gpa). Not my opinion, simply providing a data point.
If I was recruiting in today’s environment with my old resume, I’d be lucky to get a job doing bookkeeping at my local mom & pop accounting firm.
People always lie when they say you can break into IB with any major, but in reality you gotta do business, econ or finance. Ignore title, I've been in the industry in a bit so I notice. You can only do random majors and still get an offer if you:
1. Go to an ultra target
2. Are a diversity candidate (this one holds more weight)
Non-diverse non-target without a business related major? Don't even think about it.
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