For Non-Traditional, Non- Finance/Accounting major (Core specifics of what is needed to break into IBD)
As a non-finance/accounting major, trying to get into investment banking, the odds are already stacked against me, I feel like. So, in an attempt to start a forum, which will help people such as myself, could interns, junior analysts, and analysts, shed some light into what kind of accounting/financial modeling would we need to know to work in investment banking? If I do get an interview, it will most likely be behavioral questions, simply because they want to see if I fit in, but assuming they require technical questions answered during the interview process, for a non-finance/accounting major, who hasn't done a lot of accounting/modeling, what is expected of me? Please, I can already guess, some will say something along the lines Investment banking might not be for you or why even bother? But please indulge me, and try to elaborate what you think might be a good start or lay a good foundation- for both accounting aspect and financial modeling aspect. I know there are programs, that I can purchase, but I am trying to narrow down the specifics. The more specific the better. I hope this can be a hub for all those like me trying to gain insight and have these questions answered by the people with insight. Thanks very much in advance.
Hi there! Even though being a Finance/accounting major is a sure way to prove your interest in finance, not being one doesn't necessarily hurt your odds of getting into IB as much as you think. Look at analyst at top shops on LinkedIn, I bet you'd be surprised at how many non-finance/accounting majors there are. Actually, some of the top target schools don't even have UG Finance/Accounting programs! As long as your in a quantitive major (economics, hard sciences, engineering, maths, etc. Ie. not a humanity or english) you shouldn't be at too much of a disadvantage at all. Obviously you'll need other prerequisites to prove your interest in finance (prior internships, clubs, etc.), but thats needed even for finance/accounting majors.
More information on your situation would be helpful to give you more tailored advice. Are you at a target, semi-target or non-target? Whats you GPA/Major situation like? What year are you? Prior internships? The amount of technicals (finance/accounting related IB questions) you'll be asked in an interview will vary widely depending on the shop, your prior experiences, what information you place on your resume, and a ton of other information.
Buying guides/courses online could never hurt, but you usually don't need to go crazy with it. A general interview prep guide from WSO/other online competitors are usually adequate for 90% of interview situations you will be in. Expect to know how to walk through a DCF, the 3 financial statements, and general accounting/valuation questions - but usually as far as technicals go thats about it. As you'll find as you do more independent research and move farther along in the process, answering technicals are more of a "check the box" type requirement than something that will land you the position. Hopefully this helps, and I'd be happy to give you more specific advice when you respond more about you specific situation.
Hi, to clarify, I went to a non-target school and majored in Economics. I worked to pay my tuition and the form of work was an internship at a custody bank. I graduated with 3.4 GPA. I am familiar with the 3 statement but not as extensively as maybe a finance or accounting student. As for financial modeling, I am familiar with the terms, but haven't delved into it as much - and am looking towards learning how to do it. That is where I am confused as to what knowledge I should have in accounting to be able to create a model. I can PM you if this doesn't give a generic view of my situation.
Current job/industry? How long ago did you graduate?
As far as what knowledge is expected of you for analyst recruitment, as I said before buy the WSO/competitor interview question guide - it will tell you pretty much exactly what you need to know. Maybe also buy the financial modeling training course as entering as a lateral hire they might expect you to know the basics of it (all guides can be found at top bar of forum under "courses").
Unfortunately, having already graduated, it will be an uphill battle to land IB. Especially so if you're not currently employed in a related field (accounting, transaction advisory service (TAS), valuations, Middle office banking, corporate/commercial banking). If you're still working in a professional field MBA is always an option, you'll need to stick it out for another 2-5 years though with whatever you're doing and study hard for GMAT.
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