How to get into Investment Banking from complete non-target
Hello guys. Long time lurker, first time posting.
I was wondering if you guys can tell me what my chances are into breaking into investment banking.
I graduated from a complete non-target with a degree in Economics. I am currently working at a retail bank as a licensed banker. I got my series 7. Next month I am enrolling in a MBA program at a semi-target school (Top 30). The school I am going to has a few big guys in wall street, so its a decent semi-target. I am starting my MBA this early because in undergrad I was a bio major and tanked my gpa and got it to an alright gpa swithcing to econ. So I was hoping if I can get my MBA with good grades form a good school I can get a good shot at IB.
With that being said, what are realistically my chances of getting into IB, and even to like a ER, credit analyst, or even private banking roles?
THANK YOU!!!!
If you’re at a non-target MBA program then your ability to land a role in IB will depend very heavily on networking with alums there as opposed to going through a formal recruitment process. I’d try to connect with your finance club in advance to see if there is anything you can do to prepare in advance. I went to a target school, but my friends at non-targets were answering very technical interview questions during coffee chats in the fall because they have to further prove themselves. The school’s career center should also have stats on placement each year which will help you answer the “what are my odds” questions.
Thank you for your response, I appericate it. I will deff look into the career center. My undergrad was non-target, but my MBA is a semi target.
What’s your MBA school if you don’t mind?
Each bank will be different, but in general many banks have “core schools” (think: Wharton, Booth, CBS, Stern) that they recruit heavily from through formal processes and often have a designated number of spots for in their summer classes. Semi-target could mean different things - the banks may have a presence on campus, but the process is less formal OR the process could be completely enterprise in which students are doing their own networking to get a foot in the door. I’d reach out to the school’s finance club to get a sense of where you fall.
If you still have time, I would seriously reconsider attending. The MBA students place into the associate level, not the analyst level, and your interviewers will be asking about work experiences. A person in my MBA business schools">M7 recruiting class had only 1 year of work experience and really struggled getting traction with banking recruiters - they just felt he did not have the maturity or experience to be an associate. This, coupled with the fact that you will be competing for limited IB slots at this school with people who do have that experience, means that landing a banking offer will be a really tough putt. To boot, Rochester just does not have the pipeline to wall street that the T15 schools do - there is a substantial drop in opportunities once you move from T15 to T30.
If this is your goal, I would really advise going to get work experience for 2-3 years, then applying to a T15 program.
Thank you for your thoughts. My question is this. I went to a complete non-target for my undergrad, and I am working retail banking. All the places that me and my friends apply to, everywhere in the country, won't give us a chance. So how do i get relevant experience if those places won't give me a shot? Am I just screwed due to the fact that I went to a unknown school and 23?
What I'm saying is that you have ONE shot to rebrand with an MBA, and I don't think you should blow it on Rochester. You and your friends haven't been getting any love because the average age of matriculation for T15 MBA is 27, with average work experience of 4-5 years. You have nothing to offer the top schools right now. The people who get into T15 schools at your level all go to 2 year deferred programs and are all bluechip candidates.
You're not screwed, you're just impatient. If you want to do this right, you build 2-3 years of work experience, knock the GMAT out of the park, go to a T15 and enter IB as an associate.
Also for IB experience, just cold call boutiques and ask if they need help. I go to a non-target, and I am a senior. I just started couple months ago with networking and I got an internship for the rest of the semester, just by calling and reaching out to people. Applying online most likely won't give you the one shot at IB you want, but if you network, you sure can get it.
Rochester is not a death sentence, but breaking into IB will be tough. Let’s just say that every year 1-2 people make it to IB from Simon MBA. Persistence is key though
Ok, this makes sense. I get where your coming from. One last question, you say work experience, and like I said Im working in retail banking as a licensed banker. What kind of "relevant" role can I get with that only being a real finance industry job on my resume?
PWM, financial analyst at fortune 500 (most common/likely), commercial/corporate banking at a boutique
Similar experience in the past, however I was working in retail banking from 18 to 22 while attending undergraduate full time at a non-target. Couple takeaway here, what type of relationship banker are you? Not that it makes a large difference in IB recruiting, but you can better spin your story if you're dealing with higher net worth accounts. For example, I was a teller (1 year) - Service banker (1 year) - Sales banker (1 year) - Licensed banker (1 year) - senior premier banker (6 months) before I quit. At 22, as a senior premier banker I was making $65k base plus $10k annual. Where most of my peers was in their late 20s or beyond. It was very easy to spin my story when I try to recruit for summer analyst position. People either take it well and appreciate the grind or tell you to go to B- school. Long story short, I was able to land a spot that position me better for a IB role.
My colleague at the time who was also a senior premier banker went the B-school route. He was in his late 20s with 8 years of working in wealth management / retail banking experience, so he was able to land a MBA spot at UVA/Cornell. Was given MM IB associate offer at Baird/Blair/HW firm but turned it down for a role at one of the largest asset manager doing portfolio managing work, because he prefers the work-life and the pay was ~220k all-in.
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