Can You Break into Investment Banking from a Non-Target School?

Breaking into investment banking from a non-target school is challenging, but far from impossible. While target school students benefit from on-campus recruiting, finance clubs, and extensive alumni networks, non-target school students need to create their own opportunities. However, with the right strategies, preparation, and persistence, you can overcome these challenges and land a role at a top investment firm. This guide will walk you through the steps you need to take to make your investment banking dream a reality, even if you come from a non-target school.

Why Non-Target School Students Face Unique Challenges

The recruitment process in investment banking is notoriously competitive. Students from target schools often have a straightforward path, with banks visiting their campuses, hosting events, and offering multiple interview opportunities. Non-target school students, on the other hand, must work harder to get noticed.

Here’s why non-target students face added difficulties:

• Lack of On-Campus Recruitment: Investment banks rarely visit non-target campuses for hiring events.
• Smaller Alumni Networks: Non-target schools tend to have fewer graduates working in investment banking, making it harder to build connections.
• Resume Recognition: Your school’s name may not carry the same weight as Ivy League or top-tier public institutions, meaning everything else on your resume needs to stand out.

Despite these hurdles, non-target students can still succeed by following a strategic approach.

How to Break into Investment Banking from a Non-Target School

Here are five proven strategies to increase your chances of success in landing an investment banking role:

1. Build a Standout Resume

Your resume is the first impression recruiters will have of you. Without the prestige of a target school, you need to ensure your resume showcases your strengths and makes you an appealing candidate.

Tips for Enhancing Your Resume:

• Maintain a High GPA: A strong academic record can demonstrate your ability to perform under pressure. If possible, include high SAT or ACT scores.
• Accumulate Relevant Internships: Prioritize internships in finance-related fields. Seek out part-time internships during the school year and full-time positions in the summer to build relevant experience.
• Engage in Finance Extracurriculars: If your school doesn’t offer finance clubs, consider starting one. Participating in finance competitions, like the NIBC Global Investment Banking Competition, adds valuable experience to your resume.
• Highlight Leadership: Founding a club or leading a student organization shows initiative, which can set you apart from target school students who may not have taken similar leadership roles.

2. Network Relentlessly

Networking is critical in the world of investment banking, but it’s even more important for non-target students. Without on-campus recruiting events or a vast alumni network, you need to take the initiative to build your connections.

Networking Tips:

• Reach Out to Non-Target Alumni: Search for alumni in investment banking using LinkedIn or your school’s alumni directory. Highlight your shared background as a non-target student to increase the likelihood of a response.
• Expand Your Circles: Don’t limit yourself to alumni. Look for connections through professional groups, fraternities, or clubs that have chapters across different universities.
• Contact Hundreds of Bankers: Successful non-target students often reach out to hundreds, if not thousands, of bankers. Persistence and follow-ups are key to building relationships.
• Focus on Building Relationships: When networking, avoid asking for favors right away. Instead, show a genuine interest in their career and ask thoughtful questions. Building rapport is essential before making any requests.

Networking Contact

3. Master Technical Interviews

Once your resume and networking efforts land you an interview, you must excel in the technical portion to secure the job. While target school students often benefit from structured programs to prepare them, you’ll need to take charge of your own preparation.

Technical Interview Preparation Tips:

• Learn Core Concepts: Focus on mastering the basics of accounting, valuation, M&A, and LBO models. Start with the fundamentals and work your way up to more advanced topics.
• Understand, Don’t Memorize: It’s essential to truly understand the concepts rather than just memorizing answers to common interview questions. Aim to explain financial concepts in a clear, simple way.
• Practice with Peers: Find other students, even from other universities, to practice explaining concepts and answering technical questions.

4. Prepare for Behavioral Interviews

Behavioral interviews are just as important as technical ones. Your goal is to differentiate yourself by showing how your background from a non-target school makes you resilient, adaptable, and driven.

Key Behavioral Interview Strategies:

• Turn Your Non-Target Background into a Strength: Be ready to explain why you chose your school (e.g., financial considerations) and how you made the most of your time there. Highlight leadership roles or other experiences that demonstrate your initiative.
• Share Unique Stories: While target school candidates may have more traditional answers, you can stand out by sharing experiences that showcase your tenacity and work ethic.
• Show Confidence: Bankers often test non-target candidates to gauge their resilience under pressure. Practice responding confidently to tough questions, such as why they should choose you over a target school candidate.

5. Start Early

Investment banking recruitment moves quickly, and target school students often start preparing from day one. To compete, you need to start as early as possible—ideally, from your first year of college.

Early Start Tips:

• Plan Your Internships Early: Begin researching and applying for internships as soon as possible to gain relevant experience.
• Network Immediately: Reach out to alumni and professionals early to build relationships before recruitment ramps up.
• Develop Technical Skills: Dedicate time to learning key financial concepts from your freshman year, ensuring you're prepared for technical interviews when the time comes.

If you're unsure when the recruitment timeline actually begins, check out The Best Time to Apply for an Investment Banking Job to align your preparation with the industry's hiring cycles.

Conclusion: Yes, You Can Break into Investment Banking from a Non-Target School

Although students from target schools may have certain advantages, non-target students can still break into top investment banking firms with the right approach. By building a standout resume, networking relentlessly, mastering your interview skills, and starting early, you can overcome the challenges and succeed.

At Wall Street Oasis, we’ve seen countless non-target students land roles at top-tier firms, including bulge bracket and elite boutique banks. The journey may be more difficult, but with persistence and strategy, it’s achievable.

If you need personalized guidance on executing these strategies, reach out to our team. We’re here to help you succeed on your path to a career in investment banking.

Free Resources

To continue learning and advancing your career, check out these additional helpful WSO resources:

• Accredited in Business Valuation (ABV)
• Best Finance Jobs at a Corporation
• Debt Capital Markets (DCM)
• Equity Research Overview
• Financial Sponsors Group