blog Bonorum et Malorum

Ways into an investment bank

Written by Fmi.Online

An investment bank recruits people in a number of ways. Undergrads are hired onto internships; graduates are hired straight from University, MBAs straight from Graduate School, and experienced staff who have spent some time working in the industry already join when a position becomes available.

Internships

Investment banks offer different types of internships, depending on which one you are exploring. Summer internships, Easter programmes (aimed at first-year undergraduate students) even winter internships in some regions. If you are at a top tier university, the likelihood is that the banks will come to your campus and so you will have easy access to some of the people that work there. They will attend presentations, careers fairs that your University holds and/or tailored events such as case studies. Staff from the bank’s HR or recruitment department and bankers, traders, and other staff will attend these events so that they can talk to you about their roles. From here, you can decide which area you are best suited to and apply accordingly.

If you don’t attend a top tier university, then do your research online. Each bank has a recruitment page with a plethora of information at your fingertips. Can your career advisor help you gain access to people in the industry or events? Either way, ensure you know when the recruitment deadlines are, as you will not want to miss out.

Easter or Insight programmes are usually four days in length for first-year students of a three-year course or second-year students of a four-year course. These are very educational and don’t require any actual work at a desk. The programs are usually split into information areas, so for example, day one may be an introduction to the whole bank and explain what they do and what areas they have within them. Day two could concentrate on investment banking, day three equities, and fixed income, day four support areas such as compliance or IT. For those who get chosen to go onto these types of programs, you have a real chance to make a good impression as several will be fast-tracked through the recruitment process for the summer internship.

Summer internships for penultimate year students are usually 10 weeks, with the first week being training and introductions and the rest being on the job learning. You will be treated like one of the team of the desk you are working on. The hours can be tough and the work challenging, but it is the best way for the banks to test you out and for you to see if the culture of the bank suits you. Ideally, you will have done so much research before applying that the work and the environment doesn’t shock you, and you will feel ready to accept a full-time position at the end of the internship if you are offered one. The job offer would be for a full-time position once you graduate. An extremely high percentage of full-time graduate program positions are taken from the summer internships, so this is your very best way of getting in.

Graduates

Fresh graduates are hired onto graduate programs, with the vast majority of these positions being filled through summer internships. The few places that are left on this program are ones that weren’t filled with the interns, or from a desk that put in a late recruitment request. Nevertheless, it’s incredibly competitive to get in this way as available positions are not very high.

If you don’t manage to get a role in a graduate program then you might want to see what other finance roles are around. Not all finance roles are in top tier investment banks. You might find something that ticks many of your boxes in a smaller company or in a slightly different role than you imagined. If you decide that an investment bank is still where you want to be, then keep networking, researching, and looking on the recruitment pages of the bank’s websites to see if any junior positions have become available. You may have picked up some valuable experience in your current role that would appeal to the bank you are applying for.

Alternatively, you could study for a master’s in finance, which means you get another stab at applying for the graduate programme the year after your original application. You will have learned more along the way, possibly been through the application process, and so now know what to expect. You can rebrand yourself and impress this time around.

MBAs

Maybe you became interested in investment banking later, or the industry that you found yourself working in no longer suited you and so you wanted to make the switch. Doing an MBA enables you to apply for the bank’s MBA programs, but they will be looking for people who have expertise and experience in one of the areas they deal with so consumer/retail, energy, technology, for example. If your prior experience has no bearing on the business areas that they are hiring into, then they won’t be interested, no matter how intelligent you are. As with the above internship information, if you are at a top tier university, then banks will come to your campus for events so you can speak to them. If not, then all the banks have recruitment information about their MBA programs on their websites. The best way is through the MBA summer program, which you apply for in your penultimate year and take part in during the summer before you graduate. The idea is that you secure a full-time role in the MBA program upon graduation.

At the MBA level, you will have to know your stuff. MBAs are usually not hired into support roles but front office positions, and so you will be tested at interview and asked some very technical questions. Hiring numbers are not usually high, and so this is a very competitive program.

Experienced hires

People with several years of experience in an industry that can be useful to investment banking can transition into a VP type role. There are several roles open in the banks, but they are looking for specific skills, so you will need to read the job spec and see if you are suitable and how your skills match. If you have the experience or transferable skills that they are looking for, then you have a reasonable shot as there won’t be as many people applying as at the internship and graduate levels.

Whichever route you end up trying, to get into an investment bank, you will need to have the following things:

  • A demonstrable interest and passion for the job.
  • Work experience of some kind – even at the summer internship level, you will impress if you have traded stocks online or started up a student club or society.
  • A clear reason or story to illustrate how you became interested in the industry and the particular area of the bank.
  • A hobby to show you have an interest outside of finance and that you are a well-rounded individual.

More Articles

Investment Banking

The role of investment bankers in the financial world: what do investment bankers do, and why are they important?

Investment bankers play a critical role in the financial world by helping businesses and governments raise capital, facilitating mergers and acquisitions, and providing strategic advice on corporate restructuring. They are vital to the functioning of the capital markets, and their work helps drive economic growth and stability.

Read more

Is A Career As An Investment Banker For You?

A job as an investment banker comes with lots of perks, and a great salary. You work with smart people, get open doors and gain lots of experiences fast. Find out if investment banking is the right career choice for you today.

Read more
Investment Banking

How can you earn a six-figure salary at top investment banking firms without any experience in 2023

To earn a six-figure salary as a fresh investment banker, you need to work hard to get a full-time job at a top investment bank and maximize your bonuses. A strong educational background, relevant skill set, and investment banking internships can help you secure a job.

Read more

How you can get a front-facing role in a top investment bank without any experience in 2023

Learn how to get a front-facing role in a top investment bank without any prior experience. Understand what front desk jobs in finance are and the skills required, get the right qualifications, internships, network, and build the right skill set. Show your willingness and dedication to the role through internships, and make a good impression through networking.

Read more

What does an investment banking intern at top banks do on a daily basis?

An internship will involve working for long hours in a dynamic environment, with high standards for accuracy and work ethic. You must be aware of the practical workings of the industry to cope with your work

Read more
News

What are the latest investment banking internship hiring trends in 2023

To stay relevant and competitive, investment banks have adapted new hiring practices in the technology-dominated, post-COVID world. These hiring trends were visible across financial institutions. While in the previous calendar year institutes were worried about staffing and labour shortage, banks were predicting a long struggle for employees to continue to post the COVID-19 pandemic, according […]

Read more
Investment Banking

How to get the right investment banking certification

The lucrative growth prospects of investment banking make it a brutally competitive industry. Having done a relevant investment banking course improves your odds of breaking into the industry. However, investment banking courses come in different shapes, sizes and forms. The elementary investment banking courses provide students with an overview of the industry and its functions, […]

Read more
Investment Banking

What are the rarest skills the world’s top investment bankers are looking for?

Investment bankers are responsible for heavy corporate transactions like mergers, acquisitions, IPOs, fundraising, and investment advisory. A career in investment banking is demanding, highly competitive and challenging. The right skillset, however, can help you build a successful career in investment banking by making the job easier and more efficient. In this article, we will explore […]

Read more

How can you land an investment bank internship

Top investment banks offer investment banking internship programs, each year, hiring graduates to work for 3-4 months in their offices. Through these internships, interns get first-hand experience working in an investment bank, gain an opportunity to network with other bankers, and improve their resumes. More importantly, aspiring investment bankers can see if they have the […]

Read more
Interview Prep

What you might be lacking in your IB interview prep

Going through the fundamentals of finance, working on DCF calculations, and preparing financial models are some of the more obvious things that an aspiring investment banker prepares for before interviewing for a job at a top investment bank. But what about the subtle nuances that could determine whether you will land a job or not? […]

Read more
Our Courses are designed to boost your career

Launch your career with Fmi’s Learning Pathway

Choose a learning pathway that best meets your needs and ambitions. Not sure which Fmi learning pathway is right for you? Explore our CareerBuddy videos for help and advice.

Investment banking pathway

Investment banking pathway

Monthly Subscription
  • courses-clock60+ hours
  • courses-desktop9 courses

Investment banking offers many exciting career opportunities for students. From Financial Analysts to Investment Management, and Sales & Trading to a wide range of roles in infrastructure such as IT, Risk or Compliance. This pathway is designed to help you understand the investment banking industry, the roles investment banks are recruiting for, and most importantly, help you to develop the practical skills you need to get into the industry and your preferred role whether this be as part of a school leaver, intern or graduate program.

FMI Online Student join-student-img2 FMI Online Student
55,000+ students currently enrolled
Global markets pathway

Global markets pathway

Monthly Subscription
  • courses-clock70+ hours
  • courses-desktop10 courses

Global markets provide a range of important products and services to corporates, institutions and governments worldwide from executing trades and managing risk to providing quality research content. A key business area in all investment banks, global markets offers a wide range of career paths for students to consider across all functions and at all levels from school leavers to internships through to graduate programs.

FMI Online Student join-student-img2 FMI Online Student
85,000+ students currently enrolled
Asset management pathway

Asset management pathway

Monthly Subscription
  • courses-clock50+ hours
  • courses-desktop8 courses

The asset management industry is a global industry worth over 100 trillion US dollars. It plays a crucial role in managing the assets of retail and institutional investors, offering a wide range of exciting careers in doing so. If you’re looking to forge a career in asset management, our Asset management pathway is perfect for you. We help you build the skills all asset managers are looking for and explore everything you need to know about the industry and the wide range of roles available in the sector

FMI Online Student join-student-img2 FMI Online Student
100,000+ students currently enrolled