Investment banking is an exciting career option for many. But what options are available for people who might be mid-career in another industry or who might not have those crucial summer internships?
What investment bankers actually do
Investment bankers have a huge number of responsibilities. Junior associates and analysts might be building financial models, preparing decks, conducting industry and competitor research, updating materials, and running data teams. VPs and managing directors could be driving deals, managing client relationships, and negotiating.
What connects everyone is working very long hours!
The traditional career path in banking
Most entry-level positions require an undergraduate degree in a relevant subject. Summer internships are increasingly common ways for candidates to bolster their CV in the penultimate year of their studies. Candidates should expect to work full-time for two-three years in analyst roles before moving on to other positions. An associate position is commonly the next step up, and this is also the moment where professionals start to think about studying for an MBA in tandem.
After this point and with a combination of education and experience, professionals should expect to be promoted or eligible for roles as VP, Director, Executive Director, or Managing Director.
Alternative career paths in banking
The path above isn’t the sole route available to interested candidates. We have run an article on working for boutique firms, which could be more open to alternative career routes.
Though it is often the case that full-time offers for entry-level positions come from summer internships, what matters is experience. Find the platforms that are available to you:
- Major banks operate summer analyst programmes and spring weeks that are open to all and competitive
- Insight programmes can help you to understand the sector and network with peers and hiring managers
- Off-cycle internships give people hands-on experience for 3-6 months and are designed for those who cannot take the typical summer internships
- Boutique firms can offer their own internships that can be more valuable in the way they circumvent the hierarchies and bureaucracy more typical of the larger firms
If you are mid-career and looking to transition into banking from a different sector, we recommend emphasising any live transaction and direct client experience.
The most useful soft skills for investment banking
Anyone working in investment banking will tell you that stamina is a great asset for the sector’s gruelling 100-hour weeks.
In our experience of working with clients who are looking for their perfect candidate, we also put high value on those who show great attention to detail, the willingness to learn, and the ability to communicate under pressure.
How to break into investment banking
Whether you are taking a traditional or alternative career path into investment banking, we recommend you network as early as you can. Alums are the obvious targets, but you can also reach out to people on LinkedIn who might be one or two steps ahead of you. Meet them in person, at a place convenient to them, and invite them for a coffee. Getting to know people is incredibly important in this industry.
An education can open doors, but passion and a clear focus on why you want to enter the industry are also effective ways to break in. Learn the terminology, develop your technical knowledge, and pick up a respected book on how to break into investment banking (there are many).
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Breaking into investment banking is incredibly competitive, but that’s because the banking & finance sector is a lucrative and exciting place for professionals. If we have inspired you, follow us on LinkedIn and Instagram for tips and advice to break in, and visit our Jobs Board for our currently available positions.