In an effort to foster eFinancialCareers’ mission of being a place for honest and open discussion about the reality of careers in financial services, figured I’d do an AMA.
Little bit about my personal background:
Began career on Wall Street within the Investment Banking Division of Goldman Sachs at the age of 18
Attended a top US liberal arts college as a first-generation, low-income college student on a full-ride merit scholarship, graduating with a B.A. (Hons.) in Philosophy, Politics and Economics (PPE)
Experience advising blue-chip companies through mergers, acquisitions, private placements, IPOs and debt raises, with $10bn+ of cumulative transaction experience
Extensive investing experience across founder-focused private equity firms
Founded Gold Street, the leading Wall Street Admissions Consulting firm, touting a 100% placement rate across top-tier investment banks
Happy to field any questions about anything and everything IB recruiting!
Yes, for folks looking to transition into investment banking from another career path, it’s typically best to opt for a top MBA. In the US, these include the M7 programs. Enrolling in a full-time MBA program from one of these institutions opens up a plethora of career services and recruiting opportunities.
If you decide to go that route, you would need to do a Summer Associate internship midway through your 2-year program before receiving a full-time offer. You would then be brought onto the bank at the Associate level after you graduate.
Generally, it’s good to do any internships across investment banking, private equity or venture capital at small (think < 10 man shops) before the recruiting cycle for the big banks comes around. This is to show that you’ve demonstrated an interest in the sector and come across as a candidate who is out there doing the right things / adequately padding the resume.
Cold emailing regional boutique investment banks that are willing to take you on for virtual, unpaid internships is generally your best bet.
Hello Brian. I completed an IBD summer analyst program at one of the biggest banks this summer (you have it on your list) and I didn’t get an offer. I’m gutted quite frankly. I’d like to say it was a bad year but a lot of other people in my class are going back full time. I don’t know what I could have done differently. I’m tempted to give up. Any words of encouragement would be appreciated. Thanks.
Sorry to hear. I know it must be difficult to feel as though you put in a lot of work to do the right things on- and off-campus to get an IBD internship only for the return offer to fall through for one reason or another.
There are full-time recruiting opportunities that tend to come up on an ad-hoc basis. You could try reaching into any contacts across other banks that you had established prior to receiving your Summer Analyst offer to see if they have any full-time spots available within their groups and if they’re willing to push your resume.
That said, the vast majority of those ad-hoc full-time spots are allocated and filled in the 4-8 weeks following the conclusion of the Summer Analyst programs. Seeing as we are now heading into the final days of September, you may need to ask yourself whether investment banking truly is something that you want to do.
There are a myriad of reasons for why candidates may not receive return offers, and the bank does not really have an incentive to disclose when/if the true reason is driven by variable(s) that are political, cultural or nepotistic in nature. Take time to reflect on any feedback you received throughout the summer, but do not let this outcome dictate your sense of self-worth or personal professional capabilities.
Thank you Brian. I think I will just focus on getting a good degree, but this means that I will probably graduate without a job to go to, which is worrying as my parents live in a rural location and if I move back there then finding a job will be harder still
Hey GoldStreet - just wanted to know your thoughts on doing a “less optimal” internship at a mid-market firm or something and then switching later in your career to BB?
I was wondering how you might frame experience outside of finance when applying for internships. I’ve done some software engineering projects but found out that field wasn’t for me… how could I make that attractive for a banking role?
I also had to work in a bar for a year in order to make rent. Is there a way I can use that when applying or does that come across as desperate?
I moved to London this January to complete my double master’s in Finance and Accounting (I’m graduating this October), and to pursue my IB ambition here. However, as you know, the market nowadays is extremely competitive (especially in a city like London). I did two internships in Italy, mainly in advisory/consulting rather than direct finance roles, and this makes me less competitive compared to peers who already have multiple finance internships.
What other career paths (boutique advisory, corporate development, asset management, etc) do you think would actually be good entry points into IB in London? And how would you advise someone in my position to gain credibility and overtake more “traditional” IB candidates?
Do you have any thoughts on all the pushback from banks against analysts leaving for PE? I’ve received a graduate offer from a bank (not one that’s making analysts swear they’ve not taken a future-dated offer) but I’m worried that PE firms are going to get cold feet and that I won’t get a chance at an exit opportunity.
Given that you are coming from an area that is entirely outside of finance (SWE), it might be a good idea to consider some top MBA programs in your region where you’d be able to conduct Summer Associate internships across investment banks. It’s generally difficult to break in from a different industry entirely (esp. one that isn’t finance adjacent).
Sure, lateraling into a BB from an MM bank is possible, but only if the MM in question is an upper tier MM like William Blair, Jefferies, Harris Williams, etc. (i.e. not a 10-man regional boutique).
The approach there is to keep an eye out for any ad-hoc postings and try to network your way in. Depending on your region, there may also be headhunters that you can tap into that specialize in lateral BB/EB recruiting (Pinpoint in the US/UK, for example).
I’d generally advise against trying to use non-IB roles as launching pads into IB. Folks who break into IB from transaction advisory, asset management, corpdev, etc. generally find themselves having to pick up a top MBA after spending a few years in adjacent industries. If you have offers to go back to advisory/consulting in Italy, it may make sense to take those full-time offers while studying for the GMAT so that you can plan to apply to a top MBA after picking up 3-5 years of initial work experience.
The pushback isn’t really something to worry about. Worst-case scenario, it pushes back the on-cycle recruiting timeline for everybody, which is actually beneficial to candidates in the long-run.