Making a career change into investment banking can seem daunting, but is achievable with proper planning and preparation. The key is gaining relevant skills and experience through education, internships, networking, and self-study. It’s important to understand the role and lifestyle, craft your story, and target firms appropriately. Persistence through the long recruitment process is essential. With hard work, it’s possible to break in from non-target backgrounds.
Gain technical and financial modeling skills
To transition into investment banking, first acquire technical and financial modeling skills. Take courses in accounting, finance, Excel, VBA, and valuation. Complete online training programs like BIWS and WSO. Do an internship in banking, or obtain experience in a related field like equity research or corporate finance. Build complex models and become an Excel expert.
Craft an compelling story
Create a strong narrative for your background and goals. Explain why you want to switch into banking and how past experiences are relevant. Emphasize transferable skills. Tailor your story for each firm. Draw connections between your background and the bank’s industry groups or products.
Network extensively
Networking is crucial when changing careers. Attend industry events and info sessions. Get referrals through alumni databases. Cold call and email bankers. Set up coffee chats and informational interviews. Join finance clubs. Make authentic relationships, not just contacts.
Target firms and jobs appropriately
When breaking in from a non-target background, be strategic in targeting firms and jobs. Look for banks focused on specific sectors related to your experience. Consider middle-market boutiques which emphasize specialized knowledge over school brand. Apply for M&A execution roles where industry expertise is valued.
With dedication and perseverance, you can successfully change careers into investment banking, even from a non-traditional background. Gain technical skills, craft your story, network extensively, target firms strategically, and stay resilient through the long recruiting process.