With chicago being one of the major financial hubs in the US, there are abundant opportunities for investment banking analyst jobs for new grads or experienced bankers. Major banks like JPMorgan, Goldman Sachs, and BofA all have presence in chicago. Landing a top investment banking job in chicago does require proper preparation and strategy. This article will share tips on how to best position yourself for investment banking analyst roles in chicago from writing a compelling resume, acing interviews, expanding your network, identifying best fit banks, to determining appropriate compensation.
customize your resume and highlight relevant experiences for chicago investment banks
Since chicago investment banks serve clients in the midwest, it’s important your resume reflects good fit. Bring out past internships, case studies, and projects related to midwest companies or industries. For example, if you previously interned at a commercial real estate firm and worked on deals in chicago suburb areas, highlight this on resume to appeal to real estate groups. Or if you did equity research reports on manufacturers based in the midwest, emphasize this. Recruiters want to see you already have some exposure to the region and can hit the ground running.
extensive networking is instrumental for breaking into chicago
While applying online is important, networking goes a long way. Chicago is a smaller market than NYC or SF, so firms rely more on referrals. Reach out to alumni in your network placed in midwest offices. Attend on campus events to connect directly with chicago recruiters. Join relevant clubs like private equity club if interested in LBO jobs or real estate club for RE groups. Get referrals from past internship managers in the area. Expand your LinkedIn network with chicago investment professionals.
ace interviews by articulating why chicago is a good fit
During interviews, be prepared to discuss why you specifically want to work in chicago and are seeking this location. Show you’ve done research on the city’s economical and industrial outlook. Know key clients of the office and recent deals. Explain why you want to live in chicago long term and how the role aligns with your interests. Convince the interviewer you are committed to the region vs just there for the job. High energy level and personality that resonates with midwestern culture also helps.
find best fit banks that cater to midwest clients
Certain banks have more midwest based clients, making them ideal for breaking into chicago. Top picks are Chicago based boutiques like William Blair, Baird, and Mesirow Financial with primarily midwest presence. Among bulge brackets, JPMorgan and BofA have extensive midwest coverage. Industry groups like consumer retail, natural resources, industrials, and chemicals have more midwest companies as clients. Fit is as important as brand name when considering chicago investment banking jobs.
understand compensation levels on par with chicago cost of living
Chicago investment banking compensation is strong but lower than major cities like NYC. According to Wall Street Prep, average base salaries for analysts range from $70K-$85K USD with bonuses between $45K-$65K. This matches the relatively lower cost of living and housing prices in chicago. Still higher than national averages when compared to other professions. Know your worth but have reasonable expectations when negotiating job offers.
With proper preparation in resume, interviewing, networking, firm research and compensation evaluation, new grads and experienced bankers can better position themselves for competitive investment banking analyst roles with major banks in Chicago.