With the competitive nature of breaking into investment banking, landing a full time analyst role right out of undergrad or MBA can be extremely challenging. However, proper preparation and strategic planning can greatly improve one’s chances. This article will provide an overview of the recruitment timeline, required qualifications, interview preparation, and application tips specifically for full time investment banking analyst roles in 2023.
Most applications open in early fall 2022 for 2023 banking analyst roles
The recruitment process for 2023 investment banking analyst roles kicks off very early, usually in August-September 2022. This is especially true at large bulge bracket banks like Goldman Sachs, JP Morgan, Morgan Stanley, etc. Students graduating in 2023 should begin preparing their resumes, cover letters, and other application materials over the summer. Networking should also commence right away through alumni, professors, career centers, and other channels. Landing interviews can be highly competitive, so casting a wide net early is key.
Strong academics, finance experience, and technical skills are prerequisites
Investment banks have very high standards when hiring analysts straight out of undergrad or MBA programs. A minimum 3.5 GPA from a target school is generally required. Relevant finance experience via internships and extracurricular activities is also expected. Technical skills like financial modeling, valuation, accounting, and financial statement analysis should be polished through courses, projects, internships and self-study. Strong communication and interpersonal abilities are a must as well.
Prepare thoroughly for highly technical interviews
The interview gauntlet for investment banking analysts can be grueling. Expect multiple rounds including behavioral, technical, and case interviews. Brush up thoroughly on accounting, DCF, comps, M&A analysis and other key technical areas. Use resources like WSO, Wall Street Prep, and BIWS to practice modeling tests and case interviews. Prepare stock pitches as well. Fit and competency based questions will also be asked to assess your teamwork, communication style, and interest in banking.
Apply broadly and follow up aggressively with recruiters
To maximize odds of landing IB analyst interviews, apply widely across elite boutiques, mid-market banks, and mega banks. Attend on-campus recruitment events. Reach out directly to alumni in target banks via LinkedIn and email. Follow up with recruiters regularly after applying. Identify and develop relationships with key decision makers at banks through school connections and networks like LinkedIn.
With proper preparation and a strategic approach, landing a competitive investment banking analyst position in 2023 is very achievable. Identify target banks early, polish your technical skills, and put your best foot forward during the recruiting season.