With the competitive nature of breaking into investment banking, gaining relevant experience ahead of recruitment can be invaluable. Virtual experiences are emerging as an accessible way for students to gain exposure to the industry. By simulating real work projects and tasks, these experiences provide a window into day-to-day investment banking while developing relevant skillsets. This article will explore top virtual experience programs, key benefits for applicants, and tips to maximize your learning.
Top investment banks offer virtual experiences for early exposure
Many top banks and firms now provide virtual experience programs open to students globally. Examples include Goldman Sachs, JPMorgan, Morgan Stanley, Bank of America, and more. These are highly structured programs ranging from 1 day to 6 weeks, where participants work through case studies, training modules, videos, and quizzes. Modules cover core technical skills like financial modeling, valuation, M&A analysis as well as soft skills like communication, leadership and teamwork. Goldman’s 1-week program has over 250,000 enrollments for instance. While unpaid, these provide access to employees, recruiters and develop relevant experience.
Virtual experiences develop technical skills expected in investment banking
Gaining technical experience in financial modeling, valuation, M&A analysis and financial statement analysis is key for investment banking roles. These require learning complex skills like DCF, LBO modeling, compiling merger models, building operating models based on real company financials. Virtual experiences like Goldman Sachs’ mimic real-world projects to develop these specialized modeling skills under the guidance of investment bankers. This allows you to apply classroom concepts to practical scenarios. Advanced programs even offer market simulations for trading securities, hedging portfolios, and analyzing risk exposure.
Soft skills and business acumen are strengthened
Beyond modeling, virtual experiences emphasize soft skills critical for the fast-paced client-driven environment. These include communication, leadership, teamwork, problem-solving and professionalism. Business etiquette modules cover networking, emailing clients, presentations and interacting with senior bankers. Participants get visibility into bank culture and learnings are applicable across finance roles. This offers students an opportunity to showcase soft skills in application forms and interviews to stand out.
Gain mentorship and expand professional network
A differentiating aspect of virtual experiences is the access to employee mentors and networking opportunities. Mentors provide coaching tailored to individual goals and performance, as well as insider perspectives on succeeding in the industry. Virtual events, office hours and group projects also facilitate networking with fellow participants and managers. Building these connections early on creates a foundation for referrals, advice and potentially internship opportunities.
Tips to maximize learning from virtual investment banking experiences
Here are some tips to get the most from your virtual experience: 1) Set clear goals for skills you want to develop and knowledge gaps to fill. This helps ensure you maximize areas for growth. 2) Treat learning modules as real work deliverables. Hold yourself accountable to deadlines and quality. 3) Leverage mentor sessions to gain specific feedback. Be proactive in soliciting advice. 4) Use projects and case studies to apply learnings to practical scenarios. 5) Develop key technicals like financial modeling proficiencies required for junior banking roles. 6) Reflect on and document your learnings throughout the experience for interviews. 7) Expand your professional network by engaging fellow participants and managers.
Virtual investment banking experiences offer an invaluable way to gain early exposure to the industry. They provide a structured learning curriculum, develop technical skills, and expand students’ professional networks. When leveraged proactively, these experiences can strengthen applicants’ candidacy and prepare them for the rigors of the real job.