10 answers
Alejandro
Student
Barcelona, Catalonia, Spain
2
Questions
Asked
1256 views
What are the chances to get into Investment Banking (any job) as intern without any experience nor a Master's Degree in Finance / CFA? What should I expect in terms of hours worked and chances of growth if I make it?
I am turning 28 this year. My past experience is in Marketing and Sales and just got my Undergraduate Business degree in 2019. During univeristy I picked up some finance subjects as electives like corporate and financial markets. I really love to sell, to invest and to be aware of what happens in the financial sector everyday. I try to learn things by myself but I am afraid is not enough to convince a hiring manager to have me as an intern. Currently I am studying a postgraduate in Business Intelligence. If it's too late, what other similar companies I could try? PE o VC for example? Also, is always Financial Analyst the entry level position for everyone new in the industry? Thanks!!!!
#finance #IB #investmentbanking #internship #financialanalyst #banking #business #career #investment #entrylevel
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10 answers
Laura Sutardja
Analyst
32
Answers
Indonesia
Updated
Laura’s Answer
Hi Alejandro!
A career change is a personal choice and if you are willing to work for it, it’s never too late.
I believe banks are open to hiring investment banking interns from any major. The position is not confined only to finance grads with a masters degree in finance/ CFA. I personally know people with degrees unrelated to finance (i.e. history, engineering, marketing) that are now IB analysts.
I am sure you possess a variety of skills from your past experience in marketing and sales. Try to map out how these skills can be transferrable in the IB position. Aside from that, you may want to evaluate the work life balance aspect of working in IB as they are known for 80-100 hour workweeks.
Other than IB, I would recommend that you look into corporate banking or treasury sales. Your previous experience in sales and marketing will definitely suit this position as you would be marketing the bank’s products. The compensation will not be as high as IB but work life balance is certainly better. Hope this helps!
A career change is a personal choice and if you are willing to work for it, it’s never too late.
I believe banks are open to hiring investment banking interns from any major. The position is not confined only to finance grads with a masters degree in finance/ CFA. I personally know people with degrees unrelated to finance (i.e. history, engineering, marketing) that are now IB analysts.
I am sure you possess a variety of skills from your past experience in marketing and sales. Try to map out how these skills can be transferrable in the IB position. Aside from that, you may want to evaluate the work life balance aspect of working in IB as they are known for 80-100 hour workweeks.
Other than IB, I would recommend that you look into corporate banking or treasury sales. Your previous experience in sales and marketing will definitely suit this position as you would be marketing the bank’s products. The compensation will not be as high as IB but work life balance is certainly better. Hope this helps!
So the age thing doesn't really matter right? I've heard thousands times that in IB they look for 21-22 years old recent grads who are the ones that care less about working 80h a week and so. How could I compete against this to stand out? Thanks for your answer btw!
Alejandro
Andrew Foster
Chief Data Officer
5
Answers
New York, New York
Updated
Andrew’s Answer
Hi Alejandro,
When you ask your question you say 'any job' so I am interpreting it as "how do I get into an investment bank" as opposed to "investment banking". I work in the data space in an investment bank, in the same way there are many other roles such as Finance, Risk Management, HR, Marketing and so on. As with any industry there tends to be a degree of "have you done the job before" unless you happen to meet a hiring manager looking for diverse mindsets. As a result you need to focus your resume on showing on how you have an interest for Financial Services and how you have backed it up with effort. CFA designation is a good example. Its a three year fairly intense commitment to complete it but just through signing up for Year One and passing your first set of exams you can demonstrate that intent.
In terms of work environment and so on from my experience I can say it rewards people who work hard, you get to collaborate with smart people and the sheer size of banks means you can get exposure to different career paths.
Hope that helps
Andrew
Research options that can provide an indicator of your passion for a career move.
When you ask your question you say 'any job' so I am interpreting it as "how do I get into an investment bank" as opposed to "investment banking". I work in the data space in an investment bank, in the same way there are many other roles such as Finance, Risk Management, HR, Marketing and so on. As with any industry there tends to be a degree of "have you done the job before" unless you happen to meet a hiring manager looking for diverse mindsets. As a result you need to focus your resume on showing on how you have an interest for Financial Services and how you have backed it up with effort. CFA designation is a good example. Its a three year fairly intense commitment to complete it but just through signing up for Year One and passing your first set of exams you can demonstrate that intent.
In terms of work environment and so on from my experience I can say it rewards people who work hard, you get to collaborate with smart people and the sheer size of banks means you can get exposure to different career paths.
Hope that helps
Andrew
Andrew recommends the following next steps:
Tina L Conner
Commercial Banker
3
Answers
Dallas, Texas
Updated
Tina L’s Answer
Hi Alejandro
I've been in commercial banking for over a decade and I've done very well without having a finance background. I have BA in Business and a MBA with a focus on Healthcare Management.
Admittedly, investment banking is a fast-paced, high stress industry and most of them in our organization can work 10-12 hours days (at a minimum) and those are the bankers themselves. Interns may have to put in additional time.
Having said that, salaries in IB are indicative of the work so if you're someone who works hard and understands the rewards of consistency and discipline, you'll do well.
With your background, you definitely have a great chance of getting in with a stellar firm. I recommend seeking organizations with an international footprint because they tend to be much for focused on creating and developing diverse talent including backgrounds and skillsets.
I agree with Laura, you don't have to intern in an investment firm, you may have a better chance of getting your foot in the door at the commercial or corporate level.
I recommend checking the career sites of the large banks in your area.
Best of luck to you,
Tina
I've been in commercial banking for over a decade and I've done very well without having a finance background. I have BA in Business and a MBA with a focus on Healthcare Management.
Admittedly, investment banking is a fast-paced, high stress industry and most of them in our organization can work 10-12 hours days (at a minimum) and those are the bankers themselves. Interns may have to put in additional time.
Having said that, salaries in IB are indicative of the work so if you're someone who works hard and understands the rewards of consistency and discipline, you'll do well.
With your background, you definitely have a great chance of getting in with a stellar firm. I recommend seeking organizations with an international footprint because they tend to be much for focused on creating and developing diverse talent including backgrounds and skillsets.
I agree with Laura, you don't have to intern in an investment firm, you may have a better chance of getting your foot in the door at the commercial or corporate level.
I recommend checking the career sites of the large banks in your area.
Best of luck to you,
Tina
Hi Tina, thanks for your answer. When you say that better look at corporate and commercial levels means that I will do a completely different thing or it's gonna be similar but working less hours?
Alejandro
Yes.. commercial and corporate banking manages large profitable organizations. As an intern or analyst, you would support a client team consisting of a Client Manager; Credit and Treasury Officers and a support team which you would be a part of. Your responsibilities would vary but heavily focused on research and analysis of companies and their financials.
You would definitely work less hours which would mean, you'd make less of course.
You may also partner with IB or other Lines of Business such as Asset Based Lending, Leasing, Merchant Services, Public Finance, etc.. working on shared deals for certain companies and that would allow you to network and build relationships with those teams to help align your next career move.
Hope this is helpful!
Tina L Conner
Marcello Baricordi
General Manager
2
Answers
Dubai, United Arab Emirates
Updated
Marcello’s Answer
Hi there - in my personal view i believe that Strategy Consulting (mcKinsey, BCG, Kearney) offer a much more round career growth opportunity than Investment Banking to be honest. As you are changing career path, maybe you want to look at a role that gives you more options in the future rather than less options in the future. Your aspiration for change might happen again in the future ... and i think the last thing you want is to become stuck in a career vertical. Ivnestment BAnking in my view can become quite repetitive and limiting. In strategy consulting you can specialize in banking (corporate / investment / retail ... you chose), you would still be able to assess mega investments and drive them ... yet you will have the flexibility of jumping around different topics ... sales, marketing, finance, organization, IT ... you could learn much much more on top of your core interest - changing career is an important moment in life ... my suggestion would be for you to think to enter a career path that offers multiple options rather than a smaller number of career development options - all the best
Thank you Marcello! totally agree, I think strategy would fit best with my long term plans
Alejandro
Maryana Hrynyuk
Merchandise Planner
7
Answers
New York, New York
Updated
Maryana’s Answer
As a former finance analyst, a lot of recruiting is done on-campus for internships and then turn into full-time offers. Big companies have target schools and they recruit from those schools. You can also go for a full-time MBA after a few years of experience and go straight into investment banking from there! It's tough to get into and is super competitive, but always possible.
Michael Cross, AAMS®
Financial Advisor
1
Answer
Austin, Texas
Updated
Michael’s Answer
Hi Alejandro, I was in a similar situation 14 years ago when I was still going to school and wanted to get into banking. I started out with an entry level position that didn't require a degree, other than a high school diploma. I worked my way up the ladder by working hard and telling upper management what my true passion was and developing my skills. I would also look into different certifications and programs such as The Certified Investment Management Analyst (CIMA®) or Certified Financial Planner (CFP®), some allow work experience instead of a degree to qualify for. These are just a couple, but may help you out a bit when applying to other positions you really want. Don't give up and keep pushing for what you want, be you, and try your best!
Thanks for your answer Michael! what kind of certification you think suits best in my situation? I like to deal with clients and would like to have a job where I can give advice on investments, how to value their businesses, how to manage their money and assets, etc. Also, I am European so perhaps the certifications that are valid in the USA are not in Spain...I have no clue!
Hope you can answer this! Thanks in advance
Alejandro
Alejandro
Stephanie Nardilla
Risk Mgmt
4
Answers
New York, New York
Updated
Stephanie’s Answer
Hi Alejandro!
I think switching a career is very exciting! In order to help make you transferrable, I'd highlight how your current skills can not only be applicable to the role you are seeking but add a bright, fresh light to it. Whatever company you decide to go for, do your research so that you can justify why you are eager to switch and why to their company specifically, and how you can bring about a new perspective or be an impactful asset. Companies are open to different professional backgrounds - it's really about explaining and justifying the why behind it. Best of luck!
I think switching a career is very exciting! In order to help make you transferrable, I'd highlight how your current skills can not only be applicable to the role you are seeking but add a bright, fresh light to it. Whatever company you decide to go for, do your research so that you can justify why you are eager to switch and why to their company specifically, and how you can bring about a new perspective or be an impactful asset. Companies are open to different professional backgrounds - it's really about explaining and justifying the why behind it. Best of luck!
Joshua Kashani
Student
8
Answers
Boston, Massachusetts
Updated
Joshua’s Answer
Hi Alejandro,
Laura's answer provides a lot of great context but I wanted to see if I could provide some more detail.
I am a rising senior at a university in the States and have previously interned in investment banking (IB) and was supposed to work with an IB team this summer but unfortunately the internship got cancelled. I would say that I have a strong understanding of the recruiting process with IB and am happy to provide more details about the process in the US.
The degree that you currently have really does not matter. What does matter is how it translates into an interest in IB and specifically which division of IB. IB is an extremely broad space that includes mergers and acquisitions (helping companies merge with or buy another company) and capital markets (helping companies raise debt or equity). Having a clear cut understanding of how IB is generally structured and what divisions interest you will drastically help in securing a full-time offer.
Passion is fundamental to IB especially for those that are entering the industry later in their careers - all of the bankers want to know that this is definitely something that you want to do and not just something you heard about. Passion is even more important when you consider the very long work hours, which can easily go up to 100 hour work weeks. Most bankers target those 21-22 year olds as they are more likely to be able to handle those long hours weeks on end and don't have other familial obligations such as children.
In terms of a similar career path, corporate bankers work pretty closely with the investment bankers and are always in need of more people to join. PE is difficult to get into unless you go through an investment banking program for two years or have successfully run multiple businesses. I'm not too sure about the VC process and would refer you to others that are on this platform.
Hope this all helps but let me know if you have any more specific questions!
Best,
Josh
Laura's answer provides a lot of great context but I wanted to see if I could provide some more detail.
I am a rising senior at a university in the States and have previously interned in investment banking (IB) and was supposed to work with an IB team this summer but unfortunately the internship got cancelled. I would say that I have a strong understanding of the recruiting process with IB and am happy to provide more details about the process in the US.
The degree that you currently have really does not matter. What does matter is how it translates into an interest in IB and specifically which division of IB. IB is an extremely broad space that includes mergers and acquisitions (helping companies merge with or buy another company) and capital markets (helping companies raise debt or equity). Having a clear cut understanding of how IB is generally structured and what divisions interest you will drastically help in securing a full-time offer.
Passion is fundamental to IB especially for those that are entering the industry later in their careers - all of the bankers want to know that this is definitely something that you want to do and not just something you heard about. Passion is even more important when you consider the very long work hours, which can easily go up to 100 hour work weeks. Most bankers target those 21-22 year olds as they are more likely to be able to handle those long hours weeks on end and don't have other familial obligations such as children.
In terms of a similar career path, corporate bankers work pretty closely with the investment bankers and are always in need of more people to join. PE is difficult to get into unless you go through an investment banking program for two years or have successfully run multiple businesses. I'm not too sure about the VC process and would refer you to others that are on this platform.
Hope this all helps but let me know if you have any more specific questions!
Best,
Josh
Richard A.
physician
2150
Answers
Updated
Richard’s Answer
First of all, congratulations on your postgraduate education and on considering a career change! From what I understand, most large, traditional investment banks hire basically solely out undergrad/MBA programs for front office roles. However, banks are increasingly turning to business intelligence for a variety of data needs for various support and technical roles. Especially if you chose BI out of a passion for computational, technical analysis I would encourage you to seek out BI roles at the top banks and and various financial managers that are much more likely to allow you to use the skills you've learned in your postgrad education.
Bob P
Credit Analyst
6
Answers
Hartford, Connecticut
Updated
Bob’s Answer
Interesting situation Alejandro! While I am not in Investment Banking, I believe they may be interested in someone with your background (although sadly age may be a factor). You may want to start out with the popular internship websites and go from there (or inquire with them directly (https://www.investopedia.com/articles/investing/111114/worlds-top-10-investment-banks.asp). Good luck........