What's the best way to enter the field of Investment Banking (besides the obvious networking)? I'm even willing to relocate anywhere in the US(NY/SF/Chicago/Los Angeles) My goal is to work at an investment bank. I've heard many have started out by working as an analyst or internship. With no degree (in my final year of undergrad) and little work experience in this field, what are my chances at landing the job? I've been told from people that work in Finance that I could "sell" my previous jobs though. Are there any things I can do from now till I get my degree that could boost my resume skills? I've been currently searching for jobs but since I'm in San Diego, the hot jobs aren't really located here. Does that mean sending some resumes to NYC companies and flying out there for two weeks for job interviews. What job titles should I be aiming for to start out? How about Trading Assistant for equities in a proprietary trading firm? or of course there's an option of going the analyst internship route at a MAJOR Ibank? Some tips that I have gotten from others are that I shouldn't even be aiming for investment banking right now since I have no degree yet/MBA etc and that I should aim lower- how low though?
Investment banking usually means working with companies to raise equity or debt to finance their business (or to merge them into other companies). This could be what you want to do (analyzing balance sheets and figuring out structures of what the companies are worth and what is to be done). Maybe it is not what you have in mind. There are certainly boutique firms in LA and some offices of the largest in SF, so California has some presence (in those two cities). Obviously, there will be infinitely more to do in NYC, but there are severe lifestyle drawbacks. Not the least of these is the astronomical cost of living. You might find this advice helpful (learn accounting, for example). Also, note that MBA's are often after 5-7 years in the work force (best to get your employer to pay), so it's not a usual track to go right to MBA: http://www.careeroverview.com/investment-banking-careers.html http://www.careers-in-finance.com/ib.htm There will be several years of getting coffee ("being an analyst") before people will give you responsibility in this world. One other option to consider is entering finance (working in the finance department of a bank or any company, really) to start learning about how money works. Obviously, an accounting / economics degree (with accounting) will help a lot. Many people also come with a few years' experience in a Big 4 accounting firm, or management consulting. Good luck!
Thanks for the quick response. Is there a way to tell which boutique firms are worth working for or which job descriptions to keep an eye out for? Or is there a way to tell if the top IB firms will just ignore the work experience that you're currently going for or vice versa (a job that a top IB will value)? I would hate to work there and then it be a dead-end job. I would like to gain experience and move up. Hmm-let's take a look at the examples of these job descriptions: (for the (3)Trading Assistant- Order Room- 65-85k/Trade Support Analyst- Corporate Trading Support- 70-90k) http://newyork.craigslist.org/mnh/acc/347768279.html Trading Assistant / Clerk 50 - 55K plus potential bonus (Financial District):http://newyork.craigslist.org/mnh/acc/341157263.html Trading Assistant 75K: http://newyork.craigslist.org/fct/acc/347710671.html working on M&A's: http://boston.craigslist.org/gbs/acc/356542710.html I'm sure there's more job listings on other sites but these were some examples I found on CL.
There is no job out there that will make you fetch coffee for a salary of 50-75k a year. If such a job did exist, then there would be many likely candidates who would make a career out of it. You shouldnt take advice from here, but go to the websites of those top investment banks. They all have profiles of who they typically recruit and have a sample day of what each person experiences.
http://europe.vault.com/nr/main_article_detail.jsp?article_id=9865422&cat_id=0&ht_type=1 http://europe.vault.com/nr/main_article_detail.jsp?article_id=23146519&cat_id=0&ht_type=1