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
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!
Tina L’s Answer
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,
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!
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
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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!