How to land an entry-level role at a major investment bank, according to industry veterans and recruiters

FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid

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Matthew Ting followed the traditional path into investment banking.

He attended a finance-focused school, Western University in Canada, which places 20 to 30 graduates into US investment banking jobs annually (out of 600 or so students), and excelled academically, earning his BA in business administration in 2015. He was the president of the largest student-run investment club in Canada and held multiple finance internships before undergoing full-time recruiting during his senior year — as a summer analyst at Auxo Management in Toronto and at SilverLake in Menlo Park, California, and as an analyst at Evercore in New York and associate at Providence Equity Partners.

Today, Ting is the owner of Peak Frameworks, a firm dedicated to helping people get careers in investment banking with locations in New York and Toronto. 

While Ting’s career journey is one good way to land yourself a role at a top-notch investment bank, there are alternative routes for those who don’t want to or can’t follow the same route.

An MBA is often the best way to help bridge the gap between past experience and a job in investment banking. But sometimes you can forgo the additional degree if your previous jobs have provided you with a unique skill set.

For example, James Cassel, now the chairman and cofounder of Miami-based Cassel Salpeter & Co., an independent investment banking firm that provides advice to middle-market and emerging growth companies, practiced law and specialized in corporate securities for 17 years before breaking into investment banking. 

As a securities lawyer, Cassel always conducted deals, but he noticed his investment banking counterparts were making more money and hoped a switch in careers would mean fewer hours. (He soon realized, he said, that both securities lawyers and investment bankers work many long hours.) But this is what drove him to seize the opportunity presented to him by one of his investment banking clients. The skills he had as a securities lawyer were transferable and made for a quick learning curve, Cassel said. 

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“My story is totally different than most,” he said. 

Here’s how he and other investment bank veterans suggested landing a coveted role at a major company.

Understand what roles are out there and the process for landing them

For starters, you should understand the tradition of earning an entry-level job as an analyst or associate at a top investment bank. 

The overwhelming majority of hires come from the very best business schools. Alumni from those schools who now work for the firm recruit students — either undergraduates or MBAs — at their alma mater. There are phone screenings, events, and in-person interviews that allow for vetting.

In the last stage of the process, recruits go through “super day,” where they head to the organization’s headquarters and interview with a number of people to determine once and for all if they’re a good fit. 

Next, you should navigate the different roles at investment banks and determine the one you’re most interested in pursuing. Entry-level jobs include associates and analysts, but the categories …read more

Source:: Businessinsider – Finance

      

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