How hard is it to get into Investment Banking and what degrees can you do for it? (1 Viewer)

[laviloki]

I am wishing to pursue a career in Investment Banking, or IB and am just wanting to know how difficult it is to actually achieve this, and what routes can you take to get there?

 

[Chronost]

Very.

None except HD wam and V.good extra-cirrcular in com/law



(last sentence mostly true)

 

[nexusbrah]

Very.

None except HD wam and V.good extra-cirrcular in com/law



(last sentence mostly true)

Destroying my dreams.

 

[Squar3root]

Very.

None except HD wam and V.good extra-cirrcular in com/law



(last sentence mostly true)

pre much. you have to be better than all the other asians

 

[RivalryofTroll]

Very.

None except HD wam and V.good extra-cirrcular in com/law



(last sentence mostly true)

Comm/Engo works too.

 

[Squar3root]

Comm/Engo works too.

engo <3

 

[laviloki]

What do you mean by extra-cirrcular, in high-school, meaning just random stuff or in uni, like internships etc?

 

[obliviousninja]

First of all you must meet the criteria of being able to work 20 hour days

 

[RishBonjour99]

Very.

None except HD wam and V.good extra-cirrcular in com/law



(last sentence mostly true)

You don't need HD WAM to get into IB. mid D average in comm/law is generally enough for most investment banks. Also, straight commerce works fine too, just be on around a HD average, dean's list and a merit scholarship etc (+ couple of top 3 ranks in finance/stats/eco/maths units at a solid uni will help). For IB, they seem are more interested in your marks and internships than 'extra curriculars' - by that I assume you mean volunteering, societies etc. Just have something on (e.g. 180 degrees consulting is always good, you don't need to be president of fmaa).

 

[Chronost]

Mid D works,but even though they get interviews most of the actual people employed I've met have had HD WAM, you can get through with a D but you need make up for that in other parts. Straight commerce does work as you say, how ever alot more getting interviewed are comm/law in general.(and deans + a scholarship is no easy task). I agree with the marks and internship part, but I mentioned extra-cirrcular because he needs to develop those first for an internship. The other thing to point out is graduate jobs are alot more scarce compared to the internships at an I.B and generally they only take the top crop which when differntiating with the fact that everyone has similar internships at IBs (top tier,mid-tier etc..); marks and extra-cirrcular do matter more

You don't need HD WAM to get into IB. mid D average in comm/law is generally enough for most investment banks. Also, straight commerce works fine too, just be on around a HD average, dean's list and a merit scholarship etc (+ couple of top 3 ranks in finance/stats/eco/maths units at a solid uni will help). For IB, they seem are more interested in your marks and internships than 'extra curriculars' - by that I assume you mean volunteering, societies etc. Just have something on (e.g. 180 degrees consulting is always good, you don't need to be president of fmaa).

 

[enoilgam]

Generally speaking, IB is probably the hardest Commerce related field to get into with the exception of management consulting. There are opportunities to get cadetships at such firms out of HS, but it is fiercely competitive. Otherwise, you can try entering through graduate/vacationer programs. Either way, you need strong marks (mid D range for combined degrees with Law/Engineering and HDs for single commerce), plus an array of ECs and other work experience (preferably related to finance). If you dont make it in via these means, then it will be much more difficult to break into the sector, but I guess it is possible.

Outside of this, you would need to consider whether this career is a good choice for you, because it is extremely demanding in terms of hours and pressure. It might have prestige and money, but you will be working for it. Keep in mind that IB people have average base salaries - they really make their big incomes through bonuses that come from closing deals. So, if you underperform or dont have it, then the money really isnt going to be great and you will likely be washed out extremely quickly. It's a high pressure job with a strong emphasis on performance.

 

[RishBonjour99]

Mid D works,but even though they get interviews most of the actual people employed I've met have had HD WAM, you can get through with a D but you need make up for that in other parts. Straight commerce does work as you say, how ever alot more getting interviewed are comm/law in general.(and deans + a scholarship is no easy task). I agree with the marks and internship part, but I mentioned extra-cirrcular because he needs to develop those first for an internship. The other thing to point out is graduate jobs are alot more scarce compared to the internships at an I.B and generally they only take the top crop which when differntiating with the fact that everyone has similar internships at IBs (top tier,mid-tier etc..); marks and extra-cirrcular do matter more

Any of those hd average people from usyd comm/law?

 

[Chronost]

Any of those hd average people from usyd comm/law?

I have a friend who's at a big 6 law firm with high D average(and he had alot of extras) from USYD,two of his friends from UNSW had HD WAM and got into I.B (one is comm/law the other straight Comm honours).He has alot more, but those are the ones he told me about.

 

[MBMD]

When you say 'IB', are you referring to just M&A, or all the other front/middle office divisions of an investment bank (trading, research, risk management etc)

 

[Chronost]

When you say 'IB', are you referring to just M&A, or all the other front/middle office divisions of an investment bank (trading, research, risk management etc)

M&A,trading and research all require just about the same marks, extra-curricular etc these days (that being said Capital markets are usually the most popular) ... Even risk/wealth management has been hard to get into since some people choose to do it over deals just because the pay is still decent but the hours are calmer (still not 9-5 of course).

 

[Omnidragon]

No one cares about the extra curriculars. Need you to be working 20 hour days, why do you think you'd want to retain any extra curriculars?

 

[sku486]

HD average + Go8 uni + double degree is preferable but I've seen people get in with much less.

The key stage to get over is the initial screen. Banks receive literally thousands of applications every year and throw out most of them by virtue of necessity. If you can get past the initial screen then you are (pretty much) back on a level footing with other candidates and will get the role if you ace the interview (as an aside, a large number of the boffins who get through the initial screen have very poor interpersonal skills and subsequently get weeded out). I won't go into more detail as there is quite a bit of info on the screen stage and how to beat it at - http://ibadmissions.com/blogs/admissions

If you are some way away from applying for an internship/grad role, there are a few things you can do to materially improve your chances. [1] Get some relevant work experience in the financial services industry - even if you only work for free for two weeks a small-time corporate finance boutique this will still give you a leg up on everyone else with no other experience. [2] Attend intern/graduate events hosted by banks and try to meet as many bankers as possible - if you name-drop a banker in your covering letter you are much more likely to get through (HR will be reluctant to junk someone who has a personal connection). If you can't make these events then you could even cold-call HR and tell them you are very enthusiastic about [X] bank and would love to speak to a junior banker to learn more about the culture - no downside and I suspect HR/the banker will massively rate the initiative you show [3] Make your cover letter and resume as slick as possible - see website above. [4] I disagree with the comment about extra-curriculars: while they are not the most important part of a resume, they may help you get over the line if you are a marginal candidate. Try to use this to show you have the attributes banks are looking for - e.g. team player (rugby? football?), articulate (debating), interested in finance (share trading track record) etc.

Re comment on hours - yes the hours are tough but its for a finite time. In your grad year you will start in Feb and most global banks have 6-8 weeks training in July/Aug so you just need to survive a few months (the training is a complete junket!). Post the training you only have a few months to survive until things start winding down in Dec. Then the new interns start and life starts getting better...

Hope that helps. Good luck!