Investment banking hires through specific routes, and the one you take depends on your background and timing
Investment banking is not a field you drift into. Banks hire analysts and associates through three main channels: university recruiting (the most common), lateral moves from other finance roles, and MBA programs. Each route has different timing, different requirements, and different odds. If you are already working in finance—at a hedge fund, in corporate finance, at a Big Four accounting firm—you have a clearer path than someone coming from outside the industry. If you are still in school, your window is narrower than you might think.
The work itself is real: you build financial models, run numbers on mergers and acquisitions, prepare pitch books for client meetings, and do the grunt work that senior bankers delegate. The hours are long, especially during deal cycles. The pay is high relative to other entry-level finance jobs, but not relative to the hours. Most people who enter investment banking do not stay for more than three to five years—they use it as a credential to move into private equity, hedge funds, or corporate development roles at larger companies.
Key Takeaways
- University recruiting happens in the fall of your junior year for summer internships and senior year for full-time analyst roles, with applications closing months before the interviews.
- A degree in finance, economics, accounting, or mathematics is not required, but you will need to demonstrate quantitative ability and knowledge of how deals work.
- If you are already working in finance—accounting, corporate finance, or financial analysis—you can move into banking without waiting for university recruiting season.
- Your resume needs to show either deal experience, strong technical skills, or both; generic work experience does not get you past the initial screen.
- Networking with current bankers and analysts is often more effective than explore through the bank's careers website, because referrals skip the first round of cuts.
The university recruiting timeline and what banks are looking for
If you are in school, investment banks recruit on a fixed calendar. In the fall of your junior year, banks hold information sessions and begin accepting applications for summer internship programs. These internships are the main pipeline into full-time analyst roles. The process important date is usually in September or October, and interviews happen in October and November. If you do well in the internship (usually ten weeks in the summer), you receive a return offer for a full-time analyst position starting after graduation.
For full-time analyst roles, recruiting happens in the fall of your senior year, following the same timeline. If you did not intern at a bank, this is your main entry point. Banks also hire a smaller number of analysts from MBA programs, but that route requires two years of work experience first, an MBA process, and then recruiting during business school—it is longer and more expensive than the undergraduate path.
Banks screen resumes for three things: your major or coursework (they want to see quantitative classes), your GPA (usually 3.5 or higher, though this varies by bank and by role), and your work experience. Internships at other financial institutions—hedge funds, private equity firms, asset management companies, or corporate finance departments—carry more weight than retail or consulting internships. If your resume does not show finance experience or strong technical coursework, it often does not make it past the initial screen.
Moving into banking from other finance roles
If you are already working in finance, you have a different path. Banks hire laterally from accounting firms (especially the Big Four: Deloitte, EY, KPMG, PwC), from corporate finance departments at large companies, from equity research roles, and from financial analysis positions. You do not have to wait for university recruiting season. Instead, you work with a recruiter—either an internal recruiter at the bank or an external recruiter who specializes in finance placements—to find open analyst or associate positions.
The advantage of this route is that you already have work experience and technical skills. The disadvantage is that you are competing with people who have investment banking internships, and banks may view you as less committed to banking specifically. To overcome this, you need to show that you understand what banking work actually is. This means being able to talk through a merger scenario, explaining how a deal gets financed, and demonstrating that you know the difference between what you do now and what you will do at a bank.
Timing matters here too. Banks hire most heavily in the fall and spring, with hiring slowing in the summer. If you are looking to move, start networking and talking to recruiters in August or September, not in June.
Building a resume that gets past the first screen
Your resume needs to show that you can do the technical work. This means listing specific projects where you built models, analyzed financial statements, or worked on transactions. Generic descriptions like "supported the finance team" do not work. Instead, write: "Built a three-statement model for a potential acquisition, analyzing synergies and integration costs" or "Analyzed quarterly earnings reports and prepared variance analysis for management review."
If you do not have finance internships yet, show quantitative coursework: financial accounting, corporate finance, statistics, or calculus. Banks want to see that you can handle numbers. If you have done personal investing, built a stock portfolio, or analyzed companies on your own time, include that. It shows initiative and genuine interest.
Keep your resume to one page if you are an undergraduate or have fewer than three years of experience. Banks receive thousands of resumes and spend seconds on each one. Every line needs to earn its space. Remove anything that does not show technical ability, deal exposure, or relevant work experience.
Networking and referrals: how to get in front of actual bankers
explore through the bank's careers website is the slowest route. Your resume goes into a pile with thousands of others, and the initial screen is often automated or done by junior staff with minimal context. A referral from someone who already works at the bank moves you to the front of the line and signals that you are serious.
Start by finding bankers on LinkedIn who went to your school or worked at companies where you have connections. Send a direct message asking for fifteen minutes to learn about their path into banking. Most people will take the call. During the conversation, ask specific questions: What was your recruiting timeline? What did your resume look like? What surprised you about the job? At the end, ask if they would be willing to refer you when positions open. If they say yes, follow up with your resume and a note about which teams or offices interest you.
Attend bank information sessions and networking events. These are not where you get hired, but they are where you meet people who can refer you. Bring a list of questions that show you have done your homework. Ask about specific deals the bank worked on, or about the difference between working in one office versus another. Bankers notice when someone has actually thought about the role.
What to study and how to prepare for interviews
If you are still in school, take financial accounting, corporate finance, and at least one course in valuation or mergers and acquisitions. These are not required, but they make interview preparation much faster. You will need to understand how to build a three-statement model (income statement, balance sheet, cash flow statement), how to value a company using comparable companies analysis and precedent transactions, and how deals are structured and financed.
For interview preparation, use resources like Wall Street Prep or Mergers & Inquisitions (both have free and paid materials). These teach you the technical skills and the language bankers use. Practice building models in Excel. Learn how to walk through a leveraged buyout scenario—this is a standard interview question. Be able to explain what happens to a company's balance sheet when it takes on debt, and why private equity firms care about this.
Behavioral questions in banking interviews focus on why you want the job, what you know about the bank, and how you handle pressure and long hours. Be honest about the hours. Bankers respect candidates who know what they are signing up for. If you say you want banking because you love finance and want to work on large transactions, that is credible. If you say you want banking because it pays well, that is honest but less persuasive in an interview.
The difference between analyst and associate roles
Banks hire two types of entry-level people: analysts and associates. Analysts are typically hired straight out of undergraduate programs and work for two to three years before moving on. Associates are hired from MBA programs or from people with several years of work experience. Associates start at a higher salary and are expected to move faster into more senior roles.
If you are coming from outside banking with work experience, you may be hired as an analyst or as an associate depending on your background and the bank's needs. Someone with five years in corporate finance might be hired as an associate. Someone with two years in accounting might be hired as an analyst. The distinction matters for salary and for career trajectory, so ask during the recruiting process where you would sit.
Frequently Asked Questions
Do I need an MBA to get into investment banking?
No. Most analysts are hired straight out of undergraduate programs. An MBA can help you move into banking from a non-finance background, but it is not the main entry route. If you are already in school, recruiting as an undergraduate is faster and cheaper than getting an MBA first.
What if I go to a non-target school?
Banks recruit heavily from a small number of universities, but they also hire from other schools through networking and lateral moves. Your resume needs to be stronger—more finance experience, higher GPA, more technical skills—but it is possible. Networking is more important for you than for someone at a target school, because you will not have the same volume of on-campus recruiting.
How much does the bank or team matter for my first job?
It matters less than you think. The technical skills and the credential of "investment banking analyst" are what matter most for your next move. Some teams are known for better training or better deal flow, but any major bank will teach you the fundamentals. Focus on getting in, not on which team or office.
Can I move into banking from a non-finance job?
Yes, but you will need to build technical skills first. Take an online course in financial modeling or valuation. Work on projects that show quantitative ability. Then network into the bank and be prepared to explain why you are making the switch and what you have done to prepare for it.
What happens after analyst roles?
Most analysts move into private equity, hedge funds, corporate development, or other finance roles after two to four years. Some stay in banking and move up to associate and vice president roles, but that is less common. The analyst role is often a credential-building step rather than a career destination.