How do I become an investment banker?I'm looking into working in investment banking, and was wondering what I need to do? Where should I intern, what's a good place? What are people hiring investment bankers looking for? I'm also graduating with a degree in Economics soon. | |
There are investment banks on the west coast and the east coast.
Bigger investment banks are Goldman Sachs, Citicorp, Merrill Lynch, Morgan Stanley and Bear Stearns, to name some.
There are also regional firms in most large cities. Chicago, SF, LA, Atlanta and Denver all have banking firms.
If you can, interning at an IB is a good move.
Your best bet is to get good grades and have extra-curricular activities and something that makes you distinctive. They are looking for good accounting, finance and econ skills.
Get interviews from you placement office.
If you are looking for a 40 hours a week job, don't get into IB. You will be called an associate for your first two years and work ungodly hours, often seven days a week. Much of the work will be grunt work. Make sure you know Excel.
After two years, most associates leave and a few are asked to stay and are promoted to the next level.
You can order books via Amazon that tells you, in vivid detail, what being an associate IB entails. There is one about starting at Bear Stearns.
Don't be deceived by the glamour. It is a lot of work, even with the good salaries. Also, many of the people you work with are super Type A's.
Good luck.
I very much agree with the other post on most of this. It sounds like you've decided this is what you want to do, but go into it with an open mind. It's certainly a path to a lot of money, but there's no free lunch in this world. As the other post suggested, you work for it. Ungodly hours is right - often 90+ hour weeks, which means every night, and most weekends. Family, friends, hobbies and vacations are all a very distant second to work. That said, if it's your thing, it can be very rewarding. But you will spend a number of years during the prime of your life doing absolutely inane work for ridiculous hours. It can be tough when your friends are living a life and having fun, and you're always at the computer until 2 AM every night building models in Excel. Being a banker really starts to pay off after about 8-10 years, but the hard part is making it that far. The hours get a lot better, as does the pay. That's when you start buying your house in the Hamptons, and actually have time to go there.
You're focusing early, which is a real advantage. Good grades from a good school are a big leg up, and a pre-requisite with many groups at top firms. But I'd say, more imporantly, get to know people on the inside. If you have any friends or family in I-banks, start talking to them. Demonstrate your interest, and when the timing is appropriate, see if they can get you an interview. Knowing people is the best way in. If you don't know anybody, start asking people who might. Friends-of-friends is fine. If you have any friends or family that went to business school, they'll almost certainly have connections at I-banks. Pick up the Vault Guide To Investment Banking - this will give you a good idea of how to navigate the process.
Good luck!
