If you want to work in a bank, you need to take action.
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If you think that's a popular opinion, it's not. If you're a college student right now (and you probably are if you're reading this), there are things you can do to land a job in investment banking. No, it may already be too late.
Investment banking is one of the most competitive work environments in the world, and getting into it can be a much tougher battle than going to university. This is no exaggeration either: Harvard University's acceptance rate is about 3.2%, Oxford University's acceptance rate is about 14%, and Goldman Sachs University's acceptance rate is about 1.5%.
If you want to get into the banking industry, you need to start early. The sooner the better. It's even earlier than that.
1. Get a job at an investment bank in kindergarten
Let's not exaggerate.
1. Get a job at an investment bank in your first year of college
Again, this is not possible, but you can definitely lay the foundation for your career in your first year of college. Hopefully it's the university you wanted and, more importantly, the one your bank might want.
I have two goals during my first year of college. That means a few insight days and at least one spring internship.
Insight days, also known as campus days or webinars, depending on whether they are held in-person, with a meal, or online, are one-day events hosted by banks. These are primarily for determining whether investment banking is for you, and also for networking if you've already made up your mind.
Spring internships, also known as spring week, are important. You will need one of these. These are his week-long programs for first grade students and are conducted during the Easter break. These are important because spring internships make up the bulk of the bank's summer internships (more on that later).
According to data from Trackr (formerly Bristol Tracker), at some banks (such as Citi) up to 90% of spring interns receive summer internship offers, while at others (JP Morgan) the figure is as low as 15%. It is suggested that it remains. In any case, it's a good idea to include spring internships on your resume. Trackr estimates that if you complete the previous spring week, you have a 95% higher chance of getting an interview for a summer internship.
Insight days or “orientation events” are held throughout the year, but typically need to be applied for in a spring week by January or December, ideally around September or October, so you can apply on your bank's website. Please pay attention to deadlines. Here's more about the graduate timeline.
If for some reason you choose not to participate in student events in your first year, it's still a good idea to check out your bank and generally prepare for your second year application. Our graduate guide will help you decide which bank, sector and role you want to apply to.
2. Worked at an investment bank in second year of university
The second year is when things really start moving.
Once you know what you want to do, you can use the first semester of your second year to apply for summer internships (also known as summer analyst programs) at various banks in your field. This second summer internship is critical to landing an investment banking job upon graduation, says John, former Merrill Lynch and SocGen director and current CEO of Australian NGO System 2. Craven says.
Application schedules for summer analyst programs vary widely. In Europe and Asia, they open a year before enrollment (i.e. just before the start of the second year of university) and close around November or December at the latest. In the US, your first year will open in December or January, 18 months before your internship begins. Deadlines vary from US to US, but are usually between July and September, although there have been cases where the deadline has been as early as March.
Joining the Summer Analyst Program is not easy. Banks are very picky about who they hire for summer internships. If you want to get it, you need to follow the steps below.
I.Investment bank application form
The recruitment process varies slightly from bank to bank. Most companies use application forms, but some companies, like Goldman Sachs, prefer a traditional resume/resume and cover letter combination.
The application form is an important filtering mechanism in the bank application process. This is where most of the rejects are stripped.
ii. Investment banking grade requirements
To be successful, you need great academics. In the UK this means around 216 his UCAS points. This equates to around 3 A*s and 1 A, ideally meaning degree class 2.1 or above at a top university.
In the United States, the grade cutoffs are: Typically Most applicants at top universities have a GPA of around 3.5. However, this number has some flexibility. Higher grades are expected for non-targeted university students. Those with difficult majors may be accepted with a low GPA, as are those with extenuating circumstances such as a family crisis while in school.
Hong Kong and Singapore grades are more difficult to determine, but job postings that have been mentioned so far (and most have not) have listed requirements as 3.2 GPA or 2:1. These may be the minimum requirements for your resume to not be discarded. Assume that the UK and US rules above are the “real world” requirements.
Different banks have different requirements. Elite banks or elite teams within banks accept more banks than less famous banks or sectors.
Good extracurricular activities are also necessary. Academic research shows that banks prefer to hire students whose extracurricular activities resonate with the bankers they interview. Skiing, scuba diving, tennis, etc. are all highly valued (especially if you were a team leader in college). The same goes for volunteer activities.
iii. Investment bank pre-interview test
Once you have completed your application, you will be required to take several tests before the actual interview. Banks have historically focused on psychometric testing, which has become somewhat (though not completely) less popular in recent years.
You are more likely to get an interview with HireVue. I've summarized them in quite a bit of detail here, but in short, they're basically fancy software that analyzes you in an interview format using pre-loaded questions.
Once upon a time, these were primarily personality-based questions. These days, questions are more competency-based, such as the ability to handle conflict within a team or meet tight deadlines. This site has a great list of interview questions. Click here for applicants to US banks and here for applicants to European banks.
iv. Investment bank interview
If you do well enough to convince the AI, which counts the number of visible nose hairs and compares them to the bank's average number, you'll receive a call for a direct interview.
At JPMorgan in EMEA, this means assessment centers, and at Goldman Sachs, it means endless “structured interviews.” One former Goldman recruiter told us that the firm was all about “many face-to-face interviews, looking at personality and whether you're an interesting person you'd want to work with.” is given great importance.”
Assessment centers, also known as super days, include interviews, case study exercises, group tasks, and presentations. Now is your time to shine. The interviews are the same as ever, and we have great resources for what questions will be asked here. And don't forget to be yourself, assuming you're an interesting person.
Through case study exercises, group tasks, and presentations, you'll experience the role of an investment banker and see how you can do it. This means weighing investment opportunities, product launches, and trading strategies based on which part of the bank you're applying to. You can work alone or with others.
v. Converting an investment banking internship
Banks don't require you to join a religion to work at a bank, but if you want a job, you'll want to get an offer after your internship. This is also called “conversion.”
As I'll explain in more detail here, the key to converting an internship is to be hardworking, reliable, and sociable. It's not an exact science, but if you've gotten this far, you should have a decent chance. Approximately 50-75% of internships result in a job offer.
3. Worked at an investment bank in third year of university
If you have already received an offer, congratulations! Pass and collect $200.
If not, return to steps i-iv. If you already got an internship but couldn't convert, don't get your hopes up. Interning at a bank without converting can be a scarlet letter. It makes sense – “Why would I take you if my competitors won’t?”
Some options still remain, such as off-cycle internships and full-time analyst programs, but if you don't have an internship, and ideally some, you're at a disadvantage. there is. In fact, they don't even have to work for a bank.
Another option at this stage is to pursue a master's degree in finance or management. This essentially allows you to rewind the clock and start the entire application process over again as if you were a fresh-faced girlfriend in her second year, with all the wisdom and cunning of a grizzled old fox. Masu.
If that doesn't work, then honestly, banking may not be for you. There are limits to how much money and time you can invest. Wait, what? Do you want to go again?
Fortunately, there are several ports of call before the ship ventures too far from land. That's because you can get an MBA and apply to all the programs mentioned above. However, it has “associate” instead of “analyst” at the end. If that doesn't work, get a Ph.D.If so still It doesn’t work – well, I’m out of the way. Start your own bank.
Good luck. You will need it.
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