Can I realistically break into IB?
Hey All, need some advice on what my chances are of breaking into Investment Banking.
For context, I have a very unique background and would love to hear thoughts from anyone.
I started my career right after A Levels where I got A*, A*,A. I joined a B4 accounting firm as an apprentice covering Banking & Capital Market clients. I was here for about 2 years when I decided audit really wasn't for me.
I then moved to a FO asset management role on a 1 year program. I had a 6 month rotation as an investment specialist covering High Yield and Investment Grade credit and now work as a research analyst in the private markets division covering infrastructure equity (renewables, transportation etc) . The asset management firm l'm at is an insurance add on (think Aviva Investors, M&G, LGIM etc).
If it helps l've completed some of the ACA exams, and in my current role have actually worked on some deals although I mainly do top down analysis of the market.
I recently got accepted to the MSc Global Finance Program at Bayes because of my experience despite not having an undergrad (I know it's not a target uni but l've seen it still places ok). The course is part time for anyone wondering, my question is with my experience and now a qualification from an actual university do I have a shot at recruiting for M&A or coverage roles in BB/MM banks? Ideally l'd like to do an off cycle internship or summer internship first but I want to know realistically what the chances are of breaking in.
I understand it will be extremely difficult to get in but is there realistically any chance whatsoever? Ideally I'd like answers for the UK Banking scene specifically.
Based on the most helpful WSO content and insights from various threads, your unique background and proactive approach to career development do indeed position you with a realistic chance to break into Investment Banking (IB), especially within the UK market. Here are several factors and steps that could enhance your chances:
Strong Academic Record: Your A Levels grades are impressive and demonstrate strong academic capabilities. While you're correct that Bayes (formerly Cass) is not traditionally considered a "target" university for IB, it is well-regarded and has a solid network in the finance industry. Leveraging this network effectively can be crucial.
Relevant Work Experience: Your experience in audit, asset management, and especially your involvement in deals and market analysis, is valuable. It shows you have a solid understanding of financial markets and the diligence process, which are relevant skills in IB. Highlighting these experiences and the transferable skills you've gained in your CV and interviews will be key.
Professional Qualifications: Having completed some ACA exams is beneficial. It shows commitment to your professional development and equips you with a strong foundation in accounting and finance, which are critical in IB.
Networking: This is crucial. Utilize the network from your current and previous roles, as well as the alumni network from Bayes. Reaching out to professionals in the IB sector for informational interviews can provide insights, advice, and potentially open doors for internships or full-time roles.
Tailored Application: When applying for roles, tailor your CV and cover letter to highlight your relevant experience and skills. Focus on how your background in asset management and deal involvement can bring a unique perspective to an IB role.
Internships: Targeting off-cycle internships or summer internships is a smart approach. These can provide a direct pathway into full-time roles and are an excellent opportunity to demonstrate your skills and fit for IB.
Preparation for Interviews: Given your non-traditional path, be prepared to explain your career choices and how they have prepared you for a career in IB. Focus on technical preparation as well as crafting your story in a compelling way that highlights your unique background as an asset.
In summary, while breaking into IB is competitive, especially in the UK, your unique background, combined with strategic networking, targeted applications, and strong interview preparation, can increase your chances of making a successful transition. Remember, persistence and a proactive approach to seeking opportunities and building relationships in the industry are key.
Sources: Breaking Into Banking: Your Timetable is Everything, How to break into investment banking for non experienced, Investment Banking in the UK - An Overview, Why can't I break into Investment Banking? Failed all my interviews!, 20 Most Frequently Asked Questions - London Edition
Anyone?
To be quite honest, getting the ACA and moving into a TS/CF team would've set you up the best - would you be willing to go back to do that final year and finish the ACA? I personally would've thought that's your best route in. Few EBs and BBs specifically hire NQ ACAs.
I was in the audit division not CF which is why I moved, it was notoriously difficult to move to TAS/CF at my firm (basically impossible honestly) which is why I made the switch
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