Here it is, the big enchilada. Science, IT, liberal arts, engineering majors. None go through the networking ringer like business majors do. The work we need to put in for networking is offset by an easier course load.
Anyone with an average IQ and willing to work long hours is able to do the work of an Investment Banking analyst (therefore any other career on Wall Street). Given the usual high competition for those positions (though this is changing today), what sets candidates apart are their connections.
Getting good grades and nailing mock interviews? Cool, so did a bunch of others.
Got to know someone working at a Bank of America that likes you? Nice. They’ll get your resume in the “this guy/girl is good, take a look” pile.
Get exposed to the right network
In school, joining finance/investment clubs is a must. There is probably an “elite” investment club at your university - 80%+ of the school’s future investment bankers are a part of this club. Getting into the club is the ultimate goal if you want a clearer line-of-sight to the Wall Street career path. It’s not mandatory, but it will directly immerse you with a group of people striving for the same goals.
@BowTiedSizeLord sums up this concept in his thread “How do you break into investment banking”:
link to thread (highly recommend):
The club is often run by a professor and/or has specific career counselors associated with the club. These faculty will be the the most important connections you make in your network. They know nearly everyone that has moved on from that university to Wall Street over the past several years! Many are now associates and analysts, some VPs or MDs. They can be your bridge to connecting with alumni that are able and willing to help you on your journey. They’ve been in your shoes before.
If they like you and you know your stuff, they’ll at the least plop your resume in the “this guy/girl is good, take a look” pile. If you’ve impressed them or developed a strong connection with them, they’ll even go straight to hiring manager to make sure they take a good look at you.
This is really the ultimate path to Investment Banking. Other Wall Street careers (Equity Research, Sales & Trading, Asset Management) are a bit more lax, but taking this route will ensure a spot on the street for these other positions if that’s what you desire.
If you were not able to get into the club though, all hope is not lost. You will just have to work harder to catch the attention of your Wall Street alumni OR befriend the seniors that have already done an internship and will be working full-time the next year. 1st and 2nd year analysts have a say as to who gets hired since they’re most in-touch with the club/university’s financial “talent.”
If they were in the club (most likely) they will ask why you were not able to get into the club. You tell them the truth, whatever it may be. There’s no BS’ing this one.
What’s next?
The goal of making these connections and networking is to land an internship, since that’s where the majority of full-time offers come from.
So now that your resume is in the “this guy/girl is good, take a look” pile, you’re going to get interviewed, and they’re going to be brutal. In the next edition we’ll cover interview prep, breaking it into several parts such as behavioral and technical, possibly getting into some juicy details!