How to get into investment banking from a non-target school

In enterprise faculty jargon, ‘feeder’ or ‘goal’ applications are these that you may goal to get into particular industries reminiscent of funding banking, consulting, know-how or every other sector you might have in thoughts.

In distinction, non-target or non-feeder colleges are people who aren’t thought of primarily for his or her concentrate on a specific sector you’re concentrating on.

For instance, Columbia Enterprise College and NYU Stern are goal colleges for funding banking. And no surprises there, since their location (New York) locations an enormous position.

Sadly, many candidates skip a number of good applications simply because they don’t characteristic within the conventional goal faculty lists for his or her most well-liked trade. That’s a misplaced alternative.

Take the instance of Austin McCombs. Certain, it’s a non-target program for funding banking. However a number of bulge bracket funding banks rent McCombs MBA college students reminiscent of Devang Joshi to affix their Wall Avenue workplace. He explains how the varsity helped him get a extremely aggressive position in a high funding financial institution.
 

Funding banking from non-target faculty

by Devang Joshi | McCombs MBA pupil

After finishing my below commencement in enterprise and qualifying as a Chartered Accountant in 2015, I began with an American bulge bracket financial institution of their Institutional Danger Administration division as a Credit score Analyst protecting Monetary Establishments (FIG) shoppers.

That gave me a useful publicity to institutional banking and enabled me to work on M&A financing offers with some actually proficient bankers. In parallel, I earned my FRM constitution and accomplished two ranges of the CFA program.

After my promotion to Senior Credit score Analyst in 2018, I bought a chance to work as a Senior Analyst within the Funding Banking Division protecting FIG shoppers – it was the right transition for me to have a look at the identical set of shoppers by way of completely different product lenses.

Within the Funding Banking Division, I supported senior bankers on reside offers and pitches and networked throughout New York and London workplaces.

After interacting with FIG bankers who have been from high B-schools within the US, I knew two issues:

1. I needed to do Funding Banking in New York protecting FIG shoppers.
2. One of the best ways to succeed in there was by way of a high 20 US B-College program.

I began planning in-advance for that transition. It was tough to handle GMAT preparation together with a demanding position in Funding Banking, however I’m glad that I bought the GMAT out of the best way early within the course of.

Then on, it was all about networking with B-Faculties and getting steerage from consultants and college students. I need to confess this was fairly a tough side of the method for me since by nature I used to be (nonetheless am) not very extroverted.

I had learn and heard about MBA Crystal Ball by way of a number of sources and hit up Sameer Kamat’s mail to see if we may meet up.

That chance lastly got here when he invited me to #KoffeeWithKamat.

What stood out for me about Sameer (and this holds to this point) was his humility and frank speak.

My dad was ready within the automotive for me, and when Sameer got here to learn about it, he immediately advised me to ask my dad as nicely for your entire session.

I nonetheless can not respect sufficient the sentiment behind that gesture.

Though I didn’t avail MBA Crystal Ball’s consulting providers throughout my functions, Sameer and I proceed to be in contact.

For me, that’s the hallmark of an individual who’s genuinely eager to see you succeed.

Throughout my B-College search, there have been a few standards I had in thoughts particularly – robust pipeline into banking and an intimate studying atmosphere the place I may get significant management expertise.

I utilized to a various set of applications and didn’t simply concentrate on the east coast colleges.

I acquired admits from 5 colleges, 2 of which have been high 20, together with the McCombs College of Enterprise at UT Austin, whereas I used to be waitlisted at a high 15 faculty.

By means of the networking course of, I had learnt that McCombs had developed a formidable repute of efficiently inserting a rising proportion of scholars into New York and Houston funding banking.

Particularly, the dean-sponsored program referred to as Wall Avenue for McCombs (WSFM), which trains college students for banking and has a 90%+ placement price.

That, mixed with an optimum class measurement and a few superior college students I talked to within the course of sealed the deal for me. I used to be headed to Texas.

As soon as in this system, I used to be amazed by the depth of efforts taken by McCombs for creating the banking pipeline to New York and Houston. WSFM is headed by an eminent professor of valuation, Mr. Xavier Sztejnberg, who’s a former Blackstone MD.

 
What began in September was one of the vital disciplined and devoted recruitment effort I’ve witnessed.

We have been skilled on a weekly foundation by 2nd yr WSFM college students for technical and behavioural interviews, practiced mock interviews with alumni, honed modelling abilities within the IB Bootcamp by Professor Sztejnberg and bought Superday experiences earlier than actual Tremendous days.

WSFM and McCombs alumni ready us to be in banking.

I need to particularly commend the efforts of our Profession Administration Heart (shout out to Abby Pollard!) for holding a number of mock interviews, particularly in Christmas holidays and for locating new avenues when interviews weren’t coming by way of.

Having gone by way of the method, I can say this with confidence to any potential pupil who plans to be in banking – McCombs takes banking lifeless critical. WSFM positioned all its college students this yr as nicely in New York and Houston banking.

I used to be, in-fact, the final individual to get positioned in my WSFM class of 2023. That ought to recommend to you the way robust the banking recruitment course of at McCombs is.

The banking recruitment course of within the US is closely based mostly on networking. I needed to get myself out of my consolation zone to chilly name, attend espresso chats, and meet bankers at social occasions.

However in the long run, I began having fun with that. To provide some perspective, I had espresso chats with ~70 bankers earlier than I bought my interview invitations.

Subjects in espresso chats diverse with seniority of bankers and particular person financial institution codecs. Sometimes, conversations with Associates and VPs have been technical-heavy, whereas conversations with EDs/ MDs have been much more behavioural and strategic.

Being targeted on a sector helped me put together particular trade tendencies, offers and technical questions mentioned in espresso chats. I used to be targeted on banks which had robust FIG teams since I knew I needed to do FIG banking.

That narrowed my focus to 6-7 banks, each boutiques and bulge-brackets. I had nice traction at one bulge bracket financial institution, the place a beneficiant staffer VP helped me connect with as many as 11 bankers starting from Associates to MDs earlier than my Superday.

Submit my Superday at that financial institution, I additionally linked with the World Chairman of Insurance coverage Banking.

No matter what their choice was, this was a once-in-a-lifetime alternative for me.

Two days later, I acquired the decision I used to be ready for the previous 5 months – I bought a proposal to affix the Funding Banking Summer time Affiliate Program of the most important and most reputed bulge-bracket funding financial institution within the US.

 
I’ve my mother and father and spouse to thank for his or her unimaginable help and persistence on this course of.

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To potential B-school candidates aiming for banking, I wish to share just a few classes I learnt alongside the best way. Hoping that might make it easier to make the transition:

1. Know “why” and “the place” (bulge / boutiques) you wish to do banking.
2. In case you are an entire outsider, it is smart to go for “generalist” applications, if not, attempt to establish a sector early on and community with companies which are high locations for these sectors.
3. Chilly name with out hesitation, attend all info periods, and take espresso chats significantly. Do your analysis in regards to the agency earlier than you do all of this.
4. Mock as a lot as doable. Particularly for internationals, you do not need your first interview to be together with your dream agency.
5. Anticipate dings / rejections. Know they’re for a cause. I confronted rejections from generalist applications. In hindsight, I can say if I did get these calls, I’d not have landed up within the high FIG group on the road.
6. My high recommendation: concentrate on the method, it doesn’t matter what the outcome. It will make it easier to persist if you get rejects and maintain you on observe to your dream provide.

All the very best!

I hope you do think about Texas McCombs to your MBA, particularly if you wish to do banking. Please ship me a request on LinkedIn profile to arrange time if you would like extra steerage on McCombs.

Additionally learn:
– All you want to learn about careers in funding banking (together with goal colleges)