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You're going to love this! To save you time in applying for jobs, I've collated links that take you directly to the recruitment section of the top 50 investment banks' websites. I list the top 20 then the next 30, each group is in alphabetical order. TOP 20 INVESTMENT BANKS (in alphabetical order) |
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Top Headhunters The Americas (especially New York)
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The above are my personal favourites but there are other headhunters out there. If you're in the US, the above three are a great start, as the process goes on you may discover more. For the UK, here are a few more firms.
OTHER HEADHUNTERS
Top 10 headhunters for banking and finance in London
- Sheffield Haworth 11.8%.
- The Omerta Group 8.7%.
- Hogarth Davies Lloyd 8.3%.
- Execuzen 8.0%.
- Principal Search 7.7%.
- Sainty Hird & Partners 5.1%.
- Hammond Partners 4.6%.
- J.D. Haspel 4.2%.
- Hutton Consulting 3.4%.
- Leathwaite 3.2%.
Source Executive Grapevine (2015)
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by Girl Banker
Getting an internship is hard, getting one when you don't fit into the standard criteria is even harder. I recently held a talk at Birmingham Business School on strategies for finding a job or internship when the standard programmes won't accept you. I thought I would share a few of the points here with you.
1. Networking
Networking is very important but it becomes critical when you can't get an internship. Recruiters host most of their events at universities so look for events at your university as well as other nearby institutions. Do some serious reading on how to network effectively.
How to Network Yourself into an Investment Bank (part 1)
2. Leverage your friends
This doesn't necessarily fall under networking because when you "network" you try to forge new connections, however, have you looked at your friend lists (and friends of friends) closely? If you haven't been in touch with certain friends for a while look them up on LinkedIn to see what experiences they have recently had that you may not necessarily know about.
If your friends haven't started working then speak to them about contacts that they may have through family as well as via their own networking efforts.
Don't feel embarrassed to ask for help! Even if you are shooting for banks that you believe won't give you a second look chat to friends about your plans. They may surprise you with the feedback that they give you.
3. Focus on Them Not You
Be guided by the principle that people love themselves. If you haven't already read, How To Make Friends & Influence People by Dale Carnegie who explains this concept eloquently. If you can make a potential employer look good, they will love you immediately. If you can solve a problem that they have they will want you to come in.
Getting an internship is hard, getting one when you don't fit into the standard criteria is even harder. I recently held a talk at Birmingham Business School on strategies for finding a job or internship when the standard programmes won't accept you. I thought I would share a few of the points here with you.
1. Networking
Networking is very important but it becomes critical when you can't get an internship. Recruiters host most of their events at universities so look for events at your university as well as other nearby institutions. Do some serious reading on how to network effectively.
How to Network Yourself into an Investment Bank (part 1)
2. Leverage your friends
This doesn't necessarily fall under networking because when you "network" you try to forge new connections, however, have you looked at your friend lists (and friends of friends) closely? If you haven't been in touch with certain friends for a while look them up on LinkedIn to see what experiences they have recently had that you may not necessarily know about.
If your friends haven't started working then speak to them about contacts that they may have through family as well as via their own networking efforts.
Don't feel embarrassed to ask for help! Even if you are shooting for banks that you believe won't give you a second look chat to friends about your plans. They may surprise you with the feedback that they give you.
3. Focus on Them Not You
Be guided by the principle that people love themselves. If you haven't already read, How To Make Friends & Influence People by Dale Carnegie who explains this concept eloquently. If you can make a potential employer look good, they will love you immediately. If you can solve a problem that they have they will want you to come in.
4. Keep In Touch With Your Careers Office
Your careers office is there to help you even after you graduate; connect with them.
5. Speak To Headhunters
If you have previous RELEVANT experience, they can help. If you don’t, this avenue is not open to you. Here are some headhunters you can start off with:
GirlBanker.com/Headhunters
6. Look At Associate-level Internships
The requirements to get onto internships for Associates can be more flexible than analyst-level programmes, however, you need to have relevant work experience.
7. Look For Off-cycle Internships
These are harder to find but they will be more accessible to people that don’t fit into standard internships. E.g. the Goldman's returnship. Go to banks’ websites to find them.
8. Go For Smaller Firms
Look at boutiques and small firms, e.g. firms listed number 11 and lower in my book:
Pages 42-44 in To Become An Investment Banker, Tables 2.2, 2.3, 2.4.
9. Chase Bankers That Are Similar To You
Fact: People like people that are like themselves so seek out:
10. Don't Forget The Other Stuff
Hope this helps!
Heather -> BOOK COACHING
Your careers office is there to help you even after you graduate; connect with them.
- Check-in regularly for new information.
- Sign up to all their relevant mailing lists
- Speak to them about your issues
5. Speak To Headhunters
If you have previous RELEVANT experience, they can help. If you don’t, this avenue is not open to you. Here are some headhunters you can start off with:
GirlBanker.com/Headhunters
6. Look At Associate-level Internships
The requirements to get onto internships for Associates can be more flexible than analyst-level programmes, however, you need to have relevant work experience.
7. Look For Off-cycle Internships
These are harder to find but they will be more accessible to people that don’t fit into standard internships. E.g. the Goldman's returnship. Go to banks’ websites to find them.
8. Go For Smaller Firms
Look at boutiques and small firms, e.g. firms listed number 11 and lower in my book:
Pages 42-44 in To Become An Investment Banker, Tables 2.2, 2.3, 2.4.
9. Chase Bankers That Are Similar To You
Fact: People like people that are like themselves so seek out:
- Alumni from your school
- Alumni from your university
- People from your country
- People of your race (!)
- People with similar (unique) hobbies
- People that have undertaken challenges that you have, e.g. Ironman Triathlon
10. Don't Forget The Other Stuff
- Grades matter;
- Presentation, i.e. the way you look and come across matters;
- Presentation, i.e. the way your CV/resume or cover letter looks matters. Don't make basic errors especially with grammar and spelling!
Hope this helps!
Heather -> BOOK COACHING
by Girl Banker
Listen to the iTunes podcast instead.
I get asked a question related to this topic every single week! The answer is yes but even from target universities they are looking for the best of the best.
First off, let's define what we mean by "target universities":
Every major investment bank has an annual hiring cycle. The human resource department has a limited budget to spend on recruitment and as such will choose a handful of universities to focus their recruitment efforts on. These form their "target universities".
As a target university, that institution will get:
Students from target universities do not get their applications looked at in preference to students from non-target universities. That said, because of the extra effort in recruiting from a specific campus the investment bank will receive more applications from their target universities. Fewer students from non-target universities have the relevant information and as such will apply in smaller numbers.
The top investment banks will have the very top universities on their target list. Mid-ranking investment banks are realistic and will include mid-ranking universities on their target list because they have lower potential to attract students from top institutions.
Here are three example emails that I have received in relation to recruitment from non-targets:
Listen to the iTunes podcast instead.
I get asked a question related to this topic every single week! The answer is yes but even from target universities they are looking for the best of the best.
First off, let's define what we mean by "target universities":
Every major investment bank has an annual hiring cycle. The human resource department has a limited budget to spend on recruitment and as such will choose a handful of universities to focus their recruitment efforts on. These form their "target universities".
As a target university, that institution will get:
- Visits from HR and people within the business on recruitment days as well as for that bank's individual hiring events.
- Extra resources via their university careers office e.g. extra emails from the investment bank informing students when the bank's doors are open to applications and other information pertinent to getting a job in that bank.
Students from target universities do not get their applications looked at in preference to students from non-target universities. That said, because of the extra effort in recruiting from a specific campus the investment bank will receive more applications from their target universities. Fewer students from non-target universities have the relevant information and as such will apply in smaller numbers.
The top investment banks will have the very top universities on their target list. Mid-ranking investment banks are realistic and will include mid-ranking universities on their target list because they have lower potential to attract students from top institutions.
Here are three example emails that I have received in relation to recruitment from non-targets:
Email 1 - a high potential candidate from a non-target
Heather,
Thank you very much for your time! I recently purchased your book and I absolutely love it; it was the exact kind of information I was looking for!
With that being said, I have recently become interested in pursuing a career in investment banking. However, I am worried that my current/past experience will prevent this from happening.
Without sparing too much of your time, I went to a mediocre school for my undergraduate degree (University of [Blah], USA). I majored in engineering and economics, the former being my original career goal and the latter a result of going back to school because of the economic crisis. My GPA was 3.0 due to a lack of effort on my part. I did not participate in many clubs or extracurriculars in school, which of course I regret now. Anyways, I have worked in both fields since graduating in 2010, and have concluded that engineering just isn't for me. So I am considering changing careers into finance, specifically investment banking.
FYI, the extent of my experience in finance was getting FINRA Series 6 & 63 licensed and working at a company that manages retirement plan accounts. I would deal with all account information, withdrawal requests, deferral changes, plan inquiries, trade requests, etc.
I am concerned that my school, my mediocre GPA and my lack of experience will completely prevent me from getting any kind of job in this field. I view my engineering degree as an advantage in the sense that it shows technical and time/project management expertise, but the more I read about IB the more I am realizing that I would be competing with people that have gone to top tier schools, gotten excellent grades, participated in all relevant social groups and school orgs, and hooked an internship at a big bank while in school.
How am I supposed to compete with this?! Is there any hope? I know you offer consulting, and I was hoping such a simple question wouldn't fall under that. I guess I am just looking for an answer to this question from an IB so that I know how to move forward or at the very least don't waste my time trying!
Thank you again!
Best Regards,
[American Guy]
Thank you very much for your time! I recently purchased your book and I absolutely love it; it was the exact kind of information I was looking for!
With that being said, I have recently become interested in pursuing a career in investment banking. However, I am worried that my current/past experience will prevent this from happening.
Without sparing too much of your time, I went to a mediocre school for my undergraduate degree (University of [Blah], USA). I majored in engineering and economics, the former being my original career goal and the latter a result of going back to school because of the economic crisis. My GPA was 3.0 due to a lack of effort on my part. I did not participate in many clubs or extracurriculars in school, which of course I regret now. Anyways, I have worked in both fields since graduating in 2010, and have concluded that engineering just isn't for me. So I am considering changing careers into finance, specifically investment banking.
FYI, the extent of my experience in finance was getting FINRA Series 6 & 63 licensed and working at a company that manages retirement plan accounts. I would deal with all account information, withdrawal requests, deferral changes, plan inquiries, trade requests, etc.
I am concerned that my school, my mediocre GPA and my lack of experience will completely prevent me from getting any kind of job in this field. I view my engineering degree as an advantage in the sense that it shows technical and time/project management expertise, but the more I read about IB the more I am realizing that I would be competing with people that have gone to top tier schools, gotten excellent grades, participated in all relevant social groups and school orgs, and hooked an internship at a big bank while in school.
How am I supposed to compete with this?! Is there any hope? I know you offer consulting, and I was hoping such a simple question wouldn't fall under that. I guess I am just looking for an answer to this question from an IB so that I know how to move forward or at the very least don't waste my time trying!
Thank you again!
Best Regards,
[American Guy]
Email 2 - a low potential candidate from a non-target
hi
I am emailing you regarding the coaching sessions you give to students who trying to get a foot in to the IB industry. i would like put a strong point forward i know the competition is tough out there in this disastrous period we are seeing in the economy but for stuudents who do not come from the top target universities, dont stand a chance in this industry espcially if we are looking for roles in sales and trading its more about the univeristy reputation these days to those applying to bulge bracket banks as i have noticed from yourself who went to cambridge all i see is all top universities which is when i look at the people who have been offerd interhsips. Its very unlikey to catch a non target school who gained a internship. The reason i say this is that i am extremely passionate about working in the financial markets as i am stuyding my degree in investment banking banking and finance at a school who specifically teach you the detail knowledge of the financial markets ,but i am being held back by the reputation of the school as its not a target and the HR don't think these days will invite students from a non target school for an interview i am currently going into my third year so what do i do ? how can you help me ? i know what i have just stated is quite negative but i think if i am so passionate i should given a chance thank you
h
[UK Student]
I am emailing you regarding the coaching sessions you give to students who trying to get a foot in to the IB industry. i would like put a strong point forward i know the competition is tough out there in this disastrous period we are seeing in the economy but for stuudents who do not come from the top target universities, dont stand a chance in this industry espcially if we are looking for roles in sales and trading its more about the univeristy reputation these days to those applying to bulge bracket banks as i have noticed from yourself who went to cambridge all i see is all top universities which is when i look at the people who have been offerd interhsips. Its very unlikey to catch a non target school who gained a internship. The reason i say this is that i am extremely passionate about working in the financial markets as i am stuyding my degree in investment banking banking and finance at a school who specifically teach you the detail knowledge of the financial markets ,but i am being held back by the reputation of the school as its not a target and the HR don't think these days will invite students from a non target school for an interview i am currently going into my third year so what do i do ? how can you help me ? i know what i have just stated is quite negative but i think if i am so passionate i should given a chance thank you
h
[UK Student]
Email 3 - a 15 yr old with major Ivy League potential
Hi Ms. Katsonga,
my name is [ ]. I am a 15 year old independent equities and bond trader. I am intrigued by investment banking. I am ordering your book on Amazon and would like to ask a few extra tips from you directly.
What degree do you recommend to be well prepared for banking?
Will it help a great deal in my application process the fact that I have a trading track record since I was 15 with high returns? Or with your experience is that easy to come across by and not something investment banks value.
When should I do my CFA? After my degree, during work? And what else stands out on a resume for investment banks?
Your book might answer these already when I receive it but it's not always the same as speaking directly to a person.
I really appreciate your expertise. I really love your videos because they are very concise and 'to the point'. I would extremely appreciate and value a response.
Sincerely,
[Boy in Canada]
my name is [ ]. I am a 15 year old independent equities and bond trader. I am intrigued by investment banking. I am ordering your book on Amazon and would like to ask a few extra tips from you directly.
What degree do you recommend to be well prepared for banking?
Will it help a great deal in my application process the fact that I have a trading track record since I was 15 with high returns? Or with your experience is that easy to come across by and not something investment banks value.
When should I do my CFA? After my degree, during work? And what else stands out on a resume for investment banks?
Your book might answer these already when I receive it but it's not always the same as speaking directly to a person.
I really appreciate your expertise. I really love your videos because they are very concise and 'to the point'. I would extremely appreciate and value a response.
Sincerely,
[Boy in Canada]
EMAIL ANALYSIS
I thought this sample of three emails is adequate to get my point across.
Part of the reason that students from the best universities stand a better chance is that they are taught or they find out for themselves "the rules of the game"; in addition to going to a top university they:
a) Get coaching (I did too)
b) They seek out services for mock interviews
c) They make sure their application is written in great English with no grammatical errors and
d) They do A LOT of research.
For instance, let's take a look at email 2 - it's full of grammar errors and even has some spelling errors. There was no subject on the email; it didn't address me directly and it was not signed off properly etc.
Investment bank recruiters are VERY critical and they would reject an application for as small a transgression as not capitalising the "i"s.
Do you see where I am going?
Now look at email 1: it's very well written, has a great structure, addresses me correctly and conveys the keenness of the writer perfectly. Similarly, email 3 is extremely polite and one can immediately tell the writer is a high achiever.
The young man in email 3 actually thought there are many people his age dabbling in share dealing. I was so intrigued that I wrote back to find out more about him. He's the type of guy you really want to help get in front of the right people and that is the crux of getting a job in an investment bank: you need to portray yourself in a way that makes people immediately want to help you!
Students from target universities do not get in just because of the institution they are from. If you are serious about getting into an investment bank you need to be at the top of your game.
Part of the reason that students from the best universities stand a better chance is that they are taught or they find out for themselves "the rules of the game"; in addition to going to a top university they:
a) Get coaching (I did too)
b) They seek out services for mock interviews
c) They make sure their application is written in great English with no grammatical errors and
d) They do A LOT of research.
For instance, let's take a look at email 2 - it's full of grammar errors and even has some spelling errors. There was no subject on the email; it didn't address me directly and it was not signed off properly etc.
Investment bank recruiters are VERY critical and they would reject an application for as small a transgression as not capitalising the "i"s.
Do you see where I am going?
Now look at email 1: it's very well written, has a great structure, addresses me correctly and conveys the keenness of the writer perfectly. Similarly, email 3 is extremely polite and one can immediately tell the writer is a high achiever.
The young man in email 3 actually thought there are many people his age dabbling in share dealing. I was so intrigued that I wrote back to find out more about him. He's the type of guy you really want to help get in front of the right people and that is the crux of getting a job in an investment bank: you need to portray yourself in a way that makes people immediately want to help you!
Students from target universities do not get in just because of the institution they are from. If you are serious about getting into an investment bank you need to be at the top of your game.
by Girl Banker
This is a very popular question amongst students who want to become investment bankers. The process is very similar across different investment banks and works as follows:
1. An internship application is submitted, usually using a standardized online form (rather than your own stylized résumé/CV).
2. Once your application has been accepted, the interview(s) you are invited to will normally entail all of the following:
3. Accepted to intern in the summer.
4. After the summer internship, you receive a hire letter or a letter stating that you will not be offered a full-time position.
The proportion of interns offered full-time contracts varies from year to year and from bank to bank; it is never 100%. Usually banks will recruit a few more people from outside the summer program but at the moment many are not doing this; banks are selecting the best summer interns and that's it, so getting an internship is critical to becoming an investment banker.
If you’ve interned but have not secured a full-time job, you will have a better chance of securing an alternative entry-level position than if you hadn’t interned at all, so do not despair. Some banks may not have filled all of their positions from the internship program and will look to fill in those roles with people like you.
This is a very popular question amongst students who want to become investment bankers. The process is very similar across different investment banks and works as follows:
1. An internship application is submitted, usually using a standardized online form (rather than your own stylized résumé/CV).
2. Once your application has been accepted, the interview(s) you are invited to will normally entail all of the following:
- An aptitude test online or on paper
- A case study and/or brainteasers
- A competency based interview
- A technical interview
3. Accepted to intern in the summer.
4. After the summer internship, you receive a hire letter or a letter stating that you will not be offered a full-time position.
The proportion of interns offered full-time contracts varies from year to year and from bank to bank; it is never 100%. Usually banks will recruit a few more people from outside the summer program but at the moment many are not doing this; banks are selecting the best summer interns and that's it, so getting an internship is critical to becoming an investment banker.
If you’ve interned but have not secured a full-time job, you will have a better chance of securing an alternative entry-level position than if you hadn’t interned at all, so do not despair. Some banks may not have filled all of their positions from the internship program and will look to fill in those roles with people like you.
by Girl Banker
If you are trying to become an investment banker, there are two routes you should look at if you are still in university and three routes if you are already a couple or years or more into your career.
1. Use your university’s careers service.
Investment banks may visit your university specifically to recruit the best scholars. If you are at a top-end university they may even have a unique recruitment program/process for your institution that you can use.
Even if you graduated ages ago, call up your university to check if they have resources that might help you in your job search. I recently discovered that the university of Cambridge offers lifetime help and support to alumni, I had no idea. I am sure this is not unique to my university.
2. Apply directly via the bank’s website.
Your university careers service won’t have knowledge on every single investment bank. It is definitely worth exploring the careers section of banks independently and applying more widely to increase your chances of becoming an investment banker.
3. Call up some headhunters
If you have work experience that investment banks would find valuable above the entry level, you can use headhunters. If you're young and haven't started your career yet, this route is mostly closed to you.
In a recession, headhunters' books will also be thin but the very best ones will still have access to new positions especially at the senior level. Call them up and get your resume/CV in front of them.
Whichever method you use, network proactively. Get to know people connected to the industry and learn as much as you can from each.
If you are trying to become an investment banker, there are two routes you should look at if you are still in university and three routes if you are already a couple or years or more into your career.
1. Use your university’s careers service.
Investment banks may visit your university specifically to recruit the best scholars. If you are at a top-end university they may even have a unique recruitment program/process for your institution that you can use.
Even if you graduated ages ago, call up your university to check if they have resources that might help you in your job search. I recently discovered that the university of Cambridge offers lifetime help and support to alumni, I had no idea. I am sure this is not unique to my university.
2. Apply directly via the bank’s website.
Your university careers service won’t have knowledge on every single investment bank. It is definitely worth exploring the careers section of banks independently and applying more widely to increase your chances of becoming an investment banker.
3. Call up some headhunters
If you have work experience that investment banks would find valuable above the entry level, you can use headhunters. If you're young and haven't started your career yet, this route is mostly closed to you.
In a recession, headhunters' books will also be thin but the very best ones will still have access to new positions especially at the senior level. Call them up and get your resume/CV in front of them.
Whichever method you use, network proactively. Get to know people connected to the industry and learn as much as you can from each.
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Girl Banker®
I created my investment banking blog in 2012 as soon as I resigned from i-banking & published my book, To Become An Investment Banker.
Initially published at girlbanker.com, all posts have now been subsumed into my personal website under katsonga.com/GirlBanker.
These blog posts make it as straight-forward for you as possible to get into a top tier investment bank.
I have 7 years of front office i-banking experience from Goldman Sachs and HSBC, in both classic IBD (corporate finance) and Derivatives (DCM / FICC).
I'm also a CFA survivor having passed all three levels on the first attempt within 18 months - the shortest time possible.
Initially published at girlbanker.com, all posts have now been subsumed into my personal website under katsonga.com/GirlBanker.
These blog posts make it as straight-forward for you as possible to get into a top tier investment bank.
I have 7 years of front office i-banking experience from Goldman Sachs and HSBC, in both classic IBD (corporate finance) and Derivatives (DCM / FICC).
I'm also a CFA survivor having passed all three levels on the first attempt within 18 months - the shortest time possible.
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