Investment banking is a high-stakes, fast-paced industry in which professionals help companies with big financial decisions, such as buying or selling other companies (M&A) or raising money. It offers a unique mix of financial expertise, relationship building, and high-pressure deal-making. This guide will provide an overview of what to expect and how to prepare.
Recruitment trends
- Growing Offices Outside of NYC
Historically centered in NYC, investment banks are increasingly expanding their operations to other major cities like Charlotte, Chicago, San Francisco, and Miami. This trend is driven by access to new talent pools and lower operating costs. This means that a top-tier career is no longer exclusively tied to New York where competition for a job is higher. - The Shift from Generalist to Practice Group Hiring
Many banks are moving away from hiring into their generalist pool. Instead, they are increasingly hiring candidates directly into specific coverage groups. (e.g. Technology, Healthcare) This approach allows banks to build deeper expertise from day one, placing a greater emphasis on demonstrating a focused interest in a particular industry during the recruitment process. Read more about coverage groups to learn opportunities available to highlight your pre-SOM experience.
Recruiting considerations
The investment banking industry values diverse backgrounds, especially at the MBA level. Prior finance experience is a plus, not a must, and banks are very open to candidates from other fields. The key is to show how your past skills can be used in an investment banking role. Another key consideration is recruiting for boutique banks or bulge brackets. Boutique banks often offer more hands-on experience, while bulge bracket banks provide a broader deal flow and global exposure.
The Recruiting Process: Internships vs. Full-Time
The path to a full-time role in investment banking is usually through a summer internship. As summer internship return offer decisions are made in August, some additional full-time positions may open from mid-August through the fall. If you don’t get a return offer or are a student in a one-year program, you can pursue these campus program opportunities around this time.
Beyond campus opportunities, graduating students with previous IB experience may qualify for “just-in-time” hiring and lateral roles that open in spring.
The recruiting process for MBA summer internships is highly structured. It typically starts in the fall of your first year with corporate presentations and networking events. Application deadlines are usually in late fall or early winter, with interviews taking place in December and January. (SOM students mainly interview in December)
Why Networking is Essential
Networking is crucial to IB recruiting and required by hiring teams. It’s not just about getting your resume seen; it’s about building relationships and showing your genuine interest. Coffee chats are frequent and expected before applying to roles. You should aim to connect with a variety of people, starting with SOM Alumni as they are often your strongest supporters and your path connecting with other bankers throughout the practice group, office, or firm.
What to Expect in Interviews
The interview process includes both behavioral questions and technical questions. You’ll likely face a few rounds of interviews, often concluding in a “Superday” where you’ll have several back-to-back interviews with different bankers.
- Behavioral questions are about you. They want to hear your story and understand why you’re interested in banking.
- Technical questions test your knowledge of finance and accounting. You’ll need to be prepared to answer questions about financial statements, valuation, M&A, etc.
Pro tips and recruitment resources
- Firms often use resume books to source candidates and may reach out to the CDO to request profiles. Ensure your resume is included in these books and select investment banking as your preferred industry along with your preferred cities.
- Announcements regarding IB recruiting are shared via the #cdo-financial-services Slack channel. Make sure to join that channel!
- Review the 2025-2026 Investment Banking Application Requirements posted on CMS > Resources Library to find employer-specific information, broken down by degree program.
- The Finance Club offers technical training and mentorship. If you’re planning to pursue a career in the industry, joining the Finance Club is essential.
- Wall Street Prep (Investment Banking Primer) (SOM provided)
- https://www.efinancialcareers.com/
- Hey CMS, how can I… (CDO website)
- Offer Timeline (CMS)
- Offer Job Source (CMS)
- Offer Trends (CMS)
- Outcomes Index (CMS)
- Salary Database (CMS)
Recruitment Timeline
Written and redacted with support from ChatGPT
