What investment banking actually requires
Investment banking is not a single job title—it is a set of roles in firms that advise companies on mergers, acquisitions, and capital raising. To work in investment banking, you need a bachelor's degree (usually in finance, economics, or business), then entry into a formal training program called an analyst program, which typically lasts two years. After that, you move to associate roles, then senior positions. The path is structured and the timeline is predictable: most people who become investment bankers start in their early twenties and spend their first decade climbing a known ladder.
The barrier is not a single credential or exam. It is a combination of education, internship experience during college, and access to the recruiting process at major firms. Unlike some careers, you cannot become an investment banker by passing a test or completing a certificate program. You need to be hired into a program, and those programs are competitive.
Key Takeaways
- Investment banking requires a bachelor's degree and entry into a formal analyst program at a bank—there is no alternative credential or fast track.
- Most banks hire analysts directly from college, so internships during your junior and senior years are the primary way to get noticed.
- The three largest banks (JPMorgan Chase, Goldman Sachs, Morgan Stanley) hire the most analysts, but hundreds of smaller and regional banks also run programs.
- Your degree does not have to be in finance; economics, mathematics, physics, and engineering backgrounds are common and sometimes preferred.
- The recruiting timeline is fixed: applications open in summer, interviews happen in fall, and offers are made by winter for positions starting the following summer.
The analyst program: where investment banking careers begin
An analyst program is a two-year entry-level position at an investment bank. You work on financial models, pitch decks, and due diligence for real transactions. You report to associates and managing directors. The work is technical and the hours are long—60 to 80 hours per week is standard, and deal weeks can run longer. The salary is fixed: most major banks pay analysts between $85,000 and $110,000 base salary, plus a bonus that ranges from $20,000 to $60,000 depending on the bank and the year.
Analyst programs are the only realistic entry point for someone without prior banking experience. You cannot explore directly to be an associate or vice president. Banks hire analysts from college, and those analysts either move up to associate roles at the same bank or leave for other careers. If you want to work in investment banking, you need to enter through an analyst program.
Most major banks open applications in June or July for positions starting the following summer. JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and Barclays all run large programs. Smaller banks and regional firms (Lazard, Evercore, Centerview, Greenhill, Rothschild) also hire analysts, and some of these firms are known for better work-life balance or more specialized work.
Building the resume that gets you an interview
Banks screen resumes first, so yours needs to signal that you understand finance and have relevant experience. The strongest resume includes at least one internship in investment banking, private equity, or corporate finance during your junior year. If you cannot get a banking internship, a finance internship at a large corporation, a Big Four accounting firm (Deloitte, PwC, EY, KPMG), or a commercial bank is the next best option.
Your major matters less than your coursework and experience. A physics major with an internship at a hedge fund will beat a finance major with no internship. Banks want to see that you have done something in finance, not just studied it. Take courses in financial accounting, corporate finance, and valuation. Learn to build financial models—this is a technical skill you can practice on your own using Excel tutorials and case study websites.
Your GPA should be above 3.5 if possible. Banks use GPA as a screening filter, and a low GPA can disqualify you before a human reads your resume. If your GPA is below 3.3, focus on getting an internship and building a strong project portfolio, because those can overcome a weaker GPA.
Getting an internship: the practical path to an analyst offer
Most analysts are hired from the intern pool. If you intern at a bank during your junior year and perform well, you will likely receive an offer to return as an analyst after graduation. This is called a return offer, and it is the most common way to find an analyst position.
Banking internships are 10 to 12 weeks long, usually in the summer between your junior and senior year. You do real work—building models, creating presentations, attending client meetings. You are evaluated on technical skills, work ethic, and fit with the team. If you perform well, the bank extends an offer before your internship ends.
To get an internship, you need to explore during the recruiting season, which typically runs from September through November for summer internships. Banks recruit on campus through career fairs and information sessions. If your school does not have a strong banking recruiting presence, you can explore directly through the bank's careers website. Smaller banks and regional firms are sometimes easier to break into than the largest banks, and an internship at a smaller bank can lead to an analyst offer there or at a larger bank later.
The recruiting timeline and how to navigate it
Investment banking recruiting follows a strict calendar. Understanding this timeline is critical because missing a important date can cost you an entire year.
| June–July | Major banks open analyst applications |
| August–September | Internship recruiting season begins; campus information sessions and applications open |
| September–November | Internship interviews and offers; analyst applications continue |
| November–December | Analyst interviews and offers for summer positions |
| January–May | Internship period; return offers extended to top interns |
| June–August | Analyst positions begin |
If you are a college junior, your priority is getting an internship offer by November. If you are a senior, your priority is getting an analyst offer by December. If you miss the main recruiting window, some banks open a second round in January or February, but spots are limited and competition is higher.
Start preparing in the summer before recruiting season. Build a financial model, practice case interviews (a common format for banking interviews), and research the banks you want to work for. Websites like Wall Street Oasis and Mergers & Inquisitions publish interview guides and model templates. Use these resources to prepare.
What happens after you are hired as an analyst
Your first week includes orientation and training. Most banks run a one to two week training program covering financial modeling, valuation methods, and the bank's systems. After that, you are assigned to a team—usually within a specific industry group like technology, healthcare, or financial services.
Your work involves building financial models, creating pitch books (presentations to potential clients), and supporting managing directors on live deals. You will work long hours, especially during deal cycles. The job is demanding, but it is also the fastest way to learn finance and build a network in the industry.
After two years, you have three main options: move to an associate role at the same bank, move to private equity or hedge funds (which often hire analysts from banks), or leave finance entirely. Most analysts who stay in banking move to associate roles, where the salary increases significantly and the hours sometimes improve. Some banks promote internally; others hire associates from outside.
Alternative routes if you cannot get a banking internship
If you cannot find a banking internship, you have other options, though they are slower. A corporate finance role at a large company, a commercial banking position, or an accounting internship at a Big Four firm all provide relevant experience. Some people work in these roles for a year or two after college, then explore to analyst programs as experienced hires. Banks do hire experienced analysts—people with two to three years of finance experience outside banking—but these positions are less common and more competitive.
Another route is to start at a smaller or regional bank, perform well, and move to a larger bank after a few years. This is slower than the direct route, but it is possible. The key is to build technical skills and deal experience, then use that to move up.
Frequently Asked Questions
Do I need an MBA to become an investment banker?
No. Most people enter investment banking directly from college through analyst programs. An MBA is useful later if you want to move into private equity or become a managing director, but it is not required to start. Many analysts work for two years, then pursue an MBA if they want to transition to another field.
What if I did not intern at a bank during college?
You can still become an analyst, but it is harder. explore to analyst programs as a recent graduate, emphasizing any finance experience you have. Alternatively, take a job in corporate finance or accounting for one to two years, then explore to analyst programs as an experienced hire. Some banks have specific programs for people with prior work experience.
Do I have to work at a major bank like Goldman Sachs?
No. Hundreds of banks run analyst programs, including regional banks, boutique firms, and smaller investment banks. Starting at a smaller bank is often easier than breaking into the largest firms, and the experience is valuable. You can move to a larger bank later if you want.
How much do investment bankers make?
Analysts make $85,000 to $110,000 base plus $20,000 to $60,000 bonus. Associates make $150,000 to $250,000 base plus larger bonuses. Vice presidents and managing directors earn significantly more, but those positions come after years of experience. Compensation varies by bank, location, and performance.
What if I am not good at math?
Investment banking involves financial modeling and calculations, so comfort with numbers is important. However, you do not need to be exceptional at advanced mathematics. You need to be able to build spreadsheets, understand financial statements, and follow logic through a model. These skills can be learned through practice and training.