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Are you interested in switching to a career in the field of investment banking?

If you’ve read our earlier articles in the How to Switch Careers to Investment Banking with an MBA series, you know that investment banking can be a very lucrative and intellectually challenging field – but it is also very difficult field to break into, and requires extremely hard work to do well in.

If you plan your educational path carefully, getting an MBA can be a very smart way to switch careers to investment banking. It shows banks that you are smart and a hard worker, and gives you a chance to learn about the world of finance.

In this week’s article, we’ll take a look at how an MBA prepares you for a career in investment banking. Let’s get started.

Investment Banking Opportunities for MBAs

The Investment Banking industry has been hit by reputation crisis in the last few years, as traditional corporate finance and Mergers and Acquisitions (M&A) jobs have been seen as less attractive than Private Equity or Asset Management.

However, the demand for MBAs within investment banks is still strong, which means that there are more opportunities and less competition. Candidates with MBAs enter an investment bank at the Associate level, rather than the entry-level Analyst positions.

Many of the big investment banks run specific Associate-level internships or full-time tracks for MBA recruits, and they often have specific in-house development programs.

Some banks, like JP Morgan, actively look to recruit candidates for their early advantage program as students embark on their MBA. They also run a summer Associates program specifically for MBA students.

How MBAs Can Get Hired Over Their Competition

Many investment banks prefer to hire MBAs over other masters-level degrees like a Masters in Finance. Candidates who have earned an MBA are likely to have a broader background in financial and business topics.

If you know that you want to use an MBA to switch careers to investment banking, you need to be methodical about your preparation.

You should be trying to get in to the best business school you can, of course – but you should also make sure that your target schools offer programs and connections that can get you into the kinds of companies you want to work for.

Recruiters today are often looking at a candidate’s soft skills, in addition to their academic experience and work history.

For example, all Blackstone candidates have to pass the “nice” test. The firm looks specifically for people who will fit their corporate culture in addition to being a high-performing employee.

Do your research about the types of firms you want to join after graduation, and look for opportunities during your business school career to gain the skills and experience your target firms recruit for.

Using Your MBA Alumni Network to Switch to a Career in Investment Banking

When you are considering which business schools to apply to, look for schools with a strong network of alumni working in finance. One of the most effective tools available to an MBA student is the strength of their school’s alumni network.

Try to find out as much as possible about the recruiting process at your target schools. Which investment banks or private equity firms are recruiting there? What kinds of positions are they recruiting for? Where do alumni end up?

For example, London Business School reports that 28% of their 2014 graduating class went into finance, with 12% specifically going into investment banking. Meanwhile, nearly 40% of the Wharton 2015 graduating class went into finance, and 14% went into investment banking specifically.

Take every opportunity to develop your network during your time in business school, whether through attending alumni mixers, asking for informational interviews, or getting connected with alumni mentoring programs.

Your Turn

The best way to get into your top choice business school is to show that you’ve done your research, and you know exactly why you belong there. Your personal brand should reflect your journey toward earning an MBA.

If you need help developing or honing your personal brand, a free MBA application assessment from Expartus is the perfect first step. We’ll help you identify the strengths and weaknesses in your app, so you can make the right first impression on the admissions committee.

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