Investment banking hires through specific routes, and most start with an internship or entry-level analyst role at a bank, not a business school degree

Investment banking firms—the large ones like Goldman Sachs, Morgan Stanley, JPMorgan Chase, and smaller regional banks—bring in new people almost entirely through two channels: summer internships during college, or analyst programs that hire straight from undergraduate graduation. A few people move into investment banking from other finance jobs, but the majority of people working there started in one of those two slots. There is no single application portal or timeline that works everywhere, and different banks open recruiting at different times of year.

The work itself is financial advisory: helping companies buy or sell other companies, helping them raise money by selling stock or bonds, or advising on major financial decisions. The hours are long, the pay starts around $100,000 to $120,000 for an analyst (plus bonus), and the job is a known stepping stone to private equity, hedge funds, or corporate finance roles at large companies. If you are looking at this as a career path rather than a single job, understanding the entry points and what banks actually look for matters more than chasing a perfect resume.

Key Takeaways

  • Most investment banks hire analysts straight from college or through summer internships during junior year, not through open job boards or after you graduate.
  • Banks care about your major less than your ability to model financial statements, understand how deals work, and communicate clearly—skills you can learn outside the classroom.
  • Recruiting timelines vary by bank: large banks often start recruiting in the fall for summer internships or full-time analyst roles; smaller banks and regional firms may hire year-round.
  • Networking directly with bankers at the bank where you want to work matters more than sending a resume to HR, because most hires come from referrals or campus recruiting.
  • If you miss the main recruiting window or did not study finance, you can still enter through rotational programs, smaller banks, or by moving from accounting, consulting, or corporate finance roles.

The two main entry points: summer internships and analyst programs

Summer internships are the primary feeder into investment banking. If you are in college, a summer internship between junior and senior year is the most direct path. Banks use these 10-week programs to evaluate potential full-time hires, and most analysts at major banks started as summer interns. The internship pays (usually $15,000 to $25,000 for the summer), gives you real work experience, and puts you in front of decision-makers. If you perform well, you often receive a return offer for a full-time analyst role after graduation.

Analyst programs are the second route. These hire college graduates directly into a two- or three-year analyst role. You do not need an MBA—in fact, most analysts do not have one when they start. The job is entry-level, the hours are demanding (60 to 80 hours per week is common), and after two or three years most people move to private equity, hedge funds, or business school. JPMorgan Chase, Goldman Sachs, Morgan Stanley, and Bank of America all run formal analyst programs with structured recruiting timelines. Smaller banks and regional firms may hire analysts more informally, without a published program.

The difference between the two: an internship is a summer trial run; an analyst program is a full-time job. Both lead to the same place, but the timing and commitment are different. If you are still in school, aim for the internship. If you have already graduated, look for analyst programs or entry-level positions at banks that are actively hiring.

What banks actually look for in candidates

Investment banks do not require a specific major. You can come from finance, economics, engineering, math, or even humanities. What matters is whether you can learn to build financial models, understand how deals work, and communicate clearly under pressure. Banks teach the technical skills on the job, so they are looking for people who can think logically, work hard, and pick up new concepts quickly.

Your GPA matters, but usually only as a filter. Most large banks want to see a 3.5 or higher, though this varies by school and by bank. A lower GPA does not automatically disqualify you if you have strong internship experience or a compelling reason for the lower number. What matters more is whether you can talk about a deal, explain why a company might want to acquire another one, or walk through a simple financial model. If you can do that in an interview, you are ahead of most candidates.

Work experience before banking is valuable. Internships at other financial firms—accounting, consulting, corporate finance, even trading—show you understand the business world and can handle the pace. If you have not had a finance internship yet, that is what you should be looking for in your sophomore or junior year. It does not have to be at an investment bank; it just has to be somewhere that teaches you how to read financial statements and think about business problems.

Recruiting timelines and where to find open positions

Large banks recruit on a predictable schedule. Most begin recruiting for summer internships in September and October of the year before the internship (so fall of junior year if you want to intern the following summer). They hold information sessions, conduct first-round interviews in October and November, and make offers by December or January. Full-time analyst recruiting often happens on the same timeline, with recruiting in the fall and offers by early winter.

Where to find these positions: the bank's careers website is the official source, but most hires come through campus recruiting or referrals, not through the website. If your college has a finance club or investment banking club, that is where recruiting happens. If your school does not have a strong finance presence, you can still reach out directly to bankers at the bank where you want to work through LinkedIn or alumni networks. Many banks will take an informational interview, and that conversation often leads to a referral into the recruiting process.

Smaller banks and regional firms may not have a formal recruiting calendar. They hire when they have openings, and you may find positions listed on job boards like LinkedIn, Indeed, or the bank's own website. The advantage of smaller banks is that the barrier to entry is lower and the hours are sometimes more reasonable. The disadvantage is that the brand name does not carry as much weight when you move to your next job.

Building the skills banks want before you interview

You do not need to be an expert before you interview, but you should be able to walk through a simple financial model and explain how a deal works. Start by learning to build a three-statement model: an income statement, balance sheet, and cash flow statement for a company. There are free tutorials online (YouTube has many), and books like Vault Guide to Finance Interviews or The Investment Banking Interview walk you through the basics. Spend a few weeks learning this, and you will be ahead of most candidates.

Read about recent deals. When a company buys another company, the news is usually covered in the financial press. Read the announcement, understand why the buyer wanted the target, and think about how the deal might work financially. This is not homework; it is how bankers think about the world. If you can talk about a real deal in an interview, it shows you understand the business.

Practice the interview questions. Banks ask the same questions repeatedly: walk me through a three-statement model, why do you want to work in investment banking, tell me about a deal you have read about. You can find lists of common questions online and practice answering them out loud. The goal is not to memorize answers but to be able to think through the question and explain your reasoning clearly.

Networking and getting a referral into the process

Most investment banking hires come from referrals or campus recruiting, not from cold applications. If you know someone who works at the bank where you want to work, ask them for an informational interview. Be specific: "I am interested in investment banking, and I would like to learn about your experience. Would you have 20 minutes for a call?" Most bankers will say yes. In that call, ask genuine questions about the work, the culture, and the path into the firm. At the end, ask if they know anyone in recruiting you should talk to, or if they would be willing to refer you when recruiting opens.

If you do not know anyone at the bank, use LinkedIn to find alumni from your college who work there. Reach out with a similar message. Alumni networks are powerful in finance; people tend to help others from their school. Even if the person you contact does not work in investment banking, they may know someone who does and can make an introduction.

Campus recruiting is the other main channel. If your school has a relationship with investment banks, they will send recruiters to campus for information sessions and recruiting events. Attend these events, talk to the recruiters, and express genuine interest. If you stand out in that conversation, you may get a direct interview slot without having to go through the online application process.

Alternative paths if you missed the main recruiting window

If you did not intern at an investment bank during college, or if you graduated and did not get an analyst offer, you can still enter investment banking. The path is longer, but it is open. One route is to work in accounting, consulting, or corporate finance for a year or two, then move to an investment bank as an analyst. Banks hire experienced people, and coming from a related field shows you understand finance and can handle the work. Your previous job becomes your credential.

Another route is to start at a smaller bank or regional firm, build your skills and your resume, then move to a larger bank. Smaller banks often have lower barriers to entry and may hire people who did not follow the traditional path. After a year or two, you can move to a larger bank where the brand name and the pay are better.

Some banks run rotational programs or post-MBA analyst roles for people who already have an MBA. If you are considering business school anyway, an MBA from a top program followed by an analyst role at a major bank is a viable path, though it is more expensive and takes longer than entering straight from college.

What to expect in the interview process

Investment banking interviews usually have two or three rounds. The first round is often a phone or video call with a junior banker or recruiter. They ask about your background, why you want to work in banking, and maybe one or two technical questions (like how to build a simple model or what you know about a recent deal). This round is mostly about whether you are serious and whether you can communicate clearly.

The second round is usually in person (or video, depending on the bank) and involves more senior bankers. They ask harder technical questions, case studies (like "walk me through how you would value this company"), and behavioral questions about how you handle pressure or work in teams. You should be able to build a model on a whiteboard or on paper, explain your reasoning, and answer follow-up questions.

The final round, if you make it that far, is often with a managing director or senior banker. This is less about technical skills and more about whether you fit the culture and whether you are serious about the job. Be honest about what you want and why you want it. Banks can tell when you are just chasing money or prestige, and they do not hire those people.

Frequently Asked Questions

Do I need an MBA to work in investment banking?

No. Most analysts start straight from college with a bachelor's degree. An MBA is useful if you want to move into senior roles or if you are entering banking later in your career, but it is not required to get hired as an analyst. Many bankers get their MBA after working for a few years, often paid for by the bank.

What if I go to a small college or a school without a strong finance program?

You can still break in, but you will need to work harder on networking and building your skills independently. Reach out to alumni at the banks where you want to work, attend finance conferences or networking events, and make sure you can demonstrate technical skills in interviews. Smaller banks and regional firms may be more open to candidates from non-target schools.

How much does the bank I start at matter for my career?

It matters, but less than you might think. Starting at Goldman Sachs or Morgan Stanley opens more doors than starting at a smaller bank, but it is not the only path. What matters more is that you learn the skills, work hard, and move to your next job (private equity, hedge funds, or corporate finance) after two or three years. Your first bank is a credential, not your entire career.

Can I move into investment banking from a non-finance job?

Yes, but you will need to build your financial skills first. Work in accounting, consulting, or corporate finance for a year or two, learn how to model and analyze deals, then move to an investment bank. Banks hire experienced people, and your previous job shows you can handle the work and the pace.

What is the pay like for an analyst, and does it change by bank?

Base salary for an analyst is usually $100,000 to $120,000, plus a bonus that can be $20,000 to $50,000 or more depending on the bank and the year. Larger banks and banks in major cities (New York, London, Hong Kong) tend to pay more. The bonus varies year to year based on how much money the bank made, so it is not may provide.