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How to Become an Investment Banker

If you’re a business or finance major who is interested in investment banking, then you probably already know what investment banking is and are curious to find out how you can get your foot in the door of this exciting industry. Although investment banking is certainly competitive, it’s also filled with rewarding opportunities, especially for those who are curious about market trends and passionate about helping clients meet their financial goals.

Here are the steps you need to follow in order to become an investment banker.

1. Know the investment banking career track

One of the keys to developing a successful career in investment banking is knowing the path to follow and making the most of each step along the way. Although most entry-level investment bankers start as financial analysts, the investment banking career track really begins with an internship. In fact, both large banks and smaller boutique banks recruit entry-level employees from their yearly crop of interns, so securing an internship during college is key to setting yourself up for success. This will typically be a summer internship during your junior or senior year and (if successful) will lead to an offer for a full-time financial analyst role. Financial analyst roles are typically two-year positions that provide you the with the bulk of your investment banking training. During this time, you’ll learn about financial markets and the factors involved with advising clients about potential investments. After this two-year period is up, you will likely move on to an associate role for another two to three years before becoming a VP and eventually a managing director.

Pro Tip: In addition to knowing the career track you’ll be following, it’s also important to know the timeframe for hiring in this industry. For those not going directly from an internship into a full-time position, the application process for a full-time role typically starts in early September of your senior year and takes anywhere from six weeks to two months. Throughout this time, you’ll be invited for a few different rounds of interviews (between two and three) and, if successful, you’ll receive your offer by the end of October.

2. Develop your knowledge of the financial services industry

Having a solid understanding of the financial services industry will benefit you not only at the start of your career but also as you move up the ladder into your next role. This means knowing all about past and present market trends and also having more specialized knowledge such as understanding how new generations of investors differ from previous ones. For example, having some great insights into investment trends for millennials is likely to impress potential employers and show that you’re well-informed about changes in the industry. The best way to develop this knowledge is by reading trade publications like DealBook and MarketWatch and keeping up-to-date on emerging trends.

3. Take relevant classes

Taking a broad range of business, finance and even math classes during college can be a practical way to build your knowledge base. This is especially true if you’re coming to investment banking from a non-traditional major like English or history. To find out which classes would be most helpful for you, talk to your academic advisor and ask for recommendations based on your interests and your goals.

Pro Tip: Although doing a double major or minor in one of these subjects isn’t necessary, being able to show recruiters that you’re a well-rounded candidate is a great way to get noticed.

4. Know what recruiters look for

Although traditional recruiting for investment banking typically focused on business and finance majors from top-tier schools, in more recent years the recruitment process has become increasingly focused on diversity and on finding talented candidates from a broad range of schools and majors. That said, candidates still need to be able to demonstrate both a solid interest in financial services and a thorough understanding of the field, so your resume will need to reflect classes or projects you’ve worked on that would be relevant to an investment banking career.

Pro Tip: When talking to recruiters, don’t be afraid to highlight areas of your background that are unique and show that you have a well-rounded background. For example, if you don’t have internship experience in the financial services industry but you interned in the finance department of a startup, you can mention what you learned from the experience and how your skills could transfer to investment banking.

5. Take on an investment banking internship

Although knowledge and direction are both key parts of starting a career in investment banking, having experience on your resume is even better. This is where an internship comes in. An internship is a fantastic opportunity to build your skill set and get on-the-job training. This is especially important in a field like investment banking which is both technical and specific. By taking on one or more internships during your time in college, you’ll gain exposure to many facets of the industry and be able to find an entry-level investment banking job that’s right for you.

6. Build your network

Investment banking is as much about who you know as about what you know so building your professional network is crucial to landing a great job after graduation. An effective way to do this is through internships and networking events, particularly those aimed at college students and recent graduates. Attending recruiting events can also be particularly helpful since you’ll be able to meet with recruiters in person.

Pro Tip: Reaching out to members of your school’s alumni network is another effective way to build your network and this is an especially common networking strategy in the financial services industry. As an added bonus, you might come across a professional opportunity you weren’t even aware of or get a personal recommendation from someone already in the field.

Becoming an investment banker might seem a bit intimidating at first since the field is notoriously competitive and fast-paced. However, by following these tips and building up your experience and your network, you’ll be sure to find an opportunity that’s right for you.

Next, get more career tips for internships and entry-level jobs such as 7 Phone Interview Tips That Will Land You a Second Interview and find answers to common interview questions such as Where Do You See Yourself in 5 Years?

Types of Entry-Level Jobs for Journalism Majors

Being a journalism major is a great way to build communication and storytelling skills. These skills that can be applied to any number of professional industries and having them will make you a competitive candidate in whatever career you choose to pursue. If you’ve already taken on a journalism internship during your time in college, then you know that a journalism degree can open up the door to plenty of career opportunities.

Here are some of the most common entry-level jobs for journalism majors:

Reporter

As a reporter, your primary responsibilities will be to researching and report on news stories. In this role, you’ll be conducting interviews, writing articles, fact-checking and networking. If you enjoy knowing about news stories right as they happen and are comfortable working with tight deadlines, this role could be a perfect fit for you.

Editorial Assistant

As an editorial assistant, you’ll be putting your speaking and writing skills to use. In this role, you’ll assist in all stages of the publishing process from helping to get stories commissioned to ensuring that writers submit their work on time. This is a role that can vary greatly depending on whether you’re working at a publishing house, a print magazine, a gossip website or a company newsletter but regardless of the publication you’re working for, you’ll be helping to curate content that is relevant to that publication. To succeed in this role, you’ll need excellent organizational skills, attention-to-detail and a passion for learning the ins and outs of publishing and digital media.

Copy editor

A copy editor plays a crucial role in the production of any print or digital publication and is responsible for ensuring that the final copy does not contain any typos or grammatical errors. As a copy editor, you’ll be on the lookout for omissions and inconsistencies in the articles you edit, as well as ensuring that the content you’re working with adheres to the particular style of the publication you’re working on. This is a wonderful role for anyone who is detail-oriented and passionate about showcasing great stories in the best possible light.

Digital Content Writer

As a digital content writer, you’ll be working with the editorial and creative higher-ups to bring marketing campaigns and strategies to life. You’ll also contribute to SEO-friendly content and develop ideas for future marketing content. This is a perfect role for a good communicator who is interested in writing engaging content.

Communications Coordinator

Your journalism major can also come in handy when it comes to landing a role as a communications coordinator, a role that involves coordinating a company’s promotional materials and social media activity, as well as building and maintaining relationships with media outlets. From writing press releases to organizing and overseeing promotional events, a communications coordinator strengthens the communication between the client, the company’s customers and the media. This is a great role for anyone interested in helping companies develop their public presence.

Being a journalism major will give you the skills you need to become a competitive candidate in almost any industry. The key to finding an entry-level job that works for you is knowing what you’re passionate about and what you can expect from the role. By having a solid understanding of some of the most common job opportunities for journalism majors, you’ll be one step closer to landing your dream job.

Next, learn more about this college major such as What is a Journalism Major and is it Right for Me? and get more career tips for internships and entry-level jobs such as 6 Ways to Impress Your Boss.

Career Opportunities for Finance Majors

Being a finance major presents you with plenty of interesting opportunities to learn about business models and financial markets while also building new skills. But with so many opportunities, you may be wondering what kind of job you can get with a finance degree. With finance being such a broad category, there are many career paths you can choose.

Here are some of the most common career opportunities for finance majors:

Investment Banking

Investment banking is often regarded as one of the more prestigious jobs you can get with a finance degree, especially from a compensation standpoint. In this role, you’ll be working on financial modeling and valuation analysis, helping companies decide on business opportunities that are right for them. These decisions can range from whether a company should merge with one company, acquire another or raise additional funding for a strategic initiative. This is a great role for someone who is interested in helping companies make strategic decisions about their assets and someone who is comfortable working long hours. This is because investment banking analyst hours are known to be quite grueling, especially for entry-level roles.

Management Consulting

Management consulting is also highly regarded as one of the more prestigious careers to embark on after pursuing a finance degree. Management consultants usually have project-based work where they analyze certain situations their clients are facing and advise those clients on what business decisions they should make. Most of this advice comes from extensive financial analysis based on the client’s current situation, similar situations previous clients have faced and current market opportunities. This is a great career path for someone who is interested in making recommendations on business decisions but not necessarily being a part of the implementation of those decisions.

Investment Management

Investment management analysts often deal with the markets and managing their client’s assets. These opportunities could range from managing the assets of wealthy individuals (through private wealth management) to managing a company’s retirement plans, pension plans or even foundation plans (which is known as asset management). Analysts in these roles often act as the support role for more senior advisors, where their tasks could be researching different investment decisions, preparing pitch decks or formalizing performance reviews. This is a wonderful opportunity for someone who is very numbers-drive and passionate about helping clients reach their financial goals.

Corporate Finance

Corporate finance roles vary widely depending on the company and division you’re in. Frequently, corporate finance jobs deal with analyzing financial decisions that affect the company internally. For example, offering advice on whether the number of employees in a company should be increased or decreased, strategizing how to decrease a company’s operational costs or determining the return on investment (ROI) of certain proposed initiatives. This is a great role for someone interested in helping with the inner working of a company and contributing to the decision-making process.

Risk Management

When firms think about maximizing return (or increasing investment), they must do so while minimizing risk (or loss). This is where risk management teams come into play. They offer advice on maximizing returns by forecasting market risks, assessing probability of bad investment outcomes and using statistical analysis to ensure that the business side of the company is acting and implementing their strategy within reason. This role is a perfect fit for someone interested in statistics and analysis.

Next, learn more about this college major such as What is a Finance Major and is it Right for Me? and get more career tips for internships and entry-level jobs such as How to Get a Mentor at Work.

How to Become a Financial Analyst

The financial services industry is a broad field with lots of career opportunities. If you’re a business or finance major, or just interested in exploring this field, you might be thinking about becoming a financial analyst. What is a financial analyst? It’s someone who carries out financial analyses and makes business recommendations based on these analyses. Although analysts typically work for banks or insurance companies, this role can be found in almost every industry so it’s a great way of combining a numbers-driven skill set with some of your other passions.

Here are the steps you need to take to become a financial analyst.

1. Know the different types of financial analyst positions

Your day-to-day activities as an analyst will vary greatly depending on what industry you choose to work in. For example, analysts working in investment banking will largely be reviewing financial statements and creating financial models while analysts working for an insurance company might be more focused on creating and analyzing budgets. By knowing what industry you want to work in, you’ll be able to get a better sense of what the position will look like and the unique challenges and benefits associated with that particular kind of role.

Pro Tip: Even within a particular industry, there are different kinds of analyst roles. For example, if you’re working as an analyst in investment banking, you could be working for a buy-side firm (where you’ll be doing research on stocks owned by the company) or for a sell-side firm (where you’ll be evaluating securities for a particular industry). In order to find a role that fits you, it’s important to know not only the specifics of the industry but also those of the firm you’ll be working for so be sure to do some extra research on any company you’re applying to.

2. Take relevant classes and read as much as you can about the financial services industry

Building your knowledge of the financial services industry is not necessarily difficult, but it will take some time. If you’re a business, finance or accounting major, you’re likely already taking classes that will be directly relevant to this industry but it’s important to supplement this knowledge with additional reading on sites like DealBook and Investopedia. This is especially important if you’re not currently majoring in a related discipline since it will give you a good overview of the industry and help you decide whether it’s something you want to pursue.

Pro Tip: If you’re not a business or finance major, don’t worry. You can still build up your knowledge base by taking some accounting or economics classes to supplement your education. This is a great way of learning more about the field while still primarily focusing on classes related to your major.

3. Develop your skills by taking on an internship

Doing an internship is important for several reasons such as building relevant skills and gaining professional experience. It’s also a great way to learn more about a particular industry and to get a sense of whether you want to continue working in that industry after graduation. Since analyst roles vary depending on the field you choose to work in, having hands-on experience of a particular role will go a long way towards helping you pick an industry that’s right for you.

4. Build your professional network

Having a strong professional network is important in any field but it’s especially important in the financial services industry which relies heavily on networking throughout the recruitment process. To build a solid network that will serve you well throughout your career, it’s important to attend networking events, stay in touch with managers from your internships and to develop strong bonds with peers in your intern class.

Pro Tip: Another great way to build your professional network is by reaching out to alumni working in your field and setting up an informational interview. Most alumni are very happy to set time aside to have these meetings with students and recent grads from their schools and as an added bonus, you’re likely to find out about additional job opportunities.

Being a financial analyst can be as wonderful as it is challenging, giving you the opportunity to learn a lot very quickly and to gain a big-picture understanding of how businesses function. The best way to find out if being an analyst is right for you is by doing an internship and testing out the role first hand. And if you want to build some skills and confidence before applying for that internship, we recommend diving right in by looking at the quarterly earnings of several public companies and seeing how they’re performing. Even better? If you’re able to do so, we recommend putting aside a small amount of money and investing in some stocks. This will help you get your feet wet in the world of finance and it will also help you talk about investing like a pro.

Next, get more career tips for internships and entry-level jobs such as 6 Things to Do in Your First Week at a New Job and find answers to common interview questions such as If You Could Invest in One Stock, Which Stock Would it Be?

How to Prep for a Case Interview

One of the keys to becoming a management consultant is successfully navigating the interview process. This involves being able to talk about yourself and your experience during the fit (or experience) interview and also demonstrating your problem-solving abilities and analytical skills during the case interview. Although the case interview might seem a bit intimidating at first, with a good amount of practice and a structured approach, you can ace the questions and get one step closer to landing the job.

Here are some case study interview tips to help you prepare.

1. Know what to expect from a case interview

Case interviews consist of several questions designed to test your problem-solving abilities and your analytical skills. These questions come in three formats: 1) Creative questions such as, “What are the different segments of the wheelchair market in the United States?” 2) Market-sizing questions such as, “How big is the market for eyeglasses in the U.S. this year?” and 3) Analytical questions such as, “Given this data, synthesize and determine the best approach for entering the Indian market and doubling revenue of Company X.”

While there may be some people who have a natural ability to answer these types of questions, most people need to establish a framework for solving these sorts of problems. This is where having a structured approach comes in.

Here’s how to come up with your answer:

Frameworking: Lay out a logical path to the answer by analyzing each part of the question in turn and then looking at the question as a whole. You can use specific frameworks to do this (which you can find in prep books like Case in Point), but you should keep in mind that you need to be able to adapt these frameworks to the particular question you’re answering.

Data gathering: Ask questions that will give you a better understanding of the problem and use the answers to reframe your thinking. Once you’ve obtained some additional information, repeat it back to the interviewer to make sure that you didn’t miss anything. After all of the information has been presented and you’ve asked your follow-up questions, you can ask the interviewer a final catch-all question like, “Is there anything else I should know about?” This will give the interviewer a chance to offer you any remaining information before you begin your analysis.

Pro Tip: If you’re going to make an assumption during the data gathering process, you should be explicit and tell the interviewer the exact assumption you’re making. This will show them that you’re approaching the problem thoughtfully and filling in the gaps in a strategic way.

Analysis: Once you have your framework in place and you’ve gathered the necessary data, ask the interviewer for 30 seconds to analyze the information. Then, combine this information with your own assumptions about the problem to come up with your answer. Having sheets of paper in front of you and actually drawing out slides in front of the interviewer can be especially effective here since consulting relies heavily on presentations to deliver solutions to clients. Be sure to explain every step of your analysis as you go through it since this will give the interviewer a chance to step in if you make a mistake or go the wrong way.

Recommendation: Now take the output and turn it into something actionable that the client can use, ensuring that your insights are data-driven and your assumptions are explicitly stated. For example, if you’ve discovered that a client’s product does best with a millennial consumer base and millennials are much more likely to buy these sorts of products online, your recommendation could be that the client increase their eCommerce efforts, focusing specifically on promoting their products through Amazon and Facebook.

Delivery: The way you deliver the solution is as important as the solution itself. Combining an articulate, structured, confident approach with humility is key here since you need to be able to convince the client that your solution is both solid and data-driven, while also leaving room to make adjustments as needed.

2. Practice interviewing with other people

Being able to solve problems quickly and consistently is all about practice. This is especially true because case interviews don’t test what you know, they test how you think. The most important skills to develop are mental agility and consistency, and practicing with others is the only want to ensure that you can develop these skills effectively. This is for two reasons: The first is that you’ll get feedback on different aspects of your problem-solving and communication skills and the second is that you’ll learn how to communicate your answers clearly to a broad range of people.

3. Look at everyday problems as case studies

Analyzing case studies from a book will certainly go a long way towards preparing you for the interview process but to really train your brain to think analytically and creatively all the time, it’s important to start thinking about everyday issues in the same way you would a case study. To do this, it’s not necessarily important to create real-life scenarios that relate to specific types of questions (creative, analytical or otherwise) but to practice shaping your thoughts and decisions in a very structured way. It’s important to remember that practicing for the case interview is about training your brain to think of the world at large as a problem waiting to be solved.

By knowing what to expect from the interview process and coming up with a structured approach for analyzing case studies, you’ll be sure to navigate your case interview successfully and make a great impression on the interviewer.

Next, get more career tips for internships and entry-level jobs such as 6 Things to Do in Your First Week at a New Job and find answers to common interview questions such as Are You Willing to Travel?

5 Common Case Interview Mistakes and How to Avoid Them

Interviewing for a management consulting role can be a challenging and exciting process. If you’ve already read up on consulting interviews, then you know that they involve a two-part process consisting of a “fit” interview (also known as an experience interview) which focuses on your background and experience, and a case interview which focuses on your ability to solve problems creatively and effectively. And if you’re preparing for the interview process, you might be wondering not only about what you should be doing but also about what NOT to do.

Here are some of the most common case interview mistakes and tips on how to avoid them.

1. Not having pens, pencils or paper

In our technology-driven world, we usually rely on our laptops and phones to help us take notes and transmit information, but in a case interview it’s important to have pens, pencils and at least three blank sheets of paper available since you’ll be using these to map out your answers and present your solution to the interviewer. When preparing for the interview, be sure to pack a portfolio folder with spare copies of your resume (enough for each person you’ll be meeting with) a stack of blank white paper and several pens and pencils. This will help ensure that you’re able to map out your answers in a clear and impactful way.

2. Not having a structured answer

Few things are as important in consulting as having a structured answer. This is because cases are essentially problems that need to be solved. To structure your answer effectively, it’s important to understand how to create a framework and then use that framework to develop a clear and direct solution to the problem. By thinking through the problem in a focused way, you’ll be able to deliver an answer that is much more likely to resonate with the interviewer and to help you land the job.

3. Not taking time to think

Although consulting is considered an industry where you always have to think on your feet, taking the time to analyze and solve a problem carefully is incredibly important during the case interview since it will increase your chances of delivering a great solution. How much time? We recommend 30 seconds. This will give you enough time to assess the case and start formulating a solution without making you seem unprepared or unable to think on your feet.

Pro Tip: Always ask the interviewer if it’s okay to take time to think and, if you’re going to do so, be specific about how much time you need. So if you ask for 30 seconds, be sure you only take 30 seconds though it’s okay to take less time than you asked for.

4. Not preparing for the fit portion of the interview

Although the case interview might seem like the more challenging part of the interview process, it’s important to remember that both parts are equally important and that preparing for each one is key to a successful outcome. The best way to do this is by researching some of the most commonly asked fit interview questions and practicing your responses with the same structured approach you use to practice case interviews.

5. Not talking through your process

Since interviewers use case studies to understand how you think, walking the interviewer through your thought process is incredibly important. In fact, even if you deliver a solid answer during the interview you’re unlikely to be successful unless the interviewer has a sense of exactly how you arrived at that answer.

Pro Tip: Talk through each point of your answer in a detailed way, offering the interviewer an overview of the solution before breaking it down into segments and explaining how each segment contributes to the whole. This process will not only make your delivery more effective, it will also help you slow down and think about the viability of the solution as you discuss it.

Although it’s not always possible to avoid mistakes during the consulting interview process, by knowing what to watch out for, you’ll be more likely to avoid common mistakes and to ensure a successful outcome.

Next, get more career tips for internships and entry-level jobs such as 10 Tips for the Perfect Cover Letter and find answers to common interview questions such as Are You Willing to Travel?

What Types of Skills are Best for an Accounting Major?

When you’re looking at what to study in school, it’s extremely important to look at the larger skill sets you’ll need to not only complete a college major but thrive within that area of study.

If you’re looking at a degree in accounting, there are three main skills you’ll need, and some may not be what you thought.

Analytical and Quantitative Skills

Accounting is a number-heavy major that requires strength in areas like math and statistics. Being able to see and understand patterns in data and then find solutions is rooted in strong quantitative skills, so if these are areas you enjoy and are strong in, an accounting major may be up your alley. Many accounting programs require several years of different math and statistics classes, so be prepared to spend a lot of time learning those subjects.

Problem-Solving Skills

Rarely do accountants deal with numbers in a vacuum, so the most successful accounting majors will be able to apply their math and statistics skills to solving complex problems that affect organizations on a high level.

Problem-solving doesn’t just happen in your math and statistics courses, either. Many accounting programs require students to take classes in economics, business and marketing, so you’ll have to be effective at taking the numbers and using them to your advantage across different academic disciplines.

Communication Skills

There’s often a misconception that accounting majors spend all day crunching numbers, when in reality, they must also be able to communicate their findings to people from all different fields.

To be a successful accounting major, you must be able to communicate your process and findings through oral and written communication as effectively and efficiently as possible. You’ll often be asked to present projects and other findings to your professors and in front of groups of all sizes. The best accounting majors will graduate with the ability to communicate effectively to any audience.

Next, learn more about this college major such as Natural Sciences and get more career tips for internships and entry-level jobs such as Top 20 Entry-Level Job Questions and Answers.

Types of Internships for Design Majors

One of the best things about being a design major is the ability to develop a broad range of technical and creative skills. And although design is considered primarily a creative field, these skills can have practical applications in multiple professions. The best way to find out which profession is right for you is by doing an internship. This will offer you some insights into different career paths while also giving you the type of hands-on experience that will make you a competitive candidate after graduation.

Here are some of the most common internships for design majors:

Graphic design intern

A graphic design internship will give you the chance to learn about graphic design, a field dedicated to communicating ideas visually. As a graphic design intern, you’ll assist with technical tasks such as creating hard and soft copy files, writing reports and mailing, printing and stuffing materials. You’ll also shadow a graphic designer, attend meetings, compile databases and assist the design team with creative work related to existing projects. During your internship, you’ll learn how to turn creative processes into practical ones and you’ll also develop the ability to think on your feet and get organized in a fast-paced, deadline-driven environment.

UX design intern

The UX in UX design stands for user experience, and this is what a UX design internship focuses on. During your internship, you’ll learn what goes into ensuring that the user experience of a particular website is as smooth, easy, comfortable and all-around amazing as possible. As an intern, you’ll learn how to create responsive app or digital product designs and you’ll understand exactly how much knowledge and effort goes into every step of the UX design process.

Interior design intern

An interior design internship will acquaint you with the various skills and technicalities involved in an interior design career. From note-taking during client meetings, to organizing and coordinating materials, visiting vendors and answering emails, you’ll be involved in every aspect of the role. You’ll also assist with the actual design process, learning to tailor designs according to client interests, budgets and overall feasibility. It’s an experience that will help you decide if you have the inclination and skills required to make it as a full-time interior designer.

Fashion design intern

A fashion design internship offers you a behind-the-scenes look into the world of fashion. From cutting fabric to planning model fittings and managing the logistics of fashion events, this internship will give you an in-depth look at everything involved in designing and manufacturing clothes. Whether you’re working for a store brand or a large fashion house, this experience will help you build the skills you need to work in fashion.

Design internships can be both informative and fulfilling, making the most of your creativity, drive and ambition. By taking on one or more of these internships during your time in college, you’ll be able to learn the ins and outs of a design-related profession and to find a career path that’s just right for you.

Next, learn more about this college major such as What is a Design Major and is it Right for Me? and get more career tips for internships and entry-level jobs such as How to Become a Confident Public Speaker.