If you’re going for an IB internship, you’ll no doubt be asked why investment banking is of interest to you during the interview. If you’ve been in the field for a while, you obviously know the reasons. A well honed and quick answer is important.
I’m a real estate and stock market guy but I have a couple buddies who are investment bankers. They work a lot harder than I do, and I work pretty hard! People have asked me why investment banking is such a hot career choice. I’ll fall back to the expert. “What’s worth doing is worth doing for money.” — Gordon Geko.
Understanding what investment banking is can be simple. Understanding how much money you can make is astounding.
Can you tell me why investment banking wouldn’t be so great for a Tulane Grad?
Hi Chris, My son is an economics major at Tulane. He’s decided he really likes the field of investment banking. His room mate told my son he “heard” that only Ivy League school grads can get into investment banking. I can’t understand why investment banking should not be considered! However, I’m wondering if there’s something else he can do in addition to his Econ degree? His GPA should be 3.86 at graduation.
Chris answers:
Tulane is a great school with an excellent business program. A person does not need to be a graduate of an ivy league school. If he or she is qualified, the best characteristic they can have is to be driven and diligent in getting in front of the right people. If he wants a little extra oompf, he can enroll in the Chartered Financial Analyst program.
It doesn’t hurt to have a little more going for you. Make sure he gets into some investment banking intern programs. Experience and finding the right people to talk to is important. But knowing all of this is why investment banking is such a lucrative career choice too!
Tips on finding an job in Investment Banking?
Chris, you helped me with my niece the other day and I wanted to thank you. My niece’s former dorm mate also wants to get involved in I-Banking. I don’t know why investment banking is so popular this week! This friend has graduated and has been working for a large Accounting firm for 2 years. She has an MBA with a 3.7 GPA. Would this be enough?
Chris answers:
You’re right Maria. I have no clue why investment banking is so popular this week either. I’ve still got heaps of questions to answer about it. The MBA is fine 
. An internship or two would have been better. However, the best thing for her to do now is read everything she can about IB. I’m putting together a reading list. It will help understand why investment banking is so competitive and lucrative.
How hard is it to have an investment banking career?
I’m an MBA graduate and I love anything having to do with finance which is why investment banking is something I’m very interested in pursuing. Do you think the MBA is good enough?
Chris answers:
Sure I do. And, as long as you’re loving anything to do with finances, you should equally love investment banking. It’s competitive, no doubt. I don’t know whether you’re just considering the field itself or becoming an investment banker. If it’s the latter, understand that being an investment banker is really a high stress job but, that’s why investment banking pays so well. It’s tough but worth it. Now, if you’re considering buying or selling as a career, it’s a lot easier and the pay is still awesome.
The MBA will do well for you. Experience is key. Good luck to you!
What and why should my wife major in for investment banking?
My wife is going back to school and wants to get into investment banking. Right now she’s got a degree in accounting and has been working in that field for 5 years. I’ve done some research and feel Finance would be best. Also, she’d love to have your opinion on some good books about investment banking if you don’t mind.
Chris answers:
Finance or Economics is great. My buddy majored in Econ. and he’s in investment banking. Since she has a strong background in accounting, pair that with finance and her job as an analyst will be much easier.
There are several books on investment banking that make it easier to understand. I’ll give you a few but want you to know, like I told Marie above, I should have a page up by the end of the weekend with suggested reading for investment banking. Since I’m not in the field, I’m having a couple IB buddies help me out with the list in swap for a couple of Warsteiner’s.
Security Analysis and Business Valuation on Wall Street
Investment Banking Explained
The Business of Investment Banking
Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions