IB Career Narrative Guide

Step 1 - Win “Steppingstone” Internships or Jobs/ How to Break

into Investment Banking

If you're aspiring to get into investment banking at a large bank, relevant experience on your
resume is crucial! You need to build a solid foundation by starting with "steppingstone roles" like
internships or jobs in related fields. These roles will enhance your profile, help you tell a compelling
story, and demonstrate your ability to get into investment banking.

Here's a step-by-step guide for students and recent graduates:

• Network, Network, Network: Connect with alumni from your school who are already in
the finance industry. If your school doesn't have many finance alumni, don't worry! Reach
out to professionals via LinkedIn and email, using templates and tips available in various
articles.

• Secure Finance-Related Internships: As an undergraduate, aim for 1-2 finance- related

internships before applying to larger banks. If you have just one internship, highlight any
relevant activities or student group involvement to bolster your story.

• Find a "Somewhat Related" Full-Time Job: If you've recently graduated, try to get a full-
time job that has some connection to finance. If your current job doesn't align, consider
seeking a new position that offers relevant experience.

Pre-MBA Internship: If your previous full-time work experience isn't related to finance, consider
doing a pre-MBA internship before starting your Master's program.

Remember, building a strong foundation with relevant experience is the key to breaking into
investment banking. Stay proactive, network effectively, and make the most of every opportunity
that comes your way.

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 Step 2 - Crafting Your Story for Investment Banking Interviews
In investment banking interviews, your response to "Tell me about yourself" or "Walk me
through your resume" is crucial! It's not only the most important question but also what you'll
use when networking with bankers.

Here's how to nail it:

Prepare Your Story: Develop a 1-2-minute response for interviews and a shorter version for
networking.

Follow the Tutorial: Use a detailed tutorial on how to create a solid answer to the "Walk me
through your resume" question in less than an hour.

Your story should cover:

1. The Beginning: Introduce yourself and your background.

2. The Finance "Spark": Explain what sparked your interest in finance.
3. Growing Interest: Share how your interest in finance grew over time.
4. Why You're Here: Explain why you're pursuing a career in investment banking and
what you hope to achieve.

Keep It Concise: In networking emails and calls, make sure your short version is 1-2
sentences max, so even busy bankers can read or listen to it without getting distracted.

Ace your interviews and networking opportunities with a compelling and concise story.

Keep it short and powerful! Bankers hear countless pitches, so make sure your story is concise
and compelling.

Here are a few examples:

Undergraduate:
"I'm a [XX Year] student at [University Name] with consulting experience at [Firm Name],
valuation skills from [Firm Name], and private equity internship at [Firm Name]. Seeking
investment banking roles."

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Recent Grad:
"I graduated from [University Name], worked in commercial banking at [Bank Name], and
corporate banking at [Bank Name], specializing in investment-grade debt. Now eager to apply
credit analysis skills in DCM or Leveraged Finance at investment banks."

MBA Student:
"After [University Name], I worked in real estate brokerage at [Firm Name], then real estate
acquisitions at [REIT Name]. Now, as an MBA first-year student at [Business School Name],
aiming to transition into real estate investment banking, blending industry experience and finance
expertise."

Remember, bankers won't engage if you go beyond 1-2 sentences in emails/calls or 1-2
minutes in interviews. Keep it concise and captivate their attention!

Mastering Your Investment Banking Interview Story / “Walk Me

Through Your Resume” in Investment Banking Interviews:
How to Answer

In any investment banking interview, your "Story" is the most crucial part! It's your response
to questions like "Tell me about yourself," "Walk me through your resume," or "Why are you
here today?"

Whether you have 2 hours, 3 weeks, 3 months, or 6 months to prepare, focus on perfecting your
Story first! It's the key to making a lasting impression.

Unlike other interview guides, our approach prioritizes your Story, recognizing its immense
importance. If you get your Story right, it can greatly enhance your chances of success.

The best part? You can significantly improve your Story in less than 1 hour with our step-by- step
guide and templates. It's 100x easier than mastering technical topics like accounting or financial
modeling, and it offers the highest return on investment for your interview preparation.

Walk Me Through Your Resume: The Definitive Guide

Here are three key differences to keep in mind:

1. Prior Finance Experience: Whether you're an undergrad or an MBA-level career

changer, having previous finance experience (such as internships) is crucial to
breaking into investment banking

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 2. Be Concise: Keep your response short and to the point! Aim for a 100-150-word
outline and a 200-300-word full version, lasting 1-2 minutes max. Bankers have
limited attention spans, so being concise is vital.

3. Specific Goals: Don't just say you want to "work on deals." Be specific about the
industry or geography you're interested in. Mention a relevant deal the bank has
worked on and explain how it aligns with your long-term plans.

Your Story should go beyond reciting your resume; it should connect your experience to the role
and your future aspirations. It highlights your most relevant skills and addresses key interview
concerns:

Can you handle long hours?

Are you good at communicating with others?
Have you committed long-term to finance?
Can you demonstrate finance knowledge despite a non-finance major?

Prepare a compelling narrative that sets you apart and showcases your potential as an
investment banking candidate!

"Walk Me Through Your Resume" Guide: Structure, Word Count,

and Objectives
Crafting your resume walk-through is essential for investment banking interviews! Here's a
concise 4-point structure to make it impactful:

1. The Beginning: Briefly mention your background, like where you're from or your
university/business school.

2. Finance "Spark": Share what specific person, event, or experience ignited your
interest in finance or investment banking.

3. Growing Interest: Explain how you acquired relevant skills and work experience over
time, preparing you for this role.

4. Why You're Here Today and Your Future: Connect your long-term plans with why
this firm and group are the perfect fit.

While the 4-point structure works well for undergrads and recent grads, feel free to adjust it based
on your unique experiences. If you have significant work experience, you can describe a gradual
shift in your interest rather than a specific "Spark."

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Make your resume walk-through compelling and concise, showcasing your journey and
alignment with the firm's goals!

"Walk Me Through Your Resume" - The Beginning

For undergrads and recent grads, this part is critical as it sets you apart from others! Make it
memorable and unique.

1. An "OK" Beginning might be:

"I'm originally from China, but I went to high school in the U.S. and attended
Georgetown, majoring in Math and Economics while joining the Student Investment
Fund."

2. But to stand out, cite unusual activities or experiences:

"I'm from China, studied in the U.S., and majored in Math and Economics at
Georgetown. I even researched culture and politics during a study abroad in
Bhutan!"

3. If you have full-time work experience, keep it straightforward:

"I grew up outside Chicago, went to Northwestern, and majored in Economics and
Finance. After an internship in equity capital markets at JP Morgan, I joined them full-
time after graduation."

Craft a compelling Beginning that makes you memorable to interviewers!

Crafting Your Finance "Spark" for Resume Walk-Throughs

Just like action movies start with an explosion to grab attention, your "Spark" can do the same
in your resume walk-throughs! Make it specific and attention-grabbing.

Example of an "OK" Spark:

"I got interested in finance during an internship at a consulting group, analyzing clients'
financial statements. A conversation with an MD at Woodstone Partners, an investment bank,
sparked my interest in the industry."

To make it better, add specifics:

"I got interested in finance during an internship at a non-profit consulting group, where I
analyzed financial statements of two clients planning to merge. A talk with an MD at
Woodstone Partners further fueled my interest."

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Struggling to find a Spark? Think about information sessions, case competitions, clubs,
professors, or networking experiences. You can even create a retroactive Spark based on a
textbook example that ignited your interest in finance.

If you're not an undergrad or recent grad, your Spark can be more low-key. Focus on your
experiences and how you've developed an interest in more complex and strategic deals.

Craft a captivating Spark that sets your Story in motion!

Growing Interest - Enhancing Your Resume Walk-Through

The third part of your Story not only explains how your interest grew in finance but also how you
gained specific skills required for the job! Highlight what you liked about each experience and what
you aimed to change.

Limit yourself to 3 experiences, grouping entries to streamline your pitch. For example,

Point 1: "I started with on-campus jobs tutoring math and accounting, which I enjoyed, but I
craved more real-world experience..."

Point 2: "...so I pursued a marketing role at [Local Company Name]. I excelled, liked the
business, and increased leads by 20% in two months, but I desired something more
quantitative and closer to finance..."

Point 3: "...thus, I explored private wealth management at [Bank Name], analyzing portfolios and
making investment recommendations. I enjoyed the analysis but sought to work with larger-scale
clients..."

Each point cites a skill required for IB - math/accounting, client interactions, and investment
analysis - while expressing desired changes for more exposure and growth, without introducing
negativity.

Craft a compelling resume walk-through showcasing your skills and evolving interests!

Your Future Goals and Why You're Here

When asked about your future plans in an interview, expressing commitment and clarity is
essential! Even if you have intentions beyond investment banking, focus on your dedication to
the role at hand.

Here's a template for this point:

"In the long-term, I aspire to [FUTURE GOALS], and I see [FIRM/GROUP NAME] as the
best path to achieve that, given their impressive [DEALS, CLIENTS, OPPORTUNITIES,
ETC.]."

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Example 1: "I'm here today because I aim to blend my telecom background with finance,
becoming an advisor to companies in the industry. Your group's reputation, with deals like
[Name a Deal], makes joining your firm the perfect way for me to reach my goals."

Example 2: "My goal is to leverage my wealth management experience, advising larger-scale clients
on M&A deals, like the [Deal Name] that initially interested me. Your team's strength in
[Geography / Industry] aligns with my interests, making your group the ideal place to work on
those deals."

Knowing about the bank or group and their types of deals is vital, and it's not surprising to
prepare for it before the interview.

Demonstrate your commitment and vision for your future to leave a lasting impression!

How to Avoid Falling Off the Path with “Walk Me Through Your
Resume”

Avoid common pitfalls and stay on track with your resume walk-through! Here are some tips:

• Be Concise: Don't get caught up in unnecessary details in the beginning. Skip family
history or over-explaining class choices. Keep it focused and to the point.

• Simplify Transitions: Avoid complex plot twists in your career journey. Instead,
provide a clear reason for each transition, and present experiences in rough
chronological order.

• Group Similar Experiences: If your experiences are jumping around, group them
together to streamline your pitch. For instance, combine a private equity and
boutique investment banking internship, and explain your focus on a specific
industry/geography/deal type.

• Stay Relevant: Exclude information that doesn't add value to your case. Avoid going on
tangents about short internships or high school activities. Keep it focused on what's
relevant to your current career path.

By following these tips, you can ace your resume walk-through and make a lasting
impression in your interviews!

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 Your Resume Walk-Through: An Undervalued Asset
Your Story is like an undervalued stock in the job market! Most people don't invest the necessary
time and effort to perfect it, leading to missed opportunities.

But if you put in the effort, you can unlock outstanding gains in your interviews! Whether you're
preparing last-minute or months in advance, nailing the "walk me through your resume" question
is crucial.

A strong start sets the tone for the entire interview. Get it wrong, and the banker may lose
interest quickly. Get it right, and the rest of the interview becomes smooth sailing.

Invest in perfecting your Story and watch your interview success soar!

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 Master Investment Banking Networking

Networking is key to breaking into investment banking! Focus on alumni connections and reach
out via LinkedIn or your school's database to ask for advice on getting into the field.

Start networking 6-12 months before interviews begin, even as an undergraduate in Year 1. For
recent grads, start as soon as you have relevant finance experience. MBA students should begin
networking upon enrollment.

Balance the earliness of recruiting with sufficient work experience. Highlight upcoming
internships or planned activities in your outreach emails.

If you're last-minute or graduating soon, cold calling local/boutique firms can work, emphasizing
persistence. For better credentials, cold emails tend to be more effective.

Set up informational interviews with bankers for 5-10 minutes and follow up once or twice
before recruiting starts. Apply ASAP when applications open, as spots fill up quickly.

Remember, networking gives you a competitive advantage in securing interviews and offers!

Ace Investment Banking Interviews

Preparing for interviews requires a good grasp of technical skills, including accounting,
valuation, and modeling. You also need a compelling main story, 3 mini-stories for "fit"
questions, and answers to potential objections about your background.

To excel in technical questions, a few days won't cut it. Plan for at least 3-4 months, especially if
you lack finance experience. Don't rely on memorizing answers; banks now ask deeper,
conceptual questions to test understanding.

Begin learning accounting and finance concepts early on while networking for IB roles. The
sooner you start, the better prepared you'll be.

• A very good understanding of the technical skills required for IB – accounting,

valuation and DCF modeling, and M&A and LBO modelling

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 • A solid main “story”
• 3 mini-stories you can use to answer “fit” questions
• Your top 3 strengths and top 3 weaknesses
• Answers to the key objections that bankers will raise about your background (low
GPA, lack of finance experience, lower-ranked school, too old, etc.)
• Several deals you can discuss (your own, if applicable, and also ones that banks have
worked on)

Dedicate time to master the skills, and success in investment banking interviews will follow!

Secure Investment Banking Offers

Congratulations on reaching the interview stage! To ace your interviews and win offers, remember
these key points:

1. Start with a video-based HireVue interview, where you'll answer "fit" questions.
Dress professionally, speak clearly, and avoid distractions.

2. Superday follows, where you'll face multiple interviews with bankers of all levels. Be
prepared for questions covering various topics.

3. If successful, you'll receive an offer promptly. If not, you might wait longer or never
hear back. Stay patient and focused.

4. In Europe, expect competency questions and aptitude tests in the first step. The final
round may involve an assessment center with different exercises.

5. Processes can vary across regions, so research specific requirements for your
location.

Stay confident, showcase your skills, and remember that every experience adds value to your
journey. Best of luck in landing those investment banking offers!

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 Reflect and Pivot in Your Career Journey

If you didn't receive any job offers after going through the investment banking process, take a
step back and assess what may have gone wrong:

Was your GPA too low or did you lack relevant work experience?
Did you struggle with the technical side of the interviews?
Maybe you didn't start networking early enough or became too nervous during interviews.

Depending on the reasons, consider your next steps:

• Improve your credentials with a Master's in Finance from a top

school.
• Take more time to study and gain a better grasp of the technical
aspects.
• Gain more relevant work experience to become better qualified.
• Explore other lucrative fields like corporate banking, real estate private equity, or
venture lending.

Remember, there are various paths to a successful business career, and investment banking is just
one option. Don't be disheartened, focus on your strengths, and explore other opportunities that
align with your interests and goals.

By learning from your experience and making informed decisions, you can steer your career in
the right direction!

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