But here's the truth you don’t hear enough: people from non-target schools break into investment banking every year.
It’s not luck. It’s not magic. It’s about strategy, grit, and showing up better than everyone else.
So if you’re wondering how to get started in investment banking after MBA and you don’t have a Wharton, Booth, or LBS name on your resume — don’t worry. You still have a shot. But you’ll need to play the game differently.
Step 1: Understand the Reality — Then Get to Work
Here’s what you’re up against:
- Most bulge bracket firms recruit heavily from a few elite MBA programs.
- On-campus recruiting may not exist at your school — or may be minimal.
- You may not have alumni already working at top banks.
But here’s the upside: banks are constantly looking for smart, hungry, and coachable talent — especially in regional offices, boutiques, and middle-market firms.
You just need to prove yourself earlier and more clearly than target-school peers.
Step 2: Build Your Own Recruiting Machine
When banks aren’t coming to you, you go to them.
Start by creating a list of:
- Alumni from your MBA or undergrad who work in IB
- Boutique and middle-market firms in your region
- Regional offices of bulge brackets
- LinkedIn connections with a non-traditional path
Use LinkedIn filters like:
“Investment Banking Analyst” + “Your MBA School”
“Vice President” + “Bank Name” + “Your City”
Create a spreadsheet and reach out with thoughtful, personalized messages. Ask for 15-minute calls to learn about their path — not to ask for a job. Build relationships, not transactions.
Step 3: Be Technical From Day One
When you don’t have a brand-name school, technical competence becomes your brand.
You need to walk into every networking call, info session, and interview sounding like you’ve already worked at a bank.
How?
- Start studying investment banking technicals before classes begin.
- Use guides from Wall Street Prep, BIWS, and CFI.
- Learn how to build a basic DCF, comps analysis, and merger model in Excel.
- Practice with classmates, coaches, and mock interview partners weekly.
Most people underestimate this step. Don’t. You can’t afford to stumble through a “walk me through a DCF” question.
Step 4: Craft a Clear and Credible IB Story
Your story has to answer three questions:
- Why investment banking?
- Why now?
- Why you?
Avoid generic answers. Use a personal and professional arc that ties everything together. Example:
“After five years in supply chain operations, I realized the part I loved most was analyzing cross-border deals and working with our M&A team. I came to business school to build my finance skills and shift into investment banking, where I can work on complex transactions and help companies grow through strategic capital decisions.”
Make it believable. Make it compelling. Make it yours.
Step 5: Target the Right Banks — Smartly
If Goldman Sachs NYC isn’t calling, don’t waste time applying to online postings with 10,000 other people.
Instead, think like a sniper:
- Look at middle-market banks like Raymond James, William Blair, Piper Sandler.
- Consider boutiques in your region or niche industry-focused firms (e.g., healthcare, tech).
- Explore regional offices of large banks, where competition may be less intense.
Start small. Get in the door. Once you’re in IB, you can lateral up later if that’s your goal.
Step 6: Network Like a Professional, Not a Student
People can tell when you’re “just looking for a referral.” Don’t be that person.
Instead:
- Do your research before every call — read recent deals, know the firm’s structure.
- Ask smart, thoughtful questions. (“What differentiates your bank in the middle market?”)
- Send thank-you notes with personalized takeaways.
- Keep track of who you've contacted, what you discussed, and when to follow up.
Networking isn’t about luck — it’s about being consistent and valuable in your interactions.
Step 7: Ace the Interviews With Confidence
Once you’ve earned your interview shot, it’s game time.
Expect:
- Technical questions: DCF, EBITDA, accounting walk-throughs.
- Behavioral questions: Leadership, teamwork, ethical dilemmas.
- “Why this firm”: You must be specific about your fit.
If you’re from a non-target school, the bar is higher — not lower.
So show them:
- You’re prepared
- You understand the job
- You can contribute from Day 1
And here’s the secret: many bankers actually like non-traditional candidates — they often work harder, ask better questions, and stay longer.
Step 8: Be the Best Intern They’ve Ever Had
Once you land the internship, you’ve crossed the hardest barrier. Now — you earn the full-time offer.
How?
- Be early, stay late, double-check everything.
- Over-communicate, never miss a deadline.
- Show you’re a team player and a sponge for learning.
You don’t need to be a rockstar modeler. You need to be reliable, professional, and proactive.
Interns who make full-time are the ones bankers want to work with.
Final Thoughts
So, how to get started in investment banking after MBA if you didn’t go to a target school?
Get technical early
Network like it’s your full-time job
Tell your story with confidence
Focus on boutique and middle-market firms
Prove yourself during the internship
Target school or not — talent gets noticed. Hustle gets rewarded. And smart, prepared candidates always find a way in.
Have questions about breaking into IB from a non-target MBA? Drop a comment or DM me — I’ve helped students from all backgrounds get their foot in the door.