Why an Investment Banking Apprenticeship May Be Right for You
Investment banking apprenticeships are often the first step to becoming a full-fledged investment banker at the end of your two-year stint. But it’s not just about the paycheck – you’ll be able to pick up skills and knowledge that will help you get the job of your dreams, because an investment banking apprenticeship gives you real business experience in an actual office environment. Here’s what you need to know if you’re thinking about going down this path...
The value of internship experience
An investment banking apprenticeship will provide you with work experience in a fast-paced and exciting environment, one where you’ll learn how to conduct business, interact with clients and other professionals and take advantage of networking opportunities. This type of internship will give you insight into what is expected of analysts when they join investment banking firms, as well as help you build your professional network (people are always more willing to help someone that has shown interest in them before). Not only will your apprenticeship provide great insight into a future career in investment banking, but it may also lead to a full-time offer. The average starting salary for entry level analysts is around $60,000 a year—that’s quite a bit more than what most high school graduates earn!
When do you apply?
Investment banking apprenticeships are typically available to students who are currently in their junior or senior years of undergraduate study. Because investment banks only accept a handful of entry-level hires per year, competition is fierce, and it’s important to start early. Ideally, you will be in contact with someone at your target bank as soon as possible. Even if you don’t yet have much experience (which isn’t a problem), firms will take note that you have strong ambition and a desire to learn more about investment banking. Although many people apply during their junior year, some applicants are able to get started earlier by contacting smaller banks or working for 2 years after graduating from college in another area before applying . Either way, timing is extremely important—be sure to read on!
What are you applying for?
Investment banking apprenticeships are highly competitive. So how do you stand out from a pool of hundreds or even thousands? One of your best bets is to get to know someone who works in your desired firm through networking, volunteering and internship programs. As you move forward with a finance apprenticeship application, it’s critical to remember that these coveted positions don’t come around often. Investment banks receive hundreds—and sometimes thousands—of applications every year. In fact, many interns and co-ops never end up securing full-time roles at their firms after graduation. Because of the volume of applicants, investment banks have become masters at filtering candidates during interviews, which makes one of your first steps into getting there crucial: What should you wear?
What are you bringing to the team?
It’s not enough to say that you’re a good fit with your investment banking apprenticeship employer. Explain what, exactly, it is that you can do for them. If you have experience in an area they need help with, explain how and why it will benefit them. If you have ideas on better ways to do things or plans to improve processes within your company, share those as well. And keep in mind that what makes sense to YOU may be completely irrelevant (or even offensive) to someone who works at your investment bank apprenticeships employer. Investment banks have one goal: improving their bottom line by making money for clients and reducing costs for themselves. Don’t ask about anything else!
What support will you have?
Investment banking is a very difficult profession, and therefore a strong support system is extremely important. The investment banking apprenticeship will include dedicated mentorship programs to help you master financial models, valuation techniques, and deal processes. This is in addition to established training resources and curricula that aim to prepare you for your first year of full-time work. In terms of tangible support, most apprenticeships offer free office space (e.g., if you’re not working with a bank). This can be especially helpful when it comes time to cold-call clients during your first year as a full-time analyst or associate. The potential drawbacks of an investment banking apprenticeship include its length, which can be up to four years. However, you may benefit from higher pay and a clear path to promotion into associate-level positions (typically after your third year). This makes starting out in investment banking as a recent graduate very attractive. All in all, it’s important to weigh pros and cons before committing to any career path, but hopefully these points have helped provide some guidance on whether or not investment banking apprenticeships might be right for you!
How to make your CV stand out from the crowd
The most important bit of writing about yourself is your CV. When looking for investment banking apprenticeships, you need to be sure that your CV stands out from all of those other people applying for these coveted roles. To make sure you stand out from all of those other people applying for investment banking apprenticeships, consider these points: 1. Contact information: Make sure your contact information (email address and phone number) is visible on your CV as well as a website where a potential employer can view your application. Employers have seen hundreds of investment banking apprenticeship applicants with great CVs and they often have no way to tell who they should contact if they want more information about you or if they want to schedule a meeting.
Final tips before applying
Be sure to include key financials, such as your estimated yearly salary, bonus potential and exit opportunities in your application. This can mean many things including starting a new business of your own. Make sure to talk with someone already working in a similar position if you’re still unsure how investment banking apprenticeships work. Networking is perhaps one of the most important ways to make yourself stand out when applying for investment banking apprenticeships. Sometimes even writing no follow up necessary on correspondence may not help when networking leads don’t have time to see everyone who applies so be sure to differentiate yourself from others during networking events! The difference between a summer internship and investment banking apprenticeship is that it could last up to five years and be permanent once completed.
