How to break into investment banking (freshman/sophomore guide + what it’s actually like + prep resources)
Title: How to break into investment banking (freshman/sophomore guide + what it’s actually like + prep resources)
I see a lot of underclassmen either overcomplicating this or starting way too late, so here’s a straight breakdown of how this actually works from someone who’s been through it.
1. What investment banking actually is
At the simplest level, you’re helping companies raise money or advising them on deals. As an intern or analyst you’re not “making big decisions,” you’re supporting them. That means a lot of PowerPoint, a lot of Excel, and a lot of research. You’ll be building pitch decks, doing valuation work, and pulling comps. It’s not glamorous day to day, but you do learn fast and you’re around high level stuff.
2. What the job is really like (hours and pay)
People hype the salary but don’t fully explain the tradeoff. You’re working a lot. Think 70 to 90 hours a week consistently. Late nights are normal, like 2 or 3 am sometimes, and weekends are not protected.
Pay is strong though. Base is usually around 110k to 125k, bonus can be another 60k to 100k depending on the year, and interns make around 10k to 15k a month. Just understand you’re earning it.
3. Timeline (this is where most people mess up)
Freshman year you should just be figuring things out. Join a finance club, learn basic accounting, get comfortable with Excel. Nothing crazy.
Sophomore year is where it starts to matter. You should be networking a lot more and trying to get some kind of finance experience, even if it’s small. Also look into sophomore or diversity programs.
Junior year recruiting is the main event, but here’s the catch, a lot of that recruiting actually starts during sophomore year. If you wait until junior fall you’re already behind.
4. How to actually break in
First, school matters but it’s not everything. Targets have it easier because firms come to them. If you’re at a non target, you can still do it, you just have to be more intentional.
Second, networking is the biggest lever you have. This is not optional. Go on LinkedIn, find alumni at banks, and start reaching out. Keep it simple and normal, don’t overthink the message. Ask for a short call, not a job. If you do this consistently it compounds.
Third, get some kind of early experience. It does not need to be a big name. Search funds, small PE shops, boutique banks, even finance roles at startups are all fine. You’re just trying to build a story and show interest.
5. Interview prep (this is where a lot of people fall apart)
You need to be ready for three things.
First is technicals. You should understand the three financial statements, basic valuation like DCF and comps, and how things connect.
Second is behaviorals. You need a clean answer for why investment banking and a solid story when you walk through your resume. If your story is messy, it shows.
Third is networking conversations that turn into interviews. A lot of your chances come from people you spoke with. If they like you, you’re already in a better spot.
6. Good resources for prep
If you don’t know where to start, use Mergers and Inquisitions https://mergersandinquisitions.com/investment-banking-interview-questions-and-answers/ Their 400 questions guide is basically the standard. Breaking Into Wall Street https://breakingintowallstreet.com/ is also really good if you want something more structured. Wall Street Prep https://www.wallstreetprep.com/ is solid too, especially for modeling, but it costs money. You don’t need all of them, just pick one and actually go deep.
7. Real advice I wish I followed earlier
Start earlier than you think you need to. Most people wait until it feels urgent and by then they’re behind.
If you’re at a non target, don’t use that as an excuse. It just means you need to network more.
Your first internship does not need to be impressive. It just needs to exist and be somewhat relevant. https://www.searchfunder.com/
Consistency matters more than anything. The people who win are the ones sending messages every week and prepping a little every day.
That’s really it. There’s a clear playbook, people just either don’t follow it or start too late. If you stay consistent and don’t overthink it, you give yourself a real shot.
If you want feedback on your resume or cold messages just drop it here.