How to Really Break Into Wall Street
You probably have a lot of misconceptions about what it takes to really break into Wall Street.
Misconception #1: You need to be a rocket scientist.
Nothing could be further from the truth.
Most of the time, you just need basic addition, subtraction, multiplication, and division – anything beyond that is rare.
Until you actually have a job lined up and you’re about to start working, forget about learning advanced financial modeling: just focus on what you need for interviews.
Investment banking is much more about perspiration than inspiration – as long as you’re a hard worker you can pick up everything you need along the way.
Misconception #2: You need to attend a top university and have perfect grades to break in.
You do get a leg-up with that kind of background, but it’s not required to get into finance.
So what do you “need” to break in? For one, you need to be much more aggressive with your networking efforts, contacting alumni and cold-calling extensively.
And you can’t go for Goldman Sachs and Morgan Stanley if you have less-than-stellar credentials: set your sights lower.
Misconception #3: Goldman Sachs is the only investment bank in existence.
Your odds are much, much better if you go for local boutique firms rather than bulge bracket investment banks.
A much more sensible plan: start somewhere small, spend time there, and then go to a larger firm.
The work you do at large banks and small banks is similar, but the difference is that you’ll get a better brand-name on your resume and you’ll be able to move to a wider range of companies, private equity firms, and hedge funds after going there.
Those are important, but it’s better to get into investment banking anywhere vs. getting no results at all.
So do what you can, and fix it afterward.
Finally, don’t assume that certifications and exams will help you break into Wall Street.
Should you take the CFA? What about the CPA? What about getting Bloomberg certification?
No, no, and no.
Just because these exams require a lot of time doesn’t mean they’ll help you.
Investment bankers care about your work experience and internships, where you went to school, and how much networking you’ve done… and not much else.
So stop studying for the CFA and start networking and finding solid internships.
Riyan Richter is a Contributing Author to numerous financial news and tutorial websites, including Breaking Into Wall Street and Mergers & Inquisitions. He writes about economic news, the job search, career advice, and networking.
Tags: Business, career, certifications, finance, financial modeling, investment banking, Job Search, networking, professions, university, wall street
