How to get into investment banking without a finance-based degree

Many people assume that the ideal investment banking degree must relate to economics, business or maths. However, it’s not essential to study one of those subjects to become an investment banker. In fact, lots of investment banks want to hire non-finance students.

We’ll explain how to get into investment banking regardless of your degree by taking you through:

• How to become an investment banker in the UK with a non-financial degree
• The skills investment banks are looking for
• Steps to take to get into investment banking
• How to prove your interest to potential employers

If you’ve decided on a career in investment banking after studying an unrelated subject, you can still get that dream job. It’s a highly competitive industry, but your degree is likely not as big a barrier as you might think.

Imagine the following:

An economist, a linguist and a politics graduate are negotiating a financial deal.

No, it’s not the start of a bad “walked into a bar” joke. Instead, it’s an everyday scenario in the world of investment banking.

If you think about it, each person will use their experience to approach a deal differently. For example, the economist might explain the financial theory. The linguist could take cultural differences into account, including how varying communication styles will affect the negotiation. The politics student could predict how wider political relationships might affect a deal. If all three people were on a team together, you’d likely get a better informed solution than any one of them could offer alone. Investment banks get that, and that’s why they’re open to hiring would-be investment bankers without financial degrees.

Investment banks depend on diversity for success. Humanities students are in demand because of their broad outlooks and communication skills.

We’ll drill into the topic more by exploring the skills you’ll need and the steps to take (including proving your interest despite an unrelated degree).

Investment banks are on the lookout for grads with the following skills and qualities:

• Intelligence. Resourceful and on-the-ball candidates will stand out.
• Passion. Investment banks value those with a real enthusiasm for business and finance. Plus, recruiters in the sector will admire a drive to succeed.
• Global outlook. In investment banking, you’ll need to be able to look at finance within the larger picture of international politics, relationships and history.
• Resilience. You’ll have to be comfortable dealing with a fast-paced working environment and heavy demands.
• Innovative approach. Do you problem-solve by approaching issues from multiple angles? If you do and you’re willing to try unexpected solutions, you’ll go far.
• Communication. To have a successful career as an investment banker, you must clearly communicate to clients and your team.

The key to starting an investment banking career is convincing someone to give you a chance.

An investment banking internship is an excellent place to begin your career. However, even this early stage is competitive. To increase the likelihood of grabbing an internship, start your efforts as soon as possible. Meet people, network and use all the resources you have.

Luckily, there are plenty of ways to get ahead, including:

• Career events. Look out for investment banks at school, college and university career fairs. The people on the stands were once just like you and are a great source of information. If they’re willing, get their contact details for follow-up questions.
• Spring programmes. Apply at the start of your first year at uni. If you get a place, you’ll spend a few days over the Easter break learning about the roles within an investment bank. They’re extremely popular, so take your time with your applications.
• Insight days. Some companies offer short visits. If you miss out on a spring programme, insight days are another great option. You could even be lucky enough to do both at different banks!
• Mentoring and development opportunities. Look out for mentoring schemes at your university or external companies. Sometimes, they’re for groups of people who are underrepresented in investment banking. Other times, they focus on building specific skills (like leadership). If you do get a mentor or a place on a development programme, make the most of the opportunity and ask plenty of questions.

While summer internships are competitive, you’ve got to believe in yourself to stand a chance of securing a spot. If you show that you’ve already shown interest in the sector by attending insight days and developing relevant skills, you’ll put yourself in a stronger position.

If you do undertake an internship, it’ll usually involve spending the summer before the penultimate year of your studies interning at a bank. At the end of the placement, you might get to interview for a permanent grad role.

It’s OK, though, if you take on an internship and don’t get a job out of it. Any internship will give you valuable industry experience. You can proudly put that on your CV and use it to help you get future interviews for roles elsewhere.

Many non-finance students find it tricky to prove they’re interested in finance, whether that’s when writing their job applications or discussing it during interviews. It’s not as simple as saying “I read the Financial Times” (even though that’s a good habit to pick up). You’ve got to go above and beyond to solidify that interest.

Some tips that will help you prove that you’re serious about wanting to become an investment banker include:

• Involve your financial interests in your studies and life. From the topics you propose for the debating society to the subject you choose for your dissertation, focus on the industry wherever you can.
• Have opinions. It’s relatively easy to reel off the facts about a piece of financial news. However, what do you think about it and why? Be open to challenging yourself and developing your thoughts on finance, rather than just memorising the headlines.
• Show that you’re ready to commit. Investment banking is a hard job with long hours. To thrive, you’ll need to be willing to put the work in. It’s worth making it clear to an employer that you understand what’s needed from you.

While some investment bankers have finance-related degrees, it’s perfectly possible to get into investment banking without having studied a related subject.

As employers, investment banks understand the value of a workforce with diverse experiences. For example, a humanities grad tends to approach things differently than an economics student, which can boost the company’s success. Having a wide range of perspectives can be just what an investment bank needs.

Whatever degree you’re studying, some key qualities will help you become an investment banker: intelligence, passion, global outlook, resilience, innovation and communication skills. If you’ve got the right skills and can prove them to an employer, you stand a good chance of getting an internship – despite their competitive nature. Remember to always look out for other opportunities, like insight days, to gain relevant experience in the sector too.