Investment banking is one of the most sought-after fields for business and economics students. For students who decide to pursue investment banking, the first major milestone is securing a competitive internship.
Finance students who have successfully landed internships in IB shared their firsthand recruiting experience and offered helpful insights into the process for interested BYU students.
Investment banking, as opposed to commercial banking, is directed toward large organizations to help them raise money, acquire other businesses and perform other processes. The field is demanding, but the associated compensation and prestige make it attractive.
Prospective interns start with recruiting — intensive networking through “coffee chats” with professionals, as well as preparing for tough technical interviews. For the most qualified students, this can lead to analyst internship positions at large investment banks.
The BYU Investment Banking Association provides connections with alumni, frequent club meetings and other services to give students the boost they need to recruit successfully.
Co-presidents McClain Easton and Stephen Blackham, who have both secured roles at a prominent bank called Lazard, gave insight into why investment banking is such a popular path and the role an intern analyst steps into.
“You get a lot of technical exposure, which is why it’s an attractive career, because you learn a lot,” said Blackham. "That high-level banking environment makes employees very capable, allowing for mobility after time in the industry."
Easton said while an intern has many qualitative tasks like building slideshow decks or doing market research, their primary role is to learn — fast.
“You start slow, and towards the end of the summer you start building up towards things of more consequence,” Easton said.
For intern analysts, the real crux of the position is what comes after. For the interns who perform best and seem to align well with their company, a post-graduation return offer for a full-time role is the golden ticket.
BYU finance professor and program director Ian Wright works closely with the student association. He outlined several "X factors" that propel the best students through recruiting and in their careers.
“Overwhelmingly, what leads to success ... is scrappiness, curiosity, diligence, attention to detail and proactivity,” Wright said. “While being naturally brilliant surely doesn't hurt, it's these other traits that over time will make students and young employees stand out."
BYU finance student Dax Hartvigsen was recently offered a position at Lazard, a highly noteworthy investment banking firm. He said the counsel he received from Wright when he started the investment banking recruiting track helped him in his career.
“If you're not willing to put in 80 hours a week during recruiting, then you're probably not going to be prepared for the job,” Hartvigsen was told.
Those 80-hour weeks he referenced included finance internships, technical/behavioral interview prep and devotion to finance clubs, all on top of a full class schedule where high grades are a must-have.
Hartvigsen explained that keeping the end in mind helped him stay focused and excited during the long days of recruiting.
“The best thing was just staying motivated, staying focused on the goal,” Hartvigsen said. “As long as you know banking’s what you really want … the small tasks that you have to do every day become fun.”
BYU students work hard to shine, but they aren’t alone. Easton commented on the immense value of BYU’s reputation and its alumni network, calling them BYU students’ “two biggest advantages.”
The alumni network is a major part of current students’ success — in an industry where “who you know” is huge, networking and job opportunities from former BYU students go a long way.
“(The alumni) really pull so hard for the students,” said Blackham.
While investment banking students and interns work hard, Easton and Blackham noted the importance of making time for the Lord.
“We encourage all of our students to be really intentional about finding time to maintain your spirituality, which is really difficult in a job that demands so much of your time,” Easton said. “For me, that usually meant listening to a General Conference talk on the subway.”
Hartvigsen encouraged interested students to begin connecting with program alumni and upperclassmen as soon as possible.
“Build those relationships early on,” Hartvigsen said. “I know a lot of people who have gotten offers already have worked all the way since a year and a half ago, very beginning of freshman year.”
Interested students can learn more on the BYU Finance webpage and the IBA webpage.