Hey everyone! I’m just finishing up college and looking to get into finance. My dream job is working in Investment Banking but I know it’s super tough to get in right away, especially since I didn’t go to a top school.
I’m thinking about starting in Equity Research first since it seems more doable to land a job there. I actually like doing research and company analysis, but my end goal is still to move into IB down the road, maybe in M&A or something similar.
I have a few questions for anyone who might know:
Can you actually make the jump from Equity Research to Investment Banking without getting an MBA?
What kinds of things should I learn and focus on while in ER to help me get into IB later?
Do Investment Banking teams respect people coming from Equity Research or do they only want MBA grads?
Is there a point where you’ve been in ER too long and can’t switch anymore?
I’m studying for my CFA right now and trying to get better at financial modeling on my own time too.
Anyone who has done something similar or knows about this career path, I’d really appreciate your thoughts!
the whole “dream job” thing is pretty naive, but here’s the reality: plenty of people make this switch without an MBA. banks care more about relevant experience than your degree.
the real challenge? don’t get stuck as “just a research guy” - it happens fast. while you’re in ER, focus on the commercial side. learn why companies do deals, not just stock valuations.
don’t wait too long either. you’ll end up covering earnings calls forever while MBA grads snag the IB roles you want.
I made this exact move 4 years ago! Started at a mid-tier ER shop covering tech, then jumped to BB IB after 18 months. What helped most was knowing my companies inside out - management teams, growth drivers, competitive landscape, everything. During IB interviews, I could talk smart about M&A targets and explain why deals made sense. The clincher? A company I covered got acquired, and I’d been calling it a takeover target for months. That gave me serious credibility with interviewers. Don’t wait too long though - after 3+ years they’ll just see you as a research person and it gets way harder.
Absolutely doable! Start building relationships with bankers now - they’re always looking for research insights to help with pitches. The CFA studying is a huge plus since it shows you’ve got the dedication and analytical chops banks want.
Yes, you can make the switch, but timing’s crucial. Most people who jump from ER to IB do it in their first 2-3 years. Wait longer and banks start seeing you as too research-focused instead of deal-focused. Banks actually like the analytical skills and sector knowledge you get from equity research, especially if you’re targeting industry groups that match what you cover. Your financial modeling will carry over fine, but you’ll need to show you understand deal mechanics and M&A valuation methods. I’d start with boutique banks - they’re way more open to non-traditional backgrounds. Network hard with IB folks in your sectors, hit up industry conferences, and jump on any live deal commentary or IPO work at your firm to show you’ve got transaction experience.
the toughest part isn’t learnin the skills - it’s showin recruiters you’re serious about switching and not just using IB as a backup. try to get face time with deal teams durin transactions, even if it’s just research support. it shows you’re committed and gives you some banking exposure.
Go for internal transfers first. Most bulge bracket firms have both equity research and investment banking, so moving internally is way easier than jumping externally. Once you’re in, you get access to internal job postings, mentorship programs, and can show IB teams what you’re capable of directly. It’s less about convincing outside recruiters and more about proving your worth to people who already know you. While you’re in ER, volunteer for cross-divisional projects and stay visible with banking colleagues. Internal moves often skip the usual recruiting cycles and MBA requirements since management already knows your analytical skills. Plus, big firms rotate talent between divisions to keep good people around. This beats trying to jump externally, especially at firms known for promoting internally across different business lines.