How to Become an Investment Banking Analyst in 2026: The New Rules

Table of Contents

Introduction: The New Reality of Investment Banking

I’m Noah Neitlich. I founded Investment Bank Academy after working as an investment banking analyst on over 30 transactions totaling more than $120 million in deal value. After seeing talented students struggle with outdated recruiting advice, I built a system based on how the industry actually operates today.

The path to landing a role in investment banking has fundamentally shifted. The analysts securing offers today aren’t just those with perfect GPAs or Ivy League credentials—they are the ones who understand what investment banks actually pay analysts to do before they ever walk into an interview.

Getting a job in investment banking remains one of the most coveted career paths in finance. The industry offers unparalleled opportunities for professional growth, competitive compensation, and exposure to complex financial transactions. However, the competition is fierce: over 100,000 candidates compete for just a few thousand positions worldwide. Goldman Sachs alone received over 360,000 applications for 2,600 internship slots—a 0.7% acceptance rate that rivals the most selective universities.

But here’s what most candidates miss: you’re not limited to competing in that brutal pool. Understanding how to become an investment banking analyst in 2026 means recognizing that the landscape includes middle-market and boutique firms where your odds improve dramatically—and where the experience often surpasses what you’d get at a bulge bracket bank.

This comprehensive guide breaks down the modern roadmap for how to become an investment banking analyst, what banks are searching for in 2026, and how to position yourself as a “day-one” asset regardless of your background.

Chapter 1: Understanding the Investment Banking Analyst Role

The Reality of What Analysts Actually Do

Most students focus on the wrong things. They spend months memorizing valuation formulas and practicing modeling shortcuts, only to realize that 80% of an analyst’s time is spent on deal execution and storytelling—not spreadsheet wizardry.

Early in my career, I recognized that most preparation for investment banking focused on interviews rather than execution. Once inside a bank, the disconnect became obvious. The day-to-day work of an analyst is not dominated by complex valuation theory. It is dominated by deal execution.

At middle-market and boutique firms, your value isn’t tied to a spreadsheet; it’s tied to the Confidential Information Memorandum (CIM). This document serves as both an informational resource and a powerful marketing tool in sell-side M&A transactions.

Beyond the Model: The Real Daily Workload

CIM Creation & Iteration: The dominant workload at most firms. Analysts spend substantial time crafting executive narratives that distill a company’s story, competitive advantages, and growth prospects into persuasive overviews that capture investor attention.

Marketing Materials: Creating teasers that provide initial hooks to potential buyers and drafting management presentations that showcase the target company’s strengths.

Deal Logistics: Coordinating buyer outreach, maintaining deal trackers, and managing the complex timeline of multiple concurrent transactions.

Diligence Management: Supporting Quality of Earnings (QofE) processes and responding to buyer questions with accuracy and speed.

Through my experience working on equity raises, debt and mezzanine financings, and full company sales across a wide range of industries, I identified the skill that consistently separated strong analysts from average ones. It was not modeling mechanics. It was the ability to connect financials, operations, market dynamics, and growth initiatives into a cohesive story that buyers trust.

The 2026 Insight: What Automation Can’t Replace

AI can now build models and pull comps. AI cannot decide what story to tell or how to structure a narrative that earns a buyer’s trust. The skills that survive automation are the skills that define the successful analyst.

Investment banking positions require strong analytical abilities and advanced technical skills, but technical proficiency represents just one dimension. Successful candidates must demonstrate expertise in discounted cash flow analysis, leveraged buyout modeling, and equity analysis. Yet beyond these technical foundations, banks seek individuals with exceptional communication abilities who can work effectively with clients and team members.

What to Expect in the Role

Investment banking roles are known for demanding work hours, often exceeding 80-100 hours per week, with late nights and weekend work being common, especially when deals are closing. However, many firms are implementing initiatives to support better work-life balance, such as protected weekends during slower periods.

In return for this commitment, professionals gain accelerated exposure to high-profile transactions, rapid skill development, and significant networking opportunities. Major financial institutions emphasize an apprenticeship culture where junior team members learn by working closely with seasoned professionals—a model critical to developing the next generation of leaders. The experience and skills developed in investment banking open doors to numerous career paths, including private equity, hedge funds, corporate development, and entrepreneurship.

Chapter 2: Building Your Educational Foundation

Educational Background Requirements

The foundation for breaking into investment banking starts with your educational credentials. Investment banks have exacting standards, expecting candidates from schools with finance, economics, or related degrees. Most positions require a bachelor’s degree at minimum, with the recruitment process typically involving rigorous screening of academic backgrounds.

I studied finance and statistics at The Citadel, a military college known for discipline, structure, and intensity. That environment shaped my approach to work and naturally aligned with the demands of investment banking. From the beginning, my interest in the field was driven by the substance of the work rather than prestige. Investment banking plays a direct role in shaping the outcomes for business owners who have spent years building companies, and understanding how to represent those businesses responsibly became central to my career.

Your major doesn’t determine your fate as definitively as demonstrating finance knowledge. Finance, Accounting, and Economics are most common, but engineering or math majors can excel by emphasizing quantitative skills. What’s crucial is supplementing any major with relevant finance coursework—corporate finance, financial accounting, and valuation courses that provide the conceptual foundation for investment banking work.

GPA Requirements: The Hard Truth

For students at target schools (Ivy League, top state universities like Michigan or Berkeley, and elite private institutions), maintaining a GPA of 3.5-3.7 typically suffices to be competitive in recruitment. For non-target students, the bar rises significantly: aim for at least 3.7 GPA to compete at top middle-market firms, though some regional boutiques will consider 3.5+ with exceptional other credentials.

One investment banking VP noted that non-target candidates below a 3.5 GPA rarely received interviews “unless they had a special circumstance or a personal connection vouching for them.” The higher GPA requirement for non-target students reflects the additional scrutiny these applications face during initial screening rounds.

Early Preparation Timeline

Building your foundation begins long before you submit your first application. For undergraduates, serious preparation starts as early as sophomore year—often 12+ months before your target internship. Students must begin in their first year of college with relevant internships and networking activities to remain competitive. Meanwhile, major banks recruit junior-year analysts well in advance of start dates.

The challenge intensifies with the internship requirement. Decades ago, securing a full-time analyst position without prior internship experience was possible. However, today you’re highly unlikely to win a full-time role without completing an internship first. These summer programs function as extended interviews where candidates must prove their capabilities under real working conditions, with conversion rates to full-time positions reaching 70-80% for top performers.

Supplementing Your Academic Profile

To strengthen your profile, pursue activities that demonstrate commitment to finance:

Finance Clubs: Join or start finance clubs at your school and pursue leadership positions. These extracurriculars prove your commitment to finance and provide valuable experience you can discuss in interviews.

Case Competitions: Participate in case competitions—even those hosted by target schools or banks—as these place you directly in front of recruiters and provide practical experience analyzing companies and building recommendations.

Relevant Coursework: Load up on finance coursework that connects directly to investment banking work: financial statement analysis, corporate finance, valuation, mergers and acquisitions, and derivatives if available.

While a high GPA is a baseline, banks look for a specific blend of technical agility and deal-ready experience. You can see the full breakdown of required education, licenses, and soft skills in our essential guide to investment banking qualifications.

Chapter 3: The Target vs. Non-Target School Reality

The Statistics You Need to Know

Investment banking recruitment from a non-target school doesn’t mean you’re locked out of the industry—it means you need a smarter strategy. While bulge bracket banks like Goldman Sachs and Morgan Stanley hire just 9% of their analysts from non-target schools, middle-market and boutique firms offer a dramatically different landscape.

Firms like Houlihan Lokey, Raymond James, Stifel, Piper Sandler, and hundreds of regional boutiques hire 40% or more of their analysts from non-target backgrounds. The challenge isn’t just getting noticed—it’s proving you actually understand how deals work, something most candidates struggle to demonstrate even with perfect GPAs.

Why Middle-Market Makes Sense

The statistics around bulge bracket recruitment are intimidating. Goldman Sachs’s 0.7% acceptance rate exceeds the selectivity of Harvard or Stanford. But here’s what most non-target students miss: you’re competing in the wrong pool.

Middle-market and boutique firms see dramatically fewer applications per position and actively value grit and deal knowledge over school pedigree. Middle-market firms like Stephens, William Blair, and Baird aren’t just backup options—they’re often better launchpads for your career. These firms provide more hands-on deal experience, earlier client exposure, and better training than you’d get as one of 100 analysts in a bulge bracket class.

What matters most at these firms isn’t your school name; it’s whether you can walk into an interview and demonstrate you understand how M&A transactions actually come together. Most candidates can’t do this, which is exactly why standing out becomes possible when you have real deal knowledge.

Structural Barriers Non-Target Students Face

Recruitment from a non-target school means confronting specific disadvantages head-on:

No Campus Recruiting: Major banks don’t visit your campus for information sessions or first-round interviews.

Limited Alumni Networks: You lack the extensive alumni connections in investment banking that target students leverage for referrals and advice.

Higher Scrutiny: Your résumé faces additional skepticism during screening processes, requiring stronger credentials to advance.

GPA Premium: Non-target students need 3.7+ GPAs to compete where target students might advance with 3.5-3.7.

Building Your Target Firm List

Smart strategy means building a diversified target list focused on firms where you have realistic chances:

Middle-Market Banks: Houlihan Lokey, Raymond James, Stifel, Piper Sandler, William Blair, Baird, Stephens, Lincoln International, Harris Williams—these firms conduct substantial M&A work and hire 30-40%+ from non-target schools.

Regional Boutiques: Every major city has strong regional investment banking firms focused on local middle-market deals. These firms receive far fewer applications and often value cultural fit and deal knowledge over school pedigree. Research boutiques in your region or where you want to work.

Industry-Focused Boutiques: Firms specializing in specific industries (healthcare, technology, energy) often hire based on sector knowledge and enthusiasm. If you have genuine interest in an industry, target these specialized firms—your passion and knowledge can overcome the non-target disadvantage.

Apply to 50-100+ firms. Research each firm, tailor your materials, and prioritize where you network. Volume matters from a non-target because even with perfect execution, response rates remain low. Your recruiting strategy will shift significantly depending on whether you are targeting a global powerhouse or a specialized firm. Before you start reaching out, make sure you understand the nuances between bulge bracket, elite boutique, and regional boutique banks.

The Stepping Stone Strategy

For non-target students, securing internships follows a stepping-stone approach:

Freshman Year: Pursue any finance-related experience—corporate finance at a local company, accounting roles, or business analysis positions. These aren’t glamorous, but they build your résumé for sophomore recruiting.

Sophomore Year: Target more directly relevant roles: Big Four transaction advisory, valuation groups, smaller boutique banks, or corporate development positions. The goal is gaining experience with financial analysis, deal support, or transaction work.

Junior Year: By this point, you need a profile that can compete: high GPA, multiple finance internships, leadership in finance clubs, strong networking relationships, and crucially, the ability to discuss how investment banking deals actually come together.

Turning Disadvantage Into Advantage

Coming from a non-target school presents clear disadvantages, but successful non-target students learn to flip these challenges into advantages. Non-target students who succeed typically demonstrate stronger work ethic, more creativity in problem-solving, and greater hunger than target-school peers who had easier paths.

When you network your way into interviews after reaching out to 200+ people, you’ve proven persistence. When you’ve built deal knowledge on your own because you knew you needed to stand out, you’ve shown initiative. These qualities resonate with middle-market and boutique banks that value grit and drive.

Moreover, some hiring managers actively appreciate the diverse perspectives non-target students bring. You’re not the cookie-cutter Wharton finance major—you bring different experiences, viewpoints, and motivation. Emphasize these strengths while ensuring your technical knowledge and deal understanding match or exceed target-school candidates.

Chapter 4: Mastering the Technical Skills That Matter

The Core Technical Foundation

Technical proficiency is paramount in investment banking. Valuation skills, financial modeling, and CIM creation abilities comprise over 40% of required skills in job postings. However, understanding what to prioritize separates prepared candidates from those who waste time on less relevant preparation.

Financial Modeling and Valuation

Excel Mastery: Master Microsoft Excel as it forms the backbone of daily work. Learn keyboard shortcuts, advanced formulas (INDEX/MATCH, SUMIFS, array formulas), and formatting standards that produce professional-quality output.

Three-Statement Modeling: Build integrated income statement, balance sheet, and cash flow statement models that properly link and flow through to valuation outputs.

DCF Analysis: Develop expertise in discounted cash flow valuation, including proper WACC calculation, terminal value methodologies, and sensitivity analysis.

Comparable Company Analysis: Learn to identify appropriate peer groups, pull relevant multiples, and apply them to derive valuation ranges.

Precedent Transaction Analysis: Understand how to research comparable M&A transactions, adjust for deal-specific factors, and derive relevant valuation benchmarks.

LBO Modeling: Build leveraged buyout models that properly structure debt, model cash flow sweeps, and calculate returns to private equity sponsors.

The CIM: Your Most Important Skill

Here’s what most students miss: valuation skills are a commodity in 2026. CIM competence is scarce. The CIM drives the entire transaction. It frames the valuation, influences the Letter of Intent (LOI), and controls the diligence narrative.

Students who show up knowing how to build a CIM stand out because they require zero training on the firm’s most time-consuming tasks. The ability to craft compelling executive narratives—distilling a company’s story, competitive advantages, and growth prospects into persuasive overviews—immediately differentiates you from candidates who only know modeling.

As interns and junior analysts joined my deal teams, the same issue appeared repeatedly. Talented students arrived motivated and capable, yet had never built a CIM, never structured a teaser, and did not understand how a transaction actually moves from preparation to market. Analysts rarely have time to train new hires from the ground up while managing live deals. As a result, many early career analysts struggle to add value quickly, not due to lack of intelligence, but due to lack of exposure.

Key Components of Effective CIMs

Executive Narrative: The opening argument to potential buyers where deals are won or lost in those crucial first few pages. A strong executive narrative includes:

• Business Overview: Concise snapshot covering company history, headquarters, core products, and business model
• Financial Highlights: Recent revenue, EBITDA, growth rates, and metrics demonstrating scale and trajectory
• Investment Highlights: 5-10 bullet points summarizing compelling strengths
• Market Position: Context showing industry trends, market size, and competitive standing
• Growth Strategy: Forward-looking opportunities that show “the company’s best days are ahead”

Supporting Sections: Company history, management biographies, detailed financials, market analysis, customer information, and competitive positioning.

Professional Formatting: Title slide design, report structure, and presentation quality that meet institutional investor expectations.

Best Practices for CIM Development

Show, Don’t Just Tell: Back every claim with concrete evidence. If you state “market leader,” support it with “#1 market share at 30%” or “serving 5 of the top 10 industry players.”

Maintain Professional Tone: Stay confident and optimistic while avoiding hyperbolic language. Sophisticated buyers are skeptical of hype.

Be Credibly Transparent: Acknowledge challenges when appropriate. Addressing potential concerns upfront builds trust and allows you to frame issues on your terms.

Keep It Concise: Respect investors’ time. Executive narratives should be 2-3 pages maximum, with every sentence adding value.

Why This Knowledge Matters Before Day One

Most students arrive at banks never having seen what real deal deliverables look like. They understand valuation theory but don’t know how to package a business for buyers. They can build models but can’t explain why certain information belongs in a CIM while other details should be excluded.

This is your opportunity to be different. When you understand how CIMs are structured, how buyers read them, how management narratives are shaped, and how analysts support live deals, you transform from a candidate who needs months of training into one ready to contribute immediately.

Chapter 5: The Recruitment Timeline and Process

The Truth About Timing

If you’re waiting for a “formal application window” to open, you’ve already lost. In the current market, there is no universal recruiting calendar. To become an investment banking analyst, you must be proactive, not reactive. Hiring decisions are fast, practical, and based on immediate need.

Timeline by Candidate Type

Undergraduate Recruitment: Most investment banking positions recruit for summer internships that begin in June, with applications often opening in summer or early fall of the preceding year. For those looking to secure a 2027 summer internship, applications likely opened in summer 2026. This means recruiting occurs 9-12 months in advance of start dates.

Sophomore Students: Some banks now offer sophomore diversity programs and early-insight initiatives that occur even earlier—potentially 18-24 months before full-time employment.

MBA Recruitment: MBA recruiting follows a compressed timeline, typically occurring in fall of the first year for summer internships between first and second years.

Middle-Market and Boutique Timelines

For middle-market and boutique firms specifically, timelines can be more flexible—actually benefiting non-target students:

Intern Hiring: Typically occurs 3-9 months ahead of start date rather than the year-plus timeline at bulge brackets.

Off-Cycle Hiring: Happens year-round based on deal flow. When a firm wins multiple mandates simultaneously, they need analysts immediately.

The “Hidden” Job Market: Many middle-market banks hire via referrals or from a pool of candidates who demonstrated competence months before a role was even posted. This extended window allows time to build networks and generate referrals.

Application Components and Requirements

Most investment banking positions are full-time roles, indicating strong preference for long-term commitments. Application packages typically require:

Resume: One-page, flawlessly formatted document emphasizing finance experience and quantifiable achievements

Cover Letter: Tailored to the specific firm, demonstrating knowledge of their recent deals and culture

Transcripts: Official academic records showing GPA and coursework

References: Typically not required at application but needed later in processes

Some firms use online applications with screening questions about technical knowledge, work authorization, and scheduling preferences. Once you understand the general recruitment milestones, the next step is winning a junior year internship, which is the most common entry point for top-tier firms.

Chapter 6: Strategic Networking for Investment Banking

Why Networking is Non-Negotiable

Networking plays a vital role in securing investment banking positions. Many positions are filled through referrals, making personal connections invaluable. For non-target students, networking represents the primary pathway—it’s not optional.

Target students might contact 20-50 people during recruitment; successful non-target students reach out to 200-500 bankers. One non-target student shared that they sent over 300 cold emails, received about 30 responses, and converted a handful into referrals that led to offers.

Five Proven Networking Strategies

1. Attend Industry Events and Career Fairs

Face-to-face networking remains one of the most effective approaches. Industry conferences, finance networking events, and university career fairs put you directly in front of professionals scouting for talent.

Before Attending: Research the banks and bankers who’ll be present. Prepare a 30-second elevator pitch highlighting your background and passion for finance.

During Events: Ask thoughtful questions demonstrating genuine interest, such as “What skills are essential for first-year analysts?” or “How has your firm’s deal flow evolved over the past year?”

After Events: Follow up within 24-48 hours with personalized thank-you emails referencing your conversation. This keeps you memorable and opens doors to future opportunities.

2. Leverage Alumni Networks

Your university connections can be surprisingly powerful. Alumni working in investment banking often want to help fellow graduates—many are loyal to their alma mater and remember their own challenging start.

Access Alumni Databases: Use your school’s career services to identify alumni in investment banking.

Personalize Outreach: Mention your shared connection and specific reasons for reaching out beyond the school tie.

Attend Alumni Events: Panels, networking receptions, and guest lectures in financial hubs provide warm introduction opportunities.

Don’t Overlook Faculty: Professors with industry experience often maintain banking connections and can facilitate introductions.

Focus networking on middle-market and boutique bankers, especially those from non-target backgrounds themselves. These professionals understand your position and respond more readily than bulge bracket bankers drowning in messages.

3. Master LinkedIn and Online Networking

LinkedIn serves as your digital gateway to investment banking professionals worldwide.

Optimize Your Profile: Professional photo, compelling headline (e.g., “Finance Student Seeking Investment Banking Analyst Role”), and quantified achievements.

Personalize Connection Requests: Always include specific reasons for reaching out rather than generic invitations.

Engage Authentically: Comment on posts about industry trends, congratulate professionals on promotions or deals, and share relevant insights.

Join Groups: Finance-related LinkedIn groups provide opportunities to engage with broader communities.

Request Calls: After connecting, suggest brief 15-minute informational calls to learn about their experience.

4. Use Cold Emails and Informational Interviews

When you lack existing connections, cold emailing can be remarkably effective.

Research Targets: Identify 3-4 contacts per firm at banks that interest you.

Keep Emails Concise: Five sentences maximum—introduce yourself, mention something specific about their work, request a brief call.

Never Beg for Jobs: Initial outreach should focus on learning, not explicitly asking for employment.

Ask Open-Ended Questions: During informational interviews, inquire about their career path, daily responsibilities, and industry insights.

Natural Progression: If conversations go well, bankers often volunteer to forward your resume or provide referral support.

Follow Up Appropriately: Once or twice if you don’t hear back, but respect boundaries to avoid pestering.

5. Join Structured Programs

Structured programs create instant access to banking professionals:

Summer Analyst Internships: The primary pipeline to full-time positions, placing you shoulder-to-shoulder with teams you want to join.

Early-Insight Programs: Bulge brackets offer sophomore leadership events and diversity initiatives where selected candidates meet bankers in welcoming environments.

Diversity Organizations: Groups like SEO (Sponsors for Educational Opportunity) connect underrepresented students with partner banks and provide training.

University Programs: Some schools offer finance treks to New York or other financial centers where students meet multiple banks.

Apply to every eligible program—each represents a chance to impress professionals who expect to mentor you. Over half of finance positions are filled through networking and internal referrals. Geography plays a massive role in your networking strategy, as certain hubs offer significantly more deal flow and headhunter access. You can see the full breakdown in our guide to the best cities to break into investment banking.

Standing Out in Networking Conversations

Here’s where you can differentiate yourself: most students send generic messages asking for “advice on breaking into banking.” Instead, reference specific aspects of deal work when you reach out.

Mention you’ve been studying how CIMs are structured and ask about their experience with specific transaction types. Discuss how marketing materials influence buyer perception. Reference what you’ve learned about how deals are actually packaged.

This approach demonstrates genuine interest and knowledge beyond surface-level curiosity, making bankers more likely to engage and remember you. When you can discuss deal structures, valuation methodologies, and transaction marketing intelligently, you signal you’re serious and prepared—not just another student checking boxes.

Chapter 7: Crafting a Winning Application

Resume Excellence for Investment Banking

Your résumé is your first impression, and banking recruiters spend mere seconds on initial screening. For non-target students especially, flawless execution is mandatory.

Resume Structure and Content

One Page, Perfect Formatting: Use standard fonts (Times New Roman, Calibri), consistent formatting, and zero typos. Even small details matter in this detail-oriented industry.

Education First: List your university, GPA (if above 3.5), major, relevant coursework, and graduation date. Include academic honors and leadership in finance organizations.

Experience Emphasized: This section drives your résumé. For each position, emphasize quantifiable achievements with specific metrics rather than job duties.

Instead of “assisted with financial analysis,” write “built comparable company analyses for three M&A transactions totaling $500M in enterprise value.”

Instead of “supported deal team,” write “coordinated due diligence process for $250M acquisition, managing data room with 1,000+ documents across 12 workstreams.”

Technical Skills: List proficiency in Excel, PowerPoint, and any programming languages (Python, VBA) you know. If you’ve completed specialized investment banking training, include it here.

Leadership and Interests: Brief section showing well-roundedness—athletics, community service, unique hobbies that make you memorable.

Tailoring for Each Firm

Tailor every résumé to the specific firm. Research the bank’s recent deals, reference their industry focus, and incorporate relevant keywords from job descriptions.

For middle-market and boutique firms, emphasize any experience with smaller transactions, entrepreneurial companies, or regional industries where these firms focus. If a firm specializes in healthcare M&A, highlight any healthcare exposure in your experience or coursework.

Cover Letter Strategy

While some firms don’t require cover letters, submitting strong ones differentiates you when accepted.

Opening Paragraph: Explain specifically why you’re interested in this firm—reference recent deals, culture elements from your research, or connections you’ve made.

Middle Paragraphs: Highlight 2-3 key experiences or achievements that make you qualified, connecting them explicitly to what the role requires.

Closing Paragraph: Express enthusiasm for contributing to specific deal types or industries the firm focuses on, and request an interview.

Avoid generic language that could apply to any bank. Specificity demonstrates genuine interest and research.

The Real Differentiator

Here’s what really stands out on résumés and in applications: being able to back up your credentials with genuine understanding of deal processes. When an interviewer asks about your financial modeling experience, explaining how you’ve studied real CIM structures and transaction marketing materials demonstrates depth beyond typical candidates.

Students who can discuss how they’ve built complete deal materials—CIMs, teasers, buyer lists, and valuations—immediately signal they understand the actual work product banks create, not just theoretical concepts.

Chapter 8: Conquering the Interview Process

The Multi-Stage Process

Successfully navigating the interview process requires thorough preparation across multiple dimensions. Investment banking interviews typically involve several rounds:

Informational/Screening Call: Brief 15-30 minute conversation assessing basic fit and interest

First-Round Interview: 30-60 minute technical and behavioral interview, often with analysts or associates

Superday: Final round involving 3-6 back-to-back interviews with professionals ranging from analysts to managing directors

What Interviews Actually Test

Having sat on both sides of the table, I’ve seen the same pattern: firms aren’t testing your ability to recite a textbook—they’re assessing your practical judgment.

Common 2026 interview focus areas include:

Deal Exposure: Can you walk through a transaction from preparation to market? Do you understand the actual workflow of bringing a company to buyers?

CIM Logic: Can you explain what makes a CIM effective and how buyers use it? What sections are most critical and why?

Strategic Positioning: How would you frame a company’s growth claims to a skeptical buyer? How do you balance optimism with credibility?

Operational Awareness: Do you understand how a business actually makes money, or just how to link three financial statements?

Technical Interview Preparation

Technical interviews assess your understanding of accounting principles, financial modeling, and valuation methodologies.

Common Technical Questions:

• Walk me through a DCF analysis
• How do you calculate enterprise value vs. equity value?
• Explain different valuation multiples and when to use each
• Build a three-statement model for [company]
• What’s the difference between EBIT and EBITDA?
• How do changes in working capital affect cash flow?

Preparation Strategy:

• Practice building models from scratch under time pressure
• Understand not just formulas but the reasoning behind methodologies
• Be prepared to explain your assumptions and defend them
• Practice with case studies that require quick analysis and recommendations

Behavioral Interview Mastery

Banks aren’t just hiring technical skills—they’re hiring people they want to work with for 80-100 hours per week. Behavioral interviews evaluate your motivation, cultural fit, and resilience.

Craft Your Narrative: Develop compelling answers to:

• Why investment banking?
• Why our bank specifically?
• Walk me through your resume
• What are your strengths and weaknesses?
• Tell me about a time you worked under pressure
• Describe a situation where you had to work with a difficult team member

The STAR Method: Prepare 3-5 versatile stories using Situation, Task, Action, Result that showcase:

• Teamwork and collaboration
• Leadership and initiative
• Problem-solving under pressure
• Ethical decision-making
• Resilience and learning from failure

Avoid Generic Responses: Don’t just say you’re “hardworking” or “detail-oriented”—provide specific examples that demonstrate these qualities through your experiences.

For undergraduates, focus on demonstrating coachability and work ethic. For MBA candidates, emphasize leadership maturity and long-term commitment to the industry.

The Superday Marathon

The final stage culminates in the Superday—a marathon of back-to-back interviews where technical knowledge, behavioral polish, and cultural fit converge.

Maintain Consistent Energy: Each interviewer carries equal weight. Even if one interview goes poorly, maintain enthusiasm for subsequent conversations.

Know Your Resume: Any detail could spark deeper questioning. Be prepared to discuss every line in depth.

Prepare Thoughtful Questions: For each interviewer, prepare questions demonstrating genuine interest in their experience and the firm’s recent deals. Research their background and reference specific transactions or initiatives.

Cultural Fit Assessment: By the Superday, they’ve already vetted your competencies. Now they’re answering, “Would I want this person on my team?” Stay energetic, positive, and authentic.

Deal Discussion Framework

When asked to discuss deals or companies, use a structured approach:

Business Overview: What does the company do? How does it make money?

Financial Performance: Revenue, profitability, growth trajectory, margins

Investment Thesis: Why is this an attractive opportunity? What are the key strengths?

Risks and Challenges: What concerns would buyers have? How would you address them?

Valuation Perspective: What would be appropriate valuation ranges and why?

This framework demonstrates you think like a banker—understanding both the marketing story and the analytical reality.

The Knowledge That Sets You Apart

The candidates who excel in interviews are those who can move beyond memorized answers to demonstrate real understanding of how deals work. When you’ve actually built CIMs and teasers, when you understand how to structure buyer narratives, when you know what managing directors expect in deliverables—you answer questions with confidence and specificity that other candidates simply can’t match.

Chapter 9: The Internship-to-Analyst Pipeline

Why Internships Are Non-Negotiable

Decades ago, securing a full-time analyst position without prior internship experience was possible. However, today you’re highly unlikely to win a full-time role without completing an internship first.

Summer analyst internships serve as the primary pipeline for full-time analyst positions. These programs typically run for nine weeks and provide hands-on experience working on live transactions. They function as extended interviews where candidates must prove their capabilities under real working conditions.

Conversion rates to full-time positions reach 70-80% for top performers, making the internship the most critical element of your path to becoming an analyst.

Maximizing Your Internship Experience

Be the Most Helpful Person: Use pre-existing knowledge to require minimal training and immediately add value to the team. This is where understanding CIMs, teasers, and deal flow before you arrive makes a massive difference.

Demonstrate Work Ethic: Arrive early, stay late when deals require it, and volunteer for additional projects.

Build Relationships: Network within the firm, learn from senior bankers, and make yourself memorable for the right reasons.

Execute Flawlessly: Double-check your work, meet deadlines, and produce professional-quality deliverables consistently.

Ask Smart Questions: Show curiosity and desire to learn, but ensure questions demonstrate you’ve thought through problems first.

Show Cultural Fit: Be someone people want to work with during long hours and high-pressure situations.

The Advantage of Arriving Prepared

Here’s what I observed throughout my career: the interns who converted to full-time offers weren’t always the ones with the best schools or highest GPAs. They were the ones who could contribute immediately because they already understood what the work looked like.

When you arrive at your internship already knowing how to structure a CIM, how to build a teaser, how to think about buyer psychology—you don’t need weeks of training. You can start adding value on day one. This makes you indispensable and dramatically increases your chances of receiving a return offer.

Converting to Full-Time

Banks evaluate interns on several dimensions:

Technical Competence: Can you build models, create presentations, and analyze companies accurately?

Work Product Quality: Are your deliverables professional, accurate, and client-ready?

Reliability: Do you meet deadlines and produce consistent results?

Attitude and Culture: Are you positive, coachable, and enjoyable to work with?

Growth Trajectory: Have you improved over the internship, learning from feedback?

Full-time offers typically come near the end of the internship or shortly after completion. Use the experience to demonstrate you’re ready to contribute as a first-year analyst.

Chapter 10: Standing Out with Real Deal Knowledge

The Gap Between Academia and Practice

The gap between academic programs and real-world banking is substantial. Most finance degrees don’t teach the core deliverables that drive M&A transactions—creating Confidential Information Memorandums, building targeted buyer lists, or crafting investment teasers that meet Managing Director expectations.

This gap is exactly why I created the Investment Bank Academy.

After working on more than 30 transactions and seeing talented students struggle not because they lacked intelligence but because they lacked exposure to actual deal work, I built a system to solve this problem. The Academy teaches students how to do the job before day one.

Why Deal Knowledge Matters More Than Ever

In 2026, technical modeling skills are increasingly commoditized. AI can build three-statement models. Software can pull comps and calculate valuations. But AI cannot craft the strategic narrative that earns buyer trust. It cannot make judgment calls about what story to tell or how to position a company’s strengths.

This artistic and strategic side of investment banking—the ability to connect financials, operations, market dynamics, and growth initiatives into a cohesive story—takes years to develop on the job and is largely ignored in traditional finance education.

The students who understand this reality are the ones landing offers in 2026.

What the Investment Bank Academy Teaches

Unlike generic prep platforms that focus on interview questions, the Investment Bank Academy teaches you how to execute the actual work:

Complete CIM Development: Learn how CIMs are structured, how buyers read them, how management narratives are shaped, and how to build every section from executive summary to detailed financials.

Teaser Creation: Master the art of creating compelling one-page investment teasers that hook buyer interest without revealing confidential details.

Buyer List Development: Understand how to identify and target strategic and financial buyers for specific transaction types.

Market Analysis: Learn to conduct industry research and competitive positioning that supports your investment thesis.

Valuation in Context: Go beyond formulas to understand how valuations are justified and defended in real deal processes.

Professional Formatting: Master the presentation standards that institutional investors expect.

How It Works

The program isn’t a passive video library. Participants build a complete deal from start to finish—creating their own CIM, teaser, buyer list, and valuation for a real or hypothetical company. This hands-on approach ensures you actually develop the skills rather than just watching someone else demonstrate them.

Students receive a full year of access to personalized mentoring from me directly. Having worked throughout the entire M&A process—from preparation through close—I provide insight into managing director expectations and the judgment calls that separate strong analysts from average ones.

The program is designed for college students, early career finance professionals, and anyone serious about M&A who wants to develop skills that materially differentiate them in an increasingly competitive and automated environment.

The Transformation This Creates

When you complete this training, you transform how recruiters and interviewers perceive you:

From: “Finance student with good grades”
To: “Candidate who already knows how to build the deliverables we sell to clients”

From: “Needs months of training before contributing”
To: “Can add value to live deals immediately”

From: “One of hundreds of qualified applicants”
To: “Someone who understands what managing directors actually expect”

This isn’t about checking another box on your resume. It’s about genuinely understanding the work in a way that 99% of other candidates don’t.

Start With The Free Three-Day Course

Before committing to the full Academy, you can experience exactly how this works through my free three-day course. This course walks through a real Confidential Information Memorandum the same way analysts learn it on the job.

You’ll understand:

• How deal teams structure information for buyers
• Why certain sections drive buyer interest while others don’t
• What makes executive narratives compelling vs. generic
• How the CIM influences the entire transaction process

This knowledge immediately transforms your networking conversations, interview responses, and internship performance. You’ll speak the language of deal execution—not just textbook theory.

The students who win are the ones who show up prepared to execute. That’s what I teach at Investment Bank Academy, and that’s what separates analysts who struggle from analysts who succeed.

Conclusion: Your Action Plan

The Modern Path to Investment Banking

Investment banking doesn’t reward the person who studies the most; it rewards the person who is most prepared to execute. The path is competitive, but it’s not random. The analysts who win are the ones who show up prepared with real deal knowledge, strategic networking, flawless applications, and genuine understanding of what bankers actually do.

Your Immediate Next Steps

If You’re a Freshman or Sophomore:

1. Focus on maintaining a GPA above 3.7 (3.5+ for target schools)
2. Join finance clubs and pursue leadership positions
3. Secure your first finance-related internship
4. Begin building your alumni network
5. Start learning how deals actually work—don’t wait until recruiting begins

If You’re a Junior:

1. Execute intensive networking—reach out to 100-200+ bankers
2. Perfect your resume and interview preparation
3. Apply broadly to 50-100+ firms focusing on middle-market and boutiques
4. Demonstrate deal knowledge in every conversation
5. Secure your summer internship and maximize the experience

If You’re From a Non-Target School:

1. Recognize your odds are best at middle-market and boutique firms
2. Compensate with exceptional networking (200-500 contacts)
3. Build deal knowledge that target students lack
4. Pursue the stepping-stone internship strategy
5. Turn your disadvantage into demonstrated grit and hunger

The Differentiating Factor

Success from any background comes through systematic execution—strong academics, progressive internships, extensive networking, and flawless interview performance. But here’s what truly separates candidates who receive offers from those who don’t: demonstrated deal knowledge.

Most candidates—even from target schools—have never seen a real Confidential Information Memorandum. They don’t understand how deal teams structure information for buyers. They can’t explain why certain sections matter or how marketing materials drive transaction success.

Understanding how investment banking deals actually come together transforms you from “qualified candidate” to “ready-to-contribute analyst” in recruiters’ minds. This knowledge impacts every networking conversation, every interview response, and ultimately, your success in securing offers.

Take The First Step Today

The path to becoming an investment banking analyst in 2026 starts with understanding what the work actually looks like. Not the theory. Not the interview questions. The real deliverables that banks create and sell to clients.

My free three-day course gives you this foundation. You’ll see how a real deal is structured from start to finish. You’ll understand the work before you even start networking or applying. And you’ll immediately separate yourself from hundreds of other candidates who are just checking boxes.

This is the same knowledge I use to mentor students at the Investment Bank Academy—distilled into a free course that anyone serious about investment banking should complete.

The students who land offers in 2026 will be the ones who understand deal execution, not just valuation theory. Make sure you’re one of them.