Applying to investment banks from a non-target school

Does the online application work for non-targets?

It works, but it does less on its own. At a target school, a bank may host events, collect resumes, and set aside interview slots for that campus. At a non-target there is no reserved slot, so your application competes in the general pool and a screener sees only the page in front of them.

Three things raise your odds in that pool: applying in the first days a program is open, a resume that reads cleanly in a few seconds, and a name inside the bank who can flag your application. That last one is networking, which the non-target networking guide covers step by step. This guide is about the applications themselves.

Which programs should a non-target apply to?

Most students only apply to the general summer analyst posting. That is the most crowded door. Look for every program you qualify for, since many have their own posting, their own pool, and their own timing.

• The general summer analyst program, in every office you would really move to.
• Diversity and early insight programs for sophomores, which often feed the junior summer class.
• Programs for veterans, first generation students, or students from specific backgrounds, where you qualify.
• Regional office postings, which can be a separate application from the New York one.
• Programs tied to your school, such as a bank's on-campus info session sign-up or a resume collection run through your career center.
• Off-cycle and part time roles at boutiques that recruit when they need help.

What school-specific programs should you check?

Even at schools banks do not visit, the career center often has more than it advertises. Ask directly, in person, because the useful things are often a list someone keeps rather than a page on the site.

1. Ask the career center which banks posted jobs or hired from your school in the last three years, and which offices.
2. Ask whether any bank runs a resume collection, info session, or virtual event for your school.
3. Join the finance club and the investment club, and ask the officers which firms hired last year's seniors.
4. Ask finance professors which alumni they still hear from; some will make an introduction.
5. Check whether your school has a student managed fund or a finance program with employer partners, and what firms sit on its board.

Which banks should a non-target put first?

Build a list that is wide and weighted toward firms that hire broadly. Middle market banks and banks with large regional offices tend to recruit from more schools, and a regional office near your campus may know your school better than New York does. Elite boutiques and bulge brackets are still worth an application, but they should not be the whole list.

The firms below are examples of the kinds of banks to look at, not a ranked list: middle market specialists, regional and Midwest banks, and banks with large offices outside New York. Their live status shows whether each is open on the firm's own site right now.

• Houlihan LokeyOpen1 open now
• William BlairWatching
• BairdOpen3 open now
• Raymond JamesOpen1 open now
• JefferiesOpen3 open now
• RBC Capital MarketsOpen3 open now

How should a non-target build the application list?

A non-target list needs more names than a target list, because each application has lower odds. The work is manageable if it is organized before the window opens.

1. Pick two or three cities you would actually live in, including the one nearest your school.
2. List every bank with an office in those cities, from bulge brackets down to regional boutiques.
3. Mark which ones hired from your school in the past, from the career center and LinkedIn.
4. Add the diversity and sophomore programs you qualify for at each bank.
5. Track all of them on the calendar so each alert reaches you the hour it opens.
6. Apply in the first days each opens, and log each one so you know where you stand.

Questions students ask

Is it worth applying online with no referral?

Yes. Some non-target students get interviews from early online applications alone. A referral raises the odds, but do not wait for one to apply.

Should I put my school's name first on my resume?

Education goes at the top of a student banking resume regardless of school. Keep it clean and let your experience and GPA do the work.

Are regional offices easier to get into?

Not always easier, but they often recruit from nearby schools and get fewer applications than New York, so the pool is different.

Should I apply to the same bank in several offices?

Only where the firm allows it and you would truly move there. Some banks let you rank offices in one application instead.

Do I need a master's in finance if I am at a non-target?

Not to get a junior summer internship. A master's program is one late route into banking, but it costs time and money, so try the undergraduate route first.