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How to Get a Job at Investment Banks and Hedge Funds Without a Top University Degree?
Working at investment banks and hedge funds is a dream career path for many students. However, for students from non-top universities, the acceptance rate is very low, and many consider it challenging.
However, it's a misconception that you need to be from a top school to get an offer. In fact, at Alpha Advisors, many students from regular universities have secured positions at investment banks and hedge funds.
Today, we'll explain specific strategies for getting investment banking offers even if you're not from a top school.
Three Essential Requirements for Investment Banking Offers
First, the most important thing in getting an investment banking job is understanding the necessary requirements.
The recruitment process is divided into two main stages: ① initial screening based on qualifications, and ② interviews and other assessments for those who pass the screening. The three essential requirements are:
1. Global Experience:
For Asian students, English proficiency is essential for entering top firms. Simple language study abroad is insufficient - you need to be currently enrolled in or have graduated from universities in English-speaking countries like the United States, Europe, or Singapore.
2. Certain Academic Background:
Regarding academic background, which is our main topic today.
While you don't necessarily need to be from a top school, a certain level of academic credentials is required. For those concerned about their academic background, pursuing a graduate degree is the solution. This is the biggest way to turn things around.
Graduate school not only ensures academic credentials and global experience but also reduces the emphasis on your undergraduate institution. In fact, there are many cases where students from less prestigious universities have secured investment banking positions after graduate school.
However, what's crucial here is "which major to choose." The choice of specialization is more important than the choice of university. It's important to choose majors that are valued and favorable for entry into investment banks and hedge funds.
3. Finance and Investment Knowledge (Including Certifications):
Recently, specific knowledge of finance and investment is increasingly tested during document screening and interviews. For hedge funds, specialized skills like financial modeling and valuation are necessary. Investment banks assess candidates' abilities through practical M&A proposals and strategy planning during summer internships.
Specifically, the following knowledge and skills are required:
- International certifications like CFA (Chartered Financial Analyst)
- Basic knowledge of investment banking operations (M&A, equity/debt issuance, etc.)
- Financial statement analysis and modeling skills
- Understanding of macro and microeconomics
- Knowledge of current financial market trends
Among these three requirements (global experience, academic background, and specialized knowledge), global experience is particularly important. The ability to conduct business in English is a fundamental requirement at global financial institutions. Importantly, all these three requirements can be covered by pursuing a graduate degree.
Some people hesitate to pursue graduate studies due to financial concerns, but this shows a lack of long-term perspective. For example, even if study abroad costs $70,000-80,000, working at global financial institutions or hedge funds can yield annual salaries of $150,000 or more from the first year. Furthermore, earnings can increase significantly as your career progresses. From an ROI perspective, graduate school is a worthwhile investment.
For those concerned about funding, we recommend exploring various scholarship programs:
- International scholarship programs like Fulbright
- Government scholarships
- Private foundation scholarships
- University-specific scholarships and tuition waivers
- Corporate scholarships
By combining these scholarships, you can cover most of your study abroad costs.
Many graduate schools also offer merit-based scholarships. Many Alpha Advisors students utilize such scholarships.
Don't give up because of costs. Once you're accepted, securing funding is quite possible.
Specific Strategies for Getting into Investment Banks and Hedge Funds from Graduate School
Here are specific strategies for pursuing graduate school. Key points for success include:
1. Application Preparation:
- Essays are crucial for graduate school applications
- Clear explanation needed for why you want to attend that graduate school and your future career goals
- Persuasiveness of your motivation is more important than grades and test scores
Graduate school admissions are based on "comprehensive evaluation" including leadership experience, extracurricular activities, and recommendation letters, not just test scores. Essays are most important, where you need to effectively convey your passion, long-term goals, and career vision to the admissions office.
2. Job Hunting Strategy:
- Important to start job hunting preparation immediately after acceptance
- Typically requires over a year of preparation to secure offers
- Summer internships are particularly crucial
- Networking with industry professionals is essential
Many Alpha Advisors students who secured positions at investment banks and hedge funds began their job hunting preparation immediately after graduate school acceptance, spending considerable time preparing to win offers. There's much to do, including extracurricular activities, networking, studying finance and capital markets, and obtaining certifications.
3. Strategic Major Selection:
- Important to choose majors with future employment in mind
- In finance, recommend financial engineering and data science majors in addition to traditional finance
- Particularly advantageous to study the intersection of technology and finance when aiming for hedge funds and quant firms
Recommended Graduate Schools
Here are some recommended graduate schools abroad!
Hult International Business School
- MSc in Management (MIM)
- Finance
- Business Analytics
Boston University (MFIN)
- Finance
- Mathematical Finance & Financial Technology (MSMFT)
Singapore Management University
- Quantitative Finance (MQF)
- MSc in Management (MiM)
National University of Singapore
- Finance
- MSc in Management (MIM)
Nanyang Technological University
- Financial Engineering
In the US, finance master's programs at Hult and Boston University are highly regarded, especially for their excellent placement records in international financial institutions and hedge funds.
Singapore's graduate schools are also highly recommended!
Their main advantage is that advanced specialized programs like Financial Engineering and Quantitative Finance can be applied to without prerequisites.
For those aspiring to work at hedge funds, master's programs in financial engineering and FinTech are recommended. However, many US and European graduate schools typically require prior coursework in mathematics and programming as application prerequisites.
In contrast, Singapore's graduate schools have more flexible prerequisite requirements, making them accessible to non-STEM graduates. Through Alpha Advisors' support, we have successful cases of students from lesser-known universities getting accepted into Singapore's financial engineering programs and securing positions in investment bank trading divisions, research departments, and hedge funds.
To summarize, we recommend the following program choices based on career goals:
- For hedge funds and markets divisions (trading, etc.) → Financial Engineering programs
- For investment banking → Traditional Finance or MIM (Master in Management) programs
Summary: How to Get Investment Banking and Hedge Fund Offers Without a Top University Degree?
The path to success can be summarized in two points:
1. Strategic pursuit of graduate school (choice of major is crucial)
2. Thorough job hunting preparation after enrollment
Looking at actual success stories, people from various educational backgrounds have secured positions at their desired companies through graduate school. What's important is to actively pursue your future career goals without being constrained by past academic credentials or experiences.
Graduate school education offers value beyond just credentials or qualifications:
- Gaining a global perspective
- Experience collaborating with people from diverse cultural backgrounds
- Acquiring practical business skills
- Building a worldwide professional network
In conclusion, even graduates from regular universities can access careers at global financial institutions through the graduate school strategy. However, expert guidance is strongly recommended throughout this process. With a strategic approach from application to job hunting, you can open the door to your dream career.
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