High School

Recommended classes include business, economics, statistics, accounting, mathematics, computer science, foreign language, English, and speech. Be sure to take Advanced Placement classes if they are available.

Postsecondary Education

Some entry-level positions are still available to talented individuals who have only a four-year college degree and some experience (e.g., internship, participation in summer associate program while an undergraduate, etc.)—but the majority of positions require an advanced degree. For their undergraduate education, aspiring associates typically earn degrees in business, finance, quantitative finance, accounting, or economics from a top-tier school.

Associates usually come from a top MBA program and have a law degree or an advanced corporate finance degree. Investment banks typically hire candidates with top-notch educational credentials [i.e., a degree from an Ivy League or other prestigious college, excellent grades (minimum 3.50 GPA), active participation in business and investment clubs, and participation in at least one internship at a top investment bank, Big Four accounting firm, alternative investment firm, or another prominent employer].  

Some banks offer continuing education opportunities to employees. For example, UBS Investment Bank offers UBS Business University, an e-learning portfolio that consists of more than 5,100 courses. Topics include financial markets, management and leadership development, information technology, and communication skills.  

Other Education or Training

Keeping up with industry developments is key to success as an investment banking associate. Professional associations often provide continuing education (CE) opportunities. For information about classes, webinars, and workshops, contact the Association for Financial Professionals, CFA Institute, Futures Industry Association, International Association for Quantitative Finance, CFA Society New York, CMT Association, and Securities Industry and Financial Markets Association.

Certification

Certificates in investment banking and related areas are provided by colleges and universities. For example, City University of New York-Baruch College offers an Advanced Finance and Investment Principles Certificate Program. Classes include Introduction to Derivatives Markets, Debt and Fixed Income Markets, Advanced Financial Statement Analysis, Equity Markets & Portfolio Theory, Investment Banking, Entrepreneurial/Venture Finance, and Wealth Management. Contact schools in your area to learn about what types of educational opportunities are available.

Certification or Licensing

Numerous certifications are available to investment banking associates. The most commonly-requested credential is chartered financial analyst (CFA), which is offered by the CFA Institute. Other popular credentials include the following:

• certified investment management analyst (Investments & Wealth Institute)
• chartered market technician (CMT Association)
• certified corporate financial planning and analysis professional (Association for Financial Professionals)

Some associates earn the certified public accountant designation. To earn this designation, you must complete 150 semester hours of college course work (in nearly all states), pass a qualifying examination, have at least two years of public accounting experience or the equivalent, and hold a certificate issued by the state in which you wish to practice. The Uniform CPA Examination, which is administered by the American Institute of Certified Public Accountants (AICPA), is used by all states.

Many investment banks prefer that associates have or eventually receive their Series 7 (or General Securities Representative), Series 63 (Uniform Securities Agent State Law), Series 66 (Uniform Combined State Law), or Series 79 (Investment Banking Representative) credentials from the Financial Industry Regulatory Authority, the self-regulatory arm of the investment industry.

Aspiring associates must have at least two years of experience as an investment banking analyst or other applicable experience (e.g., private equity, corporate development, etc.).  

Associates must have excellent communication skills in order to interact effectively with team members and supervisors, to make effective presentations, and to articulate complex ideas. As supervisors, associates need leadership skills, patience, a positive and encouraging attitude, and teaching ability, as well as a knack for assessing their analysts’ strengths and weaknesses and play to these strengths. Other important traits include keen attention to detail, organizational and time-management skills, excellent judgement, the ability to multi-task, and high levels of motivation and initiative. Finally, successful associates have an excellent command of corporate accounting and financial concepts, a deep understanding of merger and acquisition mechanics, advanced Microsoft Excel expertise, and a mastery of PowerPoint.