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Investment banking from a non-target school, or from another career

You can. Barclays, Deutsche Bank and Centerview all say they consider applicants from any school, and the interview is the same once you are in it. The hard part is getting the interview: you build the contacts a campus visit would give you, apply wider than the biggest banks, and after graduation you come in as an experienced hire or through an MBA. When the interview comes, Soreno, an AI voice interview practice app for consulting, investment banking and other finance candidates, runs investment banking interview practice including the why-now and why-us questions you will get.

Updated

Practice IB interview questionsSee the five routes
  • Any school can apply. Barclays judges applicants from campuses it doesn't visit on the same criteria.
  • Any major, too. Centerview welcomes people with limited or no exposure to finance.
  • Campus programs need you enrolled. Evercore and Bank of America run them for current students.
  • Already working? Move across from a job close to deals, or reset through an MBA.
  • One extra question. Expect “why now?” and a story that connects your past to banking.

Five routes that work

Pick the row that matches where you are today. Each one is a plan you can start this month.

Still in college, at a non-targetUndergrad

The online process is the same for you. Visibility is what you build yourself.

  1. Freshman year

    Join the open programs

    Citi's Freshman Discovery is open to all first-years in a four-year degree, any major, and encourages students with little exposure to finance. Moelis runs virtual recruiting events for all students.

  2. All year

    Talk to people at the banks

    Alumni at banks are the shortcut a campus visit gives target students. Ask about their group and their path, never for a job.

    Coffee chat questions

  3. Applying

    Go wide and go early

    Apply to middle-market banks and boutiques as well as the largest ones. Barclays and Bank of America review applications on a rolling basis.

    When each bank opens

  4. On paper

    Show finance in practice

    An investment club pitch, a model you built, a part-time finance role. One concrete line beats a list of courses.

    Investment banking resume template
A smaller bank firstThen move

Middle-market and boutique banks hire analysts too, and the work is the same work.

  1. Year 1

    Get on live deals

    Smaller teams can mean more of the model and more client contact. Keep a list of every deal and your part in it.

  2. Year 2 or later

    Move as an experienced hire

    Some analysts move to a larger bank after a year or two. Moelis, for one, lists experienced roles separately from its campus programs.

From a job close to dealsLateral

Valuation, transaction advisory, corporate or commercial banking, corporate development.

  1. Why it works

    The skills carry over

    Models, valuation and diligence are banking work in another seat. Moelis expects finance experience for full-time banking roles, and this is how you get it.

  2. How to apply

    Apply as an experienced hire

    Bank of America's campus programs require you to be enrolled in a degree, and it points everyone else to its experienced hire roles. Evercore says the same for recent graduates.

  3. In the interview

    Lead with your deals

    Name the transactions, the numbers you owned and what you would do differently as a banker.

Through an MBAAssociate

The common reset for people a few years into another career.

  1. Who it fits

    Associate programs

    Bank of America says its associate roles generally fit a master's degree, an MBA, an equivalent advanced degree or previous experience.

  2. What it looks like

    Chicago Booth, 2025

    Investment banking was 11.9% of Booth's full-time MBA job functions in 2025, and 104 Booth students interned in banking that summer, up from 63 a year earlier.

  3. The catch

    It moves fast

    MBA banking recruiting starts in the first fall, so the story and the technicals have to be ready before you arrive.

    The MBA route, in order
From the military, sport or a career breakPrograms

  1. Goldman Sachs

    Programs for professionals

    Ten-week paid placements built for veterans, returnees and athletes, including its Veterans Integration Program and Returnship.

  2. Citi

    A program for college athletes

    Citi's D1 Athlete Development Program is a virtual summer mentorship for first-year and sophomore NCAA Division I athletes.

From Citi, Moelis, Barclays, Bank of America, Evercore, Chicago Booth and Goldman Sachs.

How the interview changes for you

The technicals are the same for everyone. Four questions carry more weight when your path is not the usual one.

  • Why now?

    For switchers, the first thing a banker wants to know. Name the moment and what you did about it.

    Show what they listen for
    What interviewers listen for
    A decision you acted on, with a date attached.

  • Does your story connect?

    Every step of your resume should lead to banking. Explain the turn instead of hiding it.

    Show what they listen for
    What interviewers listen for
    Two or three skills from your past that a banker would use on Monday.

  • Why us?

    Without a campus visit, you need names, deals and groups from your own calls.

    Show what they listen for
    What interviewers listen for
    A reason that only fits this bank.

  • Will you know the basics cold?

    There is no allowance for a different background. Short, correct technical answers settle the doubt fastest.

    Show what they listen for
    What interviewers listen for
    The three statements, valuation and a DCF without notes.

A realistic timeline

Two versions: a student who starts early, and someone switching from a job. Our plan, built on the banks' published dates.

Show both timelines

  1. Student, freshman year

    Learn the job, join one open program

    Read what analysts do, then apply to a freshman program such as Citi's.

    What does an analyst do?

  2. Student, sophomore fall

    Twenty conversations

    Alumni and friends of friends at banks of every size. Note one thing from each call you could use in an interview.

  3. Student, sophomore winter

    Apply to summer analyst programs

    Many open in the winter of sophomore year, some boutiques earlier. Apply in the first week.

    Dates by bank

  4. Student, junior year

    No offer yet? Keep going

    Smaller banks hire later in the year. A finance internship anywhere still feeds a full-time application as a senior.

  5. Switcher, months 1 to 3

    Decide the route

    Lateral into a deal-adjacent role, a smaller bank, or an MBA. Each has a different clock.

  6. Switcher, months 3 to 9

    Close the technical gap

    Accounting, valuation, DCF and LBO basics, said out loud until they are short and correct.

    Investment banking interview questions

  7. Switcher, months 6 to 12

    Network and apply

    Bankers who made the same switch are the best first calls. Apply as an experienced hire, or to MBA programs a year before you'd start.

The dates for students follow the banks' usual cycle. Your school's career office and each bank's posting have the real ones.

16 questions to practice

The first two groups change for you. The last two are the same for every candidate, which is the point.

Your path5 questions

Have these down to 60 to 90 seconds each.

  1. Walk me through your resume.

    What a strong answer does

    In order, each step leading to the next, with the turn toward banking explained in one sentence. Practice it, see a model answer

    • “Why that major?”
    • “What would you change about your path?”

  2. Why investment banking, and why now?

    What a strong answer does

    The moment you decided and what you did next: a course, a model, a role, the calls you made. Practice it, see a model answer

    • “What would you do if this doesn't work out?”

  3. Why leave your current job?

    What a strong answer does

    What banking gives you that your job can't. Nothing negative about your employer.

    • “Why not stay and move up there?”

  4. How does your experience carry over to banking?

    What a strong answer does

    Two skills with an example each. Clients, numbers under deadline and written work are the usual three.

  5. Tell me about a deal or project you worked on.

    What a strong answer does

    Your part, the numbers you owned and the outcome. Be ready for detail on every figure you mention.

    • “What was the valuation?”
    • “What would you have done differently?”
Why us4 questions

No campus visit, so the reasons come from your calls.

  1. Why this bank?

    What a strong answer does

    Build it from your calls: the group you want, a deal it did this year and what someone there told you. Without a campus visit, those details are your proof of interest. Practice it, see a model answer

  2. Why a middle-market bank or a boutique?

    What a strong answer does

    More of the model, smaller teams, a sector you like. Mean it: they hear the bulge-bracket backup plan often.

  3. Who have you spoken to here?

    What a strong answer does

    Names and one thing each told you that shaped your interest.

  4. Where else are you interviewing?

    What a strong answer does

    Honest and consistent. The kind of banks, and why this one is first.

The basics, cold4 questions

Where a different background gets checked fastest.

  1. Walk me through how the three statements link.

    What a strong answer does

    Start from net income at the bottom of the income statement and follow it into cash flow, then the balance sheet. Ninety seconds, no line-item list. Practice it, see a model answer

  2. Walk me through a DCF.

    What a strong answer does

    Cash flows, discount rate, terminal value, equity value per share. Then stop. Practice it, see a model answer

  3. What is the difference between enterprise value and equity value?

    What a strong answer does

    Enterprise value is the business for all investors, equity value is the shareholders' slice. Get from one to the other with debt and cash, then stop. Practice it, see a model answer

  4. Depreciation goes up by $10. Walk me through the statements.

    What a strong answer does

    State the tax rate, then all three statements, ending on a balance sheet that balances. Practice it, see a model answer

Behavioral3 questions

Use stories from your own path. They are your edge here.

  1. Tell me about a time you had to learn something quickly.

    What a strong answer does

    What you had to learn, how you did it and how fast you were useful. Practice it, see a model answer

  2. Tell me about a time you went beyond what was asked.

    What a strong answer does

    One concrete thing you did that nobody required, and what it changed. Practice it, see a model answer

  3. Tell me about a time you failed.

    What a strong answer does

    Pick a miss from your own path, ideally from your old job or a hard semester. Own it, then show the habit you built because of it. Practice it, see a model answer

More to prepare with

What holds people back

  • Apologizing for your school

    Banks say they read every application against the same criteria. Spend the time on what you did.

  • Applying only to the largest banks

    Smaller banks hire many analysts and teach the same skills. Apply across sizes.

  • Asking for a job on a coffee chat

    Ask about their work and path. Referrals come from people who enjoyed talking with you.

  • Leaning on your background in the technicals

    Interesting experience does not replace a clean DCF answer. Get the basics short and correct.

What banks say about schools and backgrounds

From each bank's own careers page, read on October 19, 2026. None publishes a list of target schools.

BarclaysSame criteria

It can't visit every campus. If it doesn't visit yours, you can still apply and be considered against the same criteria. It also says you don't need to study finance.

Barclays: FAQs
Deutsche BankOff-campus applications

It accepts applications from universities where it has no campus presence and says the process is the same for everyone. Its advice: be proactive and apply in plenty of time.

Deutsche Bank: FAQ
CenterviewAll schools

Open to candidates from all schools and academic disciplines, including those with limited or no exposure to finance and advisory work.

Centerview: careers
MoelisNo experience needed

No prior experience is required for its campus programs, which come with technical training. Full-time banking applicants are expected to have finance experience.

Moelis: explore opportunities
EvercoreCurrent students

Campus programs are for students in undergraduate or MBA programs. Recent graduates apply for entry-level roles on its careers site.

Evercore: FAQs
Bank of AmericaVaries by school

Recruiting timelines and processes may vary by school. You must be enrolled to join a campus program, and associate roles fit an MBA, an advanced degree or previous experience.

Bank of America: application process
Where target-school graduates go

No campus mock interviews? Run your own

Soreno's AI interviewer asks the why-now and why-us questions, then the technicals, and pushes on the weak spots in your story. Seven days free.

Start your free weekBanking fit questions

Questions people ask

Can you get into investment banking from a non-target school?

Yes. Barclays and Deutsche Bank say they consider applications from schools they don't visit, and Centerview says it is open to candidates from all schools. You have to create the contacts and visibility a campus visit would give you.

Do I need a finance degree?

No. Barclays says it is more interested in who you are than what you studied, and Moelis welcomes applicants from all academic disciplines. You still need the technical basics before the interview.

Can I switch into investment banking after a few years of work?

Yes, usually as an experienced hire from a job close to deals or through an MBA. Bank of America says its associate roles fit an MBA, an advanced degree or previous experience.

Should I start at a smaller bank?

If it is the offer you have, yes. The work is the same, and the deals you do there are what an experienced hire application is built on.

Is a master's in finance worth it for a career switch?

It can be if it makes you a student again, since campus programs at banks such as Evercore and Bank of America are for enrolled students. Check that the program's own reports show graduates going into banking.

Is Soreno affiliated with any bank or school?

No. Soreno is an independent practice tool and is not affiliated with, endorsed by or sponsored by any bank or school named here.

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