Overview
How to become an investment banker is mostly a question of education, internships and timing. In the US, the BLS says investment bankers typically need a bachelor's degree, often in business, finance, accounting or economics, and that internships help. Investment banking representatives must pass FINRA's SIE and Series 79 exams, usually with employer sponsorship. In the UK, the National Careers Service's investment analyst profile lists degree, apprenticeship and graduate trainee routes. This guide covers the work, the career ladder and how people actually get in.
What an Investment Banker actually does
Investment bankers advise companies, and sometimes governments, on raising money and on buying, selling or merging businesses. At junior levels the reality is spreadsheets and slides. Analysts build financial models, put together pitch books, research comparable companies and transactions, and turn a senior banker's comments into a revised deck at short notice. When a deal is live, the work shifts to due diligence, data rooms and coordinating lawyers, accountants and the client. Hours can be long and unpredictable because deals move on the client's and the market's timetable. The skills you build early, accurate modelling, clear presentation and careful checking, are the foundation for the client-facing judgement expected later.
A typical week
- •Updating a financial model with new figures from a client and checking that every output still ties together.
- •Building or revising pages of a pitch book on valuation, comparable deals or market context.
- •Researching companies and recent transactions in a sector to support a senior banker's client meeting.
- •Managing due diligence requests on a live deal and tracking what has been received and what is outstanding.
- •Joining calls with clients, lawyers or accountants to take notes and follow up on actions.
- •Turning around comments on a document late in the day so it is ready for a meeting the next morning.
Thinking about an Investment Banker role? Find out where your skills stand today.
Run a role-specific simulation, get a scored report on your actual gaps, and follow a learning pathway built from them. Free to start, no card required.
The career path
Analyst
Zero to around three yearsYou do the modelling, research and presentation work. Success is accuracy and speed: models without errors and pages that do not need reworking.
Associate
Roughly three to six yearsYou manage analysts, check their work and take more responsibility for the content and structure of materials. Some people enter at this level after an MBA.
Vice President
Around six to ten yearsYou run the day-to-day execution of deals and become a main point of contact for clients. Your job shifts from producing work to managing it.
Director / Managing Director
Ten years or moreYou are responsible for winning business and maintaining client relationships. The work is mostly origination, advice and judgement, with the team handling execution.
The skills that matter
Financial modelling and valuation
Models underpin almost every piece of advice. Building them accurately and understanding what drives the outputs is the core technical skill at junior levels.
Accounting
You cannot model a company you cannot read. Understanding the three financial statements and how they link is the base for everything else.
Presentation and slide building
Much of the output is client materials. Clear, consistent slides that tell a story are what senior bankers and clients see.
Attention to detail
A wrong number in a client deck damages credibility. Checking work carefully, especially under time pressure, is an expected habit.
Communication
You will explain analysis to colleagues and, as you progress, to clients. Being concise and clear matters more as seniority grows.
Resilience and time management
Deadlines move and workloads spike. Managing competing requests calmly is part of the job from the first week.
How to break in
- #1
US: the BLS says a bachelor's degree is typically needed, commonly in business, which usually includes finance, accounting and economics. Employers may prefer candidates who have interned, and some prefer or require an MBA for advancement.
- #2
US: FINRA requires candidates to pass both the SIE and the Series 79 to obtain the Investment Banking Representative registration. The Series 79 requires sponsorship by a FINRA member firm, but the SIE does not and is open to anyone aged 18 or over, so some students take it before applying.
- #3
UK (England): the National Careers Service investment analyst profile lists a degree (usually at 2:1 or above, in most subjects), the Investment Operations Specialist Level 4 Higher Apprenticeship, the Senior Investment and Commercial Banking Professional Level 7 Apprenticeship, or starting as a graduate trainee at an investment bank. Trainees must pass an exam recognised by the Financial Conduct Authority.
- #4
UK: the same profile lists the CFA Society UK's Investment Management Certificate and the CISI's Investment Advice Diploma as relevant professional qualifications.
- #5
Learn to build a three-statement model and a basic valuation yourself before interviews. Technical questions are common, and being able to walk through your own model is convincing.
- #6
Network early through university societies, alumni and open events. Internships are a major route into full-time analyst roles.
What drives pay
Compensation varies too much by country, sector and company size for a single figure to be useful. These are the factors that actually move it.
Bank type and size, from large global banks to boutique advisory firms.
Seniority, with the biggest step changes coming with promotion.
Performance-related bonuses, which depend on individual, team and firm results.
Sector and product group, since activity varies across industries and deal types.
Location, with major financial centres generally paying differently from regional offices.
Where demand is heading
The BLS projects US employment of securities, commodities and financial services sales agents, the group that includes investment bankers, to grow 1 percent from 2025 to 2035, slower than average, though about 35,100 openings are still projected each year, mostly from replacement. Investment banking hiring is also tied to deal activity, which rises and falls with markets. Routine slide and data work is increasingly automated, which puts more weight on modelling judgement, sector knowledge and client skills.
Roles this transfers to
Financial Analyst
Modelling, valuation and presenting analysis are the same core skills, applied inside a company or investment firm.
Financial Controller
Deep accounting knowledge and comfort with financial statements carry over into corporate finance leadership roles.
Business Analyst
Structured analysis, research and clear presentation of recommendations transfer directly.
Chief of Staff
Bankers who leave for operating companies often move into strategy or chief of staff roles, using their analytical and communication skills.
Common mistakes
Starting to network and apply too late for internship cycles, which often recruit well in advance.
Memorising technical answers without being able to build or explain a model.
Sending slides or models with small errors, which undermines trust quickly.
Treating the role as purely technical and neglecting communication and teamwork.
Assuming FINRA licences must be held before applying, when most qualification exams require firm sponsorship.
Frequently Asked Questions
What degree do you need to become an investment banker?
In the US, the BLS says a bachelor's degree is typically needed, often in business, finance, accounting or economics. In the UK, the National Careers Service says most degree subjects are accepted, with economics, maths, business, accountancy and finance particularly useful.
Which licences do investment bankers need in the US?
FINRA says candidates must pass the SIE and the Series 79 to obtain the Investment Banking Representative registration. The Series 79 requires sponsorship by a FINRA member firm.
Can you take the SIE before getting a job?
Yes. FINRA says association with a firm is not required for the SIE, and it is open to anyone aged 18 or older.
Do you need an MBA to become an investment banker?
Not to enter. The BLS says an MBA may help with advancement and some employers prefer or require one. Many analysts join straight from an undergraduate degree.
How can I practise investment banking tasks before interviews?
Build models and pitch pages yourself and get feedback on them. Cohesyve offers AI job simulations of finance work with a scored report showing where you lost marks and a learning pathway. Three tests are free, with no card.
Explore another career
See how your skills measure up for an Investment Banker role
Cohesyve runs an AI job simulation of the Investment Banker role and gives you a scored report on where you are strong and what to work on.
3
free tests
$0
no card required
Full
report on your first 3
Any
real job posting
3 free tests · No card required · Pro $20/mo
Hiring for an Investment Banker role? See how your applicants perform before you spend interview time.