Breaking Into Investment Banking from a Non-Target School
Episode 24 | August 4, 2025
Breaking into investment banking can feel daunting for students at non-target schools, where Wall Street recruiters rarely visit. In Episode 24 of the Coffee Chat podcast, host Ben sat down with Nik, a finance and accounting major at Miami University of Ohio, to discuss how he’s navigating this challenge and what students from non-target schools can learn from his approach.
From a Farm in Ohio to a Finance Career Path
Nik grew up in Northeast Ohio, far from the typical Wall Street pipeline. With no family background in finance, he entered college with limited exposure to the industry. That changed when upperclassmen encouraged him to join his school’s banking club and pursue the Adventis Financial Modeling Certification® Program.
“I really dug into it over winter break, got through it quickly, and ultimately earned my certification,” Nik explained. “It’s been a great way to get into the loop on all this stuff.”
Armed with new technical skills, Nik began exploring investment banking, particularly leveraged finance (LevFin) and debt capital markets.
Standing Out from a Non-Target School
One of Nik’s biggest questions was how to compete with peers from target schools. Ben reminded him that the challenge is largely a supply-and-demand issue: bulge bracket banks have longstanding recruiting ties with a short list of schools.
But Nik’s strategy is different. Instead of chasing New York bulge brackets, he’s prioritizing regional markets like Charlotte, Atlanta, and Dallas, where middle-market and upper-middle-market banks have a stronger presence. Firms such as Truist Securities, Regions Securities, and Raymond James offer him opportunities to build a career outside the traditional Wall Street path.
As Ben noted:
“If you’re off the beaten path, the best way to get an opportunity is to stay off the beaten path.”
Networking with Intention
Nik has already conducted nearly 70 networking calls, including 20–30 with investment bankers. Through these conversations, he’s gained insights into how coverage groups differ not only across banks but also across offices.
One lesson stood out: don’t rely on a rigid list of questions. Instead, listen closely and follow up on “hooks” in the conversation. As Ben advised:
“Don’t go back to your list of stale questions. Ask about what they just mentioned—that’s how you keep the conversation real.”
Nik has also learned the importance of maintaining connections. He now sends updates to his network when he hits milestones, such as securing his upcoming private credit internship in London.
Building Skills and Avoiding Burnout
Nik asked about managing the demanding hours of investment banking while still prioritizing health. Ben emphasized the importance of efficiency and technical mastery.
“If you’re not efficient with Excel, PowerPoint, or the databases your firm uses, you’re going to waste time and work longer hours,” Ben explained. He also encouraged students to protect their health: even a short daily workout can improve focus and productivity.
Key Takeaways for Students from Non-Target Schools
Nik’s journey highlights practical lessons for aspiring bankers:
Leverage certifications like the FMC® Program to build technical credibility early.
Network aggressively and intentionally, aiming for quality conversations over quantity.
Focus on regional opportunities where demand for talent is strong and competition is less saturated.
Prioritize efficiency and health to set yourself apart once you land the internship or full-time role.
For students from non-target schools, Nik’s story shows that breaking into investment banking is not only possible, it’s achievable with strategy, persistence, and the right training.
