How to Get a Job on Wall Street
Pick the right major., Start reaching out in your junior year., Target a job compatible with your skills and personality., Make a list of possible targets., Reach out to potential firms.
Step-by-Step Guide
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Step 1: Pick the right major.
You may have heard stories about would-be tycoons (like George Soros) who graduated with degrees in philosophy or English and went on to do great things on Wall St.
While those stories might be true, they’re the exception to the rule.
If you’re set on getting a job on Wall St., you should pick a major that’s most likely to help you succeed, like finance, accounting, or economics.Although finance, business, accounting, and economics are the primary Wall St. majors, some others are becoming more common.
Fields of study like engineering, mathematics, and computer science all teach students how to think in a manner consistent with the type of thinking that’s valued in the financial sector. -
Step 2: Start reaching out in your junior year.
Believe it or not, many positions are already filled by the time of an applicant’s senior year.
Most Wall St. firms have internship programs aimed at students in their junior year.
Most of the senior-year interns were invited back after the completion of a junior year internship, and almost all of the entry level analyst positions are filled by former senior year interns.., As you might guess, Wall St. firms hire for more than one type of job, and many of those jobs require differing skill sets.
In addition, some type of jobs are easier or harder for a recent grad to break into.
The three basic job categories are:
Operations.
Operations describes all of the support functions enabling the firm to conduct its primary business.
These could include administrative personnel, accountants, compliance, marketing, and numerous others.
These are often some of the easier jobs for a recent grad to obtain, and while they aren’t directly involved with trading or investing, they allow you create networks within the Wall St. community.
Sales.
Wall St. sales personnel work for investment banks, and are involved in the sale of foreign currency (Forex), bonds, and stocks.
They sell to both individuals and institutions such as pension funds, mutual funds, and hedge funds.
Sales personnel typically work very long hours, so if you aren’t up for sixty hour weeks, this might not be for you.
Investment teams.
Investment teams are the analysts, traders, and portfolio managers who work for the “buy side” firms, such as pension, hedge, and mutual funds.
These are among the most difficult jobs for a recent grad to obtain, because the accounts are typically the largest. , Once you’ve decided what type of job you want to land, make a list of target firms.
Based on where you want to land, prioritize investment banks or institutional investors.This is not like making a list of target schools, where you have preferred, acceptable, and safety categories.
Only about 2% of the applicants for entry level Wall St. positions are hired, so any firm that wants to interview you is a desirable firm.
Sort the offers once you’ve got them.
For now, just find any firms hiring in your desired specialty. , Landing an interview is a long and difficult process for most applicants.
According to some recent hires, the time commitment required to get an interview is equivalent to a university course.
Prepare to be persistent.As you begin your search, reconcile yourself to having many more misses than hits.
It isn’t at all uncommon for an applicant to send out 200-300 emails and make dozens of phone calls during their job search, only landing a handful of interviews.
Many colleges and universities have career fairs, where recruiters come to campus to try and find young talent.
If any of your target firms participate, prioritize these leads.
Since calls take longer than emails, call these firms before you move onto any of the others. -
Step 3: Target a job compatible with your skills and personality.
-
Step 4: Make a list of possible targets.
-
Step 5: Reach out to potential firms.
Detailed Guide
You may have heard stories about would-be tycoons (like George Soros) who graduated with degrees in philosophy or English and went on to do great things on Wall St.
While those stories might be true, they’re the exception to the rule.
If you’re set on getting a job on Wall St., you should pick a major that’s most likely to help you succeed, like finance, accounting, or economics.Although finance, business, accounting, and economics are the primary Wall St. majors, some others are becoming more common.
Fields of study like engineering, mathematics, and computer science all teach students how to think in a manner consistent with the type of thinking that’s valued in the financial sector.
Believe it or not, many positions are already filled by the time of an applicant’s senior year.
Most Wall St. firms have internship programs aimed at students in their junior year.
Most of the senior-year interns were invited back after the completion of a junior year internship, and almost all of the entry level analyst positions are filled by former senior year interns.., As you might guess, Wall St. firms hire for more than one type of job, and many of those jobs require differing skill sets.
In addition, some type of jobs are easier or harder for a recent grad to break into.
The three basic job categories are:
Operations.
Operations describes all of the support functions enabling the firm to conduct its primary business.
These could include administrative personnel, accountants, compliance, marketing, and numerous others.
These are often some of the easier jobs for a recent grad to obtain, and while they aren’t directly involved with trading or investing, they allow you create networks within the Wall St. community.
Sales.
Wall St. sales personnel work for investment banks, and are involved in the sale of foreign currency (Forex), bonds, and stocks.
They sell to both individuals and institutions such as pension funds, mutual funds, and hedge funds.
Sales personnel typically work very long hours, so if you aren’t up for sixty hour weeks, this might not be for you.
Investment teams.
Investment teams are the analysts, traders, and portfolio managers who work for the “buy side” firms, such as pension, hedge, and mutual funds.
These are among the most difficult jobs for a recent grad to obtain, because the accounts are typically the largest. , Once you’ve decided what type of job you want to land, make a list of target firms.
Based on where you want to land, prioritize investment banks or institutional investors.This is not like making a list of target schools, where you have preferred, acceptable, and safety categories.
Only about 2% of the applicants for entry level Wall St. positions are hired, so any firm that wants to interview you is a desirable firm.
Sort the offers once you’ve got them.
For now, just find any firms hiring in your desired specialty. , Landing an interview is a long and difficult process for most applicants.
According to some recent hires, the time commitment required to get an interview is equivalent to a university course.
Prepare to be persistent.As you begin your search, reconcile yourself to having many more misses than hits.
It isn’t at all uncommon for an applicant to send out 200-300 emails and make dozens of phone calls during their job search, only landing a handful of interviews.
Many colleges and universities have career fairs, where recruiters come to campus to try and find young talent.
If any of your target firms participate, prioritize these leads.
Since calls take longer than emails, call these firms before you move onto any of the others.
About the Author
Theresa Torres
Dedicated to helping readers learn new skills in organization and beyond.
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