Investment Banking and Finance

Yes, indeed.  Many (rightly)  argue against such early timelines within the finance industry but, for now, these very early timelines are the reality.  It’s normal to not be 100% sure about a career in finance but you should at least take early steps to prepare in order to maintain your competitiveness for the industry.  You can always change your mind but it’s hard to catch up if you wait too long to start.

There is no one archetype here and, in fact, your liberal arts background can give you a stronger, well-rounded foundation to help you stand out.  However, there are key strengths, skills, and even personality traits that often correlate with different roles within finance.  In general, financial organizations seek candidates who are well-rounded, highly motivated, possess strong communication skills, and are able to organize themselves.  While internships are an important way to build experience and success, employers will look at experiences that demonstrate leadership in both curricular and co-curricular venues.  And frankly, strong GPAs and high-achievement academically are a foundational requirement for many larger financial organizations.

There is no one major, per se, that determines whether you can pursue a career in finance.  An English major can succeed in this area IF they build necessary experiences and take important business and quantitative courses to round out their education.  Most St. Olaf students who pursue careers in finance choose to major in Economics, Quantitative Economics, or Math and add a finance emphasis or the business and management studies concentration.  The Finance Fast Track Opportunity is a course progression option that starts in your first-year at St. Olaf to ensure early access to the most important courses to help you prepare.  Participation in the Finance Fast Track does require at least one major in economics with the finance emphasis.

If you’re just starting to explore finance as a senior or junior, it’s unlikely that you’ll be competitive for roles at larger financial organizations immediately after graduation.  You may get lucky, especially if you have deep connections within the industry and you’ve had significant exposure to quantitative courses and financial markets, but it’s much harder to do.

This does not mean you can’t enter the world of finance, but you’ll most likely need to begin your professional career in a related industry or at smaller financial organizations and then network to move into your desired role or employer.  During that time, you can network, take relevant courses or certificate programs,  or perhaps pursue a master’s degree in finance.

Occasionally financial organizations of all sizes will do “just-in-time” hiring to fill full-time analyst classes not completely filled by summer interns. Because these opportunities typically have short turnaround times, pay attention to communication from the Piper Center, Handshake, LinkedIn, and other relevant platforms to make sure you don’t miss out on these time-sensitive opportunities. Have your resume ready so you can apply right away.

Studying abroad is a great way to gain global perspectives on financial markets, so doing so shouldn’t limit you from applying for internships or getting selected for interviews. It can be helpful to choose programs that provide you with the opportunity to take business and finance courses while you are studying away from campus.

Since the pandemic, financial organizations are much more flexible and willing to interview candidates entirely through virtual platforms.  However, depending on the employer the inability to engage with in-person interviewing can be a disadvantage even if there are virtual options.  And for some employers, students may be expected to interview in person, especially for final interviews (often referred to as super days).  In these cases, you may have the ability to interview in your host country or even fly for the on-site interviews.

Firstly, it’s very possible that you will be applying for sophomore summer internships AND junior summer internships at the same time.  Yes, it can feel a little crazy!  Remember that timelines for junior internships are far more rigid, so it’s important to prioritize those applications or at least be organized to ensure you don’t miss any deadlines.

Relevant summer experience is critical to showing an interest in and commitment to a career in finance. However, internships can often be hard for sophomores to obtain, especially when they’re competing against juniors with more knowledge and skills. Any opportunities that provide you with the chance to cultivate relevant knowledge and skills can be valuable. For example, exposure to financial statements and spreadsheets can be helpful if you’re interested in investment banking. A fast-paced environment with client-facing responsibilities can be useful if you’re interested in sales and trading. The emphasis should be on the nature of the work rather than the environment or industry in which it’s being done.

This is a difficult answer but the answer is usually no. The U.S. immigration system significantly limits the options of employers to hire international student candidates in the long-term, which often results in policies that exclude candidates who do not have unlimited work authorization already in hand.  Some employers are willing to consider candidates who rely on CPT, OPT, or who need work visa sponsorship – but many, in fact a majority, have policies in place that limit eligibility for internship and job opportunities to U.S. citizens and permanent residents only – and that can fluctuate from year to year.

It’s not impossible.  International students who meaningfully engage in the steps outlined above can find success.  International Oles have found successful careers in finance in the past – but the journey is likely to be arduous and frustrating.  You will have to work harder and longer – and deal with a lot of rejection – before finding success.  Additionally, international students must observe, navigate and adapt to a very unique industry culture.

Students may want to investigate whether the pathway to careers in finance might be easier in your home (or third) country.