How to break into Investment Banking with an MBA in 2025

Malvika Patil
Jun 6
4 min read

Despite market fluctuations, investment banking remains one of the most sought-after post-MBA career paths for graduates looking for high-impact roles, fast-paced environments, and exposure to major corporate transactions.

According to the 2024 GMAC Corporate Recruiters Survey, plans to hire MBAs are increasing in the finance sector, with 34% of surveyed employers saying they were likely to do so. Schools like Columbia, NYU Stern, Wharton, Booth, and Cornell Johnson remain popular feeders into IB, with a structured recruiting pipeline that’s hard to beat.

How is MBA Recruiting for IB in 2025?

We spoke to Ryan Kabat, an MBA candidate at London Business School, who is now interning in IB to understand the current recruiting landscape. According to him, it’s cautiously optimistic. The last couple of years saw some turbulence due to market uncertainty and slower deal volume. However, 2024 saw strong recovery, and early indicators from 2025 suggest even more stability and hiring momentum.

“Two years ago, the market was tough. Last year it opened up, and this year, people are landing really exciting roles—across traditional banking, startups, and even venture capital. You still need to hustle, but the opportunities are absolutely there.”

Recruiting for investment banking is one of the most structured processes among post-MBA roles. At many top schools, it begins within weeks of starting the program, typically by late September. Most schools have dedicated career services staff and IB clubs that offer training, mock interviews, and support.

You start with networking: mostly informal coffee chats and school-hosted events with junior bankers. These serve both as information sessions and as initial screening. From there, banks invite applications and hold multiple interview rounds, usually in November or December. These typically consist of fit interviews, technical assessments, and follow-up rounds focused on communication and team fit.

Offers for summer internships go out by early January. Internships run for about 10 weeks and are followed by a matching process to allocate interns to specific teams within the bank. If all goes well, you’ll receive a return offer by the end of your internship for a full-time Associate role starting the following year.

What Does the Post-MBA Career Trajectory Look Like for Investment Banking MBA Graduates?

MBA graduates enter investment banking at the Associate level, just above Analyst. While Analysts often have several years of pre-MBA technical training, Associates are expected to bring broader experience, leadership skills, and client-facing capabilities.

As an Associate, your role will include overseeing Analysts, liaising with clients, contributing to deal strategy, and executing transactions. While Associates must understand the technical aspects, they’re not expected to be the best modelers. Instead, they’re judged more on communication, project management, and ability to own workstreams.

The typical hierarchy in IB goes: Intern → Analyst → Associate → Vice President → Director → Managing Director.

What Do IB Recruiters Look For?

It’s a myth that IB is all about technical skills. Yes, you need to know your way around Excel models and financial statements. But more important is your ability to communicate, tell compelling stories, and present well. In fact, many banks will advance candidates without rigorous technical testing, trusting that those skills can be developed during training or the internship.

Recruiters are looking for maturity, polish, and the ability to build trust quickly. An MBA candidate who can articulate their story clearly, show a genuine interest in finance, and adapt to the fast-paced IB culture is more likely to succeed.

With higher interest rates and slower M&A activity in recent years, lateral hiring from adjacent roles (like corporate finance or strategy) into IB has slowed. Instead, the MBA route has remained a consistent and viable path into the industry, offering candidates access to structured recruiting and mentorship.

That said, the conversion rate from internship to full-time offer has become more competitive. Candidates are advised to prepare thoroughly before their internships and treat the summer as a 10-week job interview.

We discussed this in more depth with Alex, who worked in biotech venture capital and at a middle-market private equity fund before doing his MBA at UNC Kenan-Flagler, where his goal was to transition into investment banking where he could combine these experiences.

Best MBA Programs for Investment Banking

Top schools like Columbia, Wharton, Booth, and Stern have long-established investment banking pipelines. But schools like UNC Kenan-Flagler, Cornell Johnson, and Georgetown McDonough are also noteworthy for their strong IB training and alumni engagement.

Top MBA Programs for Investment Banking in 2025 include:

M7 Schools:

Columbia Business School: Its NYC location offers an advantage for IB graduates, being the favorite hub for top bulge-bracket banks.
The Wharton School: Its IB and finance heritage makes it a top feeder school for IB graduates.
Chicago Booth: The MBA program at Booth is known for economics and quant finance.

T10-T15 Programs with Strong IB Placement:

Cornell Johnson: Located 4 hours from NYC, its location offers excellent access to the finance hub.
NYU Stern: Again, the NYC location is great for those looking to work with giants like Goldman Sachs, JP Morgan Chase, Morgan Stanley, Citigroup, Bank of America, and more.
Dartmouth Tuck: Its tight-knit community, collaborative alumni network, and strong career services make it the right fit for IB aspirants.
Duke Fuqua: Team Fuqua's collaborative culture and strong employment outcomes for IB graduates are highlights of the Fuqua MBA program.
London Business School (LBS): The European financial hub of London makes LBS a choice school for IB candidates.

T25 Schools with Proven IB Pathways:

UNC Kenan-Flagler: Punches above its weight with IB recruiting. Check out Alex, who secured an MBA internship which he converted to a full-time offer in healthcare investment banking.
Georgetown McDonough: This is a feeder school for Washington DC-area boutiques.

These programs offer strong placement into both bulge bracket and boutique banks, and many have regional strengths (e.g., UNC in Charlotte, Georgetown in DC) that make them valuable beyond the typical Wall Street routes.

If you're an investment banking applicant who wants to build a strong application for top MBA programs, let's talk.