This post about Yale SOM and investment banking is part of a series of interviews of top MBA programs called “MBA Career Goals and the B-Schools that Support Them.” Please subscribe to our blog to ensure that you receive all the interviews exploring the elements at each school that support career goals in finance, consulting, general management, entrepreneurship, marketing and more.
Here is the interview with the Admissions Office and Career Development Office at Yale SOM.
What kind of background and skills do you like to see in applicants expressing interest in a career in investment banking?
Yale SOM seeks candidates with experience in a wide variety of industries and functional areas for careers in investment banking. Valuable attributes for applicants include strong quantitative skills and financial acumen, client communication skills, attention to detail, a strong work ethic, and the ability to thrive in a team environment. Desirable applicants must also demonstrate passion for a career in investment banking and be able to articulate reasons for entering the industry.
What aspects of your curriculum are best suited to students who want to eventually pursue a career in investment banking?
In addition to the core Integrated Curriculum which includes Accounting, Economics, and Spreadsheet Modeling, students can declare an ‘emphasis’ in Finance. The many finance-oriented elective courses include Advance Financial Analysis, Capital Markets, Venture Capital & Private Equity Investments, Financial Instruments & Contracts, Corporate Finance, and Security Analysis & Valuation.
Which school clubs and extra-curricular events are most relevant to people interested in investment banking?
The Finance Club at Yale SOM supports the career pursuits of students focused on investment banking through weekly meetings and workshops in practical areas like resume writing, interview preparation, and gaining insights on specific roles, career tracks, specific banks, and the industry in general. Treks, visits from alumni, and other events are also sponsored by the Finance Club and other finance-related clubs. Related clubs cover Sales & Trading, Investment Management, Private Equity, and Real Estate.
Since “investment banking” is a very broad term, can you break down some of the some of the sub-categories in the field that Yale SOM excels in?
Yale SOM excels in a wide range of areas within an investment bank. “Investment Banking” typically refers to mergers and acquisitions and other financial advisory work. Approximately 50-70% of first-year student students who intern at investment banks work in investment banking. This figure is representative of most top business school programs. The other 30-50% of students who are hired by investment banks work in a variety of areas including research, sales & trading, capital markets, direct investments, investment management, and operations.
Which investment banking firms recruit at Yale SOM? How many graduates of your 2010 class received offers from each of these firms?
Over a dozen investment banks recruit at Yale SOM, including the large banks like Goldman Sachs, Morgan Stanley, JP Morgan, Bank of America Merrill Lynch, Citi, Credit Suisse, and UBS, as well as more regionally-focused and boutique banks including Nomura, Houlihan Lokey, Lazard Middle Markets, Celfin, and Banco Santander. Other banks without an on-campus presence also recruit Yale SOM students as well. Among them are Rothschilds, Brown Brothers Harriman, Jefferies, Macquarie, Piper Jaffray, Bank of New York, and Royal Bank of Scotland. In 2011, the largest employer for summer interns was Goldman Sachs. 15% of the class of 2010 pursued careers in Investment Banking.
Thanks to the Yale SOM Admissions Office and Career Development Office for granting us this interview.