A Step-by-Step Guide To Acing Informational Interviews For Investment Banking

Most analyst and associate classes at investment banks get filled through internship programs and campus visits. The problem for many hopeful bankers is that the Goldman Sachs’s and J.P. Morgan’s of the world don’t visit every university campus. In fact, they tend to only target a short list of top schools.

So what do you do if you don’t attend a Harvard, Wharton or London Business School? You try to set up as many informational interviews as you can. That’s the advice a Wall Street career coach recently gave in our most recent CV clinic to an otherwise solid investment banking candidate who attended a third-tier business school. And for candidates at top schools, informational interviews can help develop relationships before the official on-campus recruiting process begins.

Traditionally, informational interviews are networking sessions with people already working in banking who aren’t necessarily in a hiring capacity. While they often don’t directly lead to job offers, they are critical in getting your foot in the door and eventually helping you secure an interview or a recommendation. Really what you are doing is talking to someone who may know someone else who can get you a job. But you can’t just go ahead and ask them directly. The point is to learn from them, gain their respect and try to leverage that relationship at a later point.

Here are some tips, courtesy of a few MBAs who have been on both sides of the conversation as well as an advice document that New York University’s Stern School of Business hands out to students.

Build your list

The first thing you’ll need to do is create a list of contacts at banks or in divisions in which you’d like to work. The best way is through your alumni association. Even if you don’t attend a top school, surely a handful of graduates are working on Wall Street or have contacts there. In fact, people who attended schools with few alumni in banking tend to be more helpful as they were in your exact position at some point and don’t get asked as much.

Other options include reaching out to family and using their connections. You can even contact someone who you share some type of connection with through LinkedIn or other social media platforms. Banking jobs require people to be aggressive, particularly those in the front office. While you’re certain to get nowhere in a lot of situations, you’ll get a response more often than you may think. Again, they were in your seat once too.

After receiving a yes, let the interviewer run point on picking the time and spot and try to be as flexible as possible. Remember, they are doing you the favor. Always push for an in-person interview rather than a phone call.

Do a background check

As with formal interviews, you’ll want to do as much research on the person as possible to help build a connection and ask the right questions. Find out where they went to school (if you are not fellow alumni), dig into their division, research recent deals they’ve worked on and any other details you can find.

Getting started

After some initial niceties, you’ll want to spend the rest of the time asking questions, and then responding to their answers in ways that reveal your understanding of and interest in the industry and company.

Believe it or not, they should be doing more of the talking, as the purpose – or veiled purpose – is for you to be learning from them. That said, be direct about what you are looking for (role, division, firm etc.) as to not waste their time. Bring a resume but don’t offer it unless they ask for a copy. Do not try to make this a job interview unless they take it that direction.

Next, divulge why you reached out to them specifically. “I am particularly interested in your advice because of your success in [insert function] at [insert company] which from all my research indicates…” Stern offers as one option.

Asking the right questions

One of the big keys to informational interviews is to make the questions personal. Make the interview about them. Bankers love to hear themselves speak. Inquire about their career progression, what it was like working for a particular CEO, their personal involvement in deals and their opinion on topical industry news. When they are done selling themselves, let them sell their bank.

Here’s a selection of questions that Stern suggests, depending on the situation:

  • What is the organization’s personality and management style?
  • How is the industry changing? How does your organization plan to adapt to those changes?
  • How does the company differ from its competitors?
  • What is the corporate culture?
  • How are project teams organized?
  • What kind of mobility opportunities exist within the company?
  • What part of the job do you find most challenging?


And at the end, steer the questions back to you. Here are some examples.

  • What educational preparation would you recommend for someone who wants to advance in this field?
  • What qualifications does your company seek in a new hire?
  • How do most people enter this profession?
  • Do you have any feedback after reviewing my resume (if they did)?
  • Taking into account my skills, education, and experience, what other career paths would you suggest I explore before making a final decision?


At the conclusion, thank them for their time and allow them the opportunity to provide any next steps. If they don’t, ask if you can stay in touch and keep them updated on your progress. Send a follow up thank you email.

If they provide you with any contacts, keep them apprised of how the meetings went and thank them again for the referral. If nothing concrete comes out of the meeting, keep the relationship active by forwarding them an article or blog that would pique their interest.

Then wash, rinse and repeat with as many people as you can, particularly if you don’t attend a target school and won’t have the opportunity for guaranteed interviews.