You have completed four years of college, taken all of the finance and economics classes you can stand and gained some practical work experience within the finance industry in the hopes of working for a boutique or well known bulge bracket firm. So, what can you really expect? Here is some information to help you break into the coveted investment-banking arena:

What they are looking for: As a member of an investment bank, you can expect to do a lot of research. Oftentimes candidates are hired after completing an internship with a firm. Many firms do not require a financial background but look for young people with drive, determination and potential. Firms look to shape their candidates and are interested in those that are passionate about the financial markets, exhibit personal commitment, and strong academic performance.

Preparing for the Interview: Investment banking firms (like all companies) really appreciate candidates that understand the corporate culture. In fact, this understanding is even more important within the banking environment. Many firms encourage interaction with former interns and existing employees to get a real sense of the interviewing and hiring process. The first interview with a firm will generally be more of an overview of previous experiences and determination of fit within the organization. Subsequent interviews will be more technical in nature, including a candidate’s understanding of general financial principles and practices.

The Analyst Experience: As an analyst you will likely do a lot of research. While you build your internal network through interactions with your peers and superiors, you will also be challenged to complete projects on your own. A big part of working within a firm is interacting with internal and external clients and the firm’s experts. Make no mistake though – you will work – long and hard. There are many late nights in investment banking. Some days you might find yourself working on pitchbooks and other times you might find yourself formatting an Excel spreadsheet. Like many professions, there is a rite of passage that you will have to endure as you claw your way up the food chain.

Show me the Money: As a first year analyst the starting salaries for those with a bachelor’s degree after bonus range from $60,000 to $70,000. While it is no doubt harder to break into the industry now due to the economic downturn, there are firms that are hiring. Consider focusing your efforts on the boutique firms, since they have not been as impacted by the financial crisis. It might take a bit longer, and you might need to bite the salary bullet a little bit, but over the long-term the markets rebound, and so too will your compensation.

It definitely requires diligence, commitment, and long nights when you are starting out. The world of investment banking is dynamic and highly challenging, to say the least. You can become involved in multi-billion dollar high stakes deals. Early on you will need to take direction well, pay close attention to the details, and generally be willing to do whatever it takes to get the job done.