Diversity Programs for Investment Banking

Investment banking firms offer many diversity programs to encourage under-represented groups to consider a career in Investment Banking. These programs range from single-day info-sessions to week-long conferences and full summer internship programs. Many diversity programs are open to freshmen, sophomores, and juniors of various under-represented backgrounds including but not limited to: women, first-generation, Black, Hispanic/Latino, Native American, LGBT, disabilities, veterans. There is a lot of range in terms of the focus of the diversity programs with some emphasizing leadership and others focusing specifically on IB.

“I would definitely recommend applying to diversity programs, even if you’re not sure about banking. Sometimes the perception of finance and banking on campus can be skewed when all your information is secondhand. These are a great chance to actually meet people in the industry and see their offices, not to mention covered travel and hotel costs, which are a nice perk.”

- Harvard Class of 2021, attended Barclays diversity program

Many diversity programs will include an introduction to the industry and firm, with presentations, Q&A panels, and networking opportunities with a range of employees from analysts to MDs. Most of them also include first round interviews or even superdays for internships as well.

“I got my offer after a diversity program in March 2019, over a year before the actual internship would begin.”

- Harvard Class of 2021, attended Morgan Stanley diversity program

The Application Process

“Each firm usually only selects a handful of people for each diversity program from Harvard, so the process can be a bit competitive. The process normally includes a Hirevue (usually not technical) and a resume submission. I think the best way to stand out is to clearly distinguish yourself based on your experiences and why you’re interested in attending the diversity program.” ​

- Harvard Class of 2021, attended BofA diversity program

Online Resources for Private Equity

Interested in learning more about private equity? Many resources for investment banking pertain to private equity as well. Here's a list of more PE-focused resources to help you get more acquainted with the industry in time for recruiting season!

• Vault Career Guide to Private Equity, free for Harvard students

• Vault Guide to Private Equity Jobs, free for Harvard students

• Wall Street Oasis' Private Equity Forum

• High Finance Graduate's Introduction to Private Equity PE

Many of the guides we recommended in the investment banking section are relevant to preparation for private equity interviews. These interviews tend to be highly technical and case-study based. This means that both the “basic” and “advanced” sections of these guides must be mastered. In addition, the most common type of case-study is in relation to an LBO model. You will most likely be asked to create a “Paper LBO” model. Different firms will allot different amounts of time to complete these models. They can range from 30-minutes, an hour, two hours, or even send you materials for you to complete a week before or after your interview.

• LBO Model Interview Questions: What to Expect

• Private Equity Interview Questions and Answers

There are many resources regarding this topic in PE-focused guides as a part of Wall Street Oasis and Breaking into Wall Street.

Succeeding in Private Equity

The following is a list we compiled of the skills you need in order to succeed in private equity:

Quantitative Skills

Private equity is all about valuing companies and seeing if they would get a good return if you buy this company. As you might imagine, that requires a lot of quantitative skills, which is where Investment Banking prepares you very well, as you are doing a lot of modeling as an analyst.

Critical Thinking Skills

Private equity is also very strategic. Once you buy the company, you have to think about how to make it more profitable. This requires a lot of critical thinking and many of the skills you would get from Consulting and the advisory side of Investment Banking. Even as an analyst, you are encouraged to provide insights on why this may be a good/bad investment, how to make the portfolio company more profitable, etc.

Communication and Presentation Skills

At the end of the day, like any other job in finance/business, Private Equity is people-driven. If you cannot communicate or present well to your client, they will not trust you to buy their company and you will not be able to lead them effectively. These are also skills gained from working in another industry first.