No IB Offers? Here's What Actually Works Next
Recruiting didn't go your way. That sucks. But your finance career isn't over—it just takes a different path.
Goldman received 360,000 applications for internships in 2025. Under 1% got offers. You're not alone, and you're not a failure.
What NOT to Do
Before we talk about what works, let's eliminate the paths that don't lead anywhere.
Don't take a back office role thinking you'll transfer
Internal moves from ops to IB almost never happen at major banks. You'll get stuck.
Don't take a completely unrelated job
Working in marketing or retail for 2 years doesn't help. You'll just be 2 years behind.
Don't do nothing and 'recruit again next year'
A gap year with no relevant experience makes you less competitive, not more.
Don't spend $100K on a random Master's degree
A Master's in Finance from a no-name school doesn't fix the problem. Save the money for a real MBA later.
The Three Paths That Actually Work
Lateral from an Adjacent Role (1-2 Years)
Get a job in a related field, excel for 1-2 years, then lateral into IB. This is the most common path for people who didn't get IB directly.
Best lateral-in roles:
- Big 4 Transaction Advisory (TAS) — Direct deal experience, highest conversion rate
- Valuation / Due Diligence — Learn core IB skills
- Corporate Development — Work on M&A from the buy-side
- Corporate Banking / Leveraged Finance — Deal exposure, banker relationships
- Middle-Market PE / Search Funds — Can sometimes lateral back to banking
Delay Graduation / Master's at Same School
If you're still a student, you can buy yourself another recruiting cycle.
- Delay graduation by one semester — Re-recruit as a "junior" again
- Stay for a 1-year Master's — If your school offers one, you get another shot at campus recruiting
- Use the extra time — Get a relevant internship, improve technicals, expand network
Top MBA (The Reset Button)
A top MBA (M7/T15) lets you recruit for IB associate roles regardless of your undergrad experience. It's the most expensive option, but it works.
- Work 2-4 years first (ideally in a related role)
- Get into a top program (school ranking matters for IB recruiting)
- Recruit during your MBA for associate-level roles
Plot Twist: Maybe You Don't Need IB
Be honest: did you want IB, or did you want what IB leads to? If it's the latter, there are other paths.
If you wanted PE...
Some middle-market PE firms hire directly from undergrad or from non-IB roles. Growth equity firms are more flexible. You can also reach PE through corp dev, Big 4 TAS, or direct-to-MBA paths.
If you wanted high compensation...
Tech, consulting, and sales & trading can pay comparably. Senior corporate finance roles at F500 companies pay well with better hours. Don't assume IB is the only path to money.
If you wanted deal experience...
Corporate development, Big 4 TAS, and even some FP&A roles offer M&A exposure. You can work on deals without being an investment banker.
If you wanted prestige...
Honest question: is that a good reason to pursue a career? Prestige fades. Pick a path where you'll actually enjoy the work.
Realistic Timelines
Big 4 TAS → IB Lateral
1.5-2.5 years in TAS, then lateral. Total: 2-3 years.
Delay Graduation + Re-recruit
Extra semester or 1-year Master's. Total: 6 months - 1 year delay.
Work → MBA → IB Associate
2-4 years working, 2 years MBA. Total: 4-6 years.
Skip IB, go directly to target (e.g., corp dev → PE)
Varies. Can be faster than the IB route if you're strategic.
Need Help Repositioning for Your Next Move?
Whether you're targeting TAS, corp dev, or preparing to re-recruit, your resume needs to tell the right story.