Breaking into investment banking with a non-target + mixed grades

Question

Hi everyone,

I recently decided that I really want to pursue Investment Banking full-time, ideally for 2026 off-cycle or graduate roles, and I’d really appreciate some honest feedback on how competitive my profile might be.

I’m studying at a semi-target university in Europe and my GPA is around 2.1 (UK scale: ~63%), which I know isn't considered outstanding for top banks. That said, I’ve tried to build strong experience around it:

internships in corporate finance and transaction advisory at two Big 4 firms
leadership roles in my university finance society
one summer internship at a mid-market private equity fund
strong technical prep (valuation, accounting, LBO basics)

I’m realistic that my grades might hold me back at the CV screening stage, so I’m trying to understand my chances before I double down on prep.

Based on your experience:

is it possible to land interviews at banks like J.P. Morgan, Morgan Stanley or Rothschild with a GPA in this range?
how much can networking / referrals compensate for weaker grades in Europe?
would applying to Big 4 Corporate Finance / TAS / Valuations first and lateralling into IB be a better strategy?

Thank you so much!

Answer 1

Hi there,

You're asking exactly the right things. A non-target background with mixed grades does make the process more competitive, but it does not rule you out, even at banks like J.P. Morgan, Morgan Stanley, or Rothschild.

Based on what I’ve seen, it is possible to land interviews at those firms with a GPA in that range, but the margin is thinner. Strong academics help at the screening stage, yet they are not the only factor. Candidates with relevant experience in corporate finance, transaction services, valuations, or small M&A or PE shops do get interviews, especially if their CV clearly shows analytical work and deal exposure. Outcomes also depend a lot on the office and hiring year.

Networking and referrals can help, but they are not a magic solution. In Europe, referrals rarely override a hard academic cutoff on their own. What they do is make sure your CV actually gets looked at and considered in a more holistic way. A strong referral combined with relevant experience can make a real difference, but it usually cannot fully compensate for weak grades.

Starting in Big 4 Corporate Finance, TAS, or Valuations can be a smart and realistic strategy. These roles are well recognised by banks and give you hands-on exposure to financial analysis and transaction work. Many candidates use them as stepping stones and later move into investment banking once they have built a stronger track record.

So yes, the path is tougher, but it is far from closed. With relevant experience, a well-positioned CV, and realistic expectations, candidates from non-targets with mixed grades do break into top investment banks.