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Is Investment Banking realistic without an IB internship?

Has anyone here landed an Investment Banking role without having completed an IB internship beforehand? I'd love to hear how you prepared! Thanks

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Denis
Coach
edited on Jul 21, 2026
Mid-Cap Private Equity | Ex-H.I.G. Capital | Ex-Goldman Sachs Investment Banker NYC | Ex-Bain & Co. | MBA Chicago Booth

Depends on the Geo and the market condition; given where buyouts/M&As are at the moment, we are unfortunately in a Employer Market (i.e. they hold the power).

I have not see frequent moves into IB without a previous IB internship. Given the plethora of M&A advisors out there, most Tier 1-3 banks expect/appreciate demonstrating interest through having completed an internship beforehand. 

Surely there are fringe cases when you have certain logos/names on your CV (e.g. moving from MBB full time to IB full time or moving to IB with previous PE internships).