How to Break Into Investment Banking from a Non-Target School? (2026 Guide)
- City Investment Training
- 5 days ago
- 5 min read
Step-by-Step Roadmap: Technical Skills, Mock Interviews, Networking Scripts, Cold Emails & More
At City Investment Training we have helped hundreds of students break into the front end of investment banking, private equity and equity research from non-target schools.
But the reality is simple:
💼 You must out-prepare students from target schools
💼 Your CV must look banking-ready
💼 Your networking game must be better than everyone else’s
💼 You must practice dozens of mock interviews
Table of Contents
What Is a Non-Target School in Investment Banking?
Can You Break into Investment Banking from a Non-Target?
Step 1: Build Your Technical Skills (FAST)
Step 2: Create a Banking-Ready CV
Step 3: Learn How to Network (with proven scripts)
Step 4: Cold Email Templates That Actually Work
Step 5: Practice Mock Interviews (Technical + Behavioural)
Step 6: What to Do If You Still Get Rejections
Step 7: Free Resources to Speed Up Your Journey
Final Thoughts
1. What Is a Non-Target School in Investment Banking?
A non-target school is any university where investment banks do not conduct structured recruitment presentations.
However, banks hire from all universities.If you develop the right skills and take strategic actions, you can absolutely compete with students from Oxford, LSE, Warwick, UCL, Imperial, Bocconi, etc. Investment Banking targets schools in the UK
University of Oxford
University of Cambridge
London School of Economics and Political Science (LSE)
University College London (UCL)
Imperial College London
University of Warwick
Investment Banking Semi-Target Schools in the UK
Durham University
University of Bristol
University of Nottingham
University of Bath
King’s College London (KCL)
University of Edinburgh
University of St Andrews
University of Manchester
University of Birmingham
University of Leeds
University of Exeter
Queen Mary University of London (QMUL)
City, University of London / Bayes Business School
Lancaster University
University of York
University of Southampton
2. Can You Break Into Investment Banking from a Non-Target?
Yes — easily, with the right strategy.
At City Investment Training, we see:
Tier-3 & Tier-4 university students beating target-school candidates
Non-targets landing Goldman Sachs, JP Morgan, Morgan Stanley
Students with average grades securing offers after building strong technical skills + networking
The formula works consistently.
Step 1: Build Your Technical Skills (FAST)
To stand out as a non-target candidate, you must show technical competence early.
Core technical areas you must master
Accounting fundamentals
Three-statement modelling
DCF modelling
Trading & transaction comps
LBO modelling (for PE roles)
M&A process & valuation logic
Tip: Add these directly to your CV under “Skills” and “Technical Training”.
Recommended (Free + Paid) Resources
City Investment Training – Free 2-Day Course:
CIT 8 week face to face course delivered by senior bankers Link:
Forage Virtual Internships
Step 2: Build a Banking-Ready CV
Most non-target students fail because their CV does not look banking-focused.
What your CV MUST include
✔️ Deal/project experience✔️ Finance-related internships (paid or unpaid)✔️ Financial modelling coursework✔️ Forage virtual experience programmes✔️ University investment society participation✔️ Quantifiable achievements
CV Checklist (ATS-Friendly)
One page only
Bullet points begin with action verbs
Numbers in every bullet
Remove anything irrelevant (retail jobs can stay ONLY if phrased correctly)
Example:“Performed DCF valuation on NVIDIA, projecting FCF sensitivity to revenue growth; presented investment thesis to 60+ students.”
SEO: investment banking cv tips, banking resume template UK
Step 3: Network Like a Top 1% Candidate
Recruiters rarely reject candidates who come via referrals.
Non-targets MUST network.
Networking Targets
Analysts who joined in the last 1–3 years
Associates who graduated from non-target universities
Alumni currently in IB
Boutique banks (best place to get interviews fast)
Networking Script (Proven & Short)
Subject: Quick question from a student interested in IB
Hi [Name],I hope you’re well. I’m a [Year] student at [University], and I’m very interested in investment banking. I noticed you also studied at a non-target university and successfully broke into the industry.
I’d really appreciate 10 minutes of your time to understand how you approached recruiting and what advice you might have for someone following a similar path.
Thank you in advance,[Your Name]
LinkedIn Message Script
Hi [Name], I saw your profile and would love to learn more about your experience in [Bank]. Would it be okay to ask you two quick questions about the IB recruitment process?
Step 4: Cold Email Templates That Actually Work
Cold emails get you more interviews than online applications — especially for boutique banks.
Cold Email Template for Boutique Banks
Subject: Interest in Investment Banking
Hi [Name], My name is [Your Name], and I’m currently a student at [University]. I’ve been building my modelling skills (DCF, comps, LBO) and completed several virtual internships in M&A. I’m very interested in gaining hands-on deal experience.
Would you be open to a short call, or could you direct me to the right person for internship opportunities?
Happy to share my CV.
Best regards,[Your Name]
Cold Email Template for Alumni
Subject: [University] → Investment Banking
Hi [Name], I’m a fellow [University] student hoping to follow a similar path into investment banking. I’d be extremely grateful for any guidance or insights on the recruitment process.
Would you have 10 minutes this week for a quick chat?
Thank you,[Your Name]
Step 5 — Mock Interviews (Technical + Behavioural)
This is where non-target students win.
Because you lack a brand-name university, you must interview better than everyone else.
Technical Questions You Must Master
Walk me through a DCF
How do you calculate WACC?
What is terminal value?
Walk me through an LBO
Why does debt make an LBO more attractive?
If depreicaiton increases by £5m, how does it flow through the three statements?
Behavioural Questions to Prepare For
Why investment banking?
Why our firm?
Tell me about a time you handled pressure
Walk me through your CV
Use AI for Mock Interviews
Tools like City Investment Training’s AI Coach can:
Ask real IB interview questions
Analyse your tone and delivery
Score your answers
Give instant corrections
This gives non-target students an edge that target-school students often do not use.
Step 6 — What to Do If You Still Get Rejections
Rejections are normal — even target students face 30–50 rejections.
If you are still struggling:
✔️ Build a Deal Project
Analyse a real M&A deal.Write a 2–3 page research note.Upload to LinkedIn.
✔️ Join University Finance Societies
Become Head of Research or Head of Valuations.
✔️ Do an Unpaid Internship at a Boutique Bank
These convert extremely well into full-time roles.
✔️ Take a Professional Training Program
Students from City Investment Training who were initially rejected went on to secure roles at GS, JP Morgan, MS, UBS and PE funds after taking our Full-time and 16-week part time training programs. 👉 Full TIme Analyst: https://www.cityinvestmenttraining.com/full-time-analyst
👉 Full TIme Analyst: https://www.cityinvestmenttraining.com/part-time-analyst-program
Step 7 — Additional Resources to Speed Up Your Journey
✔️ Free 2-Day Investment Banking Course
Learn DCF, modelling, CV structuring & networking. Link:
✔️ Forage Virtual Internships
Great for filling CV gaps quickly. 👉 https://www.theforage.com/
Final Thoughts — Non-Targets CAN Win
Breaking into investment banking from a non-target is not harder — it just requires a different strategy.
If you follow the steps above:
Build technical skills
Create a banking CV
Network aggressively
Use cold email templates
Practise mock interviews
Build projects to prove your interest
…you can absolutely land offers at elite banks.
Why City Investment Training?
90%+ placement rate into investment banking, private equity and asset management roles
Live, face-to-face training in London taught by former Goldman Sachs, Citi, Rothschild, HSBC and Barclays bankers
You don’t just “learn theory” – you build real financial models, valuation reports and stock pitches used in actual interviews
Small groups, personalised feedback on your CV, cover letter and interview performance
Step-by-step use of AI (ChatGPT, Perplexity, etc.) to research deals, build models faster and prepare for interviews more effectively
Proven track record helping non-target and Tier 3/4 students beat Oxbridge/LSE/Warwick candidates
Ongoing support: alumni network, WhatsApp groups, job alerts and mock interviews even after the program.
👉 Learn more about our 8-week and 16-week Investment Banking Analyst Programs here: https://www.cityinvestmenttraining.com/programs