How to Get an Investment Banking Offer from a Non‑Target
A concrete 12‑week plan: networking volume, technical drills, resume bullets, and mock interviews that stack into an offer.
The playbook if you're outside a target
Breaking into investment banking from a non‑target is not a mystery; it is a throughput problem. You need enough quality conversations, enough visible proof of work, and a weekly cadence that keeps your skills sharp while you move relationships forward. This guide gives you a concrete 12‑week plan that has worked for non‑target candidates we've coached. You'll build a small portfolio of deliverables, run a repeatable outreach loop, and practice with a rubric so your interview answers trend up every week.
12‑week timeline
| Weeks | Networking | Technical | Behavioral | Output |
|---|---|---|---|---|
| 1‑2 | Map 60 alumni/pros; send 30 tailored notes/wk | Accounting, 3‑stmt links | Clarity reps, 1‑minute answers | Resume tightened, story bullets |
| 3‑4 | 20 calls booked; referrals ask | DCF scaffold + comps | Ownership examples w/ numbers | Story bank, 5 polished bullets |
| 5‑6 | Regional boutiques + MM lists | LBO structure, sources/uses | Conflict/collab drills | Mock #1 with rubric |
| 7‑8 | Follow‑ups; thank‑you loops | WACC, sensitivities | Specificity coaching | Mock #2 + deltas |
| 9‑10 | Accelerate referrals | Market briefings weekly | Top‑line then details | Case library, punchy lines |
| 11‑12 | Superday prep pods | Integrated cases | Pressure mocks | Superday packet |
Build visible proof of work
Bankers respond to candidates who already act like analysts. Create a one‑pager you can attach to outreach and bring to calls. It should showcase three concrete items: a short sector briefing (drivers/risks), a DCF scaffold you can speak from, and a comps table for 8–12 peers. Keep it clean and focused; you want something the reader can scan in 60 seconds and immediately understand that you've done the work.
- Briefing: 150–200 words that state thesis → drivers → risks, with neutral sources
- DCF: list the exact steps and assumptions; add a small sensitivity table
- Comps: include tickers, EV/Sales, EV/EBITDA, growth; highlight two outliers
Outreach that gets replies
Your goal is 8–12 conversations per week. Use short, specific notes that reference the person's coverage, a deal they worked on, or an industry datapoint. Always attach your one‑pager so they can see evidence of effort.
- Subject: "Non‑target sophomore researching healthcare services — quick question on payer mix"
- Body: who you are (1 line), the specific question (1 line), and a 15‑minute ask (1 line)
- Follow‑up: 5 business days later with a new sentence showing progress ("Added teladoc comps; noticed X")
Technical reps that stick
Practice is only useful if it compounds. Do short, daily reps and score them. Speak your answer out loud, then write a crisp version you can use in interviews. Track your clarity/correctness/speed/structure scores weekly — small deltas add up.
- Daily (15 minutes): 1 DCF or LBO scaffold from memory; record yourself and review
- Weekly (60 minutes): one sector briefing you can deliver in 60–90 seconds, then defend
- Every two weeks: full mock with rubric; pick one dimension to improve next
What strong looks like
| Dimension | Strong | Common gap | Fix |
|---|---|---|---|
| Networking | Specific ask, clear work sample | Generic templates | Reference one of their deals; attach 1‑pager |
| Technical | Top‑line → steps → conclusion | Weeds first | Force a one‑sentence thesis |
| Behavioral | Numbers, role, outcome | Vague claims | "How did you know?" and "What changed?" |
Weekly cadence you can sustain
Plan for five short work blocks Monday–Friday and two longer blocks on the weekend. Protect the weekday evenings for calls and light reps. Use weekends to update your one‑pager, run a longer practice session, and queue next week's outreach. Consistency beats sprints.
- Mon–Fri: 30 minutes outreach + 15 minutes technical + 10 minutes behavioral
- Sat: 90 minutes deep work (update comps/briefing) + 30 minutes mock notes
- Sun: 45 minutes to queue messages and calendar holds for next week
FAQ
How many notes before I'm annoying? Two follow‑ups spaced 5 business days apart is fine if you add new value each time. After that, wait a month and share a new work sample.
What if I don't have alumni? Target second‑degree connections: people who share geography, sector interests, or clubs; reference something specific you learned from their public work.