Wall Street smarts

Morgan Stanley. JPMorgan Chase. Goldman Sachs. Perella Weinberg. Moelis. BlackRock. Those are just a few of the firms at which students in the Investment Baking Industry Scholars (IBIS) program intern and are employed.

Well over 90 percent of permanent jobs on Wall Street are offered to those who went through a summer internship the previous year or two.

— Werner Bonadurer, Clinical Professor of Finance

"IBIS supports students who are considering an investment banking career," says Clinical Professor of Finance Werner Bonadurer, faculty director for the program. "It's their stepping stone from ASU onto Wall Street."

The one-year, credit-eligible course is a targeted career program, which offers multiple dimensions to qualified undergrads. Students gain technical skills: arranging mergers and acquisitions, analyzing debt and equity capital markets, and advising on corporate finance, to name a few. Interacting on Wall Street, and exploring investment banking relationships with corporate and institutional clients, for instance, help build soft skills.

"Most of those things are not covered in regular coursework," Bonadurer says. "IBIS fills the gap.

"Investment banking is a very competitive business to get into," he continues, "with Wall Street companies receiving up to 15,000 applications just for internships, and there are few spots. Well over 90 percent of permanent jobs on Wall Street are offered to those who went through a summer internship the previous year or two."

Advice for students who want to apply for the highly competitive IBIS program which accepts about 15 percent of students who apply? Eli Schifman (BS Finance/Economics '19), a 2016 cohort member and student co-leader for the 2018 program says, "Prepare early and have a compelling reason why you are interested in it. Most people say they are interested but don't put the time in to prepare technically, which is one way to demonstrate interest. Also, reach out to alumni of the program."

Learn more about the Investment Banking Industry Scholars program.

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