hello, was browsing through this thread and saw there are couple of misconceptions around the IBD industry.

There was a comment about hard work trumping networking ability, I would say by and large this is right. Unless your parents are C-suite at a major corporate client, most people 'break in' through sheer grit, hard work (studying like crazy for interviews, racking up internships and the like), and of course a little bit of luck.

Even if your parents are hotshots, the major banks have very bureaucratic hiring systems which act as a filter against hiring if you have a close relation to a major existing client, due to issues with conflict of interest. I think only boutiques (Evercore, Greenhill etc.) have leeway to work around those restrictions.

Personally, I'm a second year analyst a tier-1 BB bank - happy to answer any questions to clear up the mystery shrouding this sector.