A career in finance offers many benefits: It tends to pay well, is prestigious, and can lead to a jet-setting lifestyle. Breaking in, however, can require years of toil, planning, and determination.

Say you want to be an investment banker who advises tech giants on corporate acquisitions: You will probably want to start applying for internships in your sophomore year of undergrad. Getting an internship, meanwhile, may mean getting into the right campus clubs as early as freshman year.

Complicating matters, the path to a job in finance is not as straightforward as it once was. There are now many more opportunities to start training with hedge funds and corporate buyout firms in college or upon graduation. Navigating these pathways, however, requires even more planning and labor.

This is the latest in a series of stories exploring the paths to a career in finance, how they are changing (due in part to the growth of hedge funds and private equity), and how these shifts are affecting young people and the industry.

In this story, Business Insider has compiled an interactive guide breaking down some of the paths one might take to work in investment banking, hedge funds, or private equity — some of the top career paths of today's young people. The guide harks back to the choose-your-own-adventure books you might remember from your childhood: Didn't apply for an investment banking internship in your sophomore year? Here's what you can do next, etc.

Give it a spin! And please let us know what you think by reaching out to our junior banker reporter Emmalyse Brownstein, who can be reached via email at [email protected], or the encrypted app Signal/SMS at (305) 857-5516.

Want to share your career path with us? Fill out this quick form.

This story was researched and written by Kaja Whitehouse with the help of Michelle Abrego, Emmalyse Brownstein, Bradley Saacks, and Alex Nicoll. Interactive development by Annie Fu. Illustrations: Getty Images; Alyssa Powell.

• I'm a first-generation graduate student who enrolled in Columbia Journalism School.
• While there, some of my classmates were rich and didn't have to work part-time like I did.
• I struggled to fit in with the richer students, but they motivated me.

Most of my peers were jet-lagged, but I was too excited to sleep.

My Columbia University journalism school classmates and I were on a 10-day trip to Ireland for our "Covering Religion" class. We would soon meet and interview people of all faiths, spending time at churches, synagogues, mosques, and a Buddhist retreat. We'd speak to Sikhs, Protestants, Catholics, Hare Krishnas, and even the then-president of Ireland, Mary McAleese.

While my upper-middle-class peers had traveled to Europe and across the globe, my trip to the Emerald Isle in March 2009 was my first time on a new continent and only the second foreign country I had visited.

So, when my classmates and I left the airport and hopped on a charter bus to start our journey, I couldn't contain my excitement.

"I've only ever been to Canada and a handful of states," I told my seatmate, who was surprised that I had only ever visited one country.

At the time, I was a reporter at a newspaper, earning $34,000 a year before taxes and living with my parents to make ends meet. However, it still wasn't enough to cover my commuting expenses and other bills. I could never measure up to some of my Ivy League classmates.

I come from a family with not a lot of money

While my graduate school was filled with people from all different backgrounds, I found that some of my Columbia classmates took a year off to attend graduate school full time. Meanwhile, I had to continue working and attending school part-time. I couldn't afford to take an entire year off and risk not getting a job immediately after graduating — not to mention dealing with loans and interest payments.

As a first-generation graduate student, I didn't come from money. At the time, my mother was retired and living off a modest pension.

During my undergraduate years at Rutgers University in New Brunswick, New Jersey, there was more of a sense of parity between my peers and me. Many of the people in my friend group and I met during the summer of 2001 at an Educational Opportunity Fund program session. The program provides financial assistance and support services for kids like me who come from economically disadvantaged backgrounds.

Several of my friends and I worked on-campus jobs to help cover the costs of what EOF and other scholarships didn't cover. Many of us stayed in the tri-state area during the summers and either worked or took extra classes. I did both.

Many of my classmates were also from different parts of New Jersey with similar stories: We were either from immigrant families, the first in our families to go to college, or both.

I struggled to fit in with my Columbia classmates

By contrast, I experienced culture shock when I enrolled at Columbia University's Graduate School of Journalism.

While there were some students like me, many others I met in grad school came from wealthy backgrounds. Some were even children of diplomats. For the first time, I had classmates from all over the country and the world.

It wasn't necessarily a bad thing. Whereas at Rutgers, I would have theoretical discussions about journalism in certain European countries, at Columbia, I'd have real-world talks with classmates from France, Germany, and other locations about what constitutes media objectivity.

But we struggled to connect beyond our shared interest in media. Most of my classmates used the word "summer" as a verb. I typically avoided talking about nonexistent upcoming vacations that would call out my socioeconomic status.

I'm now living the life I've always dreamed of

I'm 41, and over a decade after earning my graduate degree, I've paid off most of my debt.

I also allocate a significant portion of my disposable income toward traveling. Since then, I've visited all 50 states, 25 countries, and counting.

I'm happy to finally be financially able to travel to faraway places, but a huge part of me still feels like that working-class girl scraping to get by.

Carmen Cusido is a Cuban-American writer based in northern New Jersey.

• Recent MBA graduates are having a harder time finding jobs than a couple of years ago.
• A white-collar hiring slowdown has impacted MBA graduates at schools like Harvard, Yale, and Stanford.
• We asked economists whether the hiring landscape could improve in the years to come.

The white-collar job market has gotten so competitive, that even MBA graduates — once thought of as having a leg up in hiring — are struggling to land jobs. Their troubles could stick around for a while.

Since July, Joshua has worked at Starbucks while he looks for a marketing job. In the fall of 2023, his contract position at PlayStation was cut and, despite working with a recruiting agency, he still hasn't landed a job in his chosen industry.

"I'm an MBA graduate in his 30s, living paycheck to paycheck, watching what feels like the rest of my colleagues and classmates move forward with their lives," said Joshua, who earned his business degree from Santa Clara University in 2021. His last name is known to BI but is being withheld due to fear of professional repercussions.

Job acceptance rates at some of the top business schools have declined in recent years. Much of it likely has to do with a slowdown in white-collar hiring overall, but other evidence suggests companies are hiring fewer MBAs. After all, they may require a higher salary than their peers at a time when companies are pivoting to invest in technology that promises to do the job cheaper than any human — no matter their degree level.

MBA graduates' job-acceptance rates are down in a slowing job market

Business Insider looked at the job acceptance rates three months post-graduation at the top 15 business schools from US News and World Report's 2024 ranking — and focused on the nine MBA programs with publicly available data going back eight years and Harvard, with data going back six years.

At eight of the 10 schools, the class of 2024's job acceptance rate was the lowest.

Economists told BI that elevated interest rates and companies' investments in artificial intelligence are among the factors that have led to slower hiring for MBA graduates.

Gracy Sarkissian, associate dean of Columbia University's career management center, said that while the three-month post-graduation job acceptance rate for the school's MBA graduates fell in 2023, employment reached pre-pandemic levels by the end of the year.

Dartmouth, Yale, Stanford, MIT, Dartmouth, the University of Michigan, the University of Pennsylvania, and the University of Virginia didn't respond to requests for comment. Duke and Harvard declined to comment.

The usual suspects for MBA hiring — consulting firms and Big Tech — are hiring fewer of them, the Wall Street Journal reported in January.

It's all part of an overall hiring slowdown. US businesses are hiring at nearly the lowest rate since 2013, per Bureau of Labor Statistics data.

While the overall US unemployment rate remains low compared to historical levels, many people who need a job are dealing with a considerably tougher market than a few years ago.

Are you an MBA graduate looking for a job? Are you comfortable sharing your story with a reporter? Please fill out this form.

Higher interest rates and economic uncertainty have slowed hiring for white-collar roles

Elevated interest rates have contributed to slower hiring in industries such as finance, tech, and consulting — sectors that attract many MBA grads, Kory Kantenga, head of economics, Americas at LinkedIn, told BI. Instead, healthcare, government, and hospitality have been dominating hiring since 2023.

In addition to higher interest rates, uncertainty about Trump administration policies and the impacts of AI have led some businesses to be more cautious about expanding their workforces, said Audrey Guo, an assistant professor of economics at Santa Clara University. She added tech companies that hired workers in droves during the pandemic — only to lay off many workers in recent years — may be looking to avoid this cycle in the current climate.

Allison Shrivastava, an economist with the Indeed Hiring Lab, said some companies could be slowing hiring because they're waiting to see if the economy can stick a "soft landing" — in which inflation comes down, the unemployment rate doesn't spike, and a recession is avoided. She said job openings for finance and tech roles on Indeed have fallen considerably from their peaks in 2022, to below levels seen in February 2020.

"If I were looking for a job in banking and finance or software development, I would expect it to definitely take longer than it did in 2022," Shrivastava said.

Finding work can be challenging even in sectors with more job openings. This includes management roles, where openings listed on Indeed are roughly 9% higher than they were in February 2020.

Dan Trujillo is trying to find one of those management roles. He was laid off in January from his role as a director of customer experience at a manufacturing company. He earned his Executive MBA from the University of Colorado a year earlier and said he struggled to land his previous job. "I applied to somewhere between 25 and 30 positions without ever hearing anything back other than a rejection email," said Trujillo, who's in his mid-40s and based in the Denver area.

Guo said some employers could be slowing hiring as they monitor the potential of AI tools in the workplace. Additionally, some companies' significant investments in AI could also be leaving them with less money to put toward hiring workers.

"I think the roles where we're seeing the biggest declines in demand now tend to be the ones that have really high returns to using AI," said Lisa Simon, chief economist at the workforce analytics company Revelio Labs. She cited software engineers and data analysts as two examples.

Rate cuts and an uptick in retirements could help job seekers

Looking ahead, Kantenga said that future Federal Reserve interest rate cuts could help improve labor market conditions for MBA graduates. CME FedWatch, which projects interest-rate changes based on market activity, forecasts a nearly 84% chance rates will be lower by the end of the year. However, Kantenga said uncertainties tied to the Trump administration could lead some employers to slow hiring until they have a clearer sense of what policies will be implemented.

Additionally, some changes to the current labor market could work in the favor of MBA graduates. Satyam Panday, chief US and Canada economist at S&P Global Ratings, said that an uptick in baby boomer retirements in the coming years could create a gap in the workforce that AI likely won't be able to fill — which could make it easier for some MBA graduates to find work. While some companies may be able to get by with fewer workers, Guo said they'll still need to invest in their leaders of the future.

"Companies will need to think about how to still preserve a pipeline of new workers so that, eventually, when the senior people retire or need to be replaced, there still is some pipeline of people with that experience," she said.

• As a graduate student at Stanford, Alex Yin, 32, had to decide between two internship opportunities
• He chose an internship in Bhutan, even though it was less relevant to his career.
• During his monthlong stint as an IT consultant, he learned how to grow from discomfort.

This as-told-to essay is based on a conversation with Alex Yin, 32, an options trader from New Jersey. He graduated from Stanford Graduate School of Business in June. The following has been edited for length and clarity.

As a Stanford Graduate School of Business student, deciding where to intern was tough.

I had two offers under the school's international program, the Global Management Immersion Experience. In order to graduate, fulfilling this program is required — either through the work abroad program or by taking a course on international business.

My first option was to work for a family office in Madrid, analyzing various investments. I had studied finance and statistics undergrad at New York University and had spent seven years in Chicago trading options at a large firm. It seemed like a natural fit and could be useful for anything I wanted to do in the future.

But I also had a second offer — a monthlong internship as an IT consultant at a hazelnut farm in Bhutan.

I had wanted to go to Bhutan ever since I went on vacation to Tibet when I was 17. It was such a magical place, and I wanted to return to a similar environment. I also knew it was a difficult country for visitors to visit as the government limits tourism.

It was a battle between my heart and my head. My heart was screaming, "Go to Bhutan! It doesn't matter what the job or company is. It's a cool opportunity."

Usually, I trust my head, but for this, I just listened to my heart.

I took the second offer

In August 2023, I flew 14 hours from New York to New Delhi and another five hours to Bhutan.

On the night I arrived, I met the CEO of Mountain Hazelnuts — an eccentric and friendly British man. The next morning, he took me to Tiger's Nest, an iconic monastery in Bhutan. It was an intense two-hour hike with steep and muddy trails.

Before the trip, I told myself I wouldn't care how uncomfortable it was and that I could spend a month without complaining. But it was day two, and I was like, "Wow, this is not easy. It's hot. I'm sweaty. There's a lot of poop around me. I'm about to fall." Still, I pushed through, and it was a magical experience at the top.

Later, we took a 16-hour car ride to Lingmethang, a small town in the eastern part of Bhutan, where I would work. I stayed in a three-bedroom home above the corporate office.

My week was divided between days in the office and field visits. As an IT consultant, my job responsibility was to manage a very limited IT budget and improve the security of their backup systems.

There was a point when I realized I'd actually never done any of this stuff before. "Am I qualified for the role?" I wondered to myself.

However, I learned that you can achieve a lot if you spend your time fully focused on solving a problem, even if you haven't had that direct experience before.

After work, I'd go to the village, drink a beer, and eat some momos, a type of dumpling, with my colleagues. They were locals between the ages of 25 and 45, and could all speak English well. I had to adjust to the simplicity, but I really appreciated it after a year at Stanford, where social events were nonstop.

Growing from discomfort

My biggest takeaway was that transitioning from a comfortable to an uncomfortable state isn't easy. But once you're in that uncomfortable state, it's pretty easy to maintain it.

In the village, I didn't have a lot of creature comforts. I had a pretty spartan life. But I was just as happy there, without the technology and distractions I had in Palo Alto. It's such a beautiful place that I didn't feel bored.

At night, I'd fend off mosquitoes, as locals don't kill them. I ran out of mosquito repellent in the first week, which was hard. The food also took a bit of getting used to, as it was mostly vegetarian.

Now, I live in New Jersey and am back in options trading. Although the internship was not entirely relevant to my career, it helped me gain confidence that if I try my best to solve a problem, I can still accomplish something.

I also appreciated how cohesive the company in Bhutan was. Although it wasn't doing well, everyone wanted to contribute their best. They held company barbecues where people would bring their families, dance, and sing into the night. I never heard anyone complaining during my time there.

I have found that this cohesiveness is hard to find in the US, where firms incentivize loyalty with money. I'd like to apply that to my future work places.

I will never regret choosing Bhutan, and I plan to return for a visit at some point.

• Nicole Echeverria felt unsafe in the US and wanted to try living abroad.
• She applied for graduate school because she thought getting a student visa would be easier.
• She now lives and works remotely from Nazaré, a beach town an hour and a half from Lisbon.

This as-told-to essay is based on a conversation with Nicole Echeverria, 31, who moved from New York to Portugal in 2019. The following has been edited for length and clarity.

I'd had the itch to try living abroad for some time.

I grew up in New York, graduated from the University of Michigan with a bachelor's degree in economics in 2015, and then moved to Boston for work.

After the 2016 elections, I began to feel anxious about my safety. That's when I started seriously considering moving abroad. I just needed to find the right opportunity.

I knew a student visa would make it easier to move, so I thought, why don't I apply to graduate school abroad?

Most people think graduate school is only worth it if it can propel their careers forward. However, I saw it as a way to gain valuable life experience and keep me in the same career field.

I had a few requirements: The degree had to be business-related, taught in English, and American-accredited. It also had to be in a country with a lower cost of living so that I could pay for my degree without taking loans.

In the winter of 2018, I found the right program. It was a two-year Masters of Science in Business program at Católica Lisbon School of Business & Economics.

At that time, the program cost around 14,300 euros, which I had in savings.

I left Boston, where I had been working in content marketing, and moved back home to live with my parents in Long Island. For nine months, I focused on saving up as much as possible while commuting to New York City for work.

In August 2019, I moved to Lisbon. Although I had traveled to other parts of Europe, I had never visited Portugal. I went purely on the faith that if I wasn't happy there, I'd return to New York once I graduated.

I got really lucky that I ended up loving it. Lisbon instantly gave me a Los Angeles vibe. The weather was hot, but the beaches were beautiful. Everyone had a relaxed attitude, and people weren't on edge like they were in New York.

I didn't intend to stay

Around half a year into my program, the pandemic struck, and everything went remote. Many of my international classmates returned to their home countries. That's when I was faced with the question: Do I want to go back to New York?

Back in the US, I was always hyperaware of gun violence. Anything could happen walking in the streets of Manhattan, for example. A crazy person could approach you, and you just have to keep walking. It also looks like it's gotten worse, with incidents of women getting assaulted on the streets.

As hard as it was to be away from my family and close friends, prioritizing my health and safety was worth the loneliness of moving abroad. I felt less anxious about safety in Portugal, which solidified my decision to stay.

Portugal has a post-graduation work visa that grants international students a year of residence to find employment. After being on the visa for a year, I registered as a freelancer on a regular work permit and have worked as a social media manager since.

My family was surprised by my decision to stay. My dad told me that when my grandparents ask about me, he has to remind them that I live in another country now. But I still return a few times a year for Christmas or special occasions.

I'm planning a wedding in Portugal

In 2022, I met my fiancé through TikTok. He's Portuguese and commented on one of my videos. After two years, we moved in together in Nazaré, a beach town an hour and a half away from Lisbon.

We're planning our wedding in Portugal for August next year. We picked a venue an hour and a half away from Porto in the countryside. It's a gorgeous historic building built in the 1700s, and we're super excited about it.

The venue will cost $3,500 for a two-day rental, offering us the chance to have an affordable wedding.

Sometimes, I tease my fiancé with the idea that once I get my Portuguese passport, we can move to Greece or elsewhere in Europe.

For now, we dream of living in Lisbon and having a summer vacation house in Greece. From the relaxed way of life, lower cost of living, and the fact that I can work remotely as a freelancer, it just makes more sense to have my life here.

I'm definitely planning on staying for the long term.