Is getting an Masters degree in Finance a good way to enter the Investment banking business
Hi...I just needed some insights on this topic. I go to a non-target school and as we all know its pretty hard to step foot into IB...So i was just looking up some masters programs in Finance...I am a Computer Science major btw...I just looked into the MS in Computational Finance program at CMU and a couple of MS Finance programs (Boston College and couple others) and i was wondering whether banks recruit there actively...I did notice that quite a few hedgies recruit from there but I am not sure if they take in people without work experience, so my prime target is to get in as an analyst...i am thinking about this route since I am graduating from college in 3 years and started high school early as well...so not exactly loosing any time by putting in the extra work for MS...I haven't ruled out trying to get into IB directly after college, but just keeping other avenues open as well..so what is your take on that?
Well that is exactly what I will be doing (MSc in Finance and Accounting at the London School of Economics). I went to a public state school, and finished in 3 years, so I figured I might as well spend my fourth year in a masters program :)
The job prospects are relatively decent, Goldman recruits analysts for their M&A departments, and a bunch of other banks recruit from that program as well. What you need to do is get an internship with an I-bank, this way you might not even have to shell out the dough for an MSc, and just go directly into I-banking after your undergraduate studies.
A masters in finance is probably not as sought after as MBA's, and you'll most likely have to start at the analyst level if you even break into IB. I heard that it might help for those already in investment management (possibly preparing for the CFA) but that for IB it's not that helpful.
By the way, the MS in Computational Finance at CMU is actually financial engineering, not traditional (corporate) finance. If you had to choose between an MSF and MSFE, I would say that financial engineering has the edge, and your computer science background will definitely prepare you for it. Note that very few top schools in the country even have an MSF (or MFin) degree. I can only think of Princeton. It seems like it's a Europe type thing (LSE, LBS, Oxford, etc.) Financial engineering is available at many top U.S. schools, which might help you network your way in. Also remember that those are 2 years, so you definitely want to take that into consideration.
Hmm...MS in Computational Finance is actually 3 semesters with an internship component during the summer, so i think CMU gives you a lot of options in terms of job availability....I think that starting out at analyst wont be too much of a problem since I'll be that age even if i take a 2 year MS...but that aside, I am just worried of getting myself in no man's land...in other words a scenario where the banks don't recruit for analyst level since I am not an undergrad or over qualified and they dont recruit for associates since i have no work experience, this is my biggest concern...I feel that I would have to stick with programs available in the country since I am international, and I guess i have a decent Math,CS, Finance background from college so the Fin Engg. type program should be a good fit...but lets see..
Jacless has a good point, saying that financial engineering programs will give you more of an edge over the simple finance masters. However, I debated over that question for a long time (fin or fin eng.), and it is an undergrad professor who convinced me to go into fin. If you are in engineering your degree will qualify you for good research jobs, or you will be designing applications for traders.
The problem is that a lot of MSc programs are just pointless to do. I chose the LSE after careful considerations, and I had to really dig into the program and talk to alums to make sure I had a future.
So fin or fin eng? It depends of the school.
Well here's my two cents:
GO TO THE LONDON SCHOOL OF ECONOMICS. I know a ton of people there and they literally have an investment bank giving presentations every two weeks. Gays in Investment Banking, Goldman Sachs Women in Business, South Asian Traders, you name it! The recruiting for non-Ivy targets in North America is pathetic compared to what they have going on over there. I think we can all agree without becoming overly emotional that getting into IB without going to a top 20 school is very, very difficult. So that's why a lot of students from my uni in Canada go to LSE and do recruiting there. I've heard you learn jackshit, but you know what...who cares!
I've heard LSE's IB pedigree status has been tarnished after '08, while more opportunities have opened up to students at semi-targets (Warwick, UCL, Nottingham). Regardless, I guess I'd have a decent shot, so I really can't whine...
Btw, which Canadian school were you in?
EDIT: Just realized that I engaged in a massive thread resurrection.
Oh and by the way, the best programs are MSc. Finance & Economics, MSc. Finance & Acct (in that order).
But I personally know a girl who studied MSc. Socialogy and now works at GS...
Break into banking as a master student? (Originally Posted: 11/18/2012)
Hi all,
Is it possible to break into banking while doing masters degree? Since banking usually targets undergrad, the chance seems pretty slim. Are there any cases that people doing master degrees do get in?
I'm doing a masters degree now and I interned in a BB last summer. Does this help?
Any suggestion is greatly appreciated!
Tons. Equities research is full of them.
From personal experience, I would target WF. They seem to be the only bank that doesnt give a shit if you are undergrad or MSF.
Everyone else in the industry, minus 3-man boutiques, will not even consider you. (there are some exceptions, I found a few. But not many)
What was your internship in? What do you want to do (be more specific than "work for a bank")?
My internship was in IBD. It's a generalist program but I did more projects in capital markets.
It can be done, I know a guy who got his MSF got a trading gig at bb
Any chance for capital markets?
Definitely a chance. You wont be able to rely on campus recruiting though. You may get 1 or 2 interviews via straight resume drops (unless you go to a top MSF school like MIT, assuming you are doing an MSF), but you will have to make the majority of your opportunities by networking.
As stated above, it would e easier for you to go into research.
Honestly I'm not sure why you want to do IB after having done an internship in IB. I'd think that 3months of it would have scared you off
Master in Finance and Banking (Originally Posted: 03/12/2015)
Hello guys , i am one of those who want to pursue a master in uk. Main purpose is to live in uk and work in banking sector(investment). I have a strong Bachelor degree from the best Greek Uni (School of economics unknown though :P).I am going to start GMAT in a month and i have 2 interniships (4 months each) I want your wisdom for these programms: 1) Cass master in banking and international finance 2) Bath master in finance with banking 3)durham master in international banking and finance 4)manchester master in finance 5)strathckyde master in international banking and finance 6)edinburg banking and risk 7)warwick master in finance 8)reading (henley) master in securities investment and banking 9)Lancaster master in money banking and finance I know tha imperial and lse should be there but i dont have the money for these programms and warwick and cass kind of are my limits :) Please help me categorize because i know tha warwick is the best from that list. Thank you in advance
Sociology*
A friend of mine graduated school early got a similar degree that wasn't really finance related but still got a good job he thought about getting a fake college degree to use and help get a job but he didn't even need it.
???? anyone?
Warwick, Cass, Manchester
thank you my friend. whats your opinion about durham as i read that has strong business school
i think its good one..
omair
Warwick >>> Cass > Bath
In my humble opinion, the others doesn't worth being considered. If you get a strong gmat score (something around 700), then you'd have very good chances to be accepted at Warwick if your internships are relevant, you have a good story, good grades, etc.
There are many Greek students in Cass but I don't know why, scholarships maybe?. Find that out because London is a very expensive city.
i talked with a warwick's representative and he said tha if i get in, i have big chances taking a scholarship because of greece status ( :P) otherwise i can't give that money..my problem is whether bath or cass or unis of this calibre can give me good job prospectus..
Thx for that little feel good comment mrcanuck ;) The Fin & Econ is harder to get in, but some kid who finished the program told me that I-banks (especially M&A divisions) hire from the MSc Fin & Acct in particular. But who really cares, because both should give you decent chances of getting a good job.
Banks do not have a preference in terms of recruiting programs. Everyone from LSE has an excellent chance of getting in, there are students doing history and IR getting offers.
I agree 100%, going to the London School of Economics is always a smart decision. The school is a stone's throw away from the City (i.e. downtown), and recruiting at LSE tops Oxbridge any day. The only thing that is lacking (one could argue), is the brand name associated with Oxford/Cambridge. But if all you are trying to do is break in...who cares! Good luck with recruiting and know that you're making a good decision...
I think we completely missed the point.... I meant MS programs inside the US....actually do you think, just going for any MS degree like say MS Comp Sci, at an ivy or target school would help to get in as an analyst..
For the USA version of the '2 cents' offered above, GO TO PRINCETON MSC FINANCE
LOOK AT THEIR WEBSITE
For the USA version of the '2 cents' offered above, GO TO PRINCETON MSC FINANCE
LOOK AT THEIR WEBSITEMS computational finance at CMU (which is also hardcore)...Both the programs get a fair participation of hedge Funds, PE shops, S&T and I-banking (heavy on quant HF and trading)...but its hard to actually see a pattern of a particular business recruiting here...but i guess both the programs are pretty good... I am also looking into Boston College MS Finance, have no idea how well they are recruited though..
Anyone have any sense on how competitive admission to LSE is, specifically the MSc in Fin/Econ? I've got a ~3.6 in econ from a top public university, is that in range?
I'm doing a 3 week summer school course at LSE right now. I'd be pretty interested to hear how competitive getting into the Masters in Finance/Accounting program is also. Mrcanuck and others, can you tell us a little more about the path you or your friends took at LSE?
Well I know a lot of people who got in. I would say to get into MSc Accounting and Finance you need a 3.6+ from a 'reputable school'. So I know people from McGill, Cornell, Dartmouth, UVA, Emory who have around that GPA who got in to MSc Accounting and Finance. From England, you need a 2:1 (LSE, Imperial, Oxford, Cambridge) or a 1:1 (all others). GRE/GMAT scores need to be very competitive (think 93+ percentile)
MSc Finance and Economics is much tougher to get into, and is the most competitive course alongside MSc Applied Mathematics. I know people from Waterloo and McGill who got in, and they got in with a GPA of 3.75+ and a GRE/GMAT in the 95%+ range.
Given that recruiting from BOTH programs is pretty good, I don't know if the extra competitiveness to get into Finance/Econ over Accounting/Finance is worth it. I guess MAYBE one could argue that the Finance/Econ MSc's have a better shot at getting sales and trading roles...although I'm just speculating...
i come from a top bschool-ranked 3rd this year- (undergrad)in latin america ranked top or second of my class ( we see how i do next semester). The grading system in here is very tough. i have a 5.9 out of 70 right now.and >6.0 in the higher courses. But a 6.0 out of 7.0 is what, like an 80%??? what about the GRE scores, they want high Quant scores for the GRE right? i did a practice test and it was easy, i got a 800. i havent checked the verbal sec but i dont think i can pull a 600, no way.
but god, if i dont get in then no one from my uni or country can. thanks a lot mrcanuck, now i am all worried.hahahha
I looked into their program and it has some good recruiting to it, also looked up the MS computational finance at CMU (which is also hardcore)...Both the programs get a fair participation of hedge Funds, PE shops, S&T and I-banking (heavy on quant HF and trading)...but its hard to actually see a pattern of a particular business recruiting here...but i guess both the programs are pretty good... I am also looking into Boston College MS Finance, have no idea how well they are recruited though..
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