Profile assessment and advice for pushing into IB positions after career switch! (Law -> Big 4 SaT -> IB)

Hello Guys,

I recently made a career switch from business law into finance.

I really enjoy the process so far, howevery I feel a little lost in the process.

I feel like I don‘t know how to play the „game“ right, given my current status. Whats a good (realistic) next career step? Should I focus on my GMAT and Masters/CFA/MBA and stay with my Big4 Strategy and Transactions position for now? Should I try applying for Internships in that position? Which Masters or Internships would even be realistic as a next step with my profile? 
I just feel like I would need some general guidance and orientation on what would be realisitc and benefitial next steps for pushing into Investment Banking positions (Frankfurt or London).

I‘m aware I unfortunately don't have the strongest profile, but I‘m trying to make the best out of my career switch!

To briefly introduce myself: I completed 50% of my studies in Business Law at WU in Vienna (Austria) before having to switch to a "non-target" university due to COVID. I'm on track to complete my LL.B with a GPA between 2.0-2.3.( equivalent to a uk 2:1) have one year of experience working in a major law firm specializing in business law, a 2-month internship at a small local consulting firm, and a 2-month internship with a German venture capital/PE fund. Currently, I'm working in Financial Modeling within the Strategy & Transactions division at a Big 4 firm. I plan to take the GMAT this year and aim for a score of 700+ (based on practice tests). I'm also studying Law in parallel, but I'm not sure if I'll complete it as I'm much more interested in finance, and I'm enjoying my career switch so far!

Thank you very much in advance! 

 

Hey there, future master of the universe!

First off, kudos on making the leap from law to finance – that's no small feat! Now, let's strategize your next moves on the chessboard of high finance. Here's a game plan tailored for you:

  1. GMAT & Further Education: You're on the right track aiming for a 700+ on the GMAT. A strong score can open doors to top-tier business schools, which is a classic move for breaking into investment banking (IB). Consider an MBA or a specialized Master's in Finance. Both can be powerful catalysts for a career in IB, especially in competitive markets like Frankfurt and London.

  2. CFA Consideration: The Chartered Financial Analyst (CFA) credential is the Excalibur for investment professionals. It's rigorous but can give you an edge, especially in areas like equity research or asset management. For IB, it's less critical but still a feather in your cap.

  3. Leverage Big 4 Experience: Your current role in Strategy and Transactions is a solid foundation. Focus on mastering financial modeling and understanding transaction dynamics. This experience is directly transferable to IB.

  4. Networking: Start building your network yesterday! Connect with alumni, attend industry events, and reach out to professionals in IB. The Big 4 brand on your CV can be a great conversation starter.

  5. Internships: If you can snag an internship in IB, that's gold. It's a direct line to full-time offers. Your background is unique, and that can be a plus – use it to stand out.

  6. Profile Polish: Keep working on your CV and LinkedIn profile. Highlight transferable skills from law, like attention to detail and complex problem-solving.

  7. Interview Prep: Start prepping for IB interviews. Know your technicals, practice your behavioral answers, and be ready to explain your career switch compellingly.

  8. Realistic Steps: Short-term, focus on excelling at your Big 4 role and nailing the GMAT. Long-term, aim for a top-tier Master's program or MBA. Internships in IB would be a cherry on top.

Remember, the world of finance loves a gritty underdog story. Use your unique journey to your advantage, and don't forget to enjoy the ride!

If you need more detailed advice or resources, the WSO forums are a treasure trove of wisdom. Dive in, and you'll find plenty of guidance from folks who've navigated similar waters.

Good luck, and may the finance gods be ever in your favor!

Sources: A Guide for Switching From Commercial Banking to Investment Banking, leaving IB, next steps..., The Case for Taking a Banking Attitude to Other Industries, To anyone considering an MBA, Advice on career and the switch into investment banking

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 
Most Helpful

I'm not sure if I got you right, but you need any diploma, let it be BA in Law, but you need something to be taken seriously (this is regarding your comment that you are not sure if you will complete your degree). Secondly, you are lucky you are working in Austria, because speaking from my British perspective, it would be impossible to work part-time in Big4, let alone for a Law student to do valuations. This said, if you want to break into London, the safest route is to do Master's. There are some WU grads working in London, so you don't need to travel to the UK for your Master's. I'd actually argue it might be better to complete a Finance Master's at WU and continue working part-time in valuations vs going to the UK for MSc. Bear in mind you won't be able to work part-time in the UK in finance because such a thing doesn't exist here, and the application process starts in August/September each year so you need a relevant experience to this date. I guess the experience you already have could be sufficient for an internship, but you would be in a disadvantage because of your non-target. 

 

Hey! 
First of all, thanks for your reply!

Oh yeah, I‘ll definitely finish my Degree 😅 

Actually my last exam is next week, in my post, I was referring to my law degree, where im not sure if I‘m gonna finish it.

Im currently studying business law AND law, so thats probably where the confusion is at.

Also thank you for your advice!

I mean „part-time“ as part-time as it gets in finance 😅 But yeah, I‘m very fortunate about this opportunity. Im just not too sure about the WU Master. When you say, I can push to London, do you still refer to Big4 but in London, or are you talking about Banking Positions? I think the bigger opportunities (like BB, EB) will probably be over for me

for that life, but might MM in London still be realistic?

Also speaking of the internships, what do you think might be realistic to apply for?

Thank you in advance! 🙏🏼

 

Ah that's okay, it just wasn't clear from your post. You just need one Bachelor's degree, so completing the second one is totally up to you in my opinion. 

I don't know how things work in Frankfurt, so let me comment on London. In the UK, including London, Big4 pay peanuts, so going there doesn't make much sense. I am actually assuming you might be paid more than British employees in their graduate roles. Part-time work for students does exist in retail, coffee chains (so industries that have wages). Therefore, industries such as Finance and Business that pay salaries in general don't offer part-time positions to anyone studying - there might be some exceptions with smaller firms but normally students gain experience only during summer internships. 

As I understand you will get your legal diploma from a non-target which automatically puts you at a disadvantage and I don't think you will be able to get any internship with that, sorry. Of course, you can try as it doesn't hurt applying but be prepared for rejections from both BB/EB and MM. The job market is messed up atm and I'm afraid it won't get much better, rather the opposite considering the low amount of return FT offers given and other factors. In my opinion, you should be aiming at an internship but as a Finance student. Go through targets, there are some in Germany plus WU which I'm aware of. Alternatively there is RSM in the Netherlands which is highly valued in London, but the recruitment process for Finance and Investments 2024-25 is already closed (though for MSc Finance and Accounting is not). I'm arguing against British unis unless you are very rich and can afford paying around 60K GBP for a year including the living cost. I personally find it too risky to spend such an amount of money without knowing if the money you spend really give you the job you want. In general, the job application process for internships/FT roles starts in August/September so you need the relevant experience up this date. Additionally, you can try to apply for Off-cycle internships even now at BBs

 

First of all, thank you so much again for taking the time help me out! Really appreciate it 🙏🏼

So let me just quickly wrap this up:
So basically ill finish my Bachelors in around 2-3 weeks.
You said rn it wouldn‘t make much sense to apply for internships until I‘m in a (semi) target finance masters. So what I would do now is I will stay at my big4 and focus on the GMAT and then try to get into a masters. The rest of my „gap year“ ill just stay with my big4 because it won‘t make much sense to apply for internships rn until i switch to the masters (is that right?).

Im just curious what my options will be masters wise, cause my GPA isnt thaaat great. Usually in law you have a bit weaker GPAs than in economics bachelors (here in Austria) but i still have around 2-2.2/5 which is not that good.
My internships are okayish (best i could do since the switch from law tbh happy about the PE Internship).
I think the GMAT will decide…

What would you generally advice masters wise? do you think i still have chances to gez into a (semi) target masters?
Would it make sense for the rest of the gap year to try to get into an (off-cycle) internship or should I wait until Im in a masters program?

Thanks in advance!🙏🏼🙏🏼

 

My problem is that after my career switch I don‘t know how to „dance the dance“.
In law it was just pretty straight forward.
Now i dont know which university, what internships are possible with my CV, what exits and when etc.
All i know is that i enjoy finance and especially modelling and i want to stay in the field, but play in a bit of a better league than big4 and if thats possible or its already too late for me.

 

Perspiciatis minus quidem quo beatae. Autem ea hic eligendi qui. Eum a doloribus est quis mollitia.

Career Advancement Opportunities

April 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. New 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

April 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

April 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

April 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (87) $260
  • 3rd+ Year Analyst (14) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (205) $159
  • Intern/Summer Analyst (146) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
Secyh62's picture
Secyh62
99.0
5
GameTheory's picture
GameTheory
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
kanon's picture
kanon
98.9
9
Linda Abraham's picture
Linda Abraham
98.8
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”