Entry level M&A Analyst or Top 10 Bschool?
Guys,
Assuming you have 4 year WE in a shitty non-banking job which you hate it so much that you've been trying so hard to break into banking. Then you get the offer for entry level (M&A) from a MM but at the same time, you also get accepted to a top 10 MBA program which does not give you even a penny scholarship. If you are open to either staying at IB until VP level, or going to corporate strategy & development at F500, or even joining a small PE fund, what would you do:
(1) Take loan and go to the b school, then apply for Associate positions at BB (which you will only start after 2 years); or
(2) Take the analyst offer and see if you can jump to BB after 2-3 years?
Given that an MBA is the typical step after IB analyst, even for those at BB, the MBA seems like a no-brainer.
reiterate what this guy said.
I'm not in I-banking yet, but I'd take the MM job. It's always good to have some money in the bank instead of taking loans for your top 10 MBA. Who knows? You could do good and leave your MM analyst job for a BB within 15 months.
Fair point about taking some time to get the finances in order before paying for school. But as you lay out the progression, isn't he spending 15 months working to lateral so he can spend 2 years as an analyst so he can... apply to MBA programs?
You do have a point there. But, if his goal is to make it to VP at a BB, won't they just internally promote him to VP at a BB once he laterals into an analyst position even if he doesn't have a MBA. Of course, this is just me speculating without any IB or collegiate experience.
Very True. He could theoretically skip the MBA and go A to A to VP. I think most analysts get the MBA before becoming an associate so they're more broadly marketable and they can leave banking sooner or later - most do.
Plus, going straight to the MBA now means he doesn't have to risk an unsuccessful attempt to lateral after a year at the MM shop. And the MBA would mean he'd be applying to associate positions a year earlier than if he did 1 year MM analyst + 2 years BB analyst. The difference in comp during that third year would even offset a some of the tuition and opportunity cost of the MBA.
I'd take the MM offer--that way you can find out if you like IB enough to pursue it over the long-term before committing AND you could save up some money for grad school. Maybe you won't like the job as much as you think, but even then you can still go and get an MBA from a top school and get a job in a field that you truly enjoy. Plus getting an analyst job would open up opportunities for you for a pre-MBA PE gig or other exit opps. Just my two cents
As a former analyst and current MBA, definitely go the business school route. If you're at a top 10 school and you're good at networking (which it sounds like you are), you should have no problem getting an offer for a bulge bracket or top boutique firm. The recruiting process and the summer internship will give you a better sense of whether you'll actually like banking, and if you decide it's not for you you'll have access to recruit for other jobs. You mentioned your goals would be to stay on until VP level or exit to corporate development, both of which are pretty typical for post-MBA associates. Plus, you would be starting off at a higher comp without having to put in the 3 years as an analyst.
You're not on the standard analyst track with 4 years of prior work experience, so I think you would find it difficult to lateral later on if you take the analyst offer now. Socially, it would probably be challenging to be 4+ years older than your analyst peers who have just graduated college. If you decide after a year that you don't like banking after all, you're right back at square one.
I'd take the MM job (assuming it's a reputable firm). It's really hard to know whether you're going to like banking enough to stay longer term without having actually done it. If you find that you're good and want to stay in the industry, you have a good shot at getting promoted without an MBA at most firms.
I would hold off on bschool for the time being (perhaps see if they would be open to you deferring admission for a year or two). Yes, you'll have a better shot of landing a BB straight out of an MBA, but if you find that you hate banking, you'll have a bit less flexibility than you would pre-MBA (in terms of exit ops or just going to bschool). You can always do an MBA after your analyst stint, and by then you'll also have a a bit better idea of what you want to long term.
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