MBA/MIF vs. CFA®
Hello everyone,
I am at a crossroads between making a decision between pursuing an MBA/MIF or CFA®.
Just to give you a little bit of background of myself, I graduated from a school in South Korea, and worked at a well-respected Korean bank (but only in SK) for nearly 4 years, and then made a move to a large European bank (think UBS, DB, CS) where I am currently working at and am currently working in Europe (but not in London). Before entering into full-time when I was still in college, I also had 6 months of experience in a U.S. based cross-border M&A boutique in Korea as well. At the bank I worked for back in Korea, I worked as a relationship manager for 2 years and workout/restructuring for 2 years. Currently at the European bank, I am working in credit risk management.
My goal is to work in London or in the States. I am interested in fixed income AM or HFs that are investing in credit. Currently, I think I have two options: Pursuing an MBA/MIF or CFA®. Because I am quite old (30 yrs) and also not quite at a junior level (4yrs and 7months of work experience, and not counting internship or compulsory military experience), I have to make up my mind now if I need to go for the MBA/MIF path. Because of my age, I am thinking about only pursuing a 1-year program in Europe (Oxford, Cambridge, Insead) or an accelerated one in the U.S. (Cornell, Kellogg). Post-experience MIF program at LBS or Cambridge is another option that I am weighing.
If I do an MBA/MIF program at any of the mentioned schools, I think I would be able to get interview opportunities at firms or in functions that will be appealing to me. And while it would be still challenging as an Asian, I think this would at least somewhat mitigate any potential “glass ceiling” that I may have to face.
On the other side, buy-side firms or jobs might be more tolerant of not having an MBA/MIF and not having a U.S. college degree, and might value the candidates’ experiences or CFA®designation more. While the chances could be slim, I will be keep looking for lateral move opportunities within the firm or outside the firm. Also, I can always pursue a part-time MBA/MIF if I get lucky enough to work in cities where it has good programs. And I will not be exposed to the dangers of not being able to find any jobs after the MBA program.
So the question is, in my particular situation, what would be the right choice? Go for an MBA/MIF or just CFA®? Any inputs would be of great help making my decision. Thank you.
So, you may not be able to do this because I will have a very flexible schedule. But over the next 2-3 years, I am studying for the GMAT and CFA with the intention of being in business school hopefully starting the 3rd year but definitely starting the 4th year. I am also going to take math and computer science classes though so that should give you an idea of the flexibility that I currently have.
You should be able to handle both business school and the CFA if you manage your time well though.
MBA + CFA
Thank you for your guys' input. I'll first sit for the GMAT exam, and then try to apply to MIF or business schools this year (if I get a decent score) or next year, and as soon as the application process is finished, I will start the CFA. In the meantime, I will keep applying to jobs just to test the water.
Leaving it a bit late to start on the GMAT? I wouldn't underestimate it, i've been studying for 2 months and not 100% sure I will be ready in time for MBA 1st round application deadlines.
It is indeed late. That's why I also mentioned that I might apply next year, whether it is later rounds or the first round in September.
But what wonders me the most is the fact I would be 33 and I would have no direct experiences in the buy-side industry at the time I graduate. So it’s not a safe bet as for others who have 2-3 yrs investment banking or buy-side experiences and are doing their business school afterwards. This tempts me to just stay in the industry and just take chances and hope for the best (that might never come).
If I was in your position, I would 100% go down the MIF route but only at top European programs. Because of the international element in your story and because of your age, I'm not sure that an American MBA will help you with your goals. AM/HF, especially credit funds are increasingly looking for more quantitative, tangible skills - something that isn't really provided in the standard, American MBA curriculum.
Look into HEC Paris, LSE, LBS, Oxbridge.
Thanks for your reply Esuric.
One thing that I want to say is that, I am not very fond of quant, nor do I have the skill sets to excel in any quant-oriented jobs. I am more interested in distressed or plain-vanilla type of credit investments, for example, the ones that are done by Oaktree Capital.
For that reason, I may have to start from leveraged or structured finance gigs in banks before I am even eligible for any of those jobs that I want. So I won’t be interested in quant-oriented masters programs.
But are you saying that credit funds in general are looking for more quant skills from their applicants or does it apply to funds that are more focused on quantitative strategies?
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