MSc Finance Current Students & Graduates – What would you do differently?

Hello fellow monkeys. As a prospective MSc Finance student, I would like to hear opinions of current MSc Finance students and graduates about what they would do differently if they had the chance to start their program again.

I am asking this question mainly because I have heard that, in many programs, it is quite difficult to balance academics with applications for internships/FT positions and interview preparation, since most MSc Finance programs are 1-year-long and are quite fast-paced (especially for someone without a background in business/finance).

Personally, I have been admitted to one of the top MSc Finance programs in Europe (think LSE, Imperial, HEC, Bocconi etc). I have a STEM background and want to work in Investment Banking.

So, assuming that your goal is to get a summer analyst offer/full time job, is there anything that you would have done differently in terms of networking/preparation for the applications/academics? Do you have any advice on how you can better balance applications with academics? Overall, what do you wish you knew when you started your program?

 

Network early and network often. Might be different in Europe, but I would still imagine it is important. Have a game plan for how you are going to get a job. Know who is coming on campus, when recruiting starts, what you will need.

That and enjoy yourself. This year will go by fast and it is right into the grind of work when you are done. Travel if you can afford it and have the time.

 

-Write you cover letters (e.g. why xyz bank etc.) and have your story together in advance so that you just copy paste during online applications -Networking works to some extend, especially boutiques but nothing like stories you hear on WSO so don't waste too much time on stuff like informational emails -Know which senior went to/interviewed with which firm so that you can get insights -Practice behavioral questions (phone interviews are often on short notice)

 

First of all, thanks for the advice @"TNA" and @"fours". So, I understand that having your story ready and preparing your applications is really important.

Regarding networking, as fours mentioned, I have the sense that in Europe it does not work the same way as in the US. Some time ago, I talked with an MD from an elite boutique and although he was really nice to take the time to answer my questions, when I mentioned internship opportunities at his firm and what can I do to increase my chances of getting an interview, he kindly told me that the HR deals with applications and he is not involved in the process. I don't know if the same applies to other firms in Europe as well, but I believe that focusing in networking might not be such a smart idea in my situation.

 

Agree, at larger banks this is usually the best you can get but that can already help you quite a bit because it at least gives your application the chance of being looked at. The smaller the bank/firm gets, the more helpful networking is for recruiting. Now does that mean you should focus on networking and at the expense of that neglect getting the best grades possible and doing extracurriculars that you both enjoy and bring valuable experiences? - Definitely not.

Given your STEM background and assuming you don't have any significant internship experience in banking, I'd point out that I wish I had known how tough it is/how much luck you need to get into a FT position without prior internships. I think gap years or taking time off to do internships can be much more worthwhile than finishing your studies in record pace.

 

Can anyone comment on how recruiting works for international students in these Msc programs. Not too into the Msc programs here in Canada, but at the same time i'm not sure if going to the States is worth the trouble. Are recruiters likely to support your Visa?

 
Best Response

Some cautions. 1. Start everything early. If u feel its early, its probably not. The problem is that when u apply in September-November to all the bigger places, u need to already know some technical stuff and understand what that group does, etc. Don't think u can gain knowledge from the MSc (especially if you are not from a finance background) and then use it with applications. Learn everything in advance. 2. If u are in a program that has a dissertation, start it early. The problem arises when u need it done during the summer while u are gonna be having an internship already or working full time and u haven't started yet. 3. In general, don't treat the one year programs like being in university, as u just don't have time to be a normal student. With networking, learning the technicals, course work and dissetation, u just don't have time for anything else, so don't get involved with a million things. This is not a bachelor's. 4. U are not going to have as many contact hours as in the bachelor's, so you need to be disciplined on your own. Create study groups, but not for course work only but also for application and learning interview questions. It makes the whole process more fun as well if you're doing with other people.

Some good things. 1. If u don't land a FT job in a BB/Elite boutique early on, don't worry (especially in Europe). There are plenty of places you can apply to at any point. 2. This might be unpopular, but I believe that the grades don't matter as much as you think. The whole time you're applying you are not going to have any definite marks yet, so putting more effort into acing the applications is more important than getting the highest mark. Knowing this, it opens up some extra time for you, which is nice.

 
CvT:

Personally, I have been admitted to one of the top MSc Finance programs in Europe (think LSE, Imperial, HEC, Bocconi etc).

As you haven't stated which school you will study at, it is very hard to give you foolproof advice, but I notice that you have listed the likes of LSE and Bocconi. I know several students from these schools who are currently having a hard time finding internships. I am from a pretty decent school in Europe and currently doing a gap year. Despite having a great academic track record, several extracurriculars, good GMAT and no issues in terms of job visas, it was very hard landing a decent internship without any networking. Among the students at my school, only the ones who could network properly landed very good first internships. From my experience, an internship where you deal with what you will do in a BB trumps doing a good finance program at a good university. Having studied at 4 universities and discussed the matter with several bankers, I have noticed that the general consensus is that the various programs don't differ that much. Consequently, banks are looking more for the right people than for the right universities listed on the CV. From my personal experience, I would recommend specializing in things that you will not learn at business school but that is highly regarded in your preferred work environment - chances are you will excel in your first internship. I started my first internship with 4 other interns. We did the same repetitive excel tasks day in and day out. Unlike the others, I decided to program the tasks so that they were automated and granular to the point where the company I worked for could do significant cost savings without any extra work. Not only did the task go from 3 hours to 30 seconds to complete, it also was far more structured and detailed. As a token of my manager's gratuity, I received a great recommendation, an extremely powerful point to put on my CV and the opportunity to participate in meetings with top managers of the company. All of this while the other interns were only sitting in front of their screens working day in and day out in their poor excel models. I am sorry if I come of as cocky, but I would just like to make a point out of how you can turn your first, semi-relevant work experience into something beautiful. The finance industry is extremely competitive, but stay ahead of the game, and the game will be yours. Best of luck.
 

Piece of advise on networking, try to get the email/contacts of the HR group in the division you want to join. This is something that I think is largely underestimated when applying. HR are thr gate keepers, email the HR correspondant and explain the your frined at XYZ bank gave me your email address (all juniors in IB will know who their HR correspondat ism, even people who have only done internships will know this info so ask around) and I'd love to come to ABC offices and have a quick chat about an opportunity of working at your firm in the i-banking division. Now while this may sound ridiculous, if you impress her (and if you know your stuff about the firm, i-banking etc you should) then she will put you on a short list of applicant. What is the gain of being on this shortlist you ask? Well , when you send off your application for the firm you will automatiocally be red flagged as a strong candidate and almost certainly get an interview. The hardest thing is to not slip through the net of the thousands of impressive applications that are sent. Once you have an interview its up to you but once again I reiterate if you know you stuff and to the relevant research you should be ok.

 

Thank you all for your advice.

@mrdraper Really solid tips. To tell you the truth, I hadn't really thought how difficult it would be writing the dissertation while doing an internship, so thanks for mentioning this. As regards the grades, certainly they will not play a major role during next year's applications, but I think on the long term they might be somewhat important, at least for some of the students. However, as you said, not thinking too much about your GPA might take some of the stress off while doing the applications.

mrdraper:
1. If u don't land a FT job in a BB/Elite boutique early on, don't worry (especially in Europe). There are plenty of places you can apply to at any point.

I suppose you are talking about off-cycle internships, which I think are less competitive than summer internships, since fewer people apply. Are there any other types of positions you had in mind (for IB of course)?

PolarMonkey:
I am from a pretty decent school in Europe and currently doing a gap year. Despite having a great academic track record, several extracurriculars, good GMAT and no issues in terms of job visas, it was very hard landing a decent internship without any networking. Among the students at my school, only the ones who could network properly landed very good first internships.

@PolarMonkey By "networking properly", do you mean solely connecting with alumni/family friends etc. who currently work in the industry? Or also cold-calling/cold-emailing people (especially at smaller banks/boutiques)? I know that alumni from various banks visit the campus during the start of the year, but I believe it might be too late to connect with alumni at this stage of the application process.

 

Networking gives you best results for regional offices in continental Europe since they have a much less structured recruiting process. Making a good contact there with someone goes a long way. For campus presentations at my school, half were from London and the other half from regional office. Regarding GPA, relative grading will put immense stress on you and make you feel worthless. So be sure to do well in first few exams to keep morale levels high.

 

Thanks for your advice @"fours". Of course, fluency in the regional office's language is essential, so students who have the necessary language skills have a great advantage, leaving everyone else competing for positions in London.

 

I have gone to one of those schools (I finished last year and I am now working as a buy side analyst). My advice: Apply for the graduate and nternship schemes VERY EARLY (around August-November) and keep your favourite firms for the last applications, because you will probably get better with practice (by then you will make fewer mistakes in each application, your answers to the questions will be better and you will have more practice with tests). Put a lot of effort and thought on your applications. You never now if it's worth it, but in my case, there was a strong correlation between effort and time spent on each application and its outcome. After applying to schemes (and in case you have not succeeded in the first stage), FORGET ABOUT APPLICATIONS UNTIL SUMMER TERM, if you spend the rest of the year hunting for positions in boutiques, startups and plan b companies, you will find yourself wasting a lot of valuable time only to end up somewhere you didn't really want to go or getting ditched because the boutique that interviewed you needed you to start asap (but you still have a few months of full time MSc left). Be smart about networking. It's not a numbers game, identify the people that you get along with that can help you, and make sure you stay on their radar for the whole year. That way, they will let you know of opportunities that arise. They will provide much more valuable help if they feel involved in your process. Just remember, if your contact hasn't heard about you in a month, they will assume you already got a job, so they will not forward that new opportunity that just showed up on their inbox. Always stay on their radar! And lastly, be patient and enjoy the ride. Everyone in my program was panicking for the lack of jobs and offers by January. By the end of the program, almost everyone got the job they wanted.

 

I wish I paid more attention to class selection and relied less on advisers. I missed out on some fantastic classes where I would have actually learned useful stuff. That's basically it.

“Elections are a futures market for stolen property”
 

Don't worry about GPA at all. When I did my MS in Finance all of the bankers were basically in the bottom 50% of the class. This isn't because they were any less intelligent than their high GPA counterparts, but they realize the importance of networking/social skills over academics.

Try to build connections with as many people in your class as possible. Everyone will end up with great careers and will be good people to know down the road. Again, that is much more important than a grade on some test

 

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