MSF or Big 4?
I need guidance from my fellow monkeys!
My objective is to work in the IBD (CF, valuation) of a Big 4 company or in a decent boutique bank (BB is clearly out of my league, pre-MBA at least). Unfortunately, my background was too weak to secure an internship at those companies, let alone a FT position. However, I have managed to secure an audit position at a Big 4 next fall, as well as a good MSF program (think top 15). I am now wondering which option is the best for me in order to reach my objectives. I know that transitioning from audit to TAS is difficult, but possible. I also know that the MSF is no guarantee and the risk and cost are substantial (and I have 0 work experience, which will hurt me when i'd graduate from the MSF).
I am also planning to pass the CFA®
level I in december (I know the CFA®
it's not necessary for IB, but I love finance and it'll help me understand it a lot more since I don't have a degree in finance/acc, plus I would like to be open to various opportunities down the road, and if an AM opportunity falls in my lap, i'd like to be able to take it if I want to), which might help me to transition from audit, and might depreciate the value of an MSF altogether.
That's all folks, and thank you.
PS: I live in Europe.
I'd say big 4. Americans may say differently, but where I live (in Australia) it's pretty common to go from audit to TAS at big 4 firms and I'm not 100% sure what it's like in Europe but I bet it's quite possible. Plus, worst case scenario you could always do audit for a few years and then get an MBA instead of the MSF, and go to post-MBA IB after that (even BB). Work experience is usually better than additional study and big 4 firms are good firms to start a career at - IB is within reach.
I'd take the job. If it sucks or you can't get traction you can always do the MSF in a year. The work experience will only help your profile.
How well does the MSF place into IB? In Europe getting into TAS from audit is very difficult, and this is also the case for the CF division. With that said, 1-2 years of audit and then an MSF/MBA will help you spin your story as to why you want to do finance/banking and will make your profile more appealing (just try not to come off as an accountant on paper). As for the CFA, it only depreciates the value of an MSF or MBA if you want to go into Asset Management-type roles. It is not valued in IB at all except in eastern Europe where there is a shortage of reputable finance degrees or if you passed level 3. Weigh this against the time and money you will need to commit to studying for the exam before enrolling. Best of luck!
To add to what I said/the other points above, if you get a MSF you'll be considered for post-Master's associate roles (to my knowledge) and you'll have no work experience and be up against people with work experience. Another reason why you should go Big 4 ----> TAS/CF / MSF/MBA -----> IB
This is an interesting point. I thought that an MBA was the general requirement for an associate's role at most banks, and I all of the people I know that did a 1-2 year pre-experience masters got analyst gigs, not associate ones.
Fair enough, I'll defer to that - sounds like it won't be an issue in that regard then. I'd read somewhere about what I said but I guess you go to analyst roles, which would help OP.
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