To start: I'm a Junior with a 3.8 at a non-target and an internship at an Asset Management firm last semester. I switched from accounting to finance, and it really put me behind on the IB recruiting. Basically, I had a few interviews with 2 boutiques in Charlotte but struck out. Need some help going forward.
I am currently searching for any kind of work this summer but most likely will be taking classes to graduate a semester early. Since I was not able to find any IB SA internships this go around, my plan is to apply to Michigan's MAcc program for the Fall of 2014(with my GPA and 710 gmat score I believe I'll get in). How will recruiters look at my lack of internship this summer if I tell them I chose to take classes instead in order to graduate early?
I will most likely use my open Spring 2014 semester to intern at either an IB or if I strike out again, a Big 4 Accounting firm. With regards to summer 2014, will I be able to apply for IB summer internships again if I'm graduating then going back to school for a masters?
And in a longer term scope, how will FT recruiters look at me as a MAcc student at Michigan? I know Michigan's UG puts some students on Wall Street, but I don't know if I'll be looked at the same.
A few questions in 1, but thanks in advance.
lol That first paragraph describes me to a tee except for me it was Canadian bulges instead of American Boutiques.
Question though, if youre applying to Ross, why not concetrate on Finance as opposed to entering the Macc program?
Agreed, if you are going for your masters in accounting, won't firms will think you are more interested in accounting?
I wanted to find a top MAcc program that also had connections to Wall Street. If Ross offered a MFin I would look into it, but right now they only have the MAcc. Should I look into getting a MFin at other programs?
Look into MFin instead of MAcc, and PM TNA.
From reading his past posts, I get the impression that you're going to have to put a lot of the legwork yourself (i.e. network with your undergrad alumni and the MFin University's alumni even if you're doing your MFin at a 'target' program)
Thanks for the replies guys. Any idea what programs offer a Masters of Finance that I could get into with my GPA/GMAT? I'm thinking of retaking the GMAT this summer with the added free time I will have.
You should be able to get into The University of Illinois program
I just got a paid internship today through cold calling. It isn't too late. The MD didnt have a posting for the job and didn't bother interviewing other candidates. It isn't too late! Reach out to EVERY firm in the area you are looking. Feel free to PM me if you are looking all of them in NC
Jasper, I don't have enough banana points to PM you but I'd love to hear how you got the paid internship. I feel like I've been networking my ass off but I don't have an internship to show for it.
I'd suggest doing accounting. It's obvious that's what you want to do. You're trying to force feed yourself IB, that's why you're striking out. This isn't what you want to hear, but it's obvious from an interviewer's perspective. You started majoring in accounting, then switched to finance. You failed at getting an IB internship, which happens to people. But your alternative route was back to accounting. If you know accounting doesn't get you to where you want to be (read: IB) then why would you even entertain the idea? Once you learn to be brutally honest with yourself, the answers to these questions become more obvious.
Well the main reason I was interested in a MAcc is because what I've read about MFin's is that they are more geared towards math majors interested in moving into finance and not students with a bachelors in finance.
But if Finance is what you want to do it doesn't matter towards who its more geared towards. If you want to do X, fuck everything else and do X. If you want to do Y, fuck everything else and do Y. The thing is that you need to make up your mind which one you want Finance or Accounting...btw, think from a recruiter's POV
I dont see what the problem is with being an accounting concentration. Banks hire IBD analysts with accounting concentrations all the time. A solid understanding of accounting is much better prep for an IBD job than being a finance major. A few finance classes are relevant and helpful (corp finance aka finance 101 as well as the specific/elective type classes that ug BBA programs as good schools offer - investment banking/pe class, valuation/financial modeling, etc.) but most finance majors do not even have the option to take classes such as this as their school does not offer it.
However, trying to break into banking with a Macc is completely different. Here you are doing post-graduate work in accounting which shows an interest in that field. You are able to pick up enough accounting at the UG level to have enough tools to do banking - just needed accounting 101 + intermediate.
If I were you I would focus on getting a relevant job in finance that gives you a transferable skillset and focus on breaking in down the road. That is a MUCH better option than doing Macc and Mfin.
If I were you I would look at jobs in corporate/commercial banking, valuation (duff&phelps/big4), corporate finance FLDP or entry level analyst position. Any of these jobs will give you some overlapping skills and are related to an extent to IBD. The rest will depend on your networking efforts. If you are still not able to break in, apply to solid MBA programs after 2 years and you will have another shot. This approach will give you a much better ROI than going back to school again. If you fail to get what you want from Mfin/Macc you will end up taking a similar job to the one i mentioned above except you will be in a lot more debt and have wasted time.
invest in BIWS, WSP, Scoopbooks, Joshua Pearl etc. Get to know 1-2 industries really well and sell your value.
Keep Cold calling and networking, boutiques especially don't usually know their needs for the summer until later in the game. If you're looking at Charlotte have you reached out to 7 mile advisers? I've heard they may have gotten some new deal activity and are looking for summer help. Good luck.
Why don't you get a part time internship in the summer and try FT recruiting in the fall?
I appreciate the responses. Question on the MFin, another component of my thought process to get a MAcc was that it required no work experience and basically just extended the time I have to build my resume/land an internship another year. Does the top MFin programs take students right out of undergrad or is it more of an MBA where you need to work ~4 years?
I'm going to keep coldcalling boutiques in Charlotte and Atlanta this week, but even if I do get an internship at a small shop, what are my odds of landing a MM/BB FT analyst position right out of undergrad? Would my high GPA/GMAT coupled with a regional boutique internship and lots of networking give me a shot of leveraging myself into some interviews? What if I landed a small boutique this go around and still pursued a MAcc/MFin? I'd have the opportunity to search for Spring internships at other boutiques then maybe pursue some major boutiques for a SA internship the summer before my MAcc/MFin starts?
Just spitballing some ideas to put myself into the best possible bank for my FT analyst position.
It is incredibly tough without being in their SA class. at least 70% of the offers go to them, then it's the ivy kids they try to poach from other banks, then the OCR, then finally non-targets.
People still make it. Hope for a strong M&A, IPO season and network so you can interview when the OCR kids get their chance.
similar position as you.
you are correct in that MSF's give you an extra year to work with. decide now whether you really want to do big 4 or ib/s&t (pe and hf later on). based on that pick masters in accounting or finance.
pm TNA about which msf is best. plenty of threads on it. Princeton and LBS has a 2 year work experience requirement so cross that out. MIT is the next best, but huge on math, and typically need a 750+ GMAT.
columbia i personally feel is overcrowded and expensive. 2 years for mfin in economics, and 1 year for MFin engineering, again math intensive. best bet is UVA.
could try LSE or Oxford Mfin, but again comes down to how well you network...have heard students with problems landing jobs from their, but its a cool study abroad experience. my advice, UVA mfin, or MIT mfin, take it with a grain of salt.
Key with MSF** use it as a year to learn anything and EVERYTHING about finance. once you're in the work force, hard to learn new things while working a job like IB. people who transition to PE or HF from ib, typically already have that in the back of their mind when they graduate...and they've already read up on it. this is where MSF comes in handy, you'll be ahead if you use it right.
tough decisions for everyone
If I were you I'd apply to some high-ranked MFin programs (Oxford, Princeton, Vandy) and see what happens. If you want to do banking, it'll be more relevant than a MAcc.
One of my friends did the Michigan MAcc. It is possible to get into banking from it, but you have to network your ass off and really be on top of your stuff. Like people said earlier, you have to think from a recruiter/bankers perspective - why would they want to hire you? What makes you different from every other accountant who wants to do finance?
Michigan MAcc also costs a ton, so you'll want to do a cost/benefit analysis vs. your other options.
PM me if you want to know more
I would definitely look into Vanderbilt's MSF. Your GMAT and GPA are a perfect fit, and I know they have really solid IB placement in the south.
I appreciate all the responses. I haven't really gotten a clear answer on if I could apply for "junior" SA internships next summer if I'm graduating then going to get a MSF/MAcc for Fall of 2014. Can anyone clarify?
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