I could definitely use some input and advice about something that's been weighing on my mind.
I was recently admitted to a top 10 MBA program in the midwest, and I'm thinking of making a switch into investment banking. I'm a CPA, I spent three years as an auditor at a Big 4 firm and I've spent the last five years as a consultant. I'm 34 now and will be 36 by the time I graduate from my program in 2015. In the eyes of ibanking recruiters, am I too old?? Will banks view me as too old to be trainable, or will they value my skillset and experience managing projects?
I'd definitely say that I do not FEEL old and I want to put in a few years to learn and develop a foundation in finance, but I'd like to have your guys' opinions on whether or not I'd be screened out because of my age (I know it's not technically legal but that it may happen).
Any thoughts?? I appreciate any and all advice and comments, thanks in advance.
If you can convince someone you're not too old, then you're not too old, and most people can be convinced if you come off well enough.
That being said, why do you want to go into IBD? From any of the previous positions you've mentioned (and I am generalizing a whole lot here), you'll be taking a significant cut in terms of pay versus work life balance relative to many other opportunities coming out of a good business school. It's not about "putting in a few years" to learn about finance when you come in as an associate; you're expected to be a lifer at that level. Good answers for someone coming out of college won't fly for someone with more experience coming in as an associate.
To summarize, no, you're not too old, but you should think about whether you really want to be banker or not - there's a significant chance your hours may not drop off significantly until you're a senior VP / director, which is 6-9 years down the road.
you are not too old, I have seen people slightly younger than you start off as 1-st year analyst. Definitely be ready to be challenged on this in interviews, as some of your seniors will be younger than you, which is definitely a psychological problem.
The key thing to consider if whether you really want to do it. Just as mentioned in the post above, you would be expected to spend the rest of your career as a banker.
As an associate it is still hard work, just like an analyst, you will frequently work late nights, while the pay is not amazing.
Associate 1 will probably be a downgrade to your current position and your pay in relation to working hours will take a nosedive if you switch to IB.
The advantage you will have is your work experience will probably make it easier to rise through the ranks and the politics which can make the switch attractive.
Why did you graduate at what seems to be 26 from college?
Go to school with an open mind...look at the multitude of opportunities and then decide whether you still want IB. You'll be surprised at the quality and variety that's out there.
Thanks all for your input. jss09 I finished undergrad in 5 years, and then pursued a masters in accounting afterwards, so I started at the Big 4 at the age of 25.
You all make good points about being "expected" to stay in IB for the long haul, and I know that's an important selling point to make, but realistically what percentage of Associate 0's actually stay beyond 2 or 3 years (either by choice or not) and move onto something else in finance? Which moves me on to another question: is it worth putting in the 2-3 years if I'm already planning on doing something else afterwards, i.e. corporate development or corporate finance? How much value would the experience and the pedigree of working as an IB Associate for a couple of years add?
LAWM, thanks for the advice. I agree with you 100% and I think it'd probably be best for me to recruit for an MB internship in the fall, and if given the opportunity, decide after that. As much as I'd like to keep an open mind and plan on having that mentality, I'd like to try to have a solid plan for recruiting in the fall. I've been warned to avoid looking at every single option and to focus on recruiting for one or two industries.
You have a finance background. You can afford to ignore that advice to a certain extent. Spend some serious time thinking whether what you want out of school is an IB gig.
If you want to do corporate finance why bother with IB beforehand? I don't think it would help your cause very much - you already have accounting and strategy experience. Are you 100% set on the FT MBA? If you are worried about having the technical chops for finance this might be one of those rare situations where the CFA would be beneficial for a non investment role.
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