BO to FO or MFin to break into IB?

Based on the most helpful WSO content, here's what you need to consider:

1. Master’s in Finance (LSE MFin):

   • Pursuing a Master’s in Finance, especially at a target school like LSE, can be a strong rebranding opportunity. Many individuals in similar situations have leveraged such programs to break into IB, particularly in London.
   • LSE is a recognized name in the industry, and its alumni network and career services can provide access to IB opportunities. However, as you've noted, there are mixed reviews about the program. Some threads suggest that while LSE MFin is a solid option, it may not guarantee success unless you actively network and perform well academically.
   • Given your non-target undergrad and current BO role, the MFin could serve as a "value-add" to your CV, making you more competitive for IB roles.

2. Boutique IB Route:

   • Directly applying to boutique IBs in London/EU is another viable path. Boutique firms often have leaner teams, which can provide you with more hands-on experience and exposure to deals.
   • However, breaking into boutiques without prior FO experience or a strong network can be challenging. Since you’re not based in London, this might add another layer of difficulty unless you’re willing to relocate.
   • Networking will be critical here. Reaching out to alumni, recruiters, and professionals in boutique IBs can help you identify opportunities and potentially bypass the structured recruitment processes of larger firms.

3. Key Considerations:

   • Structured Recruitment: As mentioned by the VP and recruiter at your firm, lateral moves within BBs can be difficult due to structured recruitment. This makes the boutique or MFin route more realistic for you.
   • GPA and Background: Your 3.5 GPA from a non-target RG university is decent but not standout. A strong performance in an MFin program could help offset this and demonstrate your academic and professional growth.
   • Networking: Regardless of the path you choose, networking will be essential. Many success stories on WSO highlight the importance of building relationships with professionals in the industry to secure interviews and offers.

4. Recommendation:

   • If you’re looking for a safer bet and are willing to invest time and money, the LSE MFin is likely the better option. It provides a structured path to IB, access to a strong alumni network, and a chance to rebrand yourself.
   • If you’re confident in your ability to network and hustle, targeting boutique IBs directly could save you the cost of a master’s program. However, this route may be riskier and require significant effort to overcome the lack of FO experience.

Ultimately, the decision depends on your risk tolerance, financial situation, and willingness to relocate or invest in further education. Both paths have been successfully pursued by others in similar situations, so weigh your options carefully and take action accordingly.

Sources: London Business School MFA, MSF Class of 2018, European Master in Finance programmes (pre-experience), Move from back office to middle office to front office, https://www.wallstreetoasis.com/forum/private-equity/just-broke-into-ib-as-a-lateral-how-do-plan-my-move-to-pe?customgpt=1