Break into IB without a degree
Is it possible to get a job in IB without a degree? I'm an int. BizDev and planning on getting a CFA
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I don’t know a single banker without a degree. You would be filtered out of all application processes automatically so I doubt it’s possible unless you were able to get into an MBA without an undergrad to then recruit from there. Target MBA programmes would rarely take people without degrees as is though.
Interesting - will look into that! So you'd say a CFA is "nothing" without a degree?
You can’t do CFA unless you have 4 years of work experience in finance btw (if you don’t have an undergrad)
I have never met a banker without any formal qualifications. It doesn't always have to be ivy league creds, but some form of a degree would be required IMO. There are countries out there where applicants without any degrees can't be discriminated against, but they'd still not be able to compete with all the other candidates.
Would a CFA without a degree be relevant at all?
CFA unfortunately only carries weight in LO AM not IB. So it wouldn’t help even if you had a undergrad degree.
CFA>MBA route makes more sense it’ll help from a knowledge perspective too if you’ve done the CFA.
I believe I have seen a few dudes who did CFA level 1, and then just stopped. They didn't have the time/motivation/need to continue that. I think in IB it's a nice to have, not a necessity. Don't think our MDs have that either.
Have seen this quite a bit, big 4 ACAs and a couple without any formal qualifications (this is UK) can't shed light on US or other areas though.
Where are you based, have moved into FO without a degree myself but my advice will vary heavily on if your UK or USA based.
US based
In this case it’s pretty different. I’d recommend building experience passing your CFA and going via the MBA route. In Europe some top business schools (like London Business School) take CFA level 2 in place of a GMAT even so you’ll have a net advantage.
The problem is in the USA a lot of it is down to prestige of your university, compare that with not going uni at all you’re at a disadvantage unless you get an MBA. Recruiting for IB is also very structured so it may be hard to apply for you.
If you have plenty of experience and some sort of qualification you can do an online Masters from some top business schools in Europe (MSc not MBA) which in your case may help when recruiting since you do at least have a degree from a decent university (all be it not a US university can’t speak to how it works there). Some notable places that do this are Bayes Business School, Uni of Liverpool etc both of which are top 25 and do accept people without undergraduate degrees assuming you are experienced (I think 3 years is the minimum?)
Overall I’d say build experience smash it in your role pass your CFA and go via the MBA route. Don’t expect the CFA to help you in any way when recruiting for IB it’s simply not relevant unfortunately and doesn’t hold the same weight as it does in Long only asset management. It will help from a knowledge perspective you’ll gain an understanding of accounting, modelling, economics etc and may be a signalling thing (shows your comitted).
I don’t have a degree!
Not much advice to give tho, I did an internship at a bank and was offered to stay basically. This is in Europe though
Don’t have a degree but work in FO AM (High Yield & IG) you think I can break into IB? If possible I’d like to PM you and find out how you did it
I have no idea, I’m just a simple AN1. Can’t give you any answers I’m afraid
I think my situation was just pure luck, I came to a team in desperate need of analysts and I already had 4-5 months of previous experience so I worked as an analyst and was presented as an analyst to the clients etc.
I broke in without a degree, don't know if I'd be able to in this job market though... (Europe btw)
Not really possible in the US.
In UK and Europe, it can technically be done though very rare. Either you’re a proper British lad and go the Big 4 ACA route and make the switch after 4-6 years of that or you’re in a European country that has those banking apprenticeships that can lead to FT employment without a degree.
Even with the big 4 route, I am yet to see a single IBer that has come from their apprenticeships (i.e. without a degree). I would be very glad to be proven wrong but I have yet to see anyone make that move.
Have seen it happen a few times. One guy I know somehow went from big 4 audit (apprenticeship) > internal audit at a bank> FO trading. He’s probably the exception but it does happen if you work hard enough and network. With the right experience I think it’s possible and at least some sort of advanced level qualification like the ACA doesn’t have to be a degree.
It’s pretty difficult at US BB’s but have found EB’s and LMM/MM to be more forgiving.
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