Hi all,
I've been scouring WSO over the past year and found this a great resource. Wanted to make a post to obtain some information/thoughts from those in the industry regarding my situation. I'd like to break into ER or IB. However, I have gone through an unconventional path.
In my late twenties, is it possible to break into ER or IB now, or should I focus on my GMAT prep in hopes of getting into a T15 MBA program and doing the MBA associate route?
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It sounds like you're in Canada? The short answer is no chance, and I don't mean to shut you down. The reality is banking recruiting is really formulaic, especially at the Canadian banks. Right schools (Queens/Ivey types) / good GPA / right clubs type shit. Your background is non-traditional and varied, it would entail someone willing to take a risk on you. Canadians and risk don't mix. You could try and network your way into a smaller boutique, but honestly, those aren't worth it. They bottom feed on shitty deals, clip garbage fees, work you to the bone and you learn nothing.
If your heart is set, the MBA route is more feasible. Before I go into that though, am trying to understand the motivation here. Post-MBA, you come in as an associate. Even if hiring is age blind (which it isn't always), you're in a pit competing with a bunch of early to mid 20 somethings - young, full of energy and ready to grind to dust.
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You 100% can break in as an MBA associate so not sure what’s with the pessimism above. Be careful what you wish for when you say doing work that impacts the world though lmao
I think an analyst role will be tough to swing and frankly, would not suit you. MBA is the way, it's basically exactly what you're looking for. You'll rebrand, start fresh and come in as an associate. I agree on the US MBA. Canada is a small market, banking is an employers market, and it's really only better if you want less of a hustle than somewhere like NY, though it's really changing here now.
If you're set on banking, I'd consider big 4 advisory pre-MBA. Even with an MBA, having that little bit of extra relevant experience will give you that edge.
Unless the IB scene in Canada is dramatically different from the US, which I really can't imagine it is (but who knows), a top MBA should be a reasonable chance to get into IB if you play your cards and recruit right. Especially because they are always hankering for more associates (the markets may not have changed this dynamic from when I did it not sure).
I knew people who went to good MBA schools and then broke into IB, after having been all kinds of random careers (engineers, one girl with a PhD, a doctor, various jobs in business like consulting). An MBA is a great way for someone from a non-traditional background to break into IB people saying otherwise are wrong frankly.
That being said, not sure how Canada + the current economic situation may affect this. Go on LinkedIn and search "Investment banking associate + bank name + MBA" and you'll start getting a sense of what kind of people with MBAs get in if you dig around enough. It is important that you do your research and find a school that has a good track record of sending people to these jobs though, for that LinkedIn is also great. Best of luck - ignore these kids saying otherwise if you go on LinkedIn and find people with your background who made it (and you will) that should start giving you a sense of what direction to go in. Just thought to chime in as I see some questionable things being said here -
It's much MUCH smaller, by magnitudes. The entirety of Bay Street probably takes on fewer summer associates than two, maybe three BB NY offices combined.
Thanks, Boutique. I appreciate your thoughts and kind words, means a lot. I will do this research for sure.
I do agree the MBA scene here is pretty limited and know there aren’t nearly as many positions available like the States have. I also do want to move to the States for the better comp and also to have a change of scenery.
Most MBA associates are in their late 20s though.
I started working in banking in my late 20's (US). Not impossible but you may need to start at a smaller shop and lateral out to get where you want to be.
Yes, an MBA from a top program should get you to where you want to be. However, it all depends on where you ultimately want to end up.
Thanks, Sleds.If you dont mind, could you share your path (e.g. experience and education) prior to IB? Did you start in IB as a 1st year analyst? How did you find it?
Undergrad at a (very) non-target. Did a few years in asset management/manager research then made the jump to IB last year as an experienced analyst (will be promoted to Associate at the end of this year). One of my former co-workers introduced me to a VP that was building out a team and then I joined shortly after.
Even working at a no-name firm, there is plenty of opportunity to interview across the spectrum (EB, BB, MM, etc.). It's all about how you market yourself and play your cards. That said, don't expect to lateral to top-tier shops without a top MBA.
Feel free to PM me - happy to further discuss.
Is your current experience good in your industry?
I've seen a lot of older ER associates who worked maybe 3 or 4 years in their industry and then jumped to ER. However, their experience is usually semi-interesting for example a planning analyst jumps to ER. Or a product design analyst jumps to ER. Much harder if you were a random accountant and are jumping to ER. Otherwise, your industry experience helps and you can leverage it for years by mentioning your past role actually working in corporate.
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I’m doing a Master’s in a T15 school and I’m in close contact with the MBAs there. Feel free to DM me if you have any questions about the recruitment process as an MBA Associate in IB.
TBH the prep you get at the professional clubs is just fantastic and the process to get a job in IB is very streamlined. If I were you I would try to get into the MBA as soon as possible and pivot!
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