Cambridge LLB + ACCA to IB/PE/Consulting... possible?
Hi guys, this is my first post on the forum (have been a silent reader since three years or so now).
Let's get straight to the point.
Some background: I am a nineteen year old foreign passport holder, resident outside the UK/USA (I do not possess a European/UK/US passport).
I have been accepted to study the BA (honors) Law degree at the University of Cambridge. I'll be graduating in 2025 since I'm deferring this year due to some personal issue. In order to make my gap year as productive as possible, I have been thinking of pursuing the ACCA qualification since it takes approximately 24-months to complete. I'll be starting at Cambridge in October of 2022 which leaves me with 19-months of "free time". As I understand it, I'll have to sit the remaining ACCA exams during my first year summer (maybe winter) break at Cambridge. This would mean I would already have some form of formal further education prior to completing my LLB which could possibly help me land a job as an associate at GS/JP etc. given I'd have graduated from university as well.
I am planning on going into IB since studying law had not been my first choice. I wanted to study Math/Econ at university; however, my parents were adamant that I become a lawyer since, given their experience, math majors aren't "respected" within my country. Having put a lot of time and energy into preparing myself for law interviews and tests etc. (which was extremely difficult for me since I had pure science + econ subjects at A-Level), I realized I didn't like the subject at all. I do not consider myself a good essay writer; I am more comfortable with facts and digits. I absolutely loved the idea of studying Econ/Math (too many reasons to list here). Having said that, I may as well make the most of my situation. I am absolutely certain that I'll be able to get a First Class Honors at university since I do study a lot. For the ACCA, I am planning on scoring within the top 90th percentile.
Given what I've said above, what is the best way to strengthen my profile if I plan on going into IB after uni? Would the LLB be extremely detrimental? Would the ACCA give me an edge/slight benefit whilst applying to IBs? Apart from doing well in uni and internships, what are some other things I can do which would help me land a job as an associate (preferably at GS/JP etc.) ? Should I give the GMAT and GRE in hopes of impressing recruiters (provided I get a good score) ?
I would sincerely appreciate any advice!
You'll be fine, people get in IB through Literae Humaniores. Do enjoy your gap as well, maybe get an internship?
From my understanding, you don't need to do the ACCA. You can literally apply for spring internships, summer internships and full time roles in finance (when the time comes) normally just as if you were an economics, maths or classics student at Cambridge. They don't care about the degree's subject so don't worry. Good luck with everything though!
In terms of improving chances, practice for the Numerical, Verbal and Logic tests, apply early with a polished 1-page CV, just be a like-able person in interviews (i.e. Don't be be robotic in your answers, smile, laugh and build good rapport with them). I don't know much about the GMAT or GRE, I personally don't know any home/domestic people that have done it so maybe someone from an international perspective can answer that one. I doubt it would be a significant factor for springs and summers though.
In terms of what you can do for the next 19 months, you can try volunteering or actual work. It would be a pretty cool thing to have on your CV and to talk about if you have volunteered for a specific cause you are passionate about or worked/interned at a startup/small firm. I imagine that they are unlikely to have formal positions listed so might need some cold emailing. Maybe even starting your own small business, it doesnt have to be unique or big and can literally just be a small ecommerce business. Interviewers loved asking me questions about how I ran my little ecommerce business and they seemed very interested with it. I personally am not of the opinion that these finance courses and related things would be more important than actual (even if irrelevant) experience, especially at undergrad level.
yeah to be honest law at oxford is fine for investment banking in London and you'll be just as competitive as someone applying with economics/STEM from other targets (oxbridge, UCL, LSE, ICL warwick). Gap years can be very useful just do your best to get as much work ex/internships as possible in finance.
Doing the ACCA is massive overkill and honestly a waste of time and money in my opinion. Accountancy firms will pay you to do it if you join their Audit/Deals lines of service, and they hire 1000s annually from a variety of top-tier to generic graduate backgrounds. CFA Level 1 is more applicable in my opinion if you really want to do a professional qualification but I don't think there is value in doing that even then. I'd actually consider getting a GitHub account, and begin to learn to code - Python, SQL, VBA/Macros, even some data analytics stuff like Tableau and MSFT Power BI will be incredibly useful for any job, not just banking. It also provides you with alternative options. I was a die-hard IB fanatic, but now work in a FAANG corp dev role I got straight out of uni, so that was a nice turn of events, but I digress.
When it comes to IB in the UK, your specific degree doesn't mean much. As long as you get a 2:1, and go to a "Target" university (which Cambridge obviously is), then you should be a strong candidate to break in. While there is a slight bias towards STEM, a quick check on LinkedIn will demonstrate that you can literally do any degree and break-in. Your university is what matters, and having the 2:1/1:1 is what matters.
You also need to make an action plan. Identify the societies and opportunities that you need to pursue to maximize your chances of becoming a stellar candidate. Is there a Student Investment Club? Is there a generalist finance society? Any specific IB society? Can you become President of the Cambridge Union? Model UN is also good for confidence building and public speaking (especially when it comes to those pesky video interviews). Course representative? Student Union part-time sabbatical positions? Collegiate President?
Are you eligible for SEO London, Rare Recruitment, Bright Network? These organizations can greatly improve your chances as banks have dedicated spots for students who are flagged from these organizations. They are designed for BAME (Black, Asian, Minority, Ethnic) students and those who come from low socio-economic backgrounds, but seeing as you mentioned you are non-USA/UK/EU, it may be something that you should explore (South America would fall into the 'ME' bit). Volunteering is also looked on favorably. Y7 Youth Forum is an option if they are still open, smaller things like tutoring also help. Spend this time becoming a more well-rounded individual, to better adjust yourself to the real world. Nobody wants to be friends with someone who only cares about finance, and finance alone (not saying you are like this, but from your hunger to enter IB, please don't fall into the trap of being a stereotypical hardo).
Spring weeks will be the make and break for how easy you'll find it to break in. They are hyper-competitive, and while Cambridge certainly gives you brownie points, don't think you can slack. Warwick, LSE, and now even smaller unis like York and Leeds are seething at any opportunity to take away those coveted spots. Identify the companies that offer them (All BBs, most EBs, and a moderate number of MMs). Understand the recruitment process of CV + CL --> Tests --> HireVue --> AC --> Offer.
Network, network, network. You have a whole year of networking that you can do in anticipation of your July 2022 - Feb 2023 spring week recruitment session. Please don't be cringe, and use the advice that can be found via the search box on WSO. Check out this link too, I found it from some random TikTok careers dude: beacons.ai/davidpaykin - CV templates, referrals, and networking templates among other things. Having referrals ready to go, or even a good word from an Associate/VP/MD will go a long way!
Lastly, keep up your commercial awareness, and dabble a little into DCF modelling if you have the time. Someone who has the technical prowess, humility, confidence, and self-awareness will be a gem in HR's eyes.
Edit: Becoming an associate straight out of undergrad with no formal work experience is something I haven't heard of unless it is in technology (with a placement year and several internships). GMAT is a waste of time unless you are going for an MBA which should only be pursued after several years of work experience which you won't have. You're fine when it comes to time. You'd be 23 by the time you graduate, which when compared to UK grads are normally 21/22 when starting, and US students being 22/23/24, so you're not exactly out of your age bracket. Chill out, learn, read, and focus on springs.
Great answer, saved this
I do law at Ox and I secured a SA position in my second year at a MM, and got to final round at several BBs after applying sporadically (but decided to go for law in the end). I know a small handful of people at Oxbridge law who've done the same (do a quick LI search and you'd find them too). Don't let the lack of numbers put you off-obviously it's self-selecting and very few law students apply to begin with. I find that it can be a bit of an advantage: you just spin your degree as intellectually demanding/focused on problem-solving etc. and it helps get you quite a few more looks compared to the average BSc Econ from UCL (of which there are hundreds).
Even if your end goal is IB, consider doing a few short law gigs in London too, they can be very helpful--I did an interview at a BB and the VP knew everyone I worked with during my internship with a Magic Circle firm since they're often on the same deals (though I didnt get that SA because I fudged the technicals, being a law guy). Law gigs are also really short, ranging from 1-4 weeks. Who knows you might even end up preferring law, as I did.
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