Rather than spending >100k on a MBA program, is someone able to make it to MD/VP through internal promotion by age 30/32? Or, at least through lateral moves to another bank?
Can you tell me how viable this path is?
It just seems smarter to save up money and invest it rather than saving it in your 20s only to spend it on a MBA program.
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Yes
Can you elaborate, if possible?
It is pretty common to find MDs that do not have MBAs. If you start as an an analyst and get promoted directly to associate, there is theoretically no reason why you cannot continue to get promoted without getting an MBA. Going to business school is most useful for breaking into banking, not for rising up the ranks.
Thank you for educating me. I don't know any of these job titles since I'm still in high school, but a MBA just doesn't seem worthwhile unless I get decent financial aid or if I don't break into banking out of college.
No problem. If you wan't firsthand evidence, the websites of boutique banks usually have bios of their MDs that include career histories and educations. If you skim through them, it'll give you a good idea of the backgrounds of folks at that level, and you'll notice that a huge portion (maybe even the majority?) of MDs don't have MBAs.
Don't know about majority but certainly pretty close split.
More importantly to the OP, as a more tenured member of the banking community, my advice to you would be if you're in high school, enjoy life. You'll have plenty of time to stress over your career path. Don't forget to look around or you may miss out on good opportunisties in non -banking fields that pass you by.
I'm trying to look at other opportunities and nothing seems equally interesting as IB and artificial intelligence. AI is up-and-coming so I am considering doing a major in finance with a minor in AI
lol
Amen!
David Solomon
If you are a high performer but there is room for improvement in terms of management skills you might need to get an Executive MBA before you continue onto MD. Your firm will make a strong suggestion for it and likely sponsor it if this is the case.
Sounds like a good deal!
Its definitely not a bad one. Executive MBAs are pretty fluff but it never hurts to add brand names to your resume.
Why not focus on trying to get into a target or get a job before you start thinking about 20 years in the future
I did this. Did 2 years in Ops then FO in trading. Started over as a 1st year analyst in IB at another BB. Stayed through third year. They offered an associate promote but I decided to move to a boutique to get out of NYC. Spent around 2.5 years as an associate there and got promoted to VP. I left after 5 years to start a company
Would love to see a thread from you about how you started your company, advice on starting a company, and the pros and cons in your personal experience of starting a company.
I mean it isn't too uncommon. If you just stay at the company, perform well, present pitches well, and get lucky, there isn't any reason why you can't get promoted to MD. It might take a while tho, but that's to be expected.
MD without MBA (Originally Posted: 01/05/2011)
I will graduate with an MD degree, how difficult will it be for me to land a job at an I-banking firm as an Associate right away?
Do I eventually need to go back for an MBA?
Is it difficult for an MD-->Associate to move up in finance because I lack the analyst/MBA-route experience?
Pretty hard, your best bet is to try to break in through research focusing on working for drug makers/biotech teams
might be interesting to go back and get an MBA? although it may not be necessary, if you look at harvard, for example, their match list includes a few MDs who go straight into consulting or banking every year.
also you might find the MD MBA Association a great resource, take a look at them www.mdmbas.com
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