I am trying to break in to IB as a career changer and I'm not sure if I should try to enter as an analyst or an associate. I got my undergrad in secondary English education and taught English for 5 years, and I am now going back to a non-target school for a Master's in Finance. I have been networking like crazy and talking to folks in the industry, but I have heard mixed things about whether I should apply for analyst or associate positions. I am in my first year of my program and do not have any experience in the industry. I'm leaning toward analyst because of my lack of experience, but I am associate age and will have a graduate degree. What do y'all think?
A couple of extra clarifications, I'm planning on applying to middle market, lower middle market, and regional banks. I'm well aware that getting in at this point in my life and with my situation is a long shot, but I'm working my hardest to make it happen.
I'd probably still go for Analyst level positions. You lack the experience necessary to come in as an Associate despite the graduate degree - and a lot of Analysts come in with Masters degrees. Its possible a firm may take a chance and hire you at the Associate level, but you run the risk of coming in and having expectations thrown at you that you may not necessarily be able to deliver on as you have little past experience. At Analyst, you'll be given room to make more mistakes early on and get comfortable in the role before looking to gain more experience. IMO, if you're a phenomenal Analyst, the firm could even promote you early to Associate.
Thank you! That is what I was thinking. I'm also just trying to get into the industry however I can, and I don't want to make it harder by applying for the wrong position.
Analyst, no experience required (make sure your story is good, especially why teaching->IB, that's unusual)
Associate is mostly for MBA and you'd be competing with those with backgrounds in business/accounting
Your qualifications and lack of IB experience are suited for Analyst not Associate; with your background, you're not going to get Associate without an MBA
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