Government employee to private wealth (I'm there currently) to IB, possible?
Hi everyone! Thanks in advance to anyone who can give me advice !
Quick background : I am 22 years old in Canada (bilingual French-English)
School: I graduated in political science and public administration + economic certificates (two different universities). Currently I am studying an MBA since I have always had it easy in school, I can work full time and be in school.
Work: I worked as a government agent for 3 years and found out that I don't like it, nothing moves, etc (you know, you're young and your parents tell you to do this to be successful in life) On the other side, I'm a stock market investor and landed a job as a portfolio assistant for one of the big six Canadian banks in the Private Wealth division.
My question/concern: Currently my main goal is to get a job as an IB, the range of opportunities and workload (I'm a workaholic) seems perfect. As an 'outsider' without a bachelor's degree in finance, it was not possible for me to get an internship or anything. Since I entered the banking world, do you think it is possible to break into the world of IB?
The two options I've found so far are:
1. I was thinking maybe tried to get in through an internship but it seems a bit paradoxical to leave my full-time job to go and do an internship, but on the other hand I think that's probably the best way to get practical experience.
2. I am currently a candidate for the CFA, I am pursuing the WSO courses related to the IB and the CFI FMVA (as I say, I find it easy to understand and apply what I learn). So my second option was to wait and learn as much as I can, complete my MBA, get my CFA level 1 and 2, complete the WSO courses and get FMVA certification and then started applying for a job in IB.
Do you think option 1 or 2 is best? Do you have any other suggestions? Any experience that could help me?
Again, thank you for taking the time to read and help me, it's appreciated!
Just keep applying to first year analyst roles in investment banking, don’t quit for your full time job just for an internship. That makes no sense.
Your story will be you have real life work experience and are applying to first year roles where most of your competition will be seniors in college who didn’t get a full time offer from a summer banking internship.
Also, don’t keep saying your so awesome at school and it’s easy for you. If it was so easy why didn’t you go to an Ivy League school? No one likes a braggart.
Hi, thank you for your advice, it's appreciated!
Do you think I should wait until I have obtained my CFA level 1-2 and/or my MBA before applying since I do not have a degree in finance?
Yes thank you, I take note. It was more about the meaning that I am able to learn quickly, but you are right I will change my way of presenting it.
No. The sooner you start the better. If they want you to have qualifications ABC, at least you’re on their radar and can follow up when you have them
Don't bother with CFA or non target MBA. CFA does not help AT ALL for IB and is a huge time commitment. Also WSO courses and CFI don't add anything to your resume either. They may help you learn about IB and study for technicals, but no one is impressed by whatever certification that is.
MBA is a legitimate path into IB, but only from M7 or top 15 schools. Part time (except uChicago) or non target MBA is a huge waste of time and money, you won't land IB from there. Drop that MBA. You are killing your "career change" bullet by wasting the MBA now.
You also are not really eligible for most internships as they require you to still be in school.
Some new options for you:
1. Try to lateral into a boutique IB - think regional, small 30 man LMM that might give you a shot. You can lateral up from there. You will need to network and self-study technicals, but this is a legitimate way to enter. I'd figure out your story and start networking now.
2. You should be doing this in parallel to option #1 - take the GMAT and start working on your application for a top MBA program. Hopefully you're early on in your current program so you can just drop it. Ideally you can land a banking lateral and don't have to do the MBA, but the GMAT and applications take so long that it's a useful backup plan if you don't land anything in a year or so.
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