How hard is it for CPA/JD to break into banking?
Hi all,
Currently doing CPA and have taken LSAT already. Went to target school for undergrad and masters. Out of curiosity, how difficult is it for someone with my background (after law school) and assuming I want to do big law for 2 years to get an ib gig after? Think it would be cool to do deal work on the financial side in addition to tax/structuring/legal for a few years just to make me a more well-rounded professional. This is with the end-goal of being a self-employed advisor and perhaps LMM investor by 30.
If you're an intern or analyst pls don't respond, retard
From law school to banking isn’t uncommon especially with the accounting background
Thanks! The reason I'm asking is that I've found that finance people look down on CPAs and lawyers for some odd reason based on this forum. But then again most of the people on this forum are 21-23 with mild Aspergers and 80% of their self-worth is the name of their employer.
Which law school? It's easier from Yale than Cooley, although I think most YLS alums would rather be waterboarded than do banking
I haven't applied yet but the highest ranking one that gives me the most money. Probably somewhere in the top 30 but not top 10 with scholarships and my stats in mind. I don't think it really matters tbh with a CPA bc I know bottom tier law school guys with a CPA that got big law and my undergrad was already a target (which I'd wanna do big law before banking for 2 years anyway to get proper legal training).
It’s all about your network tbh. If you know people, you can always get the interview. If you don’t, your app will get lost in the pile. Use your time in law school to broaden your network and meet people that may be able to help you
Lawyer to banker is not uncommon at all. Actually, many of the titans of finance were previous lawyers. Understanding how to read legal docs and structure deals is an extremely useful skillset, and imo this is probably the most valuable skillset a banker can have. I know several senior people in my field, who were former lawyers, and they are the most technical and smartest people in the room. An agreement with a client, or a robust financial model, mean absolutely nothing if the credit agreement and other legal documents if not drafted properly.
The best way to make this change is to work at a top tier law firm that deals with banks. You get to know the deals and bankers over time, and if you play your cards right when there is an opening you can be first in line for the role. However, this change isn't happening that often anymore. The barrier to entry for lawyers is high (3 years of expensive law school), and compensation has increased substantially for lawyers because of it. Many law firms pay generous bonuses, and have flexible wfh benefits. Additionally, many law firms are extremely generous with expense accounts, and there is always free food, dining at restaurants, etc (biggest issue is maintaining one's figure as a lawyer). In other words, there are too many benefits to be a lawyer vs a banker.
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