LBS vs HSG
Hi, I have a big dilemma about LBS MFA vs HSG MBF. I'm in a bit of a unique situation. To give context, I'm international, studied at a target UK uni for undergrad, top BB S&T, then worked for 2 years at a top hedge fund (Citadel/Baly/P72/Millenium/DE Shaw) in fundamental L/S and now looking to transition into IB instead. No prior IB experience, but LOTS of experience in fundamental financial modelling. I mean I am technically in a seat that lots of IB people would love to exit into. I just started the other way around.. I would like to stay in London long-term and don't care about Zurich/DACH. Non-german speaking. Here are the pros and cons:
LBS MFA:
- Pros: Slightly better brand name?
- In the UK - networking opportunities (I always thought its minimal?)
- Friends who did Oxbridge/LSE/Imperial masters all say that got way more interviews after (min 7-10 interviews) - so London brand name might help?
- Cons: Hella expensive - £52k/year. Hopefully I will get a £20k scholarship but still very expensive. I can take a loan.
- 1 recruiting cycle only. (optionality to pay +£12k extra for 1 more cycle)
- On the contrary, also know many people who went to Oxbridge/LSE/Imperial/LBS masters who are struggling to get internships - so very worried about this.
- Potentially easier for EBs and MM recruiting vs HSG.
HSG
- Extremely cheap - £7k/ year
- Big pro: Longer masters - extendable and so more recruiting cycles (2-3 cycles)
- Opportunity to learn German - given I wont be as good as natives but it will help me better integrate into European culture
- Cons: not in London but not sure if difference is minimal or tiers above?
- Heard something about its good for BB recruiting but if you miss BB, harder for other opportunities like EBs or MMs
- Also heard banks only recruit from HSG for german speakers
- Heard theres less people in London from HSG vs LBS but I'd think its also self-selection due to high swiss salaries
I have a really strong profile - both extremely good academics and also a top tier CV for markets jobs. However, I feel worried about IB recruiting, since I havent done an IB internship, though my experience has all been fundamental modelling based - so I'm very good at IB technicals like DCFs, etc. Just quite unfortunate I went direct to the L/S route rather than IB -> L/S.
HSG makes me feel less worried given the multiple recruiting cycles. The upside from LBS seems high, but, the downside is equally as high - if I dont get a good top tier IB internship or in a top group, or convert it, I'm kinda cooked. Given I can pay £12k for an extra term but we are looking at an high debt. Also I know HSG is very academic which might help tremendously with my technicals too. I know lots of HSG grads who are an absolute beast when it comes down to internships.
I understand the general advice of whether LBS is worth it though is a 1 year course, is whether one had prior IB internship experience. I just think its unique for my situation since I started in fundamental L/S, one of the exit opps for IB, and I'm going the other way around. Not sure how much I can leverage my L/S hedge fund experience for SA IB recruiting, if anyone has opinions on this?
Also side note, how am I going to compete with the European masters students on my first IB internship if I go to LBS? Haha
If you're curious why I'm doing a masters despite already having the 'exit opp' --> I'd like to transition into the private markets, and don't think the public markets is for me. So far, had a ton of public markets interviews but not any private market interviews (given I only applied for FT roles), despite doing fundamental investing only. So I need to go back to studies so I can apply for SA again.
Very interested as to what people recommend, I too have an LBS offer (MFA) - am curious as to what outlooks are.
Also UK ug student, semi-target w/ exp
I went to one of these schools (and have several close friends in finance who went to the other) + I work in private markets in London.
LBS is much better for what you want. It's in London, which matters a lot for someone like you (networking will work in your favour - and London is the place to do it). Theoretically, you should be able to make the move right now without a masters, but since you compelled to do one, I really struggle to see the need for 2-3 cycles for someone with your experience (unless you genuinely suck)
IB Recruiting -> I hope you have a rock solid reason for why you haven't been able to already move straight into IB (e.g. ECM, UK M&A, Activism/Defense teams) as an associate. At LBS/HSG, you'll be on the top end of the candidate pool (assuming you did HF in London) for analyst programs, but a lot of places will soft-reject you because you have too much experience (remember they are used to hiring 21yo kids straight out of undergrad). For associate summer internships/MBA-Track programs, you will be competing with MBAs and MFins so that's also tough. You'll have to rely on networking into Analyst 1/2 type roles (which I think is highly possible)
Private Markets -> There are PE funds with traditional P2P focus, FOs, Private Market arms of Hedge Funds, SWFs with crossover mandate who will like your profile. Again, apologies if it sounds obvious/repetitive, but would encourage you to map out this landscape really well and it's not the mainstream names but equally good places. If its not working out, then being in London (via LBS) will help you continue to explore this. None of these places will come to campus at HSG and you can't network sitting between swiss hills. Keep in mind that after LBS MFA, if you don't end up with a FT role immediately, the typical route is to do 1-3 PE Off-cycle internships while recruiting for FT roles in IB/PE.
All of this being said - HSG is also amazing and if you're making a call based on ROI, then you can go for HSG (just work a bit harder to network and target alums)
Best of luck - you got this!
Hi,
Also have an LBS offer. So if worked for 1 year in RX, and then went to LBS to do a master's would I still be a prime candidate for recruiting? (Aiming for EB/BB IB)? At what point will I be considered over-qualified? I'll be graduating at 25 assuming I do this as well.
You'll be fine. There'll be some stupid HR ladies at BBs who will act like you've commited murder, but other than that most places will be open minded and value your experience. Just have a solid story!
IMO it might be even better to aim for Analyst 1/2 roles instead of grad programs.
Thank you very much for writing this out! Yes I have thought very much about this, and probably will go with LBS. Hopefully I get a loan with Lendwise. Thanks!
No worries man, good luck. And don't feel the need/pressure to put yourself in a tough position financially if you don't get the loan - HSG is also amazing and you'll be fine either way as long as you work hard. Good luck and feel free to share updates / ask more questions here as you progress.
As far as I understand you would have to take on debt for LBS? If yes, then better go to HSG without having to take on any debt. If no, go to LBS.
Just some quick maths:
HSG places very well in London BB. Just look at this year's JPM cycle... Not a real difference to LBS.
Nevertheless, HSG MBF is academically way more demanding...you have to like that.
I don't want to push HSG too much, but just considering you'd have to take on that much debt for LBS just to have a little more chance for BB placement is mental to me
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