Looking for some guidance into the IBD world
Hello to all.
For the past several weeks I have been really trying to decide my career path. In my search through the wonderful world of Google, I had stumbled onto information about investment banking. I became interest thus started doing some searching. After many hours of reading through countless post of information that seemed to have just been copied from the ehow.com website, I finally came across this webpage which is a gold mine of information. After having gone through a lot of the information on this website, I still have some questions that hopefully some of you can answer and show me what paths are available.
My current situtation is this, I am an undergrad at a non-target school majoring in BioChemistry with a GPA is roughly 3.7. From my understanding, even if I were to change majors into business/finance/accounting, my chance are still extremely slim unless I have done some major networking and know someone inside the business. Also, changing majors isn't something I would really consider, as it would mean having to start all over again in my undergrad work adding more time in the university.
The best course of action I can see right now is for me to finish my B.S. degree and from there apply to an MBA program at a top rated school. As far as getting into an MBA program goes, I do see this being possible for me for several reason. First like I have mention my GPA is at a good standing. Secondly, from what I have heard from the universities, it doesn't really matter so much what degree you have as far as meeting their admission requirements. Thirdly, I do have work experience, having worked since I was 18 (I am currently 28).
A large part of my work experience was just odd jobs, but the most significant one was working at a casino in California for 4 years handling money transactions and overseeing table games (kind of like a pit boss in vegas but different due to gambling laws). For the last year I was in a supervisor position watching over 80+ employees and keeping an account balance of over 1 million $ in money (chips) that went to and came from the gaming tables.
The schools I am looking to apply for an MBA are USC, UCLA, and UC-Berkley. The main reason being location, I want to stay in California and continue to work in California. And I have read getting an MBA, like at UCLA is a good way to go if you wish to work in So Cal.
My two main questions are, is what I have said thus far and plans to getting an MBA correct or am I still blind to the whole process? And, if I do get my MBA, what potential jobs are possible in the Los Angeles/So Cal area? I am still trying to get a grasp of what I can do on the business side, I have always love dealing with numbers and problems that involve critical thinking (use to be a physics major before switching to biochem). Thanks to all who response in advance.
Bump
not sure if this is what you're implying, but i definitely would NOT recommend going straight to business school right out of undergrad. many banks don't see the value add of getting your MBA immediately and i have definitely heard of MBAs having to come in as first year analysts after getting their MBAs for that very reason.
go to the workforce, get some good experience (which will likely help you get into a better program), go to b school, become IBD associate. the end.
Okay I see, now what type of work experience would I have to look for before getting the MBA? With a degree in BioChemistry, I really can't see many banking type jobs being available compared to others who have degrees directly related to the field. Also I'm not sure if you read my whole post (yes I know it is long, I tend to write a lot) but I do have 4 years experience in a casino managing money, the last year and half as a supervisor watching over 80+ employees.
Thanks again, as what you said makes a lot of sense, just need to know what kind of experience I can and should be looking for.
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MBA worthless without work experience. Maybs a Masters in Finance or somethig
Yes I got that from the last post, but will any type of work experience do? Or should I be aiming for work experience in the finance side before doing an MBA? Given the degree I am obtaining my options would be limited in the latter.
Also how would getting a Master's in Finance work out? Would getting that help in obtaining an entry IB position instead of doing the MBA route?
It doesn't even matter. They hire you if they think you're smart. If you're going into an analyst program, you will be taught all you need to know in the first 2 months. Naturally the bulk of the analyst pool is made up of finance/accounting/econ majors, but it really isn't that uncommon to see people from any number of unrelated fields of study.
Well that is good to hear. I am leaning more towards the MBA route after undergrad, especially with UCLA. From what I have researched, all of the people in the program get interships and there is heavy recruiting from the California companies. I just can't see or know what kind of work experience I can get that would directly relate to IBD with a science degree besides a really low entry level job at minimum wage. As stated I do have work and management experience, just not directly related to IBD.
Pull your head out of your ass - health care. I've also seen that go both ways. HC groups sometimes look for analysts with relevant majors, and various industry groups who are just looking for analysts who are smart (i.e. being a biochem major far from precludes you from that). You need to hustle. The path you take may not be the most clearly defined, but there is certainly value if your major. Don't relegate yourself to whatever you've read on the internet about what defines the quintessential IB analyst. Plenty of shops would love to have an analyst with the science background.
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