MiF in U.S.
Hello everyone, I am currently a second year ug student at a semi-target in Europe. I am really interested in doing IB in the US and hoped to get some advice on how to get there. This summer I’ll intern in Transaction Banking at a BB, and will go through recruitment again for SA IB as a final year (3rd) student for London.
In case SA recruiting doesn’t work I’d consider doing a master in the US. I did my entire HS there before moving back to Europe, and have been wanting to come back.
I was wondering if this was a good way to get into the industry and if so which programs were considered good/realistic for me. I do not have permanent residency which could complicate things. I know it’s a long shot but if there’s any opportunity I’d want to start getting ready asap. Thanks in advance for the help!
Ahoy there! It sounds like you're charting a course across the Atlantic for a career in investment banking in the U.S., and I'm here to help navigate these waters. Based on the most helpful WSO content, let's dive into your plan and see how you can make this ambitious journey a successful one.
First off, your internship in Transaction Banking at a Bulge Bracket (BB) bank is a solid step. It shows you're already making inroads into the finance world, which is crucial for breaking into investment banking. When aiming for Summer Analyst (SA) positions in London, make sure to leverage this experience, highlighting any relevant skills or projects you've worked on.
Now, regarding the Master's in Finance (MiF) in the U.S. as a backup plan, it's indeed a strategic move. Programs in the U.S. can offer a strong network and recruitment opportunities, especially if you aim for schools with a good track record of placing graduates into investment banking roles. However, not having permanent residency could pose challenges, particularly when it comes to work authorization post-graduation. Here are a few steps to consider:
Target the Right Programs: Look for MiF programs with strong ties to the investment banking industry. Schools located in financial hubs like New York or Chicago might offer better networking opportunities. While specific program recommendations would depend on your academic and professional profile, researching programs with a history of international student placements in IB could be beneficial.
Networking: Start building your network now. Reach out to alumni from your undergraduate institution who made similar moves or are currently working in the U.S. finance industry. Networking can also help you navigate the complexities of securing a position as an international candidate.
Understand Visa Requirements: Familiarize yourself with the visa process for working in the U.S. post-graduation. Schools often have resources to help international students understand their options, such as the Optional Practical Training (OPT) for F-1 visa holders, which allows you to work in the U.S. for up to 12 months (or longer for STEM-designated programs).
Prepare for Recruitment: Whether you're applying for SA positions in London or planning for a MiF in the U.S., preparation is key. Brush up on your technical skills, practice behavioral interview questions, and stay informed about the industry. The WSO Networking Guide and the Investment Banking Prep Pack could be invaluable resources here.
Consider Alternative Paths: If direct entry into IB in the U.S. proves challenging, consider starting in another financial center (like London) and transferring internally within a firm or leveraging an MBA down the line for a transition.
Remember, while it's a competitive journey, your international background and education can also be unique assets. Embrace them! Keep pushing forward, and don't hesitate to reach out to the WSO community for more specific advice or insights. Good luck, and may your efforts lead you to the shores of success in the U.S. investment banking scene!
Sources: Screwed up my A Levels, what courses can I go for to still make it in IB?, Recommendation to abuse diversity programs., High GMAT, Low GPA, Realistic Schools for IB?, Best value undergraduate schools to break into IB, In 2019, IB still sucks, but are you happy you did it?
If you do not have green card I highly recommend recruiting for London through MFA in LBS or Imperial or Oxford MFinEcon or LSE as you can only maximize OPT for 3 years and H1B lottery is pretty bad (c. 30%).
If you really want to recruit for US you can do MIT MFin, Vanderbilt Master, etc. You can look the forum up. But as an international student you will need to be ahead of US peers + network harder in order to get a banking seat.
Also if you are doing MFin in the US make sure it is STEM OPT so you can extension as well, which most masters should be but require checking.
Thank you for the reply!
I have been discussing with some alums who did LBS MFA etc and those programs seem very interesting so I’ll definitely apply to them.
If I want to go for a master in the US, would you recommend taking a gap year before applying to get some additional work experience (6months internships, etc)? I’ll be 20 years old when graduating from this three year program and from what I’ve seen the average age/experience for US masters is a bit higher than the UK for MiF.
No age does not matter if you have a good profile. If you have good GMAT and GPA, I think if you can land a boutique IB/PE gig in summer if your SA falls through, your profile should be pretty competitive against US MIF - though again, you need to look school by school as MIT will have higher admission standards than others. Go through linkedin and see what the alumni profile looks like assuming their scores are median of what the schools publish
Sounds good, I’ll scout the different schools and see what previous students did. It seems like I’ll have to apply to SA and Europe/US masters around the same so I’ll just prepare for both the best I can and see what my opportunities are.
Thanks a lot for the advice!
As you completed your undegrad at a European semi-target, you should aim for a target MFin in London (LBS, LSE, Imperial). This would give you a great shot for Summers & Offcycles in London.
Considering an MFin in the US is also a good option but keep in mind that 1) they tend to be more expensive, 2) they might not hold the same flagship status within their specific region compared to their UK counterparts and 3) often have a stronger focus on « markets finance » than « corporate finance »
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