I know this topic has been addressed in a few threads on the forum but wanted to get a refreshed view and hear from some mid-level professionals (or ones post-MBA in other fields with friends who recruited for IB).
I'm entering my MBA next year with intention of recruiting for IB. I know exit opportunities are different than for pre-MBA IB but what do most people eventually do? Seems like a mix of corp dev/corp finance/strategy for everything from startups to F100, PE/HF/buyside few and far between, and some percentage staying in IB for many years.
What's been the experience of people who have seen a lot of these cases play out? If relevant, mostly thinking about M7 MBA -> BB/EB.
Entering IB FT post MBA graduation this spring after interning at the same BB IB. From what I observed:
-it’s group dependent, but about 40-50% of associates stay beyond the 3 years AND are qualified to make VP when it becomes a little bit more salesy than just checking models and decks- essentially a different skill set that some associates don’t care for/aren’t good at- you basically need to crush client interactions and networking as an associate to be viewed as someone with great potential as a VP, it’s really where the technical skills are trumped by behavioral in my opinion-
-quite a few go start-up, a buddy at a solid EB shop bounced after 2 years post H/S/W to join a start up, I’m genuinely curious how common this path is
-a handful go corp-dev, likely for a client- one associate did that for barely a year and then came back to banking because the hours and salary and lifestyle weren’t worth it in their mind
-one guy went to a small PE shop not in a major city- seems rare for post MBA- IB associate to get into PE, not impossible, but doubtful it would be a big high profile shop, likely small shop
My plan, take everything a year at a time, period. I think it’s very difficult to know exactly what you want to do long term until you’re there 6-12 months. Even as an intern, I thought I knew what to expect and it was slightly different, granted in a good way, but my point is it’s tough to plan too far out. I hope to work hard, learn as much as I can and continue to make a good impression in my group. At the end of year one, my spouse and I will evaluate next steps. We will see what is next. I am headed to a great group at a great bank with a great culture so I’m confident I’ll enjoy my first year.
Good luck! Recruiting for IB is tough, but my biggest advice is to be mindful of culture, try not to get desperate for prestige or a simply job- you don’t want to be miserable every one of those 84 hours! If you’re at a top program and/or have some hustle you will land somewhere incredible! Also don’t sleep on those MM firms- I was really impressed during recruiting with some MM firms in the Midwest-
Very detailed response - SB'ed
Great reply, thanks for the detail!
This is one of the best responses I've seen on this topic. I have a couple more questions please:
1. What is your pre-MBA background? Is it important that it’s related to the type of banking you want to do? Are candidates without previous IB experience at a significant disadvantage?
2. How did you prepare and recruit for Summer internships at the MBA level? How did you approach networking?
3. Do your comments differ for Post - MBA bankers in London / Europe?
Thanks.
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