Seeking advice - Transition ti ibanking
I can't make up my mind about whether or not I want to make the transition to I-banking, and I know that nobody can make the decision for me, but I just wanted to gain some insight from you guys. I graduated in '08, and have been working as a credit analyst in commercial banking with a BB since. I work 40 hours a week (9-5); current salary is $75k. I'm considering making the transition to I-banking as a 1st year analyst. Correct me if I'm wrong, but base salary for an analyst position in IB is roughly the same... not taking into account the year-end bonus, I'd be making roughly the same amount of money for double the hours.
I plan on going back for my MBA either way... regardless of whether or not I get into IB... and I don't see myself doing IB for the long-haul... so my question to you guys is... considering what I'd be putting myself through, is making the switch worth it with regard to improving my chances of getting into a top MBA program, post-MBA opportunities, etc... ?
Also, is it really as brutal as some people make it out to be? How many hours do analysts typically work per week? I don't mind putting in long hours in the office... my biggest concern is probably not being able to function due to lack of sleep. I give you guys a lot of props for being able to function and work efficiently with those hours... I'm doubting myself on whether or not I'd be able to.
Any advice is much appreciated.
You mention "Top MBA": in the context of perfect scores and outstanding ECs, would you mind sharing any data indicating that a generic entry-level IB role is "sufficient" for a successful top MBA program application.
You're right.. that's pretty subjective to begin with.. I guess Top15 would do it for me. What I was trying to get is whether switching to IB for a couple of years rather than staying in commercial banking would significantly improve my chances of getting in, assuming all other factors (GPA, GMAT, ECs, etc) are the same... the same question for post-MBA opportunities..
I'm just trying to gain some insight.. opinions.. etc from you guys since most of you have worked or are working in IB...
Depending on where you live (aside from NYC), you could have a good work-life balance at $75k and 9-5 hours and still get into a top mba so long as you have good work experiences & promotions. Couple that with a solid undergrand + gpa, gmat, and EC's and I don't think it's necessary to transfer into IBD if you're only doing that b/c you think it will increase your chances of b-school. If you're aiming for top 5 it will probably help, but top 15, I think you're fine. Enjoy your nights & weekends.
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XPJ,
Improving my chances of getting into one of those MBA programs is one of the reasons. The other, and that's what I was hoping to gain some insight on, is whether or not it would have a significant impact on post-MBA opportunities (not wall street, maybe F500 corporate finance position)... ? Is the life of an IB analyst that brutal that it's not worth it in my situation given my goals? What time do you typically get in and out of the office? I don't mind the extra hours of work.. I'm not lazy.. I do admittedly have a much harder time functioning on like 3-4 hours of sleep though. Am I better off just sticking where I am?
Silky, I'll get back to you soon.
Fully agree with XPJ. Can't say from experience but I don't think the marginal benefits would be worth the effort in the long run. IB I think is useful in that it serves as a fantastic tool for a young professional for a myriad of careers in the future. Whether or not the transition is worthwhile really depends on your goals in the long-run.
If the admissions boards at top 15 MBAs have a criteria that weighs in on your career track thus far (which I'm sure they most certainly do), I feel that your credit analyst would be a sufficient gig to top the hurdle (again, can't say for sure). So your matriculation at said programs would be dependant on other factors such as GMAT and ECs.
Thanks brownbanker.
If anyone else has additional insights, please shoot away. Also, what are typical work hours like for an IB analyst on the west coast?
If you want to go IBD than make the transition sooner than later. More experience is better and experience is highly valued. Get busy living, or get busy dying.
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