Thoughts on current situation
I've been wanting to get into IB for some time now, with no luck. Applying to firms and networking. Started out in Big 4 and transitioned over to a large global bank, working in a corporate audit function. I don't really want to go do a 2-year MBA due to adding $200k in debt. Plus I'm not sure of my odds of getting into a top program. I'm 28. I've tried to get into my bank's IBD (it's a MM IBD), but no success. Should I give up on the dream?
nah man, it's a numbers game. sent probably 200 emails and gotten ~15 responses and 2 solid conversations. It's demoralizing at times, but don't give up on it if you really want it
I wouldn't give up but maybe expand your scope and look for other things in the financial services that you might like - perhaps don't focus soley on IB. Just a thought.
I went the exact opposite way. I was looking at any job in "finance" then found myself making no progress and decided to figure out which part of finance I want to pursue. I started then declining all interviews in other areas and strictly pursuing openings in IB.
That's probably a hard transition because you'll be viewed as an accountant when you apply. An easier story to sell would be if you could move over to TAS and then IB. You say you don't want to do an MBA, but that's a great way to rebrand yourself into finance.
Yea, I may need to reconsider the MBA rebrand.
I think the ROI on an MBA is very solid for ppl moving from back office / Big 4 etc to investment banking. Just make sure that plenty of banks recruit at the programs you apply to if M7 is out of reach.
Is my age a limiting factor? I would be 30 when I enter the MBA program and 32 when starting as a post-MBA associate.
Randy.
I'm 27 right now and in undergrad. I was previously in the military. I have a Jr. internship at a BB this summer, and will be 28/29 when I finish undergrad. Most people in MBA programs have 5-6 years experience, meaning you'd be only a few years behind cohorts at worst. If MBA is the only way into your dream, then achieve it however you can. But, if you want to limit risk and maximize reward, I would look into any finance position and pay down some student debt while studying GRE/GMAT to get into top MBA program. A firm might even sponsor an executive MBA. Think smart, long game. 32 at MBA graduation isn't the worst I've heard. I've heard 40 year old undergrads. Granted they are usually vets.
ha. we probably met at the superday. see you this summer!
if u dont want to do an mba u have to network your butt off. what also helps is getting yourself into a more finance-related role that is more connected to ibd. i would say corp dev, treasury, risk is what you should be trying to get yourself into instead of internal audit. this transition will likely put you in your early 30s when u finally are ready to switch into ibd. entering as a 30 year old analyst is not ideal.
you can also go back to your big 4 assuming you did audit and if you are on good terms with partners, ask to see if you can get into the cf or ts service lines. from here you could try to lateral to a mm or boutqiue ib as an analyst
if you want to go to a bb or eb, a mba is your only option. i dont think ebs and bbs would hire you as an analyst due to your age and furthermore, 1st year vacancies are usually reserved for students. you probably dont want to be a 30 year old analyst either as you will take orders from those who are younger with less experience.
imo, the mba is your best option. you get to break in as an associate with means more $ to pay off the debt you will take on. perhaps u cannot get into a m7, but how about a regional target (i.e. mccombs if you're from houston)
is ib really worth it? you will delay having a family and endure stress and whatnot. im sure you can find other ways to achieve prestige or become wealthy outside of ib. you should think about why you are actually interested as the work is not super exciting. just my 2 cents
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