Trying to break into IB for years, reaching finals, but no offer
Hi WSO community, probably not the first one raising this issue, but really want to hear opinion around that, maybe someone had similar experience. I am Ivy league MBA alum, graduated 4 years ago. Could not break into IB while at school, and trying since that but no success. Right after graduation joined Mortgage Company, as a Strategy Finance, working on M&A and Corp Dev related staff, as well as FP&A kind of work. Currently switched to super small e-commerce startup to run their finance. Not extremely happy, actually, dreaming about switching to IB every singly minute. For the last couple of years was specifically trying to break into Renewable Energy IB shops or developers focusing on Project Finance. Whenever given a chance to be interviewed, constantly reaching the final rounds, including succeffully passing all modeling tests, including live modeling tests, but after the final interviews, even being told that I had the best performance, company decided either to hire someone from industry, or use my H1b visa transfer as an excuse not to hire me. Yes, it is crazy, they openly say that my modeling was better than someone who is 3 years in industry, but they decided not to hire me. With one shop, it was three attempts, yeah three years in a row, where they ended up hiring the other candidate just becuase of "they already in industry". I am feeling truly desperate about it, and really considering to/ want to work somewhere for free as a second/ part time job, just to gain so called "experience", but not sure my H1b status allows to volunteer somewhere for free, likely not. Thinking about getting into Day 1 CPT program at some university, and then freeze my H1b and work for free part time, for some small IB, Renewable Energy IB, or Project Finance Shop, or any other M&A or coverage groups. Would really appreciate your advice on that, as I am truly thinking off giving up everything and leaving US to Middle East to pursue some consulting opportunities.
Would truly appreciate any opinions and ideas, specifically, if you know any shop where I can gain so necessary experience volunteering for free, or if anyone had similar situation and can share how did you worked that out. Please feel free to dm me.
Visa is a real problem in the US, that's not just an excuse
Truthfully - there are a number of factors working against you. At 4 year post-MBA level, you'd be looking to come in around senior ASO/VP, which is not really doable with no relevant IB experience. Even if you're willing to take a big downgrade to analyst/ASO, most of that is done through school recruiting. Add in a only partially relevant current job plus visa issues, it's a challenge. Based on your typing I'm guessing English may not be your first language either.
Are you networking with tiny (like 10 man or less) boutique IB/PE shops? These are the most likely to respect your hustle and be willing to take a shot on you.
Any finance firm that allows you to work for free is a huge red flag so I would not do that
Thank you for your comment. I truly appreciate that. First of all, yes, visa is a problem, but I am currently on H1b, which only requires the transfer from one employer to another, not particating in the lottery. Regarding language, enlish is not my first language, that is correct. However, trust me, my english is not that bad as it may look from the earlier post, I just wrote it in a rush while working on a few different tasks and did not have a second to run through it, anyway, I truly appreciate that point as well.
As per career, yes, I am willing to take a downgrade, to even Analyst/Associate, but as you mentioned, there are not many opportunities happening outside of school recruiting. In the meantime, I am trying to reach out to small shops to see whether there is an opportunity, but the problem with small shops, as you mentioend earlier, is a visa.
I agree that unpaid work is a big read flag, but honestly at that point, I do not know how to break into. Will continue reaching out to small shops hoping for the best
You need an MBA
I already have
You’re qualified. The fact that you’re making finals 4 years post MBA shows that. Keep going. You will close.
Thank you for your comment, truly appreciate that. Will try, but definetly have a feeling that need to change something in the strategy. Being specific, I cannot say I have tons of final rounds so far (maybe 3-4 per year since graduation), the problem is that not many companies give me a chance and call for interview, but if they do, I pass all stages to final
You need to accept that IB is out of reach, and just move on with your life.
There are plenty of other great jobs that pay just as well if not even better than IB, especially since you have an MBA.
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