What is an "advanced degree"
I was on a few BB websites and saw that associates are, for the most part, required to have an advanced degree. I would assume that most of these people have MBA's, but I'm wondering if any people have other degrees (masters, jd, phd)? If they do, how are they able to come in as an associate without any experience with banking?
On a second note, why do they do it? Is it to gain a few years of experience to go into private equity (I would assume you could be a lawyer for a couple of years then go to PE) or is it that they are just attracted to the banking lifestyle?
Some associates come in with JDs, but the majority are going to have MBAs. The Associate position is an entry level position just like the Analyst position, so it is possible to come in without having any banking experience at all.
essentially anything beyond a Bachelors in the US.
Europe is tougher to categorize because a lot of countries give Masters as their first degree
Why do they take jd's though? I mean, in all honesty, what the hell do they know about the business? I can see them taking a lawyer who has worked at a firm and done M&A for 3 years or something, but one right out of law school? Unless you're going to Yale/Harvard I dont see why a bank would do this?
I mean, you could ask the same question to banks hiring Philosophy majors as Analysts. In my opinion, you really don't need a business background to work as an analyst/associate. You're doing a lot of bitch work, and all they teach you all the Finance you need to know.
They are looking for smart people with good quantitative and analytical skills at the analyst level. and throw in presentation/people skills at the Associate level.
They can train you in the Finance. In fact, some banks at the MBA/Associate level actually prefer people without banking backgrounds so they can mold them how they want.
Keep in mind, JD's are a very small portion of the total associate hires.
Is that because of self selection from jd's though? I mean, is it because not many jd's decide to do banking? I understand what you mean about wanting to teach them finance cuz then they will do it "your way." JD's seem like they'd be good candidates though because they are obviously motivated (especially if they have done biglaw at 70/80 hour weeks)...To each his own I guess :)
The vast majority of JD's want to practice law only directly out of college. Law schools brain wash you into thinking you MUST practice law. The fact is you learn alot about strutcuring deals in law schools...it simply depends on what you take. If you take all procedure/litigation courses you won't be worth a shit in banking. Furthermore, a JD (or ANY other advanced degree) will get you hired on the spot. You still have an intense interview process that will assure the group that you know your shit. So even if you are a JD, you will have an de facto MBA from self-studying.
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