Wreck my career "plan"
I have given this some thought and have some ideas I’d like to share with some of you, and see if there is anything any of you would change. I am not asking a “what are my chances” type of question, as I now there is no way to accurately answer that. Just if you think my strategy seems like it will be effective.
For those of you that don’t know, I am a freshman at a non-target. Also, I have recently lined up an accounting internship for this coming summer nothing substantial like big 4, but rather a local accounting branch in a local business (better than nothing… right?)
After asking around this forum, and getting some great advice, I have decided on a ‘plan of action’. I am going to get my masters in accounting and dual major with a BBA in finance. In the process, I plan on joining some sort of finance/accounting related club/organization/frat etc., while also trying to get some IB internships in the future.
So, apart from clubs and internships I am fairly confident that I can keep my GPA pretty high (currently a 4.0 with one semester completed).
Also, next year I can apply for my university’s Honors College; would this be significant? Or should I not even bother?
Any tweaks or ideas for my ‘plan’ would be appreciated.
What do you want to do after college? IB or F500? For F500 you are in a good shape since you have accounting related role after freshman year. For IB, look for Boutique IB internships by cold calling and networking, etc.
Sorry about the confusion. My goal is to land a FT IB job after graduation.
Why do you think you need a master's in accounting to get a job in IB?
It's for safety purposes. I realize that being at a non-target there is a slim chance for me getting IB right out of undergrad, and I want the Macc so that hopefully I can use Big 4 as a 'back up'. Also, that allows me to get my BBA in finance.
Having my masters in accounting couldn't hurt, can it? (not being a "smart-britches", it's a serious question).
Most graduates who work as an analyst in IB do it right after their degrees. Some get a summer analyst position and then move on to a FT analyst. After 2/3 years, some move on to associate level, some go to business schools. Where to you want to end-up eventually?
You don't need the Macc at all
@michael, I'd eventually like to end up in a top MBA program, and see where things go
@rufio, I understand where you're coming from, but as I stated its more of a safety net. I wish that I did go to a target and major in finance/econ and be able to end up in IB. But, at my school, I am not very confident in that being possible.
So, other than my Macc plan, everything else seem ok with this?
It's a dumb safety net. You would be better off spending time learning about banking, building your extracurricular involvement, and networking. Undertaking the Macc won't impress anyone, and will brand you more as an accountant than a banker. I think it's a mistake. You would be far more prepared if you were to do a self study modeling course for $300 than to waste money on a Macc.
Setting yourself up for your safety net already signals that you are planning to support failure. You can easily get a job at a Big 4 without the Macc, so the Macc isn't going to get you anywhere. Think about the return on that investment... it's terrible. It's not like they are going to pay you astronomically more or promote you that much faster because you have a masters. You will get paid maybe 5-10k more as base salary than undergrad counterparts with no guarantee of more rapid promotion.
I know people who have Maccs from good schools (UNC, UVA, Wake Forest) who are in back office roles making $5k more than their counterparts who studied Business Administration at complete non targets...
Value proposition simply isn't there. Focus your time on networking and learning the fundamentals of financial modeling and accounting. If you understand intermediate financial accounting then you are ahead of the curve.
If you're a freshman, you're on a good track. Joining a "finance club" (investment club) is definitely a good way to demonstrate your interest in the business beyond your accounting major. Investment club isn't unique in the world of homogeneous IBD resumes, but its good for 'checking the box' and even more so if you can get a leadership role within the club.
The accounting internship could be beneficial to your search (especially as a freshman), but regarding the masters - the juice might not be worth the squeeze...
You're on the right path and having a solid understanding of accounting can absolutely be beneficial. Just don't overestimate it - you don't need a masters in the subject to break into IBD. Keep working hard, toe the line, demonstrate your interest in 'finance' (investment club is a good start) and then work on networking with alumni/friends so that you can get your foot in the door for a SA spot when junior recruiting rolls around.
Thank you for your input. I will keep everything you said in mind. I am going to see if I can get a dual major with BBA in accounting and Finance, rather than the Macc. And, you make a good point; I will check into investment/finance clubs rather than accounting.
Thanks again!
Honestly, unless you really want to get into PE, your best bet would be to do FLDP at a good F500 company, work for 3 years, get good a GMAT score, do EC and get into a top 10 MBA.
PM me if you want to get more info on how to get into f500 FLDP.
This is horrible advice.
Indeed it is. Makes no sense.
I see where you're coming from rufio, and I do appreciate your input. I will be taking all of this information into consideration.
Getting IB FT from a non-target is not slim, most people just do not do the right steps to get themselves in. A buddy in my class just landed a FT offer with a top group at a BB through networking with an alumni. As long as you have high grades, passion for the job and high grades (probably the most important) and network you ass off maybe getting a IBD FT with a BB will still be hard if you look more at MM and boutiques I am sure you will find success. Do not get into the mode of thinking you will not get in because if you have the attitude you surely will not. Keep up the grades.
Thanks for your feedback. And I would be more than happy to start at a MM or boutique, and then perhaps leverage that into something better.
I just gotta keep my eye on the prize!
Always baffled when a 1st semester freshman has his whole life planned out.
What can I say, I like to plan ahead. The way I see it is, worst case scenario is I get what I wanted and hate it. Comes down to philosophy I guess... Is it better to not plan, not get what I want. Or, is it better to plan, get what I want and hate it?
I guess only time will tell
http://www.wallstreetoasis.com/forums/starting-salary-for-big-4-account…
See the post by DreamMonkey if you need any further evidence that the Macc is a poor value proposition... This is congruent with what I have seen with some of my friends who got their Macc. Do a concentration in accounting to complement your Finance degree if you are interested and feel it will improve your candidacy. The Macc is a tuition trap offered by universities to make extra money while providing no meaningful ROI upside on the degree.
Wow, I wasn't aware that the Macc salary was so low ... But, I'm assuming that's starting salary.
Yes, but you aren't going to get huge raises like in banking. Salary progression is much more linear in accounting, while in banking and buyside jobs the progression much more rapid
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