Advice on the best route to take for a Scottish Student looking to get into IB with an end goal of PE/VC/HF
Hello, an interesting topic of discussion. I'm looking to gain some insight on this if anyone is happy to provide. I'm currently in my last year of high school in Scotland aiming to get into IB/P (ideally the earlier the better of course). I have unconditionals for Edinburgh and St. Andrews for Economics and waiting on a decision from LSE and Cambridge. These past few weeks I've been considering the degree apprenticeship route as it will save me considerable debt and give me work experience (The main incentive being ACA qualified leveraging that qualification to get into BB IBD). I'm interested in finding out whether I should take the Audit ACA apprenticeship route at B4 (whilst staying at home) and do an MBA after (if this is even possible considering I won't have a bachelors?) I've been getting more and more unsure about the Edinburgh / St. Andrews route as there is, statistically always a chance I can simply not get a FO role like IB straight out of uni due to intensive competition nowadays and unluckiness and therefore end up at Big4 Audit on a 30k salary, something I could possibly have done straight out of school through the apprenticeship route.This is all seeming a bit of a blur to me and I would be delighted to get insight from anyone possible on what route is the healthiest and more surefire. I've even looked at software dev degree apprenticeship -> MBA -> Associate which is a testament to how all over the place my mind is currently.
Salam Alaikum Abdul,
Let me take a stab at this as I was in a similar position to you. Firstly, congratulations on knowing what you want to do while still in high school!
I'm currently finishing my studies at a non-target Scottish university and only decided I wanted to pursue IB (end goal PE) in my third year. Despite the late decision, I went through the entire recruiting process and landed a full-time position in IBD at a MM.
Obviously, attending LSE or Cambridge is preferable to any Scottish university, but if you're considering the no-debt route (which is a wise decision), then I would recommend the University of Edinburgh over St. Andrews due to its better placement in IBD (due to its strong history/reputation). For reference, during my summer analyst stint at a MM, there was two students from the University of Edinburgh and I believe both got return offers.
I wouldn't recommend the apprenticeship route unless it's specifically an IBD apprenticeship (Deutsche Bank, for instance, offers an IBD apprenticeship where you work and also study at Queen Mary London). However, I would generally advise against apprenticeships because they limit your ability to pursue other internships, and some, old-school recruiters and private equity (PE) firms, might view apprentices less favourably, often considering a degree as a minimum requirement.
Earning an ACA certification is, in reality, irrelevant in IBD (from a recruitment standpoint). It won't help much. Also, if you're in audit and earn an ACA, transitioning directly to IBD is very challenging. You're more likely have to move from audit to Big 4 valuations/transaction services teams and then to IBD. This route is lengthy and might prevent you from moving to upper-middle-market/mega-fund PE.
Avoid pursuing a software development apprenticeship with the intention of moving to an MBA later to do IBD. The skills are almost entirely non-transferable. As mentioned in point 2, only consider an IBD apprenticeship if you're committed to the apprenticeship pathway.
You might be underestimating your chances of entering IBD. While it's competitive and challenging, being at a solid semi-target university like Edinburgh doesn't make it unattainable. It won't be easy, but it means you'll need to work harder than others. The advantage in Scotland is the four-year program. My path from a non-target university involved a Big 4 Audit internship in the second year, leveraging that experience to secure an IBD SA role at a MM firm, which I was able to convert to a FT position.
Even if you attend LSE or similar institutions, the competition is fierce, and it's not a guaranteed path to IBD, but it does improve your chances of securing interviews (though you still need to perform well in them). Attending a Scottish university may require a less conventional path and more effort in applying and actually getting interviews, but it's certainly achievable. Also, starting your career with minimal debt offers greater flexibility (to change jobs or pursue interesting and more riskier opportunities).
To be honest, since you know what you want to do and have time on your hands, I would spend the next three years learning about IBD, technical skills, accounting, etc., to prepare thoroughly for recruitment. This way, when you reach your third year and start applying for IBD positions, you'll be well-prepared to excel in interviews and secure the roles you want.
Walaikum Salam, Thank you so much for the nuanced and insightful reply. I appreciate you demystifying the career projection for me. I am currently in two worlds between Cambridge and Edinburgh as I have offers for both (Land economy and Economics respectively). Would love some insight whether the extra 40ish k in debt from Cambridge would be worth it for a more fruitful career both short and long term. I have been thinking about the perspective that you mentioned, being that Cambridge's competition would be fierce like no other and may actually hinder me in theory. Would be curious about where you'd go from here if you were in my position.
Cambridge will likely lead to more interviews compared to Edinburgh, theoretically making it easier to break into IB while studying there. Furthermore, the Cambridge name carries significant prestige, potentially negating the need for an MBA later in your career.
However, choosing Edinburgh still provides a solid educational background, albeit with a more challenging path to recruitment. You have the advantage of an extended preparation period (2 years instead of 1) and the opportunity to present yourself as a unique candidate, distinct from the crowd. This uniqueness worked in my favour.
In summary, Edinburgh requires more effort from a recruitment standpoint but comes with the benefit of graduating without debt. So, if you are not overly concerned about debt, Cambridge may be the preferable choice.
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