Am I screwed for life?
I've been working in a bank in a role that is branded as middle office but really is a back office role for 4 years now and I hate it so much! The salary is low and the work is so mind numbing. I want to transition to the S/T team at my bank but it seems like they have a very rigid hierarchy system. Was wondering how I could brand myself so I could get a S/T position outside my current firm? I've been actively applying for new roles for the past year but the only luck I'm getting is with B/O roles again. Grad School/MBA is definitely not an option for me with the salary I'm currently making.
Sorry or the false hope that this is a reply from someone with an answer for you. I'm in the same boat as you about hating my job and the affordability of an MBA. I think you sould take a look at your current positioning and network with the people from your office in the roles you want. Then you can start forming ideas about how you would approach applying to such a job at a different bank. Search linkedin for others who have made the jump.
if you can do a part-time MBA at a decent school (eg. Berkeley's evening and weekends, or UPenn's SF EMBA) then that could be a way out. If it's content and learning you're looking for, then you can take a bunch of classes online at minimal costs.
CFA is another route to consider. I know a guy who broke into PE from a family office by showing his dedication to finance by getting a part-time MSc Finance and a CFA in tandem, and then putting together analysis work and pitching himself proactively.
Otherwise you may have to lateral over to another bank, or try to break in, internally.
If you want to try to break thru the barriers internally what I would do is put together some materials that show you can do the work, and use it as an internal marketing piece, with an actionable idea .
For instance, if you're trying to break into ER, put together a macro or industry piece on a vertical you like, and share it internally. If you're looking to do IBD, pull together a deck on a potential M&A idea. That will get people's attention, and frame the conversation as "here's an idea, I'm offering to add value" rather than a hat-in-hand ask for help. This does take extra work, and the balls to ask, but it is sure cheaper than an MBA.
Part-time MBAs don't have the ability to career jump like a FT MBA has. I don't think a part-time MBA would be worth it. He could end up in the same position with more debt. FT MBA is the answer. FT MBA recruiting from T10 MBA programs and placement rate is solid.
The only other path would be focusing on the CFA exams and getting the CFA charter, which would take years, but may be worth it if desiring to go into asset management.
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