Working in Back office at BB now(Syndicated finance) and definitely want to make the switch into IB. Something into like Leveraged Finance. I have been working on my excel skills and DCF modeling. Been networking internally with people in the bank. I started my current job in August 2023 and I am in the 2 year program. I also have the option to go back to school on a part time basis and take classes. Do I prep for CFA or aim for MBA ?
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You probably need to go to MBA - it's a direct route to BB associate roles. CFA is abolutely useless for IB. It's all but impossible to go from BO -> FO; even if you have network, some excel skills and know how to do a basic DCF, you will not be competitive with people who have true deal experience. Maybe you could stop in middle office (ideally risk) for a year or two, but even this is no guarantee.
Do your 2 year program + get the promotion, and make yourself competitive for M7 or top 15 MBA in the meantime. Take the GMAT and keep an eye on application dates so you are entering when you have 2-3 years work experience.
Also to be clear, don't go back to school part time with the MBA - full time programs are the best shot and they need to be from an elite school. UChicago is the only one where part time places well, but you need to be flying to Chicago every week which is a huge commitment. I would only do this if you need to keep your job for a visa, absolutely have to work to put food on the table for your family etc... but otherwise full time MBA at a top program is your best bet.
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