Wondering about MBA after getting offer from BB
Hi I just received an offer from a BB in NY and I was wondering if anyone can educate me on how the whole MBA thing works.
1) I'm sorta in middle/backish office (product control and compliance) and like everyone I want to work my way to front no matter what it takes. In order to do this, does one need an MBA at some point? The reason I ask is because I'll be taking my CFA level 1 in June and plan to finish all requirements and levels as early on in my career as possible. Can one replace the other or are either of them vital for FO.
2) When the hell does one even get the time to go for their MBA? How does that work for those that get their MBA after they get their job? Do they take a year off from work or something and are they just welcomed back or are night classes usually taken or maybe online classes? Not even sure how people would have the time for night classes either. How many years do they work before people go for their MBA?
3) Do the BB typically pay for the entire cost of a business school to get the MBA. And I hear working at a BB can get you into a ivy school or something like Havard business school. Is this true? Do those schools require you still have really high GMATS score whatever or are they more 'laxed since you work at such a top BB? And do you already need to be in front office to get the chance to go to an amazing biz school.
Ain't nobody gonna let you into Havard's night classes w/o a high enough GMATS, even if you're doing compliance at such a top BB.
1) CFA may or may not help you get to FO, depends on what kind of role you want (Asset Management, IB etc). MBA is a relatively easy way to get to IB from back office work.
2) Work for a few years then do an MBA full time is most common.
3) Business schools aren't going to be super impressed by back office BB work, because they are inundated by front office BB applications (and those aren't super impressive to them either). BB won't pay for your MBA.
I will say it's rare for BO/MO at M7, but not unheard of...I'm not the only one. To get in:
1) Try not to get stuck into BAU/repetitive work. Lead projects, show accomplishments, show growth. I led global projects, with a strategic edge (even if it was ops strategy). I had some cool stories to tell.
2) Get promoted quickly, get ranked highly, etc
3) Keep in mind, adcoms have a different internal schema of what a good job is than wallstreet. Accountants and traders are probably even more rare than BB ops for this reason, due to lack of transferable skills.
4) In addition to point 3, try to go for a top 3 BB ops. GS looks great on your resume from a bschool perspective, even if its ops.
5) Get a high GMAT. The higher the GMAT, the more the schools will excuse "silver" work experience
6) Even if you get into a school ranked 8-15 (which is more common), conversion rates are very high for IB, and you should have no problem getting in.
1) Think about what you want to do, MBA & CFA is a lot of $. 2) My advice is try to take time off work and get the most out of your MBA, do not work. If you can, try to cash flow your MBA. Also, roughly 4 to 6 years before before going for MBA etc. 3)No. No. Yes. No.
Thanks everyone. Appreciate the quick responses. For clarification, the FO position I want the most IB. But S&T is just as interesting to me.
BB front office roles aren't impressive to M7 schools? That's a joke. I worked as an IB analyst for 2 years at a BB and was accepted to 2 of the 3 M7 schools I applied to. Nearly everyone of my friends with the same work experience achieved the same outcome applying to business school. I have seen so much unwarranted, negative feedback from anonymous posters on this website who say it is nearly impossible to gain acceptance to the M7 as a male in finance. Don't listen to these haters.
To clarify:
@masterg I never said BB FO roles aren't impressive, I said they aren't super impressive to M7 schools - I was directly responding to OP's question that asked whether M7 schools are more relaxed when considering BB FO experience. All my research has pointed to the fact that being FO at a BB for a couple of years alone will not get you in - you need more, whether that's work experience, extracurricular activities, standout projects etc. Never said BB FO work can't or won't get you in.
@the brofessor similarly, didn't mean BO can't get you in, but that BO work alone at a BB won't get you in because of the BB name. @OpsDude sounds like he agrees.
BBs sponsoring MBA? (Originally Posted: 02/06/2015)
Do any BBs like GS / MS / JPM sponsor top analysts' MBAs? I'm not sure if this is a common practice or non-existent in banking. I'm sure they would make you sign a contract to remain an employee for a certain period. Any insight?
Probably back in the 1980s. I don't think this is common practice now.
I have enquired about the same thing as someone who wants an MBA but also likely wants to stay in IB. Consensus is no, they never will, because they can promote you directly to associate without an MBA - so why would they pay for an MBA if the end result is the same (or better) for them (you moving to associate, and without leaving for an MBA doing it sooner)?
B-School After Three Years of Banking? What's reasonable? (Originally Posted: 03/20/2009)
I'm currently a senior who didn't major in finance, economics or even anything quant-related at a top LAC. I ended up with a job in a BB for this upcoming year. My GPA isn't great (think 3.0 - 3.3), and while I don't have a lot of finance experience, I did an internship with another BB, which helped me leverage a job offer. I started an organization during my four years on campus, which took up a lot of my time.
Given my low GPA, I've been too nervous about taking the GMATs during this semester, and I'm also worried about being able to perform well in my job this year. What should I be doing in order to show that I'd be able to make it at a top school? Would my work experience (IBD at a BB) be able to make up for my low GPA, given this economy? I have no idea where to even begin to build my application.
hi, congrats on the offer, which department is it in? What is the job function? front or back office?
IBD analyst at a BB, so front office. I'm still picking industry groups.
You can compensate for your lower GPA by obviously doing well on the GMAT (with a balanced q/v score) and maybe taking one or two business related courses at a local university and getting A's(not sure when you would have time to do that). A 3 year analyst stint combined with your organization involvement, decent GPA and a solid GMAT score would make you comp. for top schools.
GPA is just one component. Put it like this: there are a lot more 3.5+ gpa people out there than theer are people with BB IBD exp. WIth your exp, a solid GMAT will keep you competitive.
what would be a good range for the GMAT score in order to compensate for a 3-3.3 gpa? And by the way,people refer to this a lot but, who exactly are the BB's nowadays anyway?
Technically there are none. However, GS and MS are still called bulge brackets, even though they are really bank holding companies.
680-720
So I'm guessing the term is used to refer to banks competing for the biggest deals? or is it simply people's perception of the largest full service i-banks? (post wall street armageddon) i.e: MS,GS,JPM,BOA/Merr,CS,Barlehs,Citi,Deutsche,UBS
Not that it really matters, but what is the distinction in that case between Global Debt issues versus M&A when it comes to this term?
Again, bulge bracket "technically" refers to the bank listed on the top of a prospectus. However, your list might all be referenced as bulge brackets. Basically, use this metric. Think of a bank. Is it a major boutique (lazard, moellis, etc)? Is it a smaller boutique? Is it a middle market bank (jefferies, etc)? If the answer to all those questions is no, you can probably refer to it as a bulge bracket.
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