Hi Monkeys!
I've been reading many of the posts and still have a few questions.
Personal Background:
Queen's undergrad in Engineering. GPA 3.0. Post-grad work experience: 3.5 years as an engineer at a nuclear facility having progressed to an engineering supervisor for the past year. gmat score: 700.
Schools: Interested in (in order) Schulich, Rotman, and McGill. Schulich interests me particularly as they have a diploma in Financial Engineering (does anyone have any comments on this) which can be taken with the MBA. Feel free to comment on ranking choice. There seems to be ongoing debate on the subject.
Endgame: Interested in capital markets specifically debt products and/or structured products. That being said I have no direct experience in either just interest from plenty of reading and research.
Questions:
1. What is the current growth of capital markets divisions Canadian firms? Hiring stats/state of the industry currently.
2. I'm considering a January start date (lower opportunity cost) which would result in missing out on a summer internship. Is this a terrible idea given that I'm a career changer or can networking/alumni/academics make up the difference?
3. What do firms typically look for when hiring for positions within capital markets? Is it primarily MFin, PhD Math/Physics? Another way to frame the question; would my current background and potential graduate education be competitive?
4. How do MBAs with a career change fair in interviews when against those with prior experience? I understand there is an obvious plus to those with directly applicable experience but by how much does it factor into the hiring process?
5. For those currently in the finance industry what is the one thing that a graduate degree (MBA/MFin) did not teach you that you wish someone had told you would be extremely valuable to learn on your own time?
Sorry for the long read. Appreciate any responses.
Cheers.
You should include Ivey on your list, their MBA program places very well on bay street and may be a better choice if you have interest in working in NY.
MBA in Canada and US for capital markets career (Originally Posted: 03/26/2014)
I live in West Canada. I have worked 1.5 yrs with an energy company and 2 years in the commercial banking segment of a Canadian big 5 bank. I have Canadian CPA designation and plan to write CFA Level 3 next hear. My ultimate goal is to break into capital markets with corporate banking as my first choice. I know at this point, with several years of experience already it is hard to break in at the analyst level and it makes more sense to break into at the associate level with an MBA. In fact I have been interviewing for corporate banking positions (analyst/associate) for almost a year and it was unsuccessful. I am mobile but Toronto is where I want to live permanently. I am more inclined to Ivey but wondering if it is worth it to go for an US MBA ranking higher than Ivey (NYC, Columbia for example). I don’t have plan to work outside Canada.
I am also wondering is it possible for me to get into corporate banking with my experience?
Thanks in advance. : )
i don't really understand what it is your asking are you asking is it possible to get into corporate banking? anything is possible, so yes
are you asking is it more worth it to go to columbia than ivey? absolutely but the two aren't comparable at all- at least not at the MBA level columbia is infinitely more difficult to get into
MBA is all about the school name and networking opportunities.
US MBA's have much much better brand recognition than any Canadian university. You will get better opportunities out of a US school, even if you don't plan to work in the US.
You have really neatly laid out past experience so it's hard to say. I'm guessing you have accounting experience. Is this in a Big 4 or regional firm? What other experience do you have/ what about you will get you into a top MBA school? We need more info.
Assuming your experience in Commercial Banking was a credit related role (i.e. credit/ financial analyst), I would think your chances of transitioning into Corporate Banking are decent. The fundamental credit u/w skills you learn in commercial banking are virtually identical at the Corp. Banking level. However, exposure to capital markets are more prevalent at the corp. banking level since you are dealing with larger sometimes more complex companies that are often publically traded.
As you may already know, pre-MBA "analyst" roles are typically hired out of undergrad, but transitions post grad are possible I've seen this happen with someone that had an accounting background. Post MBA roles focus more on relationship management and business development, but still require heavy credit expertise. Post MBA's are considered "relationship managers," and often attain VP corporate titles within 3=5 years post MBA.
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