Is getting an MMS/MSF and an MBA overkill?
I come from a liberal arts background and I'm thinking about getting an MMS or MSF to start my career in corporate finance then getting an MBA down the line to transition to IB. I'm doing this because most MMS or MSF place into Big 4 Advisory, Quant, Marketing, etc, while top MBA programs are feeders into IB. Since I'm planning on getting an MBA down the line, would an MMS or MSF still be worth pursuing considering the cost?
Yes, if it helps you reach your MBA goal and the job you want out of college. Similar situation to you was lib arts background then ended up getting a MSA (Accounting) which helped me land big 4 advisory and f100 fldp offers. Ended up going fldp with an intent to go get my mba in 4 four years. It put me back a year and is was expensive, but it gave me better job opportunities (and as a result better mba prospects) than I would have had have otherwise so it was worth for me.
They serve a different purpose. MMS/MSF get your foot in the door early career for finance roles with limited or semi-relevant work experience. They can also help overcompensate during MBA admissions for a low undergrad GPA or a non-target background. You won't typically move from MSF -> semi-relevant experience -> IB. You could make it from a top MSF program right into banking at a pre-MBA level.
MBA is for professionals with a few years of semi-relevant work experience looking to transition to IB.
IB recruiting from MBA programs tend to look at folks from a financial background (CPA/Big 4, F500 finance, consulting, etc) who are very targeted towards IB. The track would be - MSF -> some sort of finance role -> MBA -> IB. Any top program will give you plenty of openings, there is an edge towards HBS/Booth/Wharton/Columbia in terms of on campus presence.
Exceptions are made for ex-military and those with highly prestigious other tracks such as TFA, but by and large, that's the system. The placement rate for IB internships at top programs is about 95%, with a full time retention rate around 90%, but it's also a fairly self selecting group who've taken the right steps before b-school to position themselves.
If you're already in a semi-relevant role, the CFA can also show interest towards finance at a fraction of the cost. Though the content isn't all that relevant to IB, the value add is equal or greater, it's a strong market signal. Will also help you more if you want to move buyside after IB.
If you're in what would be a semi-relevant role for MBA recruiting (i.e. big 4 financial due diligence, F500 finance or similar) you don't need either a MSF or CFA, but they still help credentialize yourself. Once you have a top MBA, the MSF means nothing, but the CFA will still help when talking to recruiters.
Thanks for the reply. Can you elaborate how I can break into banking through a top MSF program? I'm currently at Target MMS.
Not really, that wasn't personally my track, but I'm sure someone else here will have good advice.
You mention if I'm in a semi-relevant role then I should just go for my MBA. Is Financial Advisor a relevant role? I believe you were in Wealth Management prior to going for your MBA?
FA -> MBA -> IB would be within the norm. Depends on the FA role though. If you're in PB/PWM at a major brand name bank, in a role that is involved with the markets/investing, then it's more in the norm. If you're doing financial planning at a regional bank or big 401k firm, that's much more of a stretch (hard to get into a top MBA from there anyways).
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