MBA: coverage, M&A or structured finance?

Hi all — looking for a sanity check on recruiting strategy and pre-MBA prep.

International applicant applying R2 for fall 2027. Based on my overall profile, HBS / Wharton / CBS seem like realistic schools to target, though obviously no guarantees and no admits yet.

Background: Started as a capital markets/securities lawyer, then moved into underwriting and capital raising in my home market. I work on structuring and executing equity offerings, debt issuances, or a combination of the two, depending on the issuer’s funding needs. That includes terms and covenants, bookbuilding, pricing, and working with issuers and institutional investors. A meaningful part of my issuer exposure has been to RE, including cross-border raises

I also work with financial products, mainly debt-related instruments and certificates of deposit.

To be clear, I have financing/issuance experience, but no M&A execution or hands-on valuation experience. I’d be building the valuation and M&A modeling skills from scratch.

My immediate goal is to use that background to land a solid summer associate role and convert to FT. I want to arrive prepared, but first need to figure out where to focus.

1. Coverage vs. M&A vs. financing/product groups

Would industry coverage be the most natural fit, or would it make sense to target dedicated M&A groups to build the skill set I’m missing?

Alternatively, should I lean into my financing experience and look more closely at DCM, LevFin, structured finance, securitization or asset-backed financing? Project finance is another area I’m considering.

I realize these are different businesses, and that coverage can execute its own M&A depending on the bank. I’m trying to understand where my background would actually help, which groups hire MBA associates, and what the longer-term career paths look like—especially for an international.

2. How should I prepare for each route?

For technical prep, assume I’m starting from the foundations. I don’t want to mistake experience getting an issuance done for knowing accounting, valuation or modeling.

Are the M&I 400 + WSP Red Book enough for MBA associate interviews, or should I first work through a proper accounting/modeling course?

What should everyone learn first, and where should prep start to differ?

• Coverage / M&A: accounting, valuation, 3-statement models, merger models, LBOs?
• DCM / LevFin: credit analysis, debt capacity, capital structure, debt schedules?
• Structured / asset-backed / project finance: collateral analysis, cash-flow waterfalls, structuring and transaction-specific models?

Would appreciate specific courses, books or hands-on exercises, and the order you’d tackle them in. How would you split the time between technicals, understanding the products/sectors, and networking before school?

I know it’s early and school placement will matter. Just trying to use the runway well rather than collect prep guides or spend months preparing for the wrong seat.

Anyone who recruited as an international MBA, made a similar move, or hires MBA associates—where would you focus, and what am I missing?