Quick background info on myself: Going into my junior year of undergrad majoring in Finance. I attend a no-name school in Florida. According to my research and those on campus, my school has never produced IB/PE/HF or Mgmt Consultant. Currently, hold a 3.74 GPA.
Have been looking to work for any IB's in the country, had a couple of phone screenings with Lazard (one in Chicago, another in NY) but haven't heard back (not sure if denied or next round is still TBD). Reaching out to local boutiques to try to see if I can work during the school year.
Have had previous internship experiences within Finance departments of a couple Fortune 500 companies. Worst comes to worst, I could do similar work as a career but I rather not. Despite the odds against me I am still determined to get into IB of any level. Will be applying, practicing technicals, and getting my name out there as aggressively as I can to land the ever summer internship before senior year.
In the case I'm not successful in getting into IB (knock on wood), I was looking for some advice:
I've been made aware of deferred MBA's that some Ivy's are offering and was considering applying to in my senior year. Assuming I continue to do well in school and maybe even raise my GPA and get good GMAT scores, would it be wise to go for a deferred MBA?
If I don't get into IB in undergrad and instead apply and get into a target MBA, would it be worth it to work for 2-3 years in an industry job (say in the finance department of a Fortune 500 company) and then head to B-School to get another shot at IB?
Sure, this would be a good way to get into banking long term. However, if you have a 3.7 at a no-name school and no elite work experience, you won't be getting into HBS or GSB 2+2, if thats what you mean by "deferred MBA at some Ivys". Most people that get into these programs are Ivy or similar students with serious overachiever resumes - 2 IB or top consulting or FAANG internships by beginning of senior year, strong extracurricular leadership experience, and being a URM doesn't hurt either.
You don't need to do the deferred program to get into a good MBA and use it to get into banking however. Simply go get your F500 finance job, get a 730+ GMAT score, and start doing regular community service in some fashion that will hopefully lead to a leadership role such as a nonprofit board or leadership volunteering position. After 2-4 years you will be a strong candidate for MBA programs somewhere between Wharton (ranked 3rd) and UCLA (ranked 15th), all of which BB banks recruit IB associates from.
+SB, spot on
Thanks so much for your insight. I really appreciate it.
Would you think my odds would be a little better at somewhere like Columbia or Sloan?
Would it be irrational for me to think that after four-ish years in an industry job then IB firms would view me as "too old" to break in?
Also, would it be best to justify my reasoning for an MBA as a "career change" from F500 Finance to IB?
Thanks again for your help.
I have no idea what your odds will be, there are a ton more factors that go into an application and only an admissions officer will really know. I deliberately gave it as a range - somewhere between rank 3 and rank 15. Sloan and Columbia are definitely in that range, but whether you are coming in more in the 3-7 range or more in the 10-15 range is going to depend on what you are actually doing over the next few years. Beyond that Harvard and Stanford usually go to people in companies/roles with known pipelines to top schools (think PE megafunds) who have also made some kind of social impact (founding a small charity).
You would obviously be too old to break in as an analyst after 4 years. Go do some more research on MBAs- around 1/3 of most top MBA program's class go to IB, lots of people go into it without prior IB experience, there is a structured recruiting process and everyone gets hired at the "associate" level.
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