MSc Finance at Home or Abroad?
Hi everyone!
Long time anonymous reader and first time poster here. I am currently in the final year of my Economics & Finance degree at a university in Dublin, Ireland and I am looking at going straight into a Masters in Finance next year. However, I am aware that Ireland's reputation in the Finance industry is somewhat lacking compared to the UK, US, and mainland Europe, so I am considering applying to top UK/EU programmes such as LSE, LBS, Imperial etcetera. So I suppose my question is if it is worth it to make the jump for one of these over a MSc Finance at a top Irish university.
One of my concerns regarding applying abroad is whether I have a decent chance of getting in or not so here's a bit of a profile on myself:
- 20 years old
- Final (3rd) year of BSc Economics & Finance from Irish non-target
- On track for a First Class Honours (4.0 GPA)
- Captain of university's CFA Institute Research Challenge team
- 3 years involvement in university's Student Managed Fund, currently CEO
- Secured Corporate Finance summer internship with Deloitte, cancelled due to Covid
- High performance athlete, member of national under-23 4x100m relay team
- Currently applying for summer internships to gain work experience as I feel that's where I'm lacking
The MSc Finance in Ireland is less expensive and has an internship component to it in the Summer. It is also a CFA Programme Partner which I like as I plan on taking the exams over the next few years. It has been in existence for 50 years and according to them has placed graduates in firms like JPM and GS. And of course, it has the benefit of being a bus ride away from where I live.
My current interest lies in a career in Asset Management or Equity Research but I would not be dismissive of a stint in IB as it seems to open up the most opportunities down the line in terms of places like hedge funds etc.
I'm slightly concerned about my ability to afford the fees for these programmes. I'm hoping I might be able to get some sort of sports scholarship but I am unsure about the availability of these at the Masters level.
Alternatively, I could work in Ireland for 1-2 years after graduation and then go for an MSc. I have seen on other forums and related posts that doing an MSc immediately after a BSc adds less value compared to going into the industry for 1-2 years and then taking time to complete one. This has added another level of confliction to my thought process and I would love to hear people's opinions on my situation and what they think is the best path for me.
Would greatly appreciate any responses!
Yes, it is worth it. Even assuming you go to the best business school in Ireland (UCD Smurfit), it's still seen as 2nd or 3rd tier in the broader European context. Fees are a good point, but remember that you have good business schools that are free/cheap for EU students (e.g. CBS in Denmark, SSE in Sweden and RSM in The Netherlands). Ultimately you want to assess the cost-opportunity of it. You can stay in Ireland and spend less but your potential for a high paying job will be X% as opposed to going to LBS/LSE/Oxbridge where you pau MUCH more, but have maybe 5-10X% chance of landing a high-paying top tier role. Your call. If you have the financial means or the CV to get scholarships/tuition aid then take the better and costlier option. Otherwise, look into schools that are reasonable in price but still above Irish universities in terms of reputation and placement.
Thanks so much for the reply!
UCD Smurfit is indeed the school in question and up until recently I had been living in a bubble of sorts as I hadn't even considered doing my Masters outside of Ireland until my Assistant Head of School told me to apply to institutions in the UK. I see now that in terms of maximising my possibility of success, completing a Masters abroad is the way to go!
Thank you for those examples of good EU business schools that aren't on the LBS/LSE/Oxbridge level but are still above whatever level Irish universities fall into. I will have to look into the costs of each and the scholarship opportunities available to me and also compare the costs of living in different countries etc. But for now I think I will aim for the top UK schools. Are there any mainland European schools that are as good as LBS/LSE/Oxbridge/Warwick? Also, what is your opinion on doing the Masters straight out of undergrad or working for a few years and then going back to do one?
Doing a masters right out of UG is fine, most people take that route since IB is so competitive and landing a decent job right out of UG is tough in the UK (most people who do end up converting a summer internship). Other great mainland European schools are Bocconi in Milan, HEC in Paris, IE in Madrid, ESADE in Madrid and St. Gallen in Switzerland. All expensive, but all place very well in London with Bocconi and HEC being at the top of that group. One thing to note is that even with these schools, an MFin from a UK target will place better in London so aim for that as your first option.
Thank you for all the advice! I’ve been doing some preliminary research on the places you mentioned, beginning with the top U.K. schools and the feasibility of me being able to attend and afford the fees. Unfortunately, on first glance it does look like affording LSE for example would be out of reach for me. It’d have to be a combination of savings, other funds, a student loan, and a scholarship and even then I’d barely be scraping by. I’ll continue looking into it but it doesn’t seem too viable. The other schools you mentioned like Bocconi seem a lot more viable in terms of fees but again, I will need to do a lot more research before I decide. It does seem that a mainland European school offers the best balance of cost/benefit at the moment for me.
Totally worth it to go for a top masters degree in LDN. Great placement and network. If cost is an issue, look at the RSM (Netherlands) type programs on the continent that feed into LDN.
I would forget about the CFA Programme Partner thing, should absolutely not be part of your consideration. It's a total marketing gimmick. Any decent finance masters program would prepare you well enough for CFA level combined w/ some self study.
I'm sure you've seen this before, but in case you haven't....
https://www.wallstreetoasis.com/forums/20-most-frequently-asked-questio…;
Thanks for taking the time to comment Telemachus! I would love to go to LSE but unfortunately cost is a bit of an issue so I will definitely be looking at places in Europe as they are a bit more feasible for me.
I appreciate the heads up about the CFA Programme Partner thing and you’re right any reputable school should cover most of what I’ll need in addition to my own studies.
Thank you for that link! I’m always on there reading random threads so I’m sure I’ll be on a lot more often now that I’m considering it as a base for my future career.
Definitely understand your hesitation on borrowing a significant amount of money but if you do manage to get a good IB job in London you'll be more than set to pay it off. However, it's clear you're smart and capable so you shouldn't have too many problems with recruiting if you take one of the lower cost options on the continent. If you can swing it I'd probably go with one of the targets in England (LBS/LSE/Oxford) though.
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