Work experience for first-year analyst position
Hello everyone!
I am a recent grad and I am planning to apply for Msc in Finance at LSE. Unfortunately, I am going to take the test only in the end of December, so I will be able to send my application only in January.
So, I have several questions for you:
1) Do I still have chances to get in, if i am going to apply in the end of January? Do they even have free spots at that time?
2) Or should I wait for the next year? In this case, I am going to have a full year of working experience by the time of applying (I have started working in Big4 TAS department this September). Isn't it too much for Msc?
Thanks in advance!
Normally you should be able to gain admission to the Accounting and Finance MSc at least. A couple of years ago a friend of mine submitted his application late March to early April (with a GMAT score in the low 600s) and received an offer alright. I'd say that by submitting your documents in late January you are on the safe side, although it's probably a good idea to give their Admission Office a call and ask them around which point they stop receiving applications.
I know from people currently in the MSc Fin program that an application in late January wouldn't be ruling you out of a spot in the program. Interesting that you have the full time role now though. You may want to weigh up your decision carefully given that you'd be missing out on that corporate experience.
Job experience first, LSE latter. Seriously, LSE MSc. is not as good as important/good/needed to grap now as you think. You lose nothing by delaying it for a year. If you apply early one year from now (Oct - December), you chance is significantly better and you can get some scholarship due to your experience. I call that a win-win. One year exp is not too much either as many people have three-four years of experience. In addition, you need that one year of experience to shine/barely shine/survive in this shitty London job market.
GL with everything,
Current LSE MSc. student
This is spot on. As far as I know, Big 4 TAS experience is akin to IB experience at a solid boutique firm (Deloitte is especially strong with their Corporate Finance practice). In fact, many people at the MSF in LSE will be looking to land roles similar to that which you ALREADY have in your hand.
These MSF programmes aren't tickets to upgrading your current FT offers (unless you're going to an absolute no name boutique) to BB status - they generally serve as a second chance if you simply cannot a land a decent FT job with your current profile.
Since you already have a great job opportunity, I'd strongly advise against dropping £28,000 (not even taking into account the opportunity cost of not working) on a degree that may have little incremental benefit. Save that money, work hard and go to a top MBA programme down the line if you really want to rebrand.
As far as I know both those programs are highly competitive, so apply early. LSE is still a huge brand, I am pretty sure it will boost you into a banking job once you are done. I hold a MSc in Management from LSE and I know what I am talking about. All my MSc Finance friends are in good positions at top IBs and I am talking about 2009-10 pass outs.
Thank you everyone for sharing your insights! I want to clarify some things about me. I am foreign student: Top 5 universities in my country GPA:3.9 1 year abroad in the USA (grant programm) A lot of extracurricular activities, including teaching experience, award for distinguished scientific contributions My goal is to work in IB (not surprisingly) for couple years abroad. Without good international degree I have literally no chanses to break into. So do you think I am still able to get into the program applying in January? Or 1 year of experience will give me more chances? Thanks everyone in advance!
Your GPA is certainly very strong (assuming it is out of 4.0). However, note that GMAT/GRE is quite important for international applicants, especially if the admissions committee is not familiar with your school. Considering your stellar academic credentials, scoring a 700+ on the GMAT should make you a competitive candidate for the MSc Finance programme, and a near guaranteed admit to the MSc Accounting and Finance programme. Work Experience doesn't really do much for your application as your academics are strong, but 1 year at a Big 4 TAS can't hurt.
That's regarding the LSE programme - getting into investment banking is a different story altogether.
First off, do you have any internships ? If you don't, I strongly suggest that you stay at the Big 4 and get experience. It is unlikely that you will get a FO IB job regardless of LSE's reputation without prior internship experience. A friend of mine just graduated LSE's MSc Finance this year, and still can't find a job in finance (let alone IBD) due to her complete lack of relevant experience. She had to return to our home country and is currently doing an unpaid internship in a boutique PWM firm. She completely missed her shot at any kind of OCR because in this economic climate, no one is going to take a chance on some random kid who might be great in the classroom but horrible in the real world.
If you don't have any internship experience, definitely take the Big 4 TAS opportunity and kick ass - in a year, you might even be able to lateral to 'pure' IBD role at a bank without the LSE degree at all. Worst case scenario, apply for the LSE degree next year. You have little to lose - it's not as if your profile is going to get worse.
Second off, what quangzizi said is spot on. LSE is solid school - however, people often feel that they can ride off its reputation alone. Don't forget that you are competing against people across several Masters programmes (LSE has 4 finance based masters alone) and undergraduate programmes for jobs - in fact, competing against candidates for the very same role that you ALREADY have in your hand!
It is ultimately upto you, but if I was in your position I would take the Big 4 TAS opportunity for now. Take the GMAT this December as an option: If you really hate the Big 4 TAS job, apply to LSE next year and leverage your Big 4 experience to land an IBD spot at a good firm; or if you end up liking the Big 4 TAS job, you save £28,000 and have a GMAT score in hand for Business School if you need it.
First and foremost, your life is not over if you don't get into IB. Investment banking is a very risky road that contains many unforseenable risks to you atm, especially considering that you already have a very good option that can get you into IB. Don't think of LSE as a way to IB, it is only half (heck even 1/4, 1/8) of the ticket. At the end of the day, they accept people into IB mainly because of their abilities and not because of their schools. You think that LSE is good, wait until you come here and you see that there are at least 3000 kids from LSE gunning for the same job and you will know how little the name means. I haven't mentioned names like Imperials, Oxbrigde...
Just don't have that mentality going to LSE or any grad school.
I completely agree with quanzigi that LSE is only half the ticket. But as an alumni I can't help but wonder where I would be without LSE. I cannot stress the number of job interviews that LSE students get fast-tracked into. And 4 years hence I know the value of this. I never realised this while at LSE, I was just annoyed at the race for the IB/Consulting jobs and the fact the school does virtually nothing to line up interviews for you like schools in the US and in Asia.
I think you pretty much have all the needed opinions. Let me clarify that I completely agree with Kriste about the LSE value. Recruitment, brand name and connections are top-notch in comparison to many other UK and US schools (I also went to a very solid school in the States so I hope that validate my point). And there are many other great things about the school as well. I just don't want you to think that it is "that good" for IB. It is the recruitment site for many banks, true, but that doesn't make all LSE students bankers. From my personal exp, those who make it are determined, intelligent and also has a bit of luck. They don't go to LSE because LSE give them the job but they go to LSE to get the jobs afterward. You have to understand this and weight all your costs before making this investment. Most importantly, being international non-EU student means that you are at a severe disadvantage no matter how talent you are(ok a bit exaggerate but mostly true). I know, cause I am also an international student like you.
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