Associate Path?
I am currently in a 5 year MBA program. I am planning on working in TS at one of the Big 4 after I graduate. If I do get my CPA and possibly my CFA do you think I could enter into an I-bank as an associate? Or what would be some other paths?
is the question whether you'd get in or whether you'd be an associate?
Wait... a five year program as in a BA or BBA followed by a one-year MBA? Those often aren't super-great programs. In my bank, if they want you, they simply bump you up a year in your analyst role so that you join as an N2 instead of an N1.
Mis Ind, and do they bump anyone up 2 years in their analyst roles (given rather good experience, but no MBA)?
5 year BA/MBA? What's the point? Whatever.
for S&t the answer is yes
Classic case of someone trying to go for max education effect because they are afraid they won't cut it in the real world otherwise.
Get some street experience before you do MBA...much more valuable and attractive to BBs. They want proven people, not guys with 4 designations/degrees and no experience.
I think Herbert Walker (Previous GS M&A guy) did wharton 5 year MBA and started associate. Made partner in 8 years I think.
You are talking about a cousin to George W. Bush here...the grand-son of the guy that founded G.H. Walker & Co (now part of ML). Not comparable at all. If you got those kind of connections, you are not playing on same level as most people.
The only point of the 5 year MBA program is to satisfy the rules for some states to sit for the CPA exam (150 hours). In reality, you are not at a top MBA program and you are just getting a broader version of a masters in accounting degree.
Like people mentioned, it'd be very difficult to go directly to associate. While it is very possible to get your cpa, go to a top mba program, and become an associate, the fact that you will have an mba from likely a lesser known school will hurt your chances at a BB. Maybe a smaller bank in a smaller city could let you in, i'm not sure.
I'm in a similar situation. My state only requires a bachelors to sit and be licenced for the CPA so I'm lucky I don't have to mess around with getting a masters right now. I am going to work as an auditor for probably 3 years (and get my CPA) and try to get into a top MBA program after that and become an associate.
'I think Herbert Walker (Previous GS M&A guy) did wharton 5 year MBA and started associate. Made partner in 8 years I think. '
never calibrate to outliers
to my knowledge, wharton submatriculate mbas (ug+mba in 5 years) get associate level jobs in ibd. mind you, there are very few of these to begin with, maybe 10-20ish a year.
i think career wise, it's not the most sound decision, because part of the reason to do an mba after working for a bit is 2 years of a break , networking (who wants to network with a 21 year old senior?) and changing careers.
Maybe I should have been a bit more clear. Its a 3/2 program. I essentially finished undergrad in three years and then start in graduate school. I will be taking all of my concentration courses with traditional MBA students. I am going to work in TS for a Big 4 for at least two years, while there I will at least receive my CPA. Would a BB hire me as an associate after two years of experience or a third year analyst? Do you think at that time I would be able to compete with other MBA graduates who have two years of experience?
3+2 or 4+1 doesn't matter. You will need a serious connection to get into ibanking. Associates are primarily taken from the top MBA schools directly and it sounds like you would be applying from a big 4 accounting job. I'm not saying its impossible, but its gonna be very hard especially if you want to go to a BB. What MBA is it anyway? Is it a top program?
if you were hired, you'd be an associate.
In response to a poster earlier, graduates of the Wharton sub mat program (UG then straight to MBA) are hired by banks as 3rd year analysts upon graduation. It should be noted that there are very few submats in the MBA program; perhaps 2 or 3 per year.
if you are interested in banking, then you probably should be applying for banking internships and full-time positions. banks do hire 4/1, 3/2's as associates and it's mostly a function of 3 things: 1) the school you go to, 2) the state of the economy, and 3) who you know. ML hired a 3/2 classmate of mine from a top 15 b-school as an intern and later gave him a full-time offer. his lack of work experience was a non-issue.
if you want banking go for it straight away, 2 years as a cpa, then banking sounds like a tougher road to hoe. caveat emptor -- as soon as the economy turns south, i suspect opportunties like the example i mention will disappear in a heartbeat and whatever recruiting banks are doing for associates will be at h/s/w. good luck to you.
Breaking In at the Associate Level (Originally Posted: 09/18/2010)
I am currently attending SUNY Oneonta, which is by no means a target school, but I will be transferring after 2 years to a target school, with a 4.0 GPA. From there I am assuming an analyst level position should be attainable, but that is not where I have my eyes set. How likely are either of the following scenarios?
1) Working my way up to the associate level from the analyst level. I have heard the statistic that only 1 in 10 analysts make it to the level of associate, but realistically most 3rd year analysts are so burnt out they do not want to become associates, they are either looking to go to a first tier business school or have an exit opportunity lined up already.
2) Breaking in from a non-target business school with 3 years experience as an analyst. I know everyone is going to tell me to go to Harvard, Yale, Stanford, or some other elite school. However, that is not a realistic option for me at the graduate level of education. I get good grades because I work my ass off, my innate test taking abilities will never allow me to score a 700 or higher on the GMAT. I could spend my entire life studying, hire a tutor, and do all sorts of other things to improve my scores, but I know a 700 will never happen.
Are these realistic scenarios or do I need to stop smoking the crack? Just kidding, I refuse to start doing drugs until I have a few million dollars in the bank and a house in the Hamptons.
Uh, focus on getting out of SUNY Oneonta first, mate.
if a GMAT 700 would never happen how do you know the rest of your plans will?
There's certain things im good at, there's certain things im not. Standardized testing is not one of them. I got into better private schools, but I chose Oneonta because it is a cheap state school and my SAT scores prevented me from getting into any elite colleges. In my eyes it is a waste of money to go to a private school when my goal is to transfer somewhere better in 2 years anyway, when my SAT scores become less relevant. I am and always have been a straight A student, but my analytical and reading comprehension abilities do not do well under the pressure of a clock. I make up for that with my willingness to work until a job gets done, no matter what the personal cost is.
You are looking way too far into the future. The first step is getting the hell out of SUNY Oneonta. Becoming an associate is many steps down the road. You are 100% wasting your time even thinking about it.
are you a freshman in their first semester?
there are so many things wrong with this question.
Worry about transferring first. Just because you don't score a 700 doesn't mean you cannot get into a top B school. Get a banking internship and then decided if it is something you want to do for the rest of your life.
Get out of SUNY Oneonta
Although I have a lack of experience in IB compared to others on WSO. I would agree (1) get out of SUNY Oneonta and (2) if you to not perform well under a "clock" then maybe IB is not even a good career for you. From my little experience and just speaking with analyst across all levels of banks I would say that working under time constraints is vital.
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