Breaking Into IB - MSF worth it? (Unique Situation)

Hi all, I'm a rising junior at a top state school in the NJ/NY area, double majoring in finance and economics with a 3.75 GPA. Before attending my current university, I attended community college, where I had a 2.3 GPA my first year. It took me 3 years to graduate (due to going through a deep depression and losing myself.) However, I got my shit together, got help, graduated with a 3.3 GPA, and received a full-ride scholarship to attend my current university.

I recently got interested in pursuing a career in IB and have started going over the guides. I am currently doing an internship at a search fund (my only internship experience so far). I am getting great experience in modeling, deal sourcing and will be getting more experience over time.

I know I am late for SA recruiting for 2022, but I wanted to ask what my options are to break into IB?

1) Should I rely on FT analyst recruiting next year? If so, should I cold email boutique banks and PE firms in New York for a winter and spring analyst role and do the same for a SA role to gain more experience just in time for FT recruiting?

2) Should I get an MSF at a top school such as Vandy or UT- Austin that places well in IB after graduating in December 2022 (I'll be 24)? If so, should I start studying for the GMAT now to get to better my chances of getting a score of a 700+?

I am looking forward to your responses. Thanks, guys!

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Comments (6)

Jul 29, 2021 - 8:48am

Since you're a rising junior, I feel like you still have time to shoot your shot. I say try building your network (especially if your school is a top state school); there have to be alumni in IB. Then reassess end of junior year and then you will really know if MSF is the best route or not.

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  • Associate 1 in CorpDev
Jul 29, 2021 - 10:49am

A couple thoughts about alternatives to an MSF which will be ~$200k of opportunity cost and debt without a guarantee of a banking job:

1) Almost any full time banking job will be better than an MSF in my opinion assuming a full time PE offer is not possible. Have you talked to your PE firm about references to banks? If you've done a good job, then they should be happy to help. 

2) Have you considered applying for corporate development roles? There are more entry level corporate development jobs than you think and you should definitely look to them as a steeping stone to banking. And who knows, you may like corp dev and decide to stay. 

  • Intern in PE - LBOs
Jul 29, 2021 - 1:23pm

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