Greeting Monkeys
Since I joined the forum, I learned a great deal about the industry to my utter surprise on this forum.
I am at crossroads in my career right now. All I wanted to do since my childhood was to become a kickass banker( I'm serious) but didn't get in a top school, think Harvard, in my country. So either it was going to be top 30 or getting in top 5 with a non-finance major. I ended up doing masters in humanities with a minor in finance at a top school thinking that reputation is all that matters. To a extent, I was right about it.
In my sophomore year I ended taking minor in finance as I piled up online certificates. By senior year, I realized that I needed to compliment my degree with a CFA. I cleared CFA L1(without any prep) thinking that I would stand a chance to shit into BB/Tier 2/ Boutiques. I wasn't. I am appearing for L2 in the coming summer.
I don't mean to offend anyone, but now I knew all they care about is a fancy MBA degree in their offices. I now piss at a Big 4 in their VBM department. The work is decent but I fear that it doesn't present good exit opportunities. I don't believe in collecting degrees as long as it isn't for knowledge. I know MBA's grads bed for a strong network but neither I want to take a shitload of debt nor I think it's worth it. I may sound too cocky for a 23yr old kid, but I feel like I have what it takes , I am ready to work my ass hard but I need some kind of assurance from your experiences that I am going to get it. Some suggested me masters in Europe but it's doomed right now. What have your days been like?
I'm open for criticism as long as it helps me getting laid.
PS: I am going to be the next Harvey Spectar
I think this is where you're mistaken. Getting into investment banking (and since you posted in the IB forum, I assume you'd want to be an investment banker) needs connection; especially in your position.
You do realize that the time and money spent for a CFA just isn't worth it to break in investment banking, right? A quick Google search would have told you this.
What I think you need to do now is actually think about an MBA (despite your hatred to it in your post). It opens up doors that were previously closed to you, and yes, having debt certainly sucks, but if you actually work hard, make connections like crazy, you'll definitely break in. You got in a top five university with a non-finance major, that must say something about your work ethic and talent.
Alternatively, if you're interested more in math/quantitative aspects/coding aspect of banking, you can always join BO, take a degree in financial engineering or computer science, it'll help you.
I do realize that I need connections to make it but what my question was that is MBA imperative for strong network? I had a pretty good GPA record throughout university and a lot of extracurricular s. I mean there gotta be other ways to network it to the top. I am assuming since you're also a prospective monkey, you're also looking for an answer to this. I don't hate the MBA degree per se but it's just that I don't find its worth. Yeah having the CFA pretty much sucks, it doesn't add much to your resume.
Here's another solution: Try to connect with alumni from your university that worked in banking/finance, and see if they can help with your situation. If you've done the CFA, it'll probably be a resume booster (although not that big) for some banking jobs (perhaps Asset Management).
And yes, there are other ways to network to the top. Attend networking events for banking and finance in your area.
Oh and remember you're 23 now, so analyst positions are totally off for you. The only way you can break in is probably off an associate position, which is off a business related degree (see how you need it now?)
I think it's almost impossible to break in into an associate position without sufficient creds, because a) you're competing against business school grads b) you're competing against analysts that are waiting for their promotion.
I hope other monkeys on the site can tell you more, but this is just my two cents. Take it with a grain of salt, I'm a prospective monkey as well.
Maybe other monkeys can share their food as well. Here's an interesting thread: http://www.wallstreetoasis.com/forums/fuck-b-school
Do you mind explaining how you were able to pass the CFA L1 without any prep? Did you simply know the concepts beforehand due to your minor in finance? I heard there is quite a lot of content on L1 and that ethics is (I presume) not covered in your minor program.
Thanks!
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