i-banking: MBA w/out prior finance experience
I'm going to start b-school in sept. but I have no finance experience (e.g., analyst with an i-bank).
I'm guessing that the likelihood of getting an internship (in the summer before 2nd year) with an i-bank is quite low (assuming that I am competing with MBA students who've had analyst positions out of undergrad).
what can I do to make up for the lack of experience?
academics? ecs?
If you're going to a top 10 MBA program (Harvard, Wharton, Stanford, etc) then you won't have any problem. Otherwise you won't be going into Investment banking anyway, except at a backwater boutique.
you are a dumbshit. i know of 10 people at Rice MBA (ranked in the 40's) going into summer positions in the Houston office.
you might not get NYC
This really depends on what school you are going to.
but also you'll have no problem at Chicago/Columbia/Kellogg/Stern/Sloan/Tuck
and to a lesser extent, but still solid
Darden/Ross/Cornell/Haas
after that, it's much more difficult.
thanks for the replies so far...
I'm a canadian student -> rotman (JD/MBA - JD 1st year, MBA 2nd year)
I guess undergrad in math/stats/finance isn't really going to help is it?
Byran, try not to get emotional about a message board. IBankingOasis.com is about objective advice, not emotional outbursts. You are right, many middle market banks like SunTrust, etc will hire people from Rice for their Houston office.
FYI, the only business school in Canada afforded respect is the Ivey School of Business...
not being emotional, just please don't throw out huge generalizations on this board. i am a big believer in qualification of one's advice. your advice how i interpreted it was "you won't have any luck anyway if you're not top 10"... when in fact, there are tons of routes to get a job as an investment banker. i think that as a whole people pigeon-hole themself into NYC analyst or NYC associate very much unnecessarily. anyway, apologies for being emotional, :) i'm on my man period i guess.
"FYI, the only business school in Canada afforded respect is the Ivey School of Business..."
look, I've been throught this crap before. I didn't come here to play a pissing contest (i.e., my schools's better than yours).
I just wanted to know what I have to do while in b-school to improve the odds of getting an associate position after b-school or an i-banking position while in b-school.
If anyone has any info on that, I'd appreciate if you'd share.
Del Monte
I have no control over a particular school's prestige. Its just a fact that at least in the US, the only Canadian business school that people respect is the Ivey School. What you can do to improve your chances is do research to find middle market Canadian i-banks that don't limit themselves to hiring from the top.
.
folks: lets drop this MBA ranking schtick, I think we are all a bit more mature than that.
Why am I doing the JD/MBA? Because I have no work experience and am betting that going this route will pay off more (in the long run) than if I had worked as an analyst in a consulting firm.
I don't really care for either profession, I just want the money. As much of it as possible.
So let me ask again: as a b-school student applying for summer positions at an i-bank, what do I need to be competitive? Are all associates at i-banks former analysts (that worked there before going for the MBA)?
Post MBA IBanking job with no prior experience (Originally Posted: 08/15/2006)
What are the chances for the above? I would assume that companies would lean towards graduates with previous experience right? What can a candidate do to increase his/her stock to get an associate posn after an ivy league MBA?
no
look at the banks websites, they usually have a good description of what qualifications they require.
You have an advantage with ib experience and an mba, but the overwhelming majority of applicants out of b-school are not former bankers. That's the whole point of going to b-school for a lot of people--to change careers. Most former bankers want to go into a buyside job.
Anymore insight?
You can do it. Make sure your grades are good, and that you attend all the events. Tons of people in my class (including me) made the transition successfully. If you can't get a good summer internship, try a boutique firm or a hedge fund, and then reapply your second year.
I am looking to make the switch post MBA. All that I can say is network, network, network.
Networking is key. Attend every event and remeber that each interaction with a banker is an interview so always bring your A-game. If you're not getting enuf help from your B-school, try your undergrad college - there's usually some good guys there that get bugged a whole lot less than the b-school alumni.
at i-banks are former analysts....most analysts end up exiting ibanking after 2 years. They'll go to PE/HF, corp. development, something totally outside of finance, law school, etc. The only reason associates choose to do IBanking is b/c they can't get the "coveted" finance jobs since those always go to former analysts and banking is the only way to break into the industry.
BTW, if you join law firm or bank just for the money, you'll hate it and quit after a few years. There has to be passion in order to deal with the grueling hours.
Working in I-bank with MBA but accounting experience (Originally Posted: 03/06/2011)
I am interested in eventually working in I-Banking. I am currently going to work as an auditor at a mid sized accountant firm in NYC. Undergrade I have a double major in accounting and finance. I plan to become a CPA and work there for 3-4 years and then applying to top 12 MBA programs. If I were to get into a school like Wharton, UVA or Columbia would I have a chance of getting a job in I-Banking or Private Equity without having financial work experience.
Yes you would have a chance, however, with your accounting background I also think you'd have a good shot at analyst positions that come up throughout the year. If you're sure on IB down the road then it's something you might want to think about.
You'd have a chance at IBD after business school, though you'd have a much better chance at both a top MBA and a solid IBD position post MBA if you were able to lateral over to IBD sooner (pre-mba, at the analyst level)
I suggest thinking about trying to get into a transaction advisory arm of a big 4 or a local boutique as a lateral, or else looking for opportunities in another finance-related FO role, Asset Management or equity research or the like, just something to demonstrate a working background in finance.
I have been considering getting my masters in finance from Baruch part time while working, I know Baruch isnt one of the top msf programs but it is the most convenient since it is so close to my job. Would the 2 years working as an Audior plus the msf put in me in a good position for getting a job as analyst at an IB in NYC.
MSF = Another year of entry level recruiting, and that's about it
I think you're better off working your network hard to move into IB now
What is the difference in salary and bonus of an analyst vs an associate coming from an MBA program?
thanks.
if any Canadians here have gone into i-banking w/out prior finance experience, please post your experience/advice.
much thanks
Trying to break into IB with an MBA and limited work experience (Originally Posted: 10/01/2010)
I have been checking out this site for a while and have posted thoughts when possible, and now I'm in a position where I want to see if anyone with experience has any useful thoughts on how I should proceed.
I recently completed a three-year career as a professional baseball player, and have been looking to transition into the finance industry, specifically investment banking. I transferred out of a top tier school after my sophomore season to pursue warmer weather to further my baseball career, and ended up at a school in Florida. I had to give up a bit as far as academic reputation goes, but got my undergraduate degree in finance in 2006, then my MBA from the same school in 2009, carrying 3.9 and 3.7 GPAs, respectively.
Since April, I have been cold emailing and cold calling banks (mostly middle market and boutique banks) up and down the east coast and in the midwest trying to find anyone willing to network with me, been studying the Breaking Into Wall Street valuation course, and doing everything I can to study the industry and be as knowledgeable as possible. I have had some luck with the cold emailing and cold calling and have build up a pretty good network, all obstacles considered, and am still in contact with some of them regarding potential positions over the next few months that they are still deciding on whether to add.
I understand that times are tough and that some firms seem to be in a holding pattern, waiting to see what the economy is going to bring over the next few months, but I'm want to know if anyone has been in a similar position to myself, or has any useful advice for moving forward. I know I'm in a unique situation (and have been told by many bankers) that I have an MBA, but am looking at coming in as an analyst due to my lack of relevant experience since I was never able to do any internships because I was always playing baseball during my schooling. I have said I am willing to embrace that situation as a learning experience and can bring a level of maturiy and professionalism that the typical analyst candidate coming right out of undergrad will not have.
I recently interviewed with a widely recognized middle market bank at a regional office in Florida, and was told the next day they did not wish to pursue further contact, despite their repeated phone calls to me and email interest in the two weeks leading up to the interview. So, I am still waiting for the response to my reply inquiring why other candidates were more appealing.
If anyone can relate to this and finally broke into investment banking, I would love to hear it. I'm also willing to network with anyone who is interested as well--I'll talk to anyone who may be helpful now or in the future. I'm a very persistent person and understand you make your own breaks. I just want to be doing everything I can to get a shot to sit down in front of people to tell my story. If it doesn't work out after a few months, then I'll pursue other options, but for now, if you think you can help, I'm all ears.
Thanks for the help.
i love kenny powers
in all seriousness best o f luck. what is the school u got your mba from?
The University of Tampa. It's AACSB accredited and is recognized as a good school in the southeast. But, I know people don't really care once you start trying to get into an industry that is dominated by Ivy League and comparable schools. I started my undergrad at the University of Rochester, a consistent top-40 ranked school. I think I'd garner a little bit more interest if I finished there, or even if I went back to get my MBA from there; I declined though to play pro baseball.
use the SHIT out of playing pro baseball. They love former athletes on the street.
I'm trying to play that up every way I can. My subject lines of emails start "Former professional athlete..." It's in my objective too. I know that is my "hook" and makes me unique, and everyone is always saying there are bankers and finance people out there that love athletes, I just need to find out how to find these people.
Barclays is former Lehman and they had a rep for being all about athletes so trying getting numbers for people at Barclays...at least its a place to start
Try and find people that played baseball in college or any other D1 sport and go that route to try and build rapport.
I would look into S&T, they love athletes/war stories.
Perhaps let us see your resume...i would suggest getting rid of the "objective".
Have you thought of just not mentioning the MBA? Frankly, just having an MBA doesn't carry much weight...you get one for the networking, access, etc. Just say you were playing baseball for the interim, you have great undergrad grades, a finance degree, etc....no reason you shouldnt be able to land an analyst gig. It's that mba holding you back. Your net is probably cast at a lot of places but going forward, I'd leave it off.
I have considered leaving the MBA off, but then I worried about having to explain what I did during the offseasons (assuming I'd run into a banker at some point in any bank who would be sports savvy enough to realize we have a 5 month off-season).
The objective I don't really care either way about--some bankers have given me feedback to leave it because it's my "hook" and others have said it's unnecessary.
Go to Princeton and get a MFin. A lot of MBA's there and you could break in rather easy with that on your resume.
Nowhere in these resumes/cover letters have I ever listed that is is accredited--I don't try to defend the school with that. Haha, I'm not even going to go there. I just focus on what I accomplished while there, and try to drop in my attendance at the University of Rochester and that I turned down acceptance into their B-School when I have the chance--just to show that I had the chance, but pursued a dream instead.
Thank you for the comments, I appreciate it.
Hey,
Banks are full of athletes (college and professional). It may take some homework, but I would go through the banks and try to identify the guys that played sports either in college or professionally and email them directly.
Here's what I'm talking about:
If you wanted to apply to Baird, check out the bios of their Partners. Joe Pellegini played for the Jets and Falcons. Try to get his email and contact him directly (tailor your story to be about how you're trying to transition from sports to finance).
http://www.rwbaird.com/ci/investment-banking/industries-focus/team-bios…
If you wanted to apply to a PE firm, you can see that HKW in Indianapolis has two former professional athletes (Chairman was a football player and a Partner was a hockey player):
www.hkwinc.com
Given your background, I think it's worth doing the little bit of research to figure out where you can get an in. When I used to work in banking, I used to work with a guy who went from professional baseball straight to a middle-market PE firm. Send me a note at my WSO email, and I can give you an introduction. I'm sure he'd be happy to give you some pointers.
What school did you transfer from?
I played baseball in college and it has come up a lot in my interviews(s/t) and helped me a little. Your grades are fine. I was at Leh/Bar and of my team of 13...8 played D1 sports..
on a flip note.. we have declined to interview two mlb players and one nfl player looking for entry level work.
Whats up man I too went to University of Tampa for MS in Finance, transferred from the MS Program at UMich and am trying to break into investment banking. I wouldn't be critical of UT bro, it's not a well known school but the level of education here is very good (better than UMich in my opinion).
I like to use that as a talking point in an interview. Say something like its not a well known school so I have everything to prove and will work twice as hard as anyone else etc... a lot of boutique banks love intelligent grads from non-target schools because of this. Its also important to say that you'll take the Pepsi Challenge with any of those Ivy League kids any day with your little inexpensive UT Degree and that they wouldn't even be able to tell the difference.
Just some of my thoughts, of course what do I know I haven't broken in yet.
Is it easier to get into IB from grad school? (Originally Posted: 01/05/2018)
I read that on-campus recruiting is an important way IB find their analysts. I am going to graduate with an mba from a target school at 28. I dont really have any IB experience because I have been working on several finance-related startups throughout college. Some of the startups have done well, but I want to work in investment banking because I think I can make bigger waves in IB than in entrepreneurial stuff. In addition to my question whether it is easier to get into IB from grad school, I also want to ask if IB cares about age...?
Any suggestions, advice and tips would be greatly appreciated. Thanks.
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