Hi Everyone,
As title suggests, I am looking for some advice from people in the industry in helping me evaluate career paths. Obviously, I have spoken to family members about my feelings about my career but coming from a fairly modest family, it is hard getting relevant advice as no one works in financial services, hence I turn to you all.
Short backstory about me:
-EU citizen, early twenties.
-Attended small US college a few miles out of NY. Graduated Valedictorian of class (4.0) - I did Finance.
-Given lack of US visa, and the fact that I attended a non target, I was not able to break into IB/Wall St.
-Worked as an intern for 5 months at a commercial bank in Accounting Department post graduation in NY. Bank didn't want to sponsor H1B work visa, hence I joined another firm in NJ.
-Currently in a sales role that I don't enjoy. I've just received an H1B to stay full time in NY/NJ.
Here is my dilemma. I enjoy 30% of the work I currently do, the rest I do not. Don't like cold calls whatsoever, and big part of my role is to drive new business i.e. calling.
I would like to transition into an IB Analyst role, but given my lack of banking experience, it is not easy to break in. I desperately wanted to move out of this current role previously, but unfortunately my family experienced certain unfortunate "tragedies" and thus I was forced to stay on board for money reasons / supporting my family etc. I am terrified about being pigeon-holed in this f***ing career forever.
I have been grinding the GMAT for about 5 months now, and have my exam scheduled (taking it very soon). My plan is to attend a top MFin program (2 year program that requires internship stint over the summer) and then convert that internship into a full time offer. I don't really see any other paths to transition into IB other than a top MFin program (imo MBA is useless without relevant banking experience). I also have absolutely no family nor family friends in the industry.. literally 0 people who could help with making introductions.
I have 2 choices: 1) accept H1B offer and go back to doing something I don't like but earning a modest figure or 2) risk everything and attend a top MFin, work my ass off, network, and attempt to break into the industry? What happens if I take my exam and my score is not good enough, or I take the exam and apply and still don't get in? If I say no to job offer and then get rejected from MFin program then I am royally screwed.
What would you do in my position? How is a sales role viewed in the banking world? Am I at a serious disadvantage / I will never make it? Is the MFin a good idea? Any other ways to break into IB that I am omitting?
Any advice would be appreciated, as I am in a really dark place.
I think you might be underplaying the MBA route as well, if its a top MBA you could use it to pivot into IB without much relevant experience from what I have seen. Another certification you could work towards is the CFA and use that to help propel you into a good program.
Go to bschool, not MFin. You can transition to banking from there relatively easily but not otherwise.
+1
Yea, I would say the opposite 100% - someone is giving you bad advice. Go with the MBA over MFin to get into banking...
MBA is way easier (to place from) than MFin. Virtually all post-MBA Associates have zero IB experience (that's why people clown on them).
Thanks for the replies everyone. I should perhaps mention that I am EU based and thinking of doing a program in the EU rather than the US. Visa hurdles are simply too big of a gamble (me actually winning one is coincidence, doubt it would happen again).
It seems as though MBAs are viewed in Europe a little differently than MBAs in the US, which is interesting. I've been hearing that MBAs are a huge waste of time (and money) at least in Europe because the same can be achieved with an MFin (which is cheaper and actually teaches you a whole lot more). I've researched MFin schools/programs extensively specifically where they place and most candidates land in London with the remaining in Dublin and Milan.
Nonetheless, I will do some more research into European MBA programs and see what I uncover. Given what you are all saying, I am assuming you would choose Option 2) if you were me, i.e. risk everything and attend the program? Any thoughts on the opportunity cost of staying in current role versus sacrificing the money in an attempt to land in program and then proceed to banking?
Thanks all again.
MFins are much more prevalent in Europe than in the US. With your grades & experience, you'd definitely be able to secure a spot in a top EU target (LSE/HEC/Bocconi etc) which you can use to break in. I've seen tons of nationals from my country break into BB/EB IB in London through UK MFins with little experience. If they could do it, you definitely can.
Hi, I´ll try to give you some advice from Europe
First, do not underestimate the MBA route as someone wrote above, it is quite an achievement and it certainly facilitates your way into IB if you get into a good European BSchool. However, given your background and the fact you are interested in studying in Europe, I would go for a good MFin at a target school over the MBA route, not because they are better here in Europe but because you suits better for a MFin programme that gives access to the industry. You have a kind of interesting trajectory though, I think you would easily get into a top MFin in Europe with a good GMAT score (aim at 700 at min. and you will have huge chances of getting in)
Regarding the MFin I would suggest you to consider (assuming you achieve +700 score in the GMAT) the following: LBS and LSE in London, Oxbridge, HEC, Bocconi as Tier1 and probably ESSEC, IE, St Gallen, ESADE and SSE
I really think you have a quite interesting background that will give you edge against other applicants for the MFin and IB in general and if you can tell a good story of yourself you will eventually make it
Be serious about getting in, show your ambition and keep trying
Buzz_Lightyear and jamkub: thanks for the insightful responses.
My intention was to apply to Bocconi, LSE, LBS, SSE, and perhaps ESSEC or IE. My real target though is Bocconi, given its rigorous courses, reputation, location, and cost. A big hurdle (probably the only one) is going to be the GMAT. As I mentioned, I have been going at it for some time now and I seem to have plateaued at around 620. My goal is to get at least a 650, I really think anything beyond that would require a few more months of preparation and just a lot of luck on test day or both of these things. My test is within the next 3 weeks and I have to give a response to the H1B by beginning of January, so I am essentially only going to have 1 shot at the GMAT and the application process.
I guess if everything goes to **** I can always go back to work and keep studying for the test, although I am beginning to get over it tbh.. very tedious thing to study for. Plus it would mean I'd graduate from an MFin program even later (closer to my 30s than 20s). Not sure if that's a good thing.
Thanks again for the advice, appreciate it.
Try as hard as you can in the GMAT and then decide, but you may also consider other options that will still be very good schools to have a back up in case you don't get into Bocconi
Also, I think age is not a problem as everyone has their own path and circumstances in life are so particular to each case that judging someone just for his/her age would be a huge mistake for the company that is hiring. I have a friend that is 27 years old and just started as a first-year analyst at a tier 1 BB, I tell you this so you can see that if you are near your 30s does not mean you won't get it. In my humble opinion, I think successful people are patient and do not give up. If you get the job you want at 28 that's an achievement and you will have other learning experiences than a 22 years old will not
As others have already said, definitely do not underestimate the MBA route...you sound like a very smart guy with a story to tell and MBA programs love that. Get a good GMAT score, grind it out in the mean time, and make the transition. FWIW, I'm in more or less the exact same boat.
Edit: same boat but you're intelligent.
Hey man - sorry to hear you’re in a dark place. I’m sure feeling stuck is depressing and obviously whatever happened with your family is super unfortunate.
That said, I think you need to recognize that your situation is much clearer (and surmountable) than you seem to believe.
1) You’re worrying about a test that you haven’t taken yet and outcomes from applications you have yet to submit... so there’s really no decision to make here - you need to take the test (and keep taking it if you don’t do well the first time) and apply to every school with strong matriculation rates to IBs.
2) Assuming you get in somewhere (you will), you’ll have to decide if it’s worth taking the leap to go back to school. Hard to opine without knowing what school(s) you got into, but my instinct is that you should go - it’s very difficult to be successful in sales if you don’t like it and even the non-IB outcomes from credible MFin programs are typically good ones.
Best of luck man.
Consider an MSF like Villanova or Vandy to break into IB...shorter timeline than B-School imo
Just keep truckin man....it took me about 5 years after undergrad to get into banking. From that perspective, you're still early on the path. Some people get their IB roles handed to them on a silver platter with on campus recruitment. Don't let that distract you. It sounds like you're doing the best that you can given your circumstances....just keep truckin...
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