Is getting a Masters in Accounting a good way to break into Investment Banking?

Recent Social Science major grad from May 2017 here considering going to grad school to get a good business foundation. If I go to this Master in Accounting program it will be in-state and I'll be able to commute to save a lot of money. It's part-time so will be able to work as a Financial Advisor while going to school. I'm applying to MSF programs and MMS programs as well, but want to broaden the number of schools I'm applying to. Thinking about getting into TAS first then Banking later or just aim for Banking. Should I go for it?

Comments (36)

Aug 20, 2017

Big L on this one

Aug 20, 2017

What is a Big L?

Aug 20, 2017

Get a Masters in Finance from a target school if possible. The best you could do with a Masters in Accounting is becoming a CPA and working at the Big 4. If I were in your shoes, I'd work in PWM and get an MBA after you have proven yourself as a leader. As well, a solid GPA also helps in crafting your story.

Aug 20, 2017

I'd probably apply and start asking for boutiques looking for help before considering a masters.

Aug 20, 2017

I've seen people from UTA and USCs MAcc do it, but it's a tougher sell.

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Aug 20, 2017

Wasn't this forum just saying the all MSF programs are a scam?

Accounting is good to know no? Even for IB. I don't know much about MSF programs - would OP actually learn something?

Aug 20, 2017
anonymous9191:

Wasn't this forum just saying the all MSF programs are a scam?

Accounting is good to know no? Even for IB. I don't know much about MSF programs - would OP actually learn something?

You're right that not all MSF programs are created equal, but notice I said a MSF from a "Target School". If you are from a MSF at a Target School, such as MIT/Columbia etc.) you'll be fine.

Aug 20, 2017

This site also asks about what Rolex an 18 year old incoming analyst should buy.

Take what you read here with a massive grain of salt.

Not everyone has the same goals and there are different programs for each person. And saying only Ivy League msf programs (really only one - MIT; Princeton is an experienced grad program by and large) is silly. Plenty of non ivy schools place well and provide a good ROI.

Aug 20, 2017

MIT is not an ivy league school...

Aug 20, 2017

Bump?

Aug 20, 2017

You probably didn't get an answer because this question and multiple derivatives of it have been answered countless times.

I have seen some people break into IB directly from a MACC program, but they were at a target (think UTA, Michigan, UNC). You will most likely have to start your career off in accounting. As countless threads say, your best bet would be to move to one of the Big Four's transnational/M&A groups. Deloitte corporate finance would be your best bet since that group used to be McColl Partners.

The CFA is irrelevant for IB.

Aug 20, 2017

Jared,

It sounds like you've done a fairly good job setting yourself up for recruiting.

First off, if your goal is to be a CFO someday, going the Big 4 Audit route is probably your best bet. Most CFOs are CPAs, not financiers.

I am familiar with the Wells FAP, and I know someone who just finished up a MACC degree and is entering the FAP now. They like accounting experience, so as long as your GPA is decent you have a great shot at getting an interview with them. If you have more specific questions about that, let me know.

For IBD, your chances are lower since your internships were in CF. But with networking you can definitely make it happen. Do some searches on here to learn some strategies about utilizing linkedin. Sending a quick message asking them to talk with you on the phone usually does the trick.

Aug 20, 2017

Thanks parctribe! Appreciate the advice.

About WF FAP, what other steps can I take to make myself more competitive?
Thanks!

Aug 20, 2017

Your profile is pretty standard for wells (assuming your GPA is decent), I know an analyst in the energy group that got hired with a macc. The previous corporate finance isn't the best but it also isn't the worst. I'd network with come guys in the group you'd like to work in (email, info interview, blah blah all that bs) to make sure you get a first round.

Interview wise, usually Wells interviews aren't all that technical. If you prep for IBD interviews you'll be pretty set. Know all the standard IBD stuff and the basics of commercial lending: 5 C's of credit, coverage ratios, LTV, etc. Also, be sure to have a good answer to the 'why wells' question

Hope this helps.

Aug 20, 2017
hopefulbanker99:

Your profile is pretty standard for wells (assuming your GPA is decent), I know an analyst in the energy group that got hired with a macc. The previous corporate finance isn't the best but it also isn't the worst. I'd network with come guys in the group you'd like to work in (email, info interview, blah blah all that bs) to make sure you get a first round.

Interview wise, usually Wells interviews aren't all that technical. If you prep for IBD interviews you'll be pretty set. Know all the standard IBD stuff and the basics of commercial lending: 5 C's of credit, coverage ratios, LTV, etc. Also, be sure to have a good answer to the 'why wells' question

Hope this helps.

Thanks hopefulbanker99,
I have a few questions if you wouldn't mind answering. I am currently in summer courses at my MAcc program. It is only one course, pretty intense. It's pretty tough, and I'd be shocked if I get anything above a B+ (3.3). My ug GPA was a flat 3, with my major being slightly higher (3.5). How much would this hurt for IBD and FAP interviews?

Aug 20, 2017

Agree with hopefulbanker above. In addition to knowing basic credit fundamentals you should also be familiar with general economic trends. And have your story straight. That will be especially important for you since you elected to do a macc and now want to do finance.

Your GPA is on the lower end, so you should do everything you can to get a higher GPA now. But if your internships were with solid F500 companies, that will help you get in the door for FAP interviews. Definitely try to network with people in groups you're interested in to up your chances of getting interviews.

Aug 20, 2017
jaredinthehouse:
hopefulbanker99:

Your profile is pretty standard for wells (assuming your GPA is decent), I know an analyst in the energy group that got hired with a macc. The previous corporate finance isn't the best but it also isn't the worst. I'd network with come guys in the group you'd like to work in (email, info interview, blah blah all that bs) to make sure you get a first round.

Interview wise, usually Wells interviews aren't all that technical. If you prep for IBD interviews you'll be pretty set. Know all the standard IBD stuff and the basics of commercial lending: 5 C's of credit, coverage ratios, LTV, etc. Also, be sure to have a good answer to the 'why wells' question

Hope this helps.

Thanks hopefulbanker99,

I have a few questions if you wouldn't mind answering. I am currently in summer courses at my MAcc program. It is only one course, pretty intense. It's pretty tough, and I'd be shocked if I get anything above a B+ (3.3). My ug GPA was a flat 3, with my major being slightly higher (3.5). How much would this hurt for IBD and FAP interviews?

Having less than a 3.5 will hurt your chances for both FAP and IBD. Having a 3.0 could easily get you screened out of the process if you just drop your resume cold. You may want to consider only including your major gpa on your resume. I'd reiterate you need to network with people in the groups with which you'd like to be considered. This goes for both tracks.

Aug 20, 2017

You're a perfect candidate for Commercial Banking. Going to need to network hard (have time for a PT internship perhaps at a local, boutique IB?) for MM IB.

Aug 20, 2017
peinvestor2012:

You're a perfect candidate for Commercial Banking. Going to need to network hard (have time for a PT internship perhaps at a local, boutique IB?) for MM IB.

Thank you peinvestor2012,
Could you offer some specific advice on how I can do this?

Aug 20, 2017
jaredinthehouse:
peinvestor2012:

You're a perfect candidate for Commercial Banking. Going to need to network hard (have time for a PT internship perhaps at a local, boutique IB?) for MM IB.

Thank you peinvestor2012,

Could you offer some specific advice on how I can do this?

Do what exactly? Network? Or get an internship?

Aug 20, 2017
peinvestor2012:
jaredinthehouse:
peinvestor2012:

You're a perfect candidate for Commercial Banking. Going to need to network hard (have time for a PT internship perhaps at a local, boutique IB?) for MM IB.

Thank you peinvestor2012,

Could you offer some specific advice on how I can do this?

Do what exactly? Network? Or get an internship?

Networking mostly. I can probably find something for the Fall, but I am unable to intern this summer. What would you recommend in terms of networking? There are various alumni of my program specifically in IB, while there is an ever larger amount of former UGs in IB.

Aug 20, 2017
jaredinthehouse:
peinvestor2012:
jaredinthehouse:
peinvestor2012:

You're a perfect candidate for Commercial Banking. Going to need to network hard (have time for a PT internship perhaps at a local, boutique IB?) for MM IB.

Thank you peinvestor2012,

Could you offer some specific advice on how I can do this?

Do what exactly? Network? Or get an internship?

Networking mostly. I can probably find something for the Fall, but I am unable to intern this summer. What would you recommend in terms of networking? There are various alumni of my program specifically in IB, while there is an ever larger amount of former UGs in IB.

Find guys in the analyst/associate role to network with and try and narrow down some groups you want to apply to. They should be able to help get you in the door for an interview. Would help if you can find some VP or higher guys too, particularly since they will have some say in hiring.

Aug 20, 2017
peinvestor2012:
jaredinthehouse:
peinvestor2012:
jaredinthehouse:
peinvestor2012:

You're a perfect candidate for Commercial Banking. Going to need to network hard (have time for a PT internship perhaps at a local, boutique IB?) for MM IB.

Thank you peinvestor2012,

Could you offer some specific advice on how I can do this?

Do what exactly? Network? Or get an internship?

Networking mostly. I can probably find something for the Fall, but I am unable to intern this summer. What would you recommend in terms of networking? There are various alumni of my program specifically in IB, while there is an ever larger amount of former UGs in IB.

Find guys in the analyst/associate role to network with and try and narrow down some groups you want to apply to. They should be able to help get you in the door for an interview. Would help if you can find some VP or higher guys too, particularly since they will have some say in hiring.

Thanks PE,
I was in contact with an MM IB MD during one of my SAs in corp fin. What would be the best way to pursue this contact?

    • 1
Aug 20, 2017

bump

Aug 20, 2017
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