I wanted to first start out by saying that I am a long-time reader of these boards and have always found the discussions and content on these boards to be very insightful. As I find the input of the posters on these boards to be valuable, I am seeking your thoughts on the possibility of my breaking into the field of investment banking.
By way of background, I graduated magna cum laude from a non-target regional NY school, with a 3.74 GPA (3.92 GPA in my major, Economics). Since then, I enrolled in a lower-Tier One (Tier One meaning Top50 in the country) law school in New York. I have been working towards a concentration in Corporate Law, taking courses such as Mergers & Acquisitions, Securities Regulation and Distressed Investing/Restructuring. Two years in, I have a 3.4 GPA and rank within the Top 25% of my class. I will graduate this spring. Unfortunately, I have no prior experience or internships in the investment banking field.
Now, assuming I do well in my third year, do you think it is possible for me to find a job in a boutique NY investment bank right out of law school? Or, should I try to work in corporate law for a few years and transition into investment banking? Also, would getting a certification such as a CFA significantly improve my chances or would it be wasteful of time and money? What can I do to improve my ability to break into this field? In summary, is transitioning into IB out of the question for someone such as myself? I thank you all in advance for the candid and constructive advice; it is much appreciated.
Taking a stab at each of your questions, I think you can break into investment banking, especially in a boutique (depending on how picky you are) as a lawyer. That said, I think it would be much easier for you to break in after spending a few years as a lawyer for two reasons: 1) you would be networking with bankers (albeit on a limited basis) and can put out the feelers when you've built up a bit of experience, and 2) you will have gained said experience, and will therefore be bringing something very valuable to the table of a boutique.
Regarding breaking in straight out of law school, I think that it may be possible depending on your network and luck, but I don't think that it is very likely, especially in this market (but I've never been to law school, so I could be slightly off here).
Regarding the CFA, I think it is a good idea to get it, but I don't think it's necessary. I think that with some law experience and networking you can break in without it, but I think the CFA will definitely help to show your interest and will be a positive mark on your candidacy.
In short, your stats are definitely solid, and you've seemingly got a head on your shoulders. I would probably lean towards working for a little while, really building that network, and figuring out exactly why you want to do IB, as it will be asked - CFA or not, I think you've got a good chance (especially as the market starts to really recover).
IBanker www.BankonBanking.com Articles, News, Advice and More Break Into Investment Banking
When the economy is good, plenty of (corporate) lawyers make the jump to investment banking each year. However, most of the lawyers who switch over have already worked in corporate law for several years and have built up a good base of contacts, clients, and relationships in the field which they can then leverage to network into banking.
You're unlikely to get anything straight out of law school, because you're "over-qualified" for Analyst positions but "under-qualified" for Associate positions - especially since you have no work experience.
I'm sure there are some people who have successfully jumped into banking straight out of law school, but these days you'd be competing with a ton of laid off bankers and other financiers who are also gunning for boutiques and smaller firms.
Unless you want to make a massive networking effort to get yourself into the field, I would strongly suggest working in corporate law for a few years first to maximize your chances. That gives you three advantages:
You have more experience, so you're not as risky a hire and you could legitimately come in as an Associate.
Hopefully the economy will be better by then.
You'll have a lot more contacts and relationships in the industry, especially if you do corporate law at a major firm.
For someone like you transitioning in, the major questions will be:
The CFA is somewhat helpful in answering #1, but personally I think your time would be better spent networking, going through self-study programs / books, or even having friends teach you - it's a huge investment of time and it honestly doesn't help much with getting into investment banking.
So I think your best option is work in corporate law for a few years, build your network, and learn some of the finance on your own so that you can "prove" you know what you're talking about when it comes to interviews.
Bro, if it aint T-14, it's TTT.
You are both tools, how does that contribute to the OP's question? Stop trying to act hard on the internet, you're embarrassing yourselves (or go back to LSO).
To the OP, do you think IB is the endgame for you, or are you interested in other areas of high finance? I'm not qualified to answer your original questions, but I can tell you I that I've seen more lawyers go into private equity. At my boutique, no one in IB went to law school, but more than a few senior PE guys here did. You might want to hear from some others before declaring that the overall trend, though.
BankonBanking and dosk17, thanks for the responses. I am cognizant of the fact that my chances are not good by any means. This is especially true considering this economy and the fact that I am going the unconventional route, but I appreciate your responses very much. Both were very insightful.
barter4size.. Law schools are ranked by Tiers, with Tier 1 representing the country's Top 50. My school is certainly more prestigious than a TTT (which is not even in the Top 100). But, as you have pointed out, T14 can really pave their own ways while those law studens not in the T14 will have much more difficulty. I understand the difference between the T14 and T50.
I really appreciate everyone's comments thus far and look forward to more insight as to what route I should take to break into IB. Thank you.
Thanks for the response, Penny. Private equity is something I am interested in as well though, I must admit, I have been more drawn to IB. But I did not know more lawyers find themselves there than in IB, as you mentioned. Of these lawyers, do you know if they've practiced after law school before transitioning into PE or were they able to go straight from law school? What would you suggest is a good route for someone like me to transition into PE (if, at all possible)?
Btw, FORZA JUVE!!!
I'll send ya a PM
Great, thanks for your contribution to this thread.
I would be happy to hear others' thoughts on my possibility of breaking into IB or PE; thanks in advance.
Aspernatur vel nulla tenetur. Magni illum perferendis incidunt non perferendis natus repudiandae. Sit quasi aut iste enim harum ullam. Sed distinctio harum laboriosam nostrum et.
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