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?
Big L on this one
What is a Big L?
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.
I'd probably apply and start asking for boutiques looking for help before considering a masters.
I've seen people from UTA and USCs MAcc do it, but it's a tougher sell.
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.
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.
MIT is not an ivy league school...
Non-target masters in accounting to IB? (Originally Posted: 05/14/2016)
I'm in my mid 20s and currently set to begin a masters in accounting program this fall. I've kind of fucked around and I have no white collar work experience, just a string of shitty blue collar jobs. The tl;dr of this post is that my 7 year plan is to break into investment banking. I know this is difficult, and I understand that bulge brackets and top-tier banks are out of the question due to my age, lack of prestige, lack of professional work experience, etc.
My question is: beyond the basics of teaching myself financial modeling, practicing interviewing, and networking, how can I best position myself to break into IB in the shortest amount of time? I'm doing a MAcc so I believe my best bet would be joining Big 4. Should I be gunning hard for recruitment into Big 4 transactional services? Would this alone be sufficient to break into MM or boutique IB, or should I plan on doing a top MBA? Is it worth the time to study for CFA level 1?
Bump?
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.
Thank you for the response. I did search and read quite a bit, I was just hoping for a fresh perspective. FWIW I have the academics to get into one of the target MAcc programs but I'm constrained to the Philly metropolitan area. Maybe this will be beneficial, as I imagine Philly banks are somewhat less competitive, as far as degree or work experience prestige, than NYC banks?
I know that the CFA is more useful for things like breaking into ER or financial advising, but I've read from multiple sources that some investment banks look at it favorably, as it shows commitment to breaking into a high finance career?
I assume you're talking about Villanova. I am somewhat familiar with their recruiting, and while their undergrads get some decent recruiting, the MSF and MACC students are limited to mostly non-IB roles. The other schools in Philly (I don't think Wharton has a MACC program) aren't exactly targets. So, my advice would remain the same and try to break into Big Four M&A/transaction services. Your main issue will be a lack of IB experience. Plus, a MACC screams accounting, which isn't a bad thing, but it just isn't a relevant degree for IB, especially since 99% of the people in MACCs are only enrolled to meet the 150-hour CPA requirement.
The CFA is not relevant for IB. No IB will hire you just because you're a CFA. Maybe if two candidates were exactly the same, but one was a CFA, the IB might hire the CFA, but otherwise, it's not a relevant certification.
MAcc student ---> CommBanking, IBD? (Originally Posted: 06/22/2013)
Greetings y'all! Longtime lurker, first time poster.
I am an incoming MAcc student at a top 5- program (BYU, UM, UT). I have an non-target undergrad degree in finance, but attended a MAcc program in order to better develop my accounting skills, due to the fact I want to be a CFO one day (pipe dreams, am I right?).
My school has great recruiting, our program throws us at Big4 (I am only interested in TAS and Val), and every major commercial & investment bank recruits through OCR. In addition, various MM IBD firms, and boutiques also recruit on campus.
Recently, I have been interested in Wells Fargo's FAP program, and was wondering what I can do to better prepare myself for recruiting in this field. Also, since I have a finance background, and now completing a MAcc degree at a top 5 program, how many looks would I get from investment banks? I have no prior SAs in IBD, but had two SAs in corporate finance. I will be completing BIWS modeling courses within 2 weeks. I noticed that on most of the official job posts for ibd jobs, under required majors the usual suspects are: finance, accounting, and "business". Therefore, I figured banks would, at the very least, be receptive.
One more question. There are various graduates of my program scattered throughout MM IBD, and some at the majors. How can I best reach out these alumni in order to improve my profile/chances.
Thank you for everyone that took the time to read this, great comments will be rewarded with SB! Thanks!
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.
Thanks parctribe! Appreciate the advice.
About WF FAP, what other steps can I take to make myself more competitive? Thanks!
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?
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.
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.
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?
bump
Investment Banking Career Advice - Working on masters in accounting (Originally Posted: 11/08/2011)
I'm new to this site, and I'm sure a post has been made that is similar to this, but I didn't find one immediately.
I'm working on my Masters in Accounting, with a Financial Services Concentration right now. My goal is to get my foot in the door at an Investment Bank with an internship this summer, realistically a smaller boutique. I am preferably trying to find one located new Washington, D.C.
I have currently been in contact or applied to FBR, Jefferies & Co., England & Co., Milestone, and The McLean Group.
I was wondering if anyone had any advice towards the best approaches to try and land an internship, as well as other good firms to apply to.
The only place I have a connection to is FBR, but considering their recently announced lay-off plan, the chances of that may not be very good. I'm really just trying to find some direction and the best approach to this process.
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