LSE to break in?
For someone with a non business/finance background, what do you know about the London School of Economics' Diploma in Finance and Accounting as a means to break into ibanking? Would it be necessary to stay an extra year and get an MSc in order to land an analyst position (BB), or will the Diploma suffice? Also, anyone have any clue as to the likelihood of getting hired for a US vs. a UK position after coming out of these programs, and what the recruiting presence is like at LSE?
Thanks for any input!
It seems as though a Masters is needed for analyst positions now, very few people seem to come through with just a bachelors, having said that what did u study? I did engineering and we're preferred over any other degree for many desks.....
not at all. in london a BA is just fine. over 40% of BB front office intake is from LSE and oxbridge undergrad alone.
You basically need the level of degree that most high achievers get in the country you did your further education: BA/BSc in UK, MSc in continental Europe.
MSc can add value for a UK application in some situations (and give you a second chance if you don't get an offer after BA). But if you spend an extra year in academia, make sure you use that extra summer for a relevent internship.
Thanks for the comments guys. Just to clarify: I'm a US applicant, and I already have a BS (life sciences). The 'Diploma' in Finance isn't a bachelor's or a formal graduate degree, it's just a 1-year conversion program for people who wish to transition to finance from non-related fields. After completing it, there may be an opportunity to remain for 1 more year in order to get an MSc. I'm just wondering how feasible it would be to get a BB analyst spot in New York (or anywhere in the US) after completing the Diploma? The MSc? Do these two programs usually feed UK/European offices, or is it possible to come back the US for work? And, for anyone who may know, how strong is the recruiting presence for these particular programs?
Thanks again.
Hey banky. I have a friend who plans on going this route. The problem with this is that once you do the LSE program, you are instantly "overqualified" for any analyst positions so you will only be competing with grad students. Depending on what type of job you want, this competition may be very difficult. Just my 2c.
Aachimp, that's a big concern of mine. I assume you mean this will happen after having completed the MSc, right? Does that mean I'd be competing for an associate level position, because I don't see that happening without significant experience? Do you know of anyone who's gotten an analyst position with just the Diploma? The type of job, by the way, would be IBD corp fin or m&a at a BB.
I'm not convinced just doing the diploma would be enough, but then after passing if you don't get through the IB application process you can stay on a year and try again.
The diploma or MSc do not overqualify you. The top European business schools (pre-experence so not MBA) send loads of students to London and some to NY as year 1 analysts. These are the guys on continental european courses I mentioned in my previous post. They study for 5 to 7 years after SAT-level to get it. The MSc itself takes 2 years.
If you can put forward the cash for tunition fees and living in London for a yearor two, this is definitely an option.
EuroMonkey, some argue that Master's degree holders (non MBA) are not recruited by many BB firms in the US for analyst positions, as these offices are exclusively seeking people who have just completed a Bachelor's. What's your take on this?
Also, do you think an MSc would hinder one's chances of getting into a good MBA program further down the line, due to potential redundancy? Or would an MBA be unnecessary?
The guys I've seen argue that BBs recruit bachelor and not master's students on this board are talking about the US only. Debatable.
In the UK/Europe I know tons of analysts with MSc. This is a discussion I remember having on another thread a while back actually. Bare in mind that all the analysts who studied in continental Europe have an MSc (sometimes 2) and not just a bachelor's degree. Some analysts with MScs are Brits with British MScs. So having an MSc doesn't rule you out and can increase your chances or give you a second shot in London. But if you can avoid it, get the job with the Bachelor's only of course.
Note to those considering an MSc: If you didn't get interviews (even after a Cambridge BA), you won't necessarily get one by adding an MSc. I've seen loads of people with great degrees get no attention from BBs cause they had no leadership activities, or were bad at selling themselves. In this case, adding an MSc to the degree doesn't do much, you need to change something more. Work experience to mature from a commercial perspective and understand self-promotion can help more (then reapply or go the MBA way?). Some people also do a really good MSc to "cover up" an ok BSc: BBs see through this, your achievements during the last year aren't a quick fix since it's a really competitive area, banks want a "lasting trail of success".
As for MBAs, they're not needed in Europe, especially if you don't want to transfer to the US or change industries. That said, those continental europeans with MSc I mentioned do go on to MBAs if they feel like it. Having an MSc is extra proof you can cope with the academic demands of an MBA after all.
Judging from my experience (as i've mentioned in another post) maybe this is finally the case....even for UK positions...some banks seem to exclusively want bsc's for their analyst positions...but i dont understand why...i otherwise cannot explain how i am being rejected for uk intern positions without even being interviewed, having studied at two famous us unis...(one of them top ivy)
I'm studying in MSc in the UK now, I didn't have any problems getting an analyst position in London. At one of my final rounds, more than half of the applicants were MSc students or recent grads. In the US for some reason there is less openness to hiring masters (non-MBA) to analyst roles, but in the UK it seems that it's actually a bit of an advantage.
Interesting. Anyone familiar with any Americans who have used a UK MSc to get a NY analyst position?
You shouldn't "use" an MSc to get a job in the first place. Grad school is more work than it's worth if you don't actually care about the subject. I already planned to get a masters; if you're just doing it for a job you won't do well and you won't enjoy it either.
I agree with this in theory, but in parctice I know some hard working people who managed to "use" an MSc to into IB when they failed with just a BA.
An MSc is clearly hard work, especially since making the extra year worth it from a job hunting point of view, you must spend time apply for jobs, doing the necessary research and building up the extra-curriculars.
I'm not saying you can't use an MSc strategically. What I meant was, I don't think it's worthwhile to do a masters only to get a job, if you don't already want one or plan to use it. Particularly at LSE, where they will kick your ass in terms of the difficulty of work.
I was simply speaking in terms of eligiblity. Many without a relevant background/experience, but with a legitimate interest, are merely unable to enter recruiting. The word "use" in this case was meant to denote the creation of possibility for candidacy. Such are the interpretive inefficiencies of textual communication.
fp175, I see what you mean. I hear LSE is one of the places with the most competition within the class too. Your thoughts?
Do LSE grads often get IBD analyst positions (m&a, lev/corp fin), or do they usually end up with trading roles?
LSE is definitely good~
yes they get IBD analyst positions i suppose
yes they get IBD analyst positions i suppose
in both IBD and S&T.
the other thing you can do, other than getting an MSc now and hoping to get into banking is to just go work in business for 4 years or so and then get into an awesome MBA program and come in as an associate.
I agree with the posts above, that you shouldn't get the MSc degree only to get a job, because if it doesn't work out you will have spent more money and be in the same position. If you are really interested and want to do it on its own merits, then go do it.
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