MBA with no Banking Experience
Is it likely to get into an investment banking role (analyst or associate) if you go back to graduate school with no prior banking experience? What if it was a decent school like NYU? Columbia? Rutgers?
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you need to do at least one internship. Even with an MBA, it will still be extremely hard for you to obtain a FT offer without some experience under your belt.
good luck man.
makes sense. Could you get that internship after getting the MBA? or is it required beforehand. and would you be put in an analyst role? or associate? whats most likely to happen?
You should be able to do this. I was an analyst at a BB in NYC. The majority of post MBA associates did not have prior banking experience. Lots of hires from Columbia and NYU MBAs. Didn't see much rutgers. You would apply for a summer associate ib job for your summer between 1st and 2nd year and hopefully get a return offer for full time.
This is basic stuff. You need to do some research, talk to current students, etc. Search around the internet a bit, because you'll find all your answers and more. MBA -> Investment banking is very common. 90% don't have prior banking or PE experience. Columbia and NYU send tons of kids to banking, Rutgers doesn't. So do a bunch of other schools. But seriously, do some of your own research.
Yes. I know 9 folks personally from a top 15 b school that are graduating this year and going to be a FT IB Associate in New York and Houston. They did an internship after Y1 with the same bank in all but two, two people moved up? Not sure if its a better IB role but I just assume so given prestige. Think TPH to JP Morgan.
Prior to B school, all did various things none very successful though.
From people I have met, yes. I've met people go from marketing/sales jobs outside of finance to business school, do an internship at business school (both buy/sell side) then go on to being an M&A associate
One of these schools is not like the other two for grad school. It is very possible. Post-MBA associates are typically career switchers in my experience.
Most represented business schools in banking would be Wharton, Columbia, Booth and Stern, in no particular order. Over 95%+ of post-MBA associates have no direct banking experience, but obviously it would be easier if you had an industry experience for a specific industry group or finance related experiences in general.
The actual order (on an absolute basis) based on the 2017 employment guides is:
These numbers do not reflect the yield of students that attempted and were successful, but I can tell you from personal experience, and after speaking with students at other schools, that it is disproportionately high when compared to other career paths out of business school. Slightly less true if you're an international student, but still strong.
Career switchers make up the majority of the applicant pool and banks rarely care. It might help with the first look, but if you go to a top 15 business school that places students at banks, then they don't need to be sold that you are capable of executing the job. They are more concerned with why you want to be an investment banker and if you're acceptable in front of clients.
MBA With No Industry Experience (Originally Posted: 02/21/2013)
I am currently finishing up my MBA (Finance) this April at a non-target school. Since I was on a college football scholarship, I was forced to go straight from a business undergrad to grad school without any work experience.
Now, as I try to break into the industry, it seems as if all of the analyst summer training programs are targeted towards undergrad students. Without summer training experience, it seems like an uphill battle to land a full-time analyst position in the fall.
I guess my question is just a general one. Am I missing something? I have been applying to large IBs and regional boutiques with little response. It seems like I am getting penalized for having an MBA. Does anybody have any advice or tips for somebody with an MBA with no work experience to land an entry-level analyst position? Thanks!
How exactly were you "forced" into an mba? With that out of the way, you aren't being penalized for the degree per se, your probably being penalized because you come across as naive. Firms expect you to go through undergrad, get experience,use that experience to add value to an mba program and use the program to define the future of your career.
Another reason could be that, due to your degree, firms may think you will expect a higher salary than a fresh out of undergrad applicant. Of course, if you have nothing additional to add, they will not be jumping at the chance to hire you.
LOL, "forced" to go from undergrad to MBA. I'm guessing since you were a football player, you didn't have a chance to intern anywhere? Correct? This is a hard lesson in the value of your piece of paper.
In essence, as Higheck points out, you are applying with an MBA but zero real world experience (what really matters) at the undergrad or grad level.
You should target analyst positions still and explain your circumstance in the cover letter. There is no way you'd get an associate position with no work experience. Focus on smaller boutiques (10 employees and under) because those shops will be more willing/flexible to bend the rules some when it comes to analyst vs. associate.
The bulge brackets will automatically put you into the associate track w/an MBA and you won't have a chance over others that actually have work experience. Also, since you were a football player (regardless of how good), you should be networking hard with alumni in the profession.
What the fuck?
It's like how some players finish up in 3 years (or 4 but has a red shirt), and use the last year eligibility in grad school.
Your best resources are the boosters.
Ya, I guess "forced" wouldn't be the correct word. More like "restricted" from job opportunities. Wow, aggressive forum just trying to get some help! Anyways, thanks for the responses.
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