(MSF/MMS alumni input requested) Anex/NYSF advantage vs IBI vs TTS vs Self study... And thoughts on my timeline
Ladies and Gents,
I am applying to MSF programs that have enabled individuals to break into banking for next fall.
I come from a non target, with few investment bankers in my alumni network ( yes I have reached out to them, but I want to cast a wide net).
From most of what I could gather, attaining an internship SA/off season internship is near crucial to being competitive for FT recruiting.
I am located in Southern California, and plan to cold call/email local firms to try to network my way into an internship, which is likely to be unpaid, after I submit my apps for MSF/MMS programs.
That being said, I am considering the NYSF/ANEX advantage program to expedite my timeline in hopes of attaining another ("better") internship prior to matriculating next fall. I acknowledge the price tag is high, but are there other advantages to the advantage program such as being in NY opposed to LA?
My questions are:
1. Is it realistic to network into an internship with my newly attained MSF network for the summer before Fall 2015?
2. ANEX/NYSF advantage program is 6k-11k for half/full semester, price tag aside, for the sake of having something IB related on my resume, can this program be worth it? (~10k on top of 40-60k for MSF/MMS doesn't seem like much to add for a competitive advantage come FT recruiting)
3. Why, if so, would I be better off (not financially) to self learn/boot camp learn Financial modeling and sell myself into an internship?
4. Could MSF/MMS alumni provide anecdotes that may provide some insight or caution on my plan to break in.
Poll Time: (Please also discuss WHY)
Plan 1:(California>NY> whatever region MSF is in) High GMAT > Self study > NYSF/ANEX in Jan-Feb/April (Meanwhile in New York network and search for a more established internship program for SA or spring) > Hopefully SA through newly attained alumni network > Start MSF/MMS> FT recruiting with atleast one IB gig, hopefully two on my resume
Plan 2:(CALIFORNIA> region of MSF) High GMAT> Self study/bootcamp > cold call/email and pray for a chance> continue efforts > network with alumni once admitted to program> search for SA gig >start school get high gpa > FT recruiting with hopefully 1 IB gig on resume
Plan 3: spend money on a vacation to Hawaii and when it runs out live off coconuts and guava for the rest of my 20's and have a application that sticks out for MBA business schools">M7 MBA come 30 years of age.
My thoughts. If I cannot secure an internship come the New Year, I find that the ANEX/NYSF advantage program would help bridge the gap of being a non target, non finance guy who already graduated from undergrad, and help market myself for the next internship/MSF-MMS/FT recruiting.
Thanks in advance WSO.
Trolls welcome, sincere advice much appreciated.
-GT3RS
bump
You don't need an internship to get a banking job from an MSF, although it helps. I would just fine a PWM office or a boutique to work unpaid and use that to build your resume.
Living off coconuts sounds pretty good right now.
I was able to find an M&A internship right away during my MSF program. It wasn't exactly IB, but it provided relevant skills that enabled me to find employment afterwards. I know others that did the same thing. Not sure if this answers your question...
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Yeah, when I did the program there were a bunch of people with 3.8's and no prior IB internships. Then again they went through OCR exclusively. I think the internship helps if you want to go off the beaten path, but don't do it at the expense of your GPA.
Thanks for the responses.
Can I ask before going into an internship how much knowledge is required (as far as financial modeling/valuation)?
I have been focusing solely on my GMAT as I know it is an important facet to the MSF/MMS application and in the meantime have put learning finance on the back-burner. I plan to pick it back once I submit my apps.
I see the nysf advantage as killing 3 birds with one stone, granted it does have a price tag. 1. learn financial modeling in a class setting (and learn the nuances in the process) 2. have an internship to utilize said learned materials and learn by doing 3. have internship experience to talk about during recruiting, thereby having a more complete resume, that will enable me to focus more on my GPA come matriculation for MSF programs
Bonus: be more competitive for a more structured SA program before Fall > more competitive for FT recruiting
To differentiate what Manu10 is doing, I want to have the IB experience PRIOR to starting the program.
I think this is spot on. Without the work experience that I gained throughout the program, not only would I have had nothing to talk about on interviews (in fact, I wouldn't have gotten nearly as many interviews), but I wouldn't have understood, at least to the same degree, the concepts taught in academic settings. My situation was somewhat unique though - my work experience, until that point, consisted of retail/waiter.
I do know, as a fact, that I wouldn't have the position that I have now if I didn't work during the MSF. I also simultaneously interned for 3 months, while working, during the program. Needless to say, I was a zombie most of the time.
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You need to learn how to interview. For an IB analyst interview they aren't going to have you build a model. Most people they hire don't even have a finance background. Besides, you can get an online modeling course for a fraction of that place.
PM'd you Sir Ensuric.
As for TNA's response: Granted that interviewing skills are necessary to attain the internship, isn't a bit of financial knowledge required to perform the functions of an intern? Is all that is required to pass interviews is memorizing the WSO/Vault/M&I interview guides? I would like, if possible, to add value or at least save some money/time for the firm starting the first week. Coming late into the game, I feel that I need some competitive advantage over others who have more traditional backgrounds.
And I have invested in the resources above including the online modeling course, but am currently tackling the GMAT, as you can have guessed from my questions on the other threads.
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