Hey,
I am sure this topic has been beaten to death but I could use some help. Currently I am working in Baltimore at MS's back office and I have IB dreams. I realize getting into IB is an uphill battle and I am driven to make the climb. Before I go ahead and do something that may waste 6 months of my time for little return I figured I would ask here.
I am studying for the CFA Lvl 1 in Dec, with intent to sign up for it when I receive my passport in the next week or two. I figured this would show that I am motivated and would help differentiate my resume a little bit, even if minimally. Currently I am averaging around 15 hours a week of study time. This would be the 6 month time waster I mentioned above.
Upon passing Level 1, I would start studying for the GMAT, put about 4 months in and aim for a score of 650-700. The only schools in my proximity are Loyola, University of Maryland, Johns Hopkins, and (a stretch as it is an hour from me) Georgetown. I am not sure whether an MSF or an MBA would be right for me, but I am leaning more toward the MSF. My goal would be to keep my GPA in the 3.7-3.9 range.
Being that I have no formal experience in IB I was going to purchase Wall Street Preps modeling course and learn that inside and out. That combined with whatever IB books (think Investment Banking by Rosenbaum & Pearl) will hopefully help me answer technical questions on interviews.
I have a few friends in investment banking that are willing to help, but I think it is best to get my rebranding established before trying to use their help.
What would you suggest my path be?
Thank you.
i think MS pays for grad school if you stay at the firm....so i would see if you can get them to pay for it and then try to lateral into the front office after grad school.
Interesting, that had not even crossed my mind. I figured my profile would not good enough for BB, even as an internal move.
That type of mindset is a silent killer.
MS is a good name brand, so I would go MBA. B Schools like a diverse class and Ops is a core (and necessary) business function. Its not all IBD MBB types at the top b schools
I assume by top b school you would mean Georgetown from my list. I cant forego my salary at this point. Also that school is a 45 mile drive away from me -- that takes an hour and a half. Going to school at night is my only option and sometimes I work until 7pm so Id have to see if I could swing that.
going to a PT/night program won't solve your issue IMO. you need a full rebrand with structured recruiting. if you can score 730+ on the gmat, you could get into schools such as stern, darden, yale, cornell, georgetown
I am going to drop the CFA study and put my focus into the GMAT and take that in 4 months.
adsfasfa
Take the GMAT, go to the best FULL TIME MBA program you can get into. Needs to be at least a top 15 program with a recruiting pipeline to ib. Forget Hopkins or Maryland, forget any part time MBA program, don't take the cfa. You need a reset and only a reputable fully time MBA program will give you that.
Depending on the reason why you can't forego your salary a full time MBA may not make sense (unemployed spouse or GF/alimony, mortgage, etc).
Otherwise go for the full re-brand. I can't stress enough the importance of an IB internship for securing an offer.
The reason I can not forego my salary is because i really have no support system. Grew up poor and parents were both drug addicts and have since died. I was able to cover my undergrad tuition with federal loans and grants, while also working 30hrs a week.
I know Georgetown has needs-based assistance but I dont think I will see 100% coverage, which would be absolutely life changing.
I also had little support system (some rent help from my then GF now wife, but no real money outside of some 401k and no family support). I just took out full loans and lived off of those. I'll have all ~200k paid off within 30 months of graduation. Lots of people do the same and if you get a good IB job (likely) you'll be more than fine and your ROI will be high. There is no reason you can't go to a top school other than your own insecurities holding you back here.
If you score well enough on the gmat you could get merit based aid at top 20 schools
I was in a similar situation 2 years ago. I was stuck in the back office of a top PE firm as a CPA. I buckled down for 4 months and got a 700 GMAT score and I'm about to start at a top 20 MBA program w/ a half tuition scholarship this summer. I'm going to be recruiting into IB in the fall and based off of my conversations with 20-30 current MBA's recruiting was going really well for them. All of the schools i visited had around an 80% success rate for people that were pursuing banking and actually getting the offer.
One thing several students made clear, coming from a BB firm, even in the back office, will give you a leg up in the recruiting process. If you can pass the CFA and get a 700+ on your GMAT, you're almost a lock to get into a top 20 MBA program.
I'm in a very similar situation to OP. I'm taking L1 of the CFA in 2 weeks and am feeling comfortable that I will pass. Do you think pursuing the GMAT immediately after would be the best move in order to break into a top 15 program? Or do you think continuing to study for the full charter before taking on the GMAT would significantly improve my BSchool applications?
Definitely take and pass level 1. If you're goal 100% is to get an MBA, it just depends on your age and work experience.
If you're less than 25 without any significant promotions, it would definitely help your profile to finish all 3 parts, and you'll still be less than 30 when you start your MBA program.
If you're closing in on 30 and already have 5-7 years of work experience, I'd start studying for the GMAT ASAP and try and get 3-5 applications in by the end of round 2 this upcoming fall.
Taking level 1 could be an important part of your "MBA Story" that you'd craft to the admissions committee in your interview/essays, and passing it shows you're smart. Tack on a 700+ GMAT and you'd have a great shot at getting into a top 20 MBA program.
Is what you're asking possible through the CFA/Part-time MSF/MBA route? Yes, but it won't be easy and the odds are not in your favor. A true "Phoenix from the ashes" transformation is more likely if you go to a top full time program.
My suggestion is that, if you haven't already done so, you speak to the folks at your current firm and tell them you want a change. Ask them what you need to do to make it happen. If you can convince them to develop a plan with you, even if you don't like them that much, you can stay there for a bit and lateral out. If that is not possible then networking is probably your best bet. Pound the pavement until you find someone who will have your back. Won't be easy (hell it might be - you could get lucky and find something quick and I'll raise a glass to that) so get yourself into a fighting mindset to push forwards when the going gets tough. Good luck to you.
Credit to you for not leading with what would actually in the rare instance be multiple justifiable excuses for your current predicament. Before, dwelling on your situation consider that based on the factors described you've already significantly outperformed expectations.
A few pieces of advice: 1.) don't limit yourself to any one approach- try for internal transfers, external transfers, grad school, CFA, building hard skills (excel, financial modeling etc)...yes, looking back some portion of this all in approach may seem like time wasted but ex ante you can't know which will be so its hard to skimp on any part as its the multiple irons in the fire that yields results...remember you dont have a choice until all those offers are in your hands 2.) don't limit yourself to just investment banking...too often i see people avoid moves because they can't get that targeted role; instead consider what roles get you significantly close to your desired role even if not a dream gig...for example working at a rating agency seems better than back office(helps to figure that out). 3.) only take "risks" when they have a high probability for success (if you get into a good mba program then take the risk you can pay the money back, live frugally, find side gigs etc) and avoid the desire for quick fixes (going to one of the grad schools you mention now would qualify as such...if you get dinged interviewing for 12 months and get into no better schools then maybe consider it) 4.) keep grinding...it will pay off
Thank you, I use the past as my motivator. Hopefully I can return to this thread in a year or two with good news. I have a few pretty good connections in IB, but id like to establish myself a little better before I am just the next BO guy trying to get into FO.
From the other replies I do believe that the path of least resistance is going back to B-school full time. That is what I will attempt to do, along with teaching myself hard skills along the way.
I think that’s a good plan, but I wouldn’t rule out looking at other roles as well bc frankly you don’t know if you will get into Wharton or Maryland right now and you don’t know if you need b school for good finance role. Right now you need options so that if you get into Wharton and no good job offers you take it, but if you don’t get into a good school but you do get a consulting gig for example you will still be moving forward by taking that job. Of course, don’t waste time on anything that has really low chance of success based on your skills - like trying to be an exotic derivative structurer. Best of luck, you never know what will materialize.
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