Seeking input on early career decision
I have some career decisions to make in the fall, and I’m looking for any input anyone is willing to provide.
I have a summer analyst position coming up at a BB IBD. I am an ‘experienced hire’ (from a non-finance industry) and am late 20s/early 30s, so if it goes well, I think I’ll get an offer to start in the fall. I also have an acceptance to a top b-school (HBS/Wharton/Stanford/Booth/Columbia) with significant scholarship/finaid.
I honestly don’t know where I want to end up in 5-10 years, but I do know that whatever decision I make, I want to keep as many doors open as possible (staying sell-side, moving into buy-side, hedge funds, industry, etc.).
I’m going to do the summer position, but as I see it, I have three options after that:
1. Decline full-time analyst position, go b-school and shoot for post-MBA associate position. So in 5 years, I’d have an MBA and be a third-year associate, and my options would be (hopefully) promotion, or exit. My understanding from forums is that “exit” as a post-MBA associate is almost exclusively into industry, as buyside doors are not really very widely opened to associates who were career-changers. Is this true?
2. Accept analyst position and skip MBA. Not getting any younger, and I already have a quant-y masters, so considering bypassing MBA in favor of more years of experience in finance. Pros of this option are, as I understand it, better access (vs. an associate) to buy-side exit options in a few years if I don’t love sell-side. If I do love sell-side, I could hopefully move up to associate in around the same time it’d have taken me had I gone for MBA. In 5 years, I could still be close to promotion, could still move into industry, but would also have better access to buy-side options. My concerns w/ this course of action are a) no MBA would be a liability and b) buy-side recruiting targets analysts because of their less-specialized skillset AND age. i.e., is an older analyst as appealing as a 24 y/o analyst? Or is that a non-issue?
3. Defer b-school (assuming this is doable) for 1 year, get a year of analyst experience. This is risky in terms of rate of progression, since I’d still have to put in the same amount of time as an associate (right?) before having a shot at promotion, thus I’d be pushing a sell-side career progression back a year, basically. The plus side to this (and please correct if wrong) is access to buy-side options post-MBA would be on the table since I’d have that analyst experience on the resume.
I hope this doesn't sound careerist. I am looking forward to the summer and am definitely anxious to do a good job and learn a tremendous amount, and definitely not planning to jump ship from the firm who is taking a chance on me. But, I also want to make the smartest decision I can for the future, given that this is a career change and, thus, filled with uncertainties/unknowns.
I'd go the bschool route. Do the summer internship, get the offer (because they will definitely ask during associate recruiting) and then go to one of those schools (all of them are great). No point being an analyst for 2 or 3 years when you can just as easily be an associate. Plus, with Bschool, you'll make $20-30k over your summer and then a $60k sign on so your not missing out on a ton of foregone pay (albeit some), especially if you've gotten some good scholarships/fin aid. An MBA from any of those schools will be great further down the road.
You could also defer for a year to get that training also. Those would be my two choices.
Regarding your comment about limited exit ops from associate career changers I'd disagree. If you're at a good bb you can go anywhere. I was working with a guy who was a 3rd yr associate and left for a top tier PE shop. If you're good enough, anywhere will take you.
Just for reference, I'm a little biased in that I go to one of those schools and interned as a summer associate at a bb bank in IBD over the summer.
awesome, thanks for the reply. Would you say the guy you mentioned who left 3d year was an exception vs. a rule? It's hard to get a coherent view of reality from piecing together forum wisdom of course, but the sense I am getting is that it's far less common for that to happen at associate level than it is at analyst level
I've known several associates who have left for the buyside. It's not rare but it's not the "expected path" and from what they've told me, you'll need to do a little more work on your own.
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