Texas Master of Accounting for Investment Banking

Hi

I know that this topic has been covered here before, but not too recently, and I was hoping that I could get some fresh insight.

I am a senior at a semi-target, where I am a finance major, and have work experience in the financial services industry. Unfortunately, the FT job market hasn't been kind to me and I haven't been able to secure anything. Last semester, I applied to one master of accounting program in the US (Texas) and several master of finance programs in Europe (Bocconi-Milan, HEC-Paris, LSE). My ultimate goal is to get into investment banking. The reason I applied to the Texas master of accounting program is that through some research I discovered that most Houston BBs recruit there and approx 7% of the class goes into IB or MBB consulting. So while it isn't a sure thing, there is certainly the opportunity to break into banking from Texas.

So far, I have been accepted to Texas and Bocconi. I am still waiting to hear back from HEC and I was unfortunately wait-listed and then recently dinged by LSE.

So I have two questions:

1) What do you know about the Texas master of accounting program and its exit opps? (are there any former/current UT undergrads or accounting program students on here?)

2) Which is better for getting an IB job? A masters of accounting at Texas or a masters of finance at Bocconi/HEC

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Comments (21)

Jan 24, 2010 - 3:29pm

I think that most of the students who go to Texas for the masters of accounting want to be accountants, which may account for the low percentage of kids going into IB.
If you look at the program's website, you'll see that all the houston energy IB shops recruit there, including lazard and greenhill, so if you go to texas, you'll have a shot. (just be sure to ace your interviews)

as for the continental european masters of finance, i think they both can offer you IB positions in london, but from what i hear, masters of finance programs are heavily quant-focused and gear you more towards trading. so i don't know if you'll get the M&A gig you want, but you will probably be able to get a Sales&Trading one.

Jan 24, 2010 - 4:21pm

Bocconi is a recognized name is Europe and they are sort of a target school by many European banks or European branches of the US banks. However, if you want to work in continental Europe, it is very much preferred that you understand a second European language. It will be extremely helpful. Btw, Bocconi is unlikely to land you anything back in the US.

Jan 24, 2010 - 4:25pm

Thanks for the responses.

I speak Italian very well and am proficient in French, so I would be comfortable working in either Milan or Paris. My goal if went to Europe, of course, would be to work at London BB. Do you think that is feasible coming from Bocconi?

Also, does anyone have anymore insight about Texas?

Thanks

Best Response
Jan 24, 2010 - 4:43pm
Pedo_Bear:
Thanks for the responses.

I speak Italian very well and am proficient in French, so I would be comfortable working in either Milan or Paris. My goal if went to Europe, of course, would be to work at London BB. Do you think that is feasible coming from Bocconi?

Also, does anyone have anymore insight about Texas?

Thanks

It is def. doable as long as you are good enough.

See below:

http://www.unibocconi.it/wps/wcm/connect/SitoPubblico_EN/Navigation%20T…

Jan 24, 2010 - 4:53pm
Ukon][quote=Pedo_Bear:
Thanks for the responses.

I speak Italian very well and am proficient in French, so I would be comfortable working in either Milan or Paris. My goal if went to Europe, of course, would be to work at London BB. Do you think that is feasible coming from Bocconi?

Also, does anyone have anymore insight about Texas?

Thanks

It is def. doable as long as you are good enough.

See below:

http://www.unibocconi.it/wps/wcm/connect/SitoPubblico_EN/Navigation%20T…]

Ukon, thanks for the link. From what I have seen, it seems that perhaps the Bocconi career services center is not as dedicated to bringing companies on campus for interviews as its American counterparts. For example, the link you provided just gives Bocconi students links to the banks' careers web page. As we all know, applying online through a bank's career page gives you close to 0% chance of being hired.

I really want to be able to take advantage of the resources of a dedicated career center that brings recruiters on campus.

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Jan 24, 2010 - 4:37pm

Texas MPA places very well in houston ibs. If thats what you are looking for, this program will position you well. On superdays in houston i have met several students from this program.

Out of curiosity, what is your gpa/gmat. I am applying to similar schools for masters programs.

Jan 24, 2010 - 4:46pm
TheFullMonte:
Texas MPA places very well in houston ibs. If thats what you are looking for, this program will position you well. On superdays in houston i have met several students from this program.

Out of curiosity, what is your gpa/gmat. I am applying to similar schools for masters programs.

My GPA is a 3.5 and my GMAT is 740. I think the average GPA for Texas MPA is a 3.7 and average gmat is a 670. From what I have seen, the Texas program has the highest gpa and gmat avg of any of the masters of accounting programs. other top programs, like michigan and north carolina, have avg gpas and gmats in the 3.3-3.5 and 630-650 range.

To address your comment about the Texas MPA placing well in Houston IBs, I am definitely interested in joining an energy group in Houston, so maybe Texas is the way to go after all? Do you know anything further about the program's reputation with Houston IBs?

thanks for the help

Jan 24, 2010 - 5:08pm
Pedo_Bear:
TheFullMonte:
Texas MPA places very well in houston ibs. If thats what you are looking for, this program will position you well. On superdays in houston i have met several students from this program.

Out of curiosity, what is your gpa/gmat. I am applying to similar schools for masters programs.

My GPA is a 3.5 and my GMAT is 740. I think the average GPA for Texas MPA is a 3.7 and average gmat is a 670. From what I have seen, the Texas program has the highest gpa and gmat avg of any of the masters of accounting programs. other top programs, like michigan and north carolina, have avg gpas and gmats in the 3.3-3.5 and 630-650 range.

To address your comment about the Texas MPA placing well in Houston IBs, I am definitely interested in joining an energy group in Houston, so maybe Texas is the way to go after all? Do you know anything further about the program's reputation with Houston IBs?

thanks for the help

Hey, I was wondering if I can ask you a couple of quick questions about Texas and other MAccs in general, especially since you have experience in this.

But first of all, I'd say that UT MAcc has a pretty good rep with IBanks. I have 2-3 friends at Texas and all of them had interviews with a known investment bank, but only 1 got an offer. The other two did say, however, that their interview didn't go great, so that's probably their fault. The thing is, since only so many people get in, you'd probably have to realize that its by no means a guarantee, but I'd say that if you do well there, interview well,and play your cards right, there's definitely an opportunity to get it there.

So now, if you don't mind a couple of quick questions:

  1. I'm from OOS, and I wanted to know if Texas takes non-accounting majors into their program? I know they let a few people from UT econ in, but what about OOS people who majored in finance?

  2. Do Michigan and UNC also get recruited by consulting/i-banks, or is it basically UT that's unique among the MAccs? Are there any other Maccs you know of that are recruited by consulting and banking firms?

Jan 24, 2010 - 5:17pm
Pedo_Bear:
Ukon:
IB Recruiting in Europe has little to none OCR. You are unlikely to get it even if you go to Cambridge or Oxford.

Hmmm. So how does recruiting work in Europe?


1. Submit your application online
2. Receive online link for numerical and verbal tests
3. 1st round interview
4. Assessment center

This is a standard process but will vary slightly depending on the bank. It provides significantly more opportunities for students from less known schools comparing to the US and Asian recruiting system. Networking can still help, but not nearly as much as that in the US.

Jan 24, 2010 - 4:58pm

I know that just about every BB goes there for energy ibd and that mpa students have no problems getting the interviews, as long as you are a solid candidate. If you are interested in ibd, you should be able to pull something in Houston, especially if you are willing to work at a boutique.

What program did you apply for at lse?

Jan 24, 2010 - 5:08pm
TheFullMonte:
I know that just about every BB goes there for energy ibd and that mpa students have no problems getting the interviews, as long as you are a solid candidate. If you are interested in ibd, you should be able to pull something in Houston, especially if you are willing to work at a boutique.

What program did you apply for at lse?

seems like if I go in to the Texas MPA knowing that I want to do IB, network and prepare myself well for the interviews, I should be able to get a banking job. so that seems like an attractive program to attend.

i applied to the LSE masters of finance program. I was wait-listed 3 weeks ago and then found out last week that I was dinged. I'm not terribly surprised- something like only 2.5% of applicants are admitted.

Jan 24, 2010 - 7:51pm

a couple of my friends in the UT MPA program say that you are almost guaranteed a big 4 accounting job coming out of the program since i think its ranked #1 in the nation. if you want to do IB, they said that students do get interviews and are still competitive with finance majors as long as they have good grades. I would prolly take the texas opp if u have it

Jan 25, 2010 - 12:39am

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