Using MBA to break in w/o prior experience
As I begin to think about my long term career path and worst-case scenarios, I have began to explore the idea of using an MBA as a way of breaking into some of the well-known LO shops.
A worse case scenario is that during the next couple of years, I am not able to break into the industry and acquire direct, relevant experience. I already have somewhat relevant experience, but I would not be considered a lateral candidate.
Is the idea of pursuing an MBA and obviously being involved in the investment extra-curricular activities within the program a viable way to land a job/career at one of the LO shops?
Yes this is possible. I did it without any relevant pre-MBA experience. To maximize your chances, you should target H/S plus the three finance schools - Wharton, Booth, Columbia. Other top-10 schools will have a big drop off in the number of LO firms that recruit on campus.
Dedication will set you apart. I was kind of shocked at how many of my MBA peers were still figuring out what they want to do when they grow up. If you're dead set on LO, work on your pitches, manage your PA, network with as many investors as you can, participate in stock pitch competitions, and apply for the school's student managed fund. CFA is also helpful as a signaling tool.
Previously CFA was a 2.5 year grind (L1 December, L2 June, L3 June), now you can do it in 9 months (L1 March, L2 June, L3 December).
You think people should be applying with a pre-existing L3 or if one was to apply on an L1/L2 "with the intention" of getting L3, the employer wouldn't look at you any different?
I don't think the new testing schedule will have much impact on how each level is viewed, but I could be wrong.
I think the significance of each level passed depends on someone's background and experience. For example, having level 1 on your resume as a finance/econ undergrad with IB experience may not mean as much to an employer as it would on the resume of a liberal arts undergrad who worked at a start-up. The CFA signaling can be more powerful for career changers because it shows that the thought process started some time ago.
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