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MBA for Ibanking

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MBA for Ibanking [#permalink] New post 21 Jul 2008, 14:18
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What's the point in getting an MBA to get into Ibanking if those firms seem to only take those w/ prior experience? Especially in this market (for internship recruiting in the summer of 2010), will someone like me, with a background as a CPA w/ a big 4 firm and a couple years of internal finance, be able to get in as an associate? If the chances are low, what's the point in even trying???
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Re: MBA for Ibanking [#permalink] New post 21 Jul 2008, 14:46
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glettian wrote:
What's the point in getting an MBA to get into Ibanking if those firms seem to only take those w/ prior experience? Especially in this market (for internship recruiting in the summer of 2010), will someone like me, with a background as a CPA w/ a big 4 firm and a couple years of internal finance, be able to get in as an associate? If the chances are low, what's the point in even trying???


i met a guy at yale who got an internship at a hedge fund and he worked in the peace corps for 7 years. he also had offers from i-banks. try not to have such a negative outlook.
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Re: MBA for Ibanking [#permalink] New post 21 Jul 2008, 16:31
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It is not true that banks only take people with prior experience. They like people with prior experience because it demonstrates certain things to them. First, it's really difficult to get into banking out of college (as an analyst), so they know people who made it can succeed in a competitive recruiting environment. They know that people who were prior analysts know what the work load is like, can handle it, and are back for more. This is an important point because bankers absolutely hate it when they bring in someone who says they are ready for the banking lifestyle, then whines and quits because they can't take it; it drives them nuts. Prior analyst experience shows a baseline competence in analytical and technical work.

So, if you don't have prior experience as an analyst, you'll need to point to other things in your background that demonstrate these qualities. A brand name undergrad can show that you'll rise to the top; work experience with top firms in other industries can do the same thing. Good b-school grades and high GMAT score can help prove you're technically competent. And you can be sure they will be keeping a close eye on you at recruiting events to see if you are cut out for the banking lifestyle. Schmoozing and networking are probably the most important elements of bank recruiting (provided you are at one of the core schools).

However, I will agree that next might well be the toughest in recent memory to land a banking job. The good news is that banks know they are recruiting for 2+ years out, when you will start contributing full-time, and many will take the long view. On the other hand, second year students can pretty much forget about switching into banking this coming fall; I can't think of a single firm that needs to hire for more immediate needs.

An accounting background is actually a big plus for banking. You'll have a shot if you can get to a core school and network effectively.
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Re: MBA for Ibanking [#permalink] New post 21 Jul 2008, 21:25
Thanks Pelihu...that at least gives me some hope! :wink:
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Re: MBA for Ibanking [#permalink] New post 21 Jul 2008, 21:58
lanter1 wrote:
glettian wrote:
What's the point in getting an MBA to get into Ibanking if those firms seem to only take those w/ prior experience? Especially in this market (for internship recruiting in the summer of 2010), will someone like me, with a background as a CPA w/ a big 4 firm and a couple years of internal finance, be able to get in as an associate? If the chances are low, what's the point in even trying???


i met a guy at yale who got an internship at a hedge fund and he worked in the peace corps for 7 years. he also had offers from i-banks. try not to have such a negative outlook.


I would love to hear that story!!! Any ideas on what he did (or who he knew) in order to get those offers?
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Re: MBA for Ibanking [#permalink] New post 21 Jul 2008, 22:25
My BS is in Computer Engineering and I shifted into investments (buy side) with alot of hard work and study (CFA) without any formal academic degree. So I know how difficult it can get. With an MBA (comparatively) it is so much easier. You have to take the right courses, network like crazy and a summer internship after the first year at an ibank will help you immensely in landing a full time gig post graduation.

I am making this number from a hat, but roughly 30% to 40% of a class at an MBA are career changers. They find ways to get what they want so you should not be put off. GL!
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Re: MBA for Ibanking [#permalink] New post 22 Jul 2008, 03:34
I assume it's near impossible to get a FT ibanking position if your internship is in something else (e.g. consulting)? I'm asking specifically for career changers.
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Re: MBA for Ibanking [#permalink] New post 22 Jul 2008, 03:50
In the current market conditions I'd say quite damn difficult.
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Re: MBA for Ibanking [#permalink] New post 22 Jul 2008, 06:10
If you want it bad enough, JUST DO IT! You never know what's going to happen in the future, even the market is like pre-internet bubble, they trying to recruit as many people as possible, two years later you can still come out MBA without a banking offer. Sometime even you network your ass off and take all the right courses you can still end up with no offer. So what?! If it is truly what you want to do, you will do whatever to make it happen. Something will work out. Stop being a whiner. Enjoy the process.
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Re: MBA for Ibanking [#permalink] New post 22 Jul 2008, 08:41
trader1 wrote:
lanter1 wrote:
glettian wrote:
What's the point in getting an MBA to get into Ibanking if those firms seem to only take those w/ prior experience? Especially in this market (for internship recruiting in the summer of 2010), will someone like me, with a background as a CPA w/ a big 4 firm and a couple years of internal finance, be able to get in as an associate? If the chances are low, what's the point in even trying???


i met a guy at yale who got an internship at a hedge fund and he worked in the peace corps for 7 years. he also had offers from i-banks. try not to have such a negative outlook.


I would love to hear that story!!! Any ideas on what he did (or who he knew) in order to get those offers?


The best idea I can give is that Yale has 180 students and puts 49% of the class in diversified financials with 26% going into IB. Students are not competing against 30 other students for 4 Yale spots within a bank. It makes it much easier to standout and get to know the recruiters when there are only around 50 students interested in IB and ten companies recruiting. Also, for hedge funds Yale is in CT and there are many hedge funds within 1.5 hour drive or train ride.
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Re: MBA for Ibanking [#permalink] New post 22 Jul 2008, 19:25
Yeah, I wouldn't worry about it too much. The banks may prefer people with past experience in IB, but I don't know of a single person who did IB pre b-school and then wanted to do it post b-school as well. Some went into other finance roles, others did something new.
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Re: MBA for Ibanking [#permalink] New post 23 Jul 2008, 08:20
Yes, AFAIK the banks aim to make full-time offers to everyone who was part of their summer intern class. If you didn't intern and were looking for a full-time offer, well good luck!

And a lot of banks like Citi hire MBAs for non-IB positions as well. I hope people realize that and mean investment banking positions specifically instead of using "i-banking" as a generic all-encompassing term.

sonibubu wrote:
I assume it's near impossible to get a FT ibanking position if your internship is in something else (e.g. consulting)? I'm asking specifically for career changers.
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Re: MBA for Ibanking [#permalink] New post 24 Jul 2008, 10:59
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Yes, AFAIK the banks aim to make full-time offers to everyone who was part of their summer intern class.


That's not happening. I have a few anecdotal stories from close friends that indicate otherwise. And they are 2008 MBA graduates from the top elite schools.

FWIW, several top law firms in NYC also sent out emails last week to their summer classes indicating job offers won't be extended to everyone.
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Re: MBA for Ibanking [#permalink] New post 24 Jul 2008, 11:34
Not everyone gets an offer, but I've read before that most of the bulge brackets extend offers to 60-75% of summer interns. So you have a great shot, just don't be a moron and you should get an offer.
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Re: MBA for Ibanking [#permalink] New post 24 Jul 2008, 11:51
jb32 wrote:
Not everyone gets an offer, but I've read before that most of the bulge brackets extend offers to 60-75% of summer interns. So you have a great shot, just don't be a moron and you should get an offer.


The percentages vary by bank. I believe Goldman's % is 50 or under.
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Re: MBA for Ibanking [#permalink] New post 03 Aug 2008, 12:09
If you are from a top school , you will have a decent chance to get an Investment Banking position. It may not be at Goldman but other firms will take a chance on you. Interviews are really important prepare well and you should be fine.

Regarding recruiting numbers, banks are scaling down but it has not been drastic. They realize that they are in for the long term and like to keep good relationship with the top schools.


Good luck!
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Re: MBA for Ibanking [#permalink] New post 03 Aug 2008, 12:11
I can confirm that many Investment Bank aimed at give an offer to 100% of their summer associates. Basically they have enough spots for all, if you are good , you will get one. The offer is yours to lose.
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Re: MBA for Ibanking [#permalink] New post 05 Aug 2008, 15:28
I think most of them intended to be able to offer 100% of the people jobs at the time, if they were competent (which they rarely all are, if ever - it stands to reason in recruitment).

But, that was January. The world has changed now, and I doubt any bank will be able to offer the original number projected.
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Re: MBA for Ibanking [#permalink] New post 05 Aug 2008, 15:49
3underscore wrote:
The world has changed now, and I doubt any bank will be able to offer the original number projected.


Agreed. Merrill, Citi, Lehman, and UBS are the four that come to mind as the severely impacted.
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Re: MBA for Ibanking [#permalink] New post 05 Aug 2008, 16:59
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I know I talked to some of you about career switchers, but topics like this really get me thinking. Would recent college grads (that are career switchers) have a better chance in trying to get in as a analyst, rather than going to business school?
I have a BS ChemE, and some family owned business knowledge, but nothing IB related, and a recent college grad. Would I have better chances at trying to land a analyst spot or is business school a better option?

I sort of had the same impression as the OP on this topic. Haven't really been proven to think otherwise, but I haven't talked to any "average" career switchers at top business schools who successfully switched into IB.

Also, how much schmoozing and networking? I am unclear about the magnitude of schmoozing required to land an IB job.
Re: MBA for Ibanking   [#permalink] 05 Aug 2008, 16:59
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