MBA for Ibanking

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.