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deathstarx
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Yale MBA and Investment Banking Updated on: 14 Sep 2011, 03:08
Originally posted by deathstarx on 05 Sep 2011, 03:26.
Last edited by deathstarx on 14 Sep 2011, 03:08, edited 1 time in total.
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Hi all,

I'm currently applying to Masters in Finance courses as I would like to break into i-banking. I come from a non-target university and will be taking my GMAT again coming October (I didn't fully revise for my first attempt and only obtained an average score of 670).

I've read online (Mergers and Inquisitions and Wallstreet Oasis) that it is generally not advisable to pursue a MBA without enough work experience. But is it really that bad? The reason I'm asking is because I really admire one of the faculty at Yale (Robert Shiller) for his work in behavioral finance, and it would be really great if I could study under him. Unfortunately, Yale offers only either a MBA or a PhD in Finance.

I would much appreciate any views on this.

Thank you very much in advance!
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interviewbay
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Yale MBA and Investment Banking 05 Sep 2011, 03:59
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It will be better if you get few years of experience before your MBA. You will appreciate the concepts taught in class if you have prior work experience. The quality of work experience also matters to the top schools.

Regarding GMAT, it will help you if you score above 700.

Good luck!
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deathstarx
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Yale MBA and Investment Banking 05 Sep 2011, 08:04
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interviewbay
It will be better if you get few years of experience before your MBA. You will appreciate the concepts taught in class if you have prior work experience. The quality of work experience also matters to the top schools.

Regarding GMAT, it will help you if you score above 700.

Good luck!
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Thanks for your views, InterviewBay! Yea...I kinda figured having work experience would still be better. Oh well...hopefully in future he'll still be teaching there when I finally go for my MBA.
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MoS
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Yale MBA and Investment Banking 11 Sep 2011, 21:30
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I am currently a student at the Yale School of Management and taking a course with Shiller. Behavioral finance resonates strongly with me and it is interesting how there seems to be a philosophical shift these days (especially post-financial crisis) as more and more people are also leaning towards it. In addition to Shiller, there is a strong bench of behavioral finance professors at Yale. If you have an interest in this academic area, you will love Yale SOM!

With respect to your second question, the answer will depend. If I am not mistaken in my assumption that you are still an undergrad - you should look into applying to Yale SOM through its Silver Scholars program, which is designed for directly accept college seniors. If you are already working - you can simply apply as a regular MBA applicant as long as you will have two years of work experience by matriculation. There are a couple of students here with only two years of prior work experience.

Taking into account your interest in investment banking, you might also want to reconsider your Masters degree... The degree won't really benefit you in terms of work applicability nor MBA banking recruiting. The only practical value may be that it will buy you an additional year so that you can apply for an investment banking summer analyst position even if you are a college senior.

Good luck!
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Yale MBA and Investment Banking 13 Sep 2011, 02:08
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I am currently a student at the Yale School of Management and taking a course with Shiller. Behavioral finance resonates strongly with me and it is interesting how there seems to be a philosophical shift these days (especially post-financial crisis) as more and more people are also leaning towards it. In addition to Shiller, there is a strong bench of behavioral finance professors at Yale. If you have an interest in this academic area, you will love Yale SOM!

With respect to your second question, the answer will depend. If I am not mistaken in my assumption that you are still an undergrad - you should look into applying to Yale SOM through its Silver Scholars program, which is designed for directly accept college seniors. If you are already working - you can simply apply as a regular MBA applicant as long as you will have two years of work experience by matriculation. There are a couple of students here with only two years of prior work experience.

Taking into account your interest in investment banking, you might also want to reconsider your Masters degree... The degree won't really benefit you in terms of work applicability nor MBA banking recruiting. The only practical value may be that it will buy you an additional year so that you can apply for an investment banking summer analyst position even if you are a college senior.

Good luck!
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Thanks, MoS! I actually worked for a year but recently resigned owing to personal reasons. I'm thinking of the Masters in Finance as it's both a re-branding exercise (my undergrad degree is not from a target school even though I was a scholar and did very well throughout all 4 years) and a skill/knowledge acquisition process.
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Yale MBA and Investment Banking 13 Sep 2011, 19:47
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I think you are copping out a little. Over 50% of the people who get into I-Banking are from non-target schools, the volume of lambs to the slaughter is a lot higher from undergrad and, well, you would be best to go and apply for jobs before pissing $100k into the wind for want of trying.

I might add that, as an MBA (and knowing a lot of them), a lot of the value from an MBA is to get out of a job you find you dislike to get into something that - 5 years on - seems attractive. To lose that chance to get a new hand straight out of college yet pay the same doesn't make sense. Especially to get into a bank. That plus the fact you would almost certainly be at a great advantage with your de minimis resume, trying to explain you wanted to be a banker when there is no lack of opportunity out of undergrad that you have overlooked.... I dunno. I am not confident I would let you get to the interview pile.
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Yale MBA and Investment Banking 14 Sep 2011, 03:07
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3underscore
I think you are copping out a little. Over 50% of the people who get into I-Banking are from non-target schools, the volume of lambs to the slaughter is a lot higher from undergrad and, well, you would be best to go and apply for jobs before pissing $100k into the wind for want of trying.

I might add that, as an MBA (and knowing a lot of them), a lot of the value from an MBA is to get out of a job you find you dislike to get into something that - 5 years on - seems attractive. To lose that chance to get a new hand straight out of college yet pay the same doesn't make sense. Especially to get into a bank. That plus the fact you would almost certainly be at a great advantage with your de minimis resume, trying to explain you wanted to be a banker when there is no lack of opportunity out of undergrad that you have overlooked.... I dunno. I am not confident I would let you get to the interview pile.
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Hi 3underscore. Actually, I did try applying - both while I was an undergrad and after I started on my first job. I was unsuccessful on both occasions, and I applied to at least a dozen banks. I was merely trying to ascertain how bad it would be to do an MBA as I wanted to study under Professor Shiller. If doing an MBA now is premature, then it's fine. I could always do one later.

Could I please ask for your advise on how to better my chances then? I am now studying for my GMAT so that I can apply for my Masters in Finance programs but I'm still going to apply for undergraduate positions. And I would definitely want to do all that I can to improve my candidacy for the job. Any advice at all would be very useful.

Thank you!
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Yale MBA and Investment Banking 08 Oct 2011, 00:02
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Hi 3underscore. Actually, I did try applying - both while I was an undergrad and after I started on my first job. I was unsuccessful on both occasions, and I applied to at least a dozen banks. I was merely trying to ascertain how bad it would be to do an MBA as I wanted to study under Professor Shiller. If doing an MBA now is premature, then it's fine. I could always do one later.

Could I please ask for your advise on how to better my chances then? I am now studying for my GMAT so that I can apply for my Masters in Finance programs but I'm still going to apply for undergraduate positions. And I would definitely want to do all that I can to improve my candidacy for the job. Any advice at all would be very useful.

Thank you!
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If you want to get into investment banking, go get your MBA. Banking has very specific entry-points during undergrad and MBA recruiting. If you go to a good school that has strong banking recruiting, you will have a great shot at investment banking. I would advise you to work for another year or two and get your MBA ASAP.

Yale SOM, for example, had a phenomenal year with investment banking recruiting for our most recent class. Out of 235 students, 40 got investment banking internships. 30 of those were at bulge-bracket banks and almost everyone who wanted a banking internship got a banking internship. On a percentage basis, Yale's banking placement was one of the best among all business schools.