Im deciding between a few firms for an Analyst offer, and I was wondering if any companies are known for either helping to pay for an MBA or sponsoring you to do so. Which companies are the most dedicated to employee advancement? Thanks so much!!
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A week or two ago there was an article written about how your weight might inversely effect you during the hiring process. During the conversation I dropped some personal information about me losing 130 (now 135 pounds). I was PM’d by somebody asking me to tell my story. Well I have some free... How finance saved and gave me a life |
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Here's my story:
I will be graduating this semester from a non-target university, majoring finance and accounting, with a decent gpa (3.5 up). I started networking last summer, searching for that IBD full time offer. I was even considering delaying my graduation for one semester with the... Full Time Offer, at last! Thanks WSO! |
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A common thread we see on WSO from time to time is regarding working for banks in their regional offices.
As banks are leaning towards more cost cutting and squeezing every dollar they can from their operations,<strong> a popular tactic has been to expand existing business and move... Consider your BB regional office. |
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Baird does. There's a program
Baird does. There's a program they have called "Baird Scholar" where they will sponsor you for the MBA.
Keep in mind that most banks,
Keep in mind that most banks, if they have a tuition reimbursement policy, have conditions. Even the most generous I have heard of and with first hand knowledge of require that:
1. You still work full time and must take classes at night. This means if you are in NYC, Stern is your only real option (CBS does not have part time, only EMBA, which is for people with 7-10 years expeirence)
2. Tuition reimbursments are taxed very heavily (basically 40%)
Basically, I don't think you should decide where you want to be based on the possiblity of getting 60% of your NYU Stern MBA paid for while you bust your hump at work and try to go to school. Better to think about which firm has better reputations for b-school placement and which group you like better.
There may be more generous programs out there but this is the policy in at least two BBs I know of.
I've been told CS does by an
I've been told CS does by an associate there. You can do a full-time MBA as long as you sign on to come back for two years afterward. I would get someone else to confirm this though.
Boothorbust wrote: 2. Tuition
2. Tuition reimbursments are taxed very heavily (basically 40%)
That's like saying that bonuses are taxed heavily. Long answer short - no they are not. They are only taxed up to your marginal rate - i.e. it just get added as wage for your tax filing purposes. Sure it's taxed, but you are paying your tuition/student loan with post-tax money anyway unless you are using 529 in its entirety.
midnight - you are right that
midnight - you are right that they are taxed up to your marginal tax rate, but 50-70K of tuition is enought to put a lot of people into the next tax bracket. After state and federal taxes the reimbursement on tution approaches a 40% tax rate (probably closer to high 30's, point is you aren't getting newar the full amount paid for).
On the point of paying tuition/student loan with post-tax money - this is a good point, but important to note also that interest on student debt is tax free (up to some max, don't remember what).
which companies are you
which companies are you deciding between? that may help people give you better answers
Why does this matter?
Why does this matter? Whichever company you intern with will give you a signing bonus that will cover a good portion of your b-school. Don't make a decision based on who will pay for your MBA. There are much more important things to consider when choosing a bank, and they all outweigh tuition reimbursement.
tennisball02 wrote: which
which companies are you deciding between? that may help people give you better answers
im deciding between jp morgan and Barclays. both pay pretty equally, and i really like both firms. i've just been looking at the little details now to try and make a final decision. i do want to purse an MBA eventually, but I dont want to risk losing my spot in one of these firms.
the interest on student loans
the interest on student loans is deductible if you make less than 70k a year..
One particle of unobtanium has a nuclear reaction with the flux capacitor, carry the two, changing its atomic isotope into a radioactive spider.... Fuck you science!
Don't ever let the place you start dictate where you finish
shorttheworld wrote: the
the interest on student loans is deductible if you make less than 70k a year..
I make more than that and have deducted mine the past two years.
I am married though, so I guess that makes a difference.
Can't vouch for the 70k limit for single people. Per the IRS website there is an annual limit, not sure what it is.
CS and Baird do, but I'm not
CS and Baird do, but I'm not sure if they do for everyone.
CS and Baird do, but I'm not
CS and Baird do, but I'm not sure if they do for everyone.
There are more, just google
There are more, just google them.
............
CS does it but they don't
CS does it but they don't take everyone. It's called the Ambassador program and you have to apply / get accepted, and there are the usual strings attached.
I know someone at JP Morgan
I know someone at JP Morgan Investment Management. They used to cover an MBA/Masters but they stopped that program in the past few years. I'm not sure if the Investment Bank still does it though.
I know at Shittygroup that
I know at Shittygroup that they subsidize it a few thousand dollars per year for part-time MBAs. The amount of money they provide is a joke though. I think it's like 3k.
I am totally against MBA
I am totally against MBA funded by companies ! You will have to stay at the company for like 2-3 years post-MBA whilst everyone else in your MBA class will be excited to discover new paths, new careers, new opportunities and you'll feel terrible ! (in most cases...)....frankly I don't see the benefit...you can certainly save enough in banking or consulting to repay the MBA within a few years...
antmavel wrote: I am totally
I am totally against MBA funded by companies ! You will have to stay at the company for like 2-3 years post-MBA whilst everyone else in your MBA class will be excited to discover new paths, new careers, new opportunities and you'll feel terrible ! (in most cases...)....frankly I don't see the benefit...you can certainly save enough in banking or consulting to repay the MBA within a few years...
What if you like your current job though? Say you work in a F500 business development job (<60 hours/week), and settled down with family. Getting the free/sponsored MBA could possibly mean a really fun, care-free, rat race-free 2 years of intense learning and networking. I, for one, would highly consider that as an exit opp from IBD.
neanderthal wrote: What if
What if you like your current job though? Say you work in a F500 business development job (<60 hours/week), and settled down with family. Getting the free/sponsored MBA could possibly mean a really fun, care-free, rat race-free 2 years of intense learning and networking. I, for one, would highly consider that as an exit opp from IBD.
You are basically saying that business development is an exit opp from IBD. I don't think this has anything to do with a bank paying for your MBA, because they won't if you're working for a different company.
In Bschool currently. I know
In Bschool currently. I know that MS/CS do, but am not sure if they will for much longer. I don't think you should base your decision on this though. What if you end up hating banking? Move to PE? Leave for another BB?
Don't think this should be a deciding factor for you.
JWR34 wrote: I've been told
I've been told CS does by an associate there. You can do a full-time MBA as long as you sign on to come back for two years afterward. I would get someone else to confirm this though.
I'm a little confused as to why the fuck you would work in banking, leave for 2 years to get a worthless MBA only to come back and work as an Associate, a position you could easily have gotten anyway, and you would be a year behind... what would be the point of this?
"In summary, people are morons and who cares. Make a shit ton of money. I've never seen a Ferrari paid for by what people think." - ANT
neanderthal wrote: antmavel
I am totally against MBA funded by companies ! You will have to stay at the company for like 2-3 years post-MBA whilst everyone else in your MBA class will be excited to discover new paths, new careers, new opportunities and you'll feel terrible ! (in most cases...)....frankly I don't see the benefit...you can certainly save enough in banking or consulting to repay the MBA within a few years...
What if you like your current job though? Say you work in a F500 business development job (<60 hours/week), and settled down with family. Getting the free/sponsored MBA could possibly mean a really fun, care-free, rat race-free 2 years of intense learning and networking. I, for one, would highly consider that as an exit opp from IBD.
Where does that get you? It isn't going to be "rat race free" if you are trying to go from a chill career to a more difficult, higher paying one. People don't do the MBA after IB as an exit opp, they do it because they are burned out and figure that they will take 2 years and then go into PE... but it has a monstrous opportunity cost, and like college is starting to get to a point where it is difficult to justify its value if you are already in the industry. A lot of networking will get you the same opportunity as the $150K debt you would incur, not to mention the lost wages and lost work experience to take off. The opportunity cost is huge. It makes sense for career changers, or if you are at a great PE firm and they say go and get your MBA so that you have the proper pedigree and then we will hire you back on a partner track... those are really the only cases where it is worth the cost.
"In summary, people are morons and who cares. Make a shit ton of money. I've never seen a Ferrari paid for by what people think." - ANT
neanderthal wrote: antmavel
I am totally against MBA funded by companies ! You will have to stay at the company for like 2-3 years post-MBA whilst everyone else in your MBA class will be excited to discover new paths, new careers, new opportunities and you'll feel terrible ! (in most cases...)....frankly I don't see the benefit...you can certainly save enough in banking or consulting to repay the MBA within a few years...
What if you like your current job though? Say you work in a F500 business development job (<60 hours/week), and settled down with family. Getting the free/sponsored MBA could possibly mean a really fun, care-free, rat race-free 2 years of intense learning and networking. I, for one, would highly consider that as an exit opp from IBD.
Where does that get you? It isn't going to be "rat race free" if you are trying to go from a chill career to a more difficult, higher paying one. People don't do the MBA after IB as an exit opp, they do it because they are burned out and figure that they will take 2 years and then go into PE... but it has a monstrous opportunity cost, and like college is starting to get to a point where it is difficult to justify its value if you are already in the industry. A lot of networking will get you the same opportunity as the $150K debt you would incur, not to mention the lost wages and lost work experience to take off. The opportunity cost is huge. It makes sense for career changers, or if you are at a great PE firm and they say go and get your MBA so that you have the proper pedigree and then we will hire you back on a partner track... those are really the only cases where it is worth the cost.
"In summary, people are morons and who cares. Make a shit ton of money. I've never seen a Ferrari paid for by what people think." - ANT
rufiolove wrote: neanderthal
I am totally against MBA funded by companies ! You will have to stay at the company for like 2-3 years post-MBA whilst everyone else in your MBA class will be excited to discover new paths, new careers, new opportunities and you'll feel terrible ! (in most cases...)....frankly I don't see the benefit...you can certainly save enough in banking or consulting to repay the MBA within a few years...
What if you like your current job though? Say you work in a F500 business development job (<60 hours/week), and settled down with family. Getting the free/sponsored MBA could possibly mean a really fun, care-free, rat race-free 2 years of intense learning and networking. I, for one, would highly consider that as an exit opp from IBD.
Where does that get you? It isn't going to be "rat race free" if you are trying to go from a chill career to a more difficult, higher paying one. People don't do the MBA after IB as an exit opp, they do it because they are burned out and figure that they will take 2 years and then go into PE... but it has a monstrous opportunity cost, and like college is starting to get to a point where it is difficult to justify its value if you are already in the industry. A lot of networking will get you the same opportunity as the $150K debt you would incur, not to mention the lost wages and lost work experience to take off. The opportunity cost is huge. It makes sense for career changers, or if you are at a great PE firm and they say go and get your MBA so that you have the proper pedigree and then we will hire you back on a partner track... those are really the only cases where it is worth the cost.
Sorry I don't think I was being clear. I meant to say that I would consider doing Biz Dev at a F500 as an exit opp from PE. And after doing a few years of the equivalent analyst/associate level in the F500, try to get a MBA sponsored by said firm to move into upper management in Biz Dev.
Both UBS and Citi used to
Both UBS and Citi used to sponsor MBA program. In return for that, you need to come back to the bank after MBA to work for a minimum of 3 years I think. Not sure if this is still the case especially given banks are focusing so much on cost reduction these days...
JWR34 wrote: I've been told
I've been told CS does by an associate there. You can do a full-time MBA as long as you sign on to come back for two years afterward. I would get someone else to confirm this though.
CS does.
-Analyst at CS
Scratch that - CS *Doesn't*
Scratch that - CS *Doesn't* pay anymore, as of two days ago...
Wow, amazing how fast things
Wow, amazing how fast things change...