Best options to break into IB as incoming MBA/MSF student w/ no finance experience?
I became interested in finance late in my college journey and graduated with no finance internships. I own my own business and have ran it for the past 2 years but it has no relation to finance. I was fortunate enough to get accepted into a dual-degree MBA/Masters in financial analytics program at a semi-target business school in Boston Area, entering FA-24. My dilemma is whether to try to break in as an analyst with my MSF degree and spend only 1 year in school, or do MBA recruiting with a graduate school level internship. Like I said I started a little too late in the game but feel like grad school could give me a second chance to break in.
Based on the most helpful WSO content, your situation presents a unique opportunity with multiple pathways to break into investment banking (IB). Given your background and the options you're considering, here are the best strategies to leverage your MBA/MSF dual-degree program for a career in IB:
Leverage the MBA for Associate Roles: Typically, MBA graduates are recruited for Associate positions in IB. This path might require a longer commitment to your education (completing both the MBA and MSF), but it positions you for a higher starting point in the IB hierarchy. Utilize MBA recruiting events and focus on securing a summer internship between your first and second year, which is crucial for full-time Associate offers.
Utilize the MSF for Analyst Roles: If you prefer to enter the workforce sooner and are open to starting at the Analyst level, the MSF degree can facilitate this. Analyst roles are more technical and hands-on, providing a solid foundation in finance. This could be a faster route into IB but might place you at an entry-level position, which you might outgrow quickly given your experience and dual degree.
Networking and Club Participation: Regardless of the path you choose, networking will be key. Engage with alumni, attend finance-related events, and participate in investment clubs or societies at your school. These activities not only enhance your understanding of the industry but also increase your visibility to potential employers.
Internships are Critical: Aim for a summer internship in IB during your studies. Whether through MBA recruiting for an Associate internship or leveraging the MSF for an Analyst role, internships are often the most direct path to a full-time offer. Your own business experience can be a unique selling point, showcasing entrepreneurship, leadership, and management skills.
Prepare for Interviews: Start preparing for the technical and behavioral aspects of IB interviews early. Utilize resources available through your program, alumni, and online platforms like WSO to hone your interview skills.
Given your entrepreneurial background and the dual-degree advantage, you have a compelling story that can set you apart in the recruiting process. The choice between targeting Analyst or Associate roles should align with your career aspirations, how quickly you wish to transition into IB, and your willingness to invest additional time in education for potentially higher initial placement.
Sources: Entering from non finance background with an MBA, How to break into investment banking for non experienced, Medical School --> IBanking, https://www.wallstreetoasis.com/forum/investment-banking/can-i-get-into-investment-banking-from-non-target-school?customgpt=1, Part Time MBA Break Into IB
The question becomes is the 2 years of entrepreneurship comparable experience to the people you'd be competing against for associate roles who did 2-3 years as an analyst.
If you can network, get along with people well, and know your basics, it doesn’t really matter. Don’t give advice on something you have no experience in.
I’m in a program rn that is meant to funnel program participants into internships and connect us with industry professionals. I also am good at networking. But if the other comment is true regarding my entrepreneurship experience compared to analyst roles, I mean it def does not translate or is comparable.
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