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Hi Everyone,
I just recently graduated with my BS in Economics/Finance (took online classes, not sure how much this matters) from an unknown university. For the better part of 6 years I have been working at a small credit union first as a teller, personal banker, and now credit analyst. Over the last couple of months I have realized that working at a credit union is not for me and that instead I’m more interested in the fast-pace environment of “high” finance. Unfortunately for me I have no relevant experience in that space (no internships) and I know how competitive it is to find work in those industries. It also doesn’t help that I turn 29 in April.
So I need some help. For someone in my position, what would be the most ideal steps that I could take that will help me reach my end goal of breaking into high finance? For someone in my position, would the CFA not be enough by itself to propel me into high finance? Would I also have to get an MBA? Are there other options perhaps? Any help would be greatly appreciated.
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Although an MBA will help your networking and definitely most banks would recruit from top-tier biz schools, you’ll have to spend a ton of money and get into a top-tier biz school. I’d stick with the CFA and push hard on networking. I-bankers do tend to be biased against retail bankers though so this might be a longer struggle. An MBA would definitely help your CV, but personally I’m really not sure if it’s worth the money.
Good luck!
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itsalwayslupus,
Thanks so kindly for your response, you seem to be knowledgeable about iBanks and the culture there. Are you in the industry?
With respect to an MBA, yes I realize the cost is enormous but I wonder if the benefits don’t outweigh the costs over the longer-term? Presumably if I get into a top 20 MBA and get a job in IB/PE/AM/HF/etc, the salary should more than offset the high costs of getting the MBA? I haven’t run numbers myself because I’m so new to the process but that is at least my initial (non-empirical) thoughts.
If a CFA and hard-nosed networking can be successful than I am all for foregoing 150K in student loans but I’m just not sure given my pedigree (or lack thereof) and age that that is a viable option. I’m extremely interest in others opinion on this matter (preferably from individuals in the industry).
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I’m in equity research, covering insurance. Just a few years experience so pretty green.
MBA-wise, INSEAD has made some headlines recently and they are pretty value-for-money (by being short!) so might be an option.
My honest opinion is that an MBA would help in your situation. Whether it’s worth the money is something you’ll have to evaluate – it’s different for everyone.
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