I have been in commercial banking for the past 3 years. I can't stand the low pay and meaningless hours I am spending on admin work. Should I try hard to get an MBA in some of the prestigious schools and would that help me in the long run? Anyone with similar experience?
If you’re in commercial banking then Mba is great way to upgrade
Would age be a negative factor? That OP has 3 yrs experience.
Too young or too old?
Only top 7. Outside that, close to impossible.
dead wrong, t20-25 is fine for IB
Not true
I felt the same way after 6 months at my asset management job. Weighed the same decision and left to do an MSF and then got into banking as an analyst from there. Probably the highest risk decision of my life but I got lucky, many others in my program didn’t. If I could go back I would have gone for the MBA at the same school. Any top 20 MBA should set you up for a solid recruiting process (assuming you really want it and work for it)
You recommend going the MBA route instead of MS Finance? In the same boat was thinking MS Finance.
The MBA route would be a much safer route with more recruiting clout / resources than and MSF. It’s also taken much more seriously even through the curriculums largely overlap, and you have more flexible options in case banking doesn’t work out.
You sound like me - to give you another perspective, I had already taken the GRE and got accepted into a MS Financial Engineering and Risk Management program. Ended up getting delayed so I started looking into an MBA or ways to get into tech/fintech. Not sure what it is that you do, but I'm with a smaller bank and I serve as a hybrid of an underwriter/portfolio manager. Since I may be moving up in TC/role soon, I'm sticking around. The plan B is always investment banking - since I have prior experience as an IB intern and I do build financial models at my bank.
In short, yes. Low odds to transition to investment banking from commercial banking. 30 is not too old, in fact I think the average mba grad age was about 29-30 when I attended.
Getting an MBA and going to IB means you will likely stay there or take a pay cut to go somewhere else. Once you go post-MBA IB, the doors to PE and HF begin to close. Try looking at the Junior Analyst program that JP does. They hire laterals inside the firm and non-traditional major backgrounds from good schools. Only catch is you have a 1 year contract instead of 2.5 and have to prove yourself to get a full time offer (so really you are an analyst 0 not a 1st year analyst like most college grads). You also make a bit less and will have to take multiple years back which kinda sucks because you could be 25 working with 23 year olds who are ahead of you in the hierarchy. But tbh, doing being a JA right now and facing all these issues, I know that I’ll be ahead when comparing my career has I not made the move. Everyone is on their own path and no one is perfect. Besides, 10 years from now those steps back you take as a JA are a wash and all the exit opps that come with being a BB investment bank are fersure worth it. Good luck!
If you're unhappy in your current role, maybe explore other options before you jump into an MBA? Talk to folks who have done an MBA and transitioned out of commercial, and talk to ppl who made the transition without the MBA. It's a huge commitment, and not for everyone. I have an MBA from a top program and I would say it is a great place to pivot careers. I've seen folks go from commercial banking into IB, consulting, PE, and lots of tech roles. An MBA opens up doors and gives you "time" to explore.
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My question as well. But I feel I’ll become 30 when I graduate. Not sure if it will give me less opportunities