Hi Jeremy/Alex,
I've posted here before, so you may recognize some of my background info. I'm trying to make a tough decision about whether to actually get an MBA, and if so, obviously where do I want to go to school.
My ultimate goal it to land a position on a prop trading desk at one of the IBanks or hedge funds in NY.
I have shown a clear progression in my career. I started out in Chicago as an intern for a small software/financial services company that supplies data management and analysis tools to a number of trading groups. After a year, I was promoted to an Account Management position in NY where I was responsible for handling a number of the customer accounts (roughly 10% of the companies revenue). A number of them spoke to me about possibly getting into trading.
After a year and a half, I reluctantly left NY for Phoenix as my finace is in a PhD program here. However, I did manage to find a great job here as an assistant portfolio manager at an asset management firm. I'm still getting great investment experience even though I don't have the connections I did in NY.
This all leads to my question:
How likely is an MBA from the WP Carey MBA program at Arizona St. to lead to the types of positions I desire? I am limited geographically where I can go to school as my fiance has three more years in her program. A number of my old customers have told me that the MBA interns that work at the IBanks are mostly from Ivy league schools. If I go to ASU, does this actually make me look worse in the eyes of the big trading groups?
Another question, if I was to score a 700 on the GMAT, how do you think my chances of getting into NYU are? Maybe it's worth waiting a few years, and then applying to better programs.
Another final question, I know you are experts in admissions to MBA programs, but do you think there is anything to trying to land the positions I want in three years time without an MBA? Maybe just get some more experience/knowledge and apply to jobs when I'm finished in AZ.
I hope I haven't overloaded you with info. Any advice you have would be greatly appreciated.
GMAT Forum
7 postsPage 1 of 1
- MBAApply
Having worked in IB before, I can tell you that an MBA really won't do you much good unless it's from a top school. But an MBA from a top school isn't necessary either.
Also, whether it's investment banking or sales/trading, it's age biased. The junior staff are in a very narrow age range (pre-MBA: early to mid-20s; post-MBA: mid-20s to early-30s). There is a window of opportunity (MBA or not) for you to get in. It's kind of like pro sports: yes, there are older rookies who got onto the starting team a little later and took a different route, but most enter at roughly within the same age range.
So whether you should wait or not to apply to a decent school like NYU comes down to how old you are right now. In other words, you should either plan on applying to a good school a few years from now, or not apply at all. Either way, you should continue to position yourself for the future -- getting a job on the prop trading desk is as much about who you know as it is about your pedigree (in fact, it's more about who you know especially for prop trading jobs). Network, network, network, and develop relationships with people in the industry from where you are.
Alex Chu
alex@mbaapply.com
www.mbaapply.com
http://mbaapply.blogspot.com
Also, whether it's investment banking or sales/trading, it's age biased. The junior staff are in a very narrow age range (pre-MBA: early to mid-20s; post-MBA: mid-20s to early-30s). There is a window of opportunity (MBA or not) for you to get in. It's kind of like pro sports: yes, there are older rookies who got onto the starting team a little later and took a different route, but most enter at roughly within the same age range.
So whether you should wait or not to apply to a decent school like NYU comes down to how old you are right now. In other words, you should either plan on applying to a good school a few years from now, or not apply at all. Either way, you should continue to position yourself for the future -- getting a job on the prop trading desk is as much about who you know as it is about your pedigree (in fact, it's more about who you know especially for prop trading jobs). Network, network, network, and develop relationships with people in the industry from where you are.
Alex Chu
alex@mbaapply.com
www.mbaapply.com
http://mbaapply.blogspot.com
- Eitan
Hey Alex,
Thanks for the info. A lot of what you say is tough for me to hear (specifically the narrow window of opportunity), but it's definitely helpful in deciding whether to get an MBA or not.
I'd really like to pick your brain about this some more. It sounds like you have some really helpful things to say. Would it be okay if I emailed you with some more questions.
Thanks again for your opinion.
Eitan
Thanks for the info. A lot of what you say is tough for me to hear (specifically the narrow window of opportunity), but it's definitely helpful in deciding whether to get an MBA or not.
I'd really like to pick your brain about this some more. It sounds like you have some really helpful things to say. Would it be okay if I emailed you with some more questions.
Thanks again for your opinion.
Eitan
- MBAApply
If you're looking to sign up as a client, by all means contact me.
Otherwise, if you're looking for advice that may be helpful to others, then you're best off posting follow up questions on this particular thread -- that way, everyone in this forum can benefit.
Alex Chu
alex@mbaapply.com
www.mbaapply.com
http://mbaapply.blogspot.com
Otherwise, if you're looking for advice that may be helpful to others, then you're best off posting follow up questions on this particular thread -- that way, everyone in this forum can benefit.
Alex Chu
alex@mbaapply.com
www.mbaapply.com
http://mbaapply.blogspot.com
- Eitan
Hey Alex,
No problem.
To give a little more background, I went to the University of Wisconsin, graduated with a 3.2, competed on the wrestling team. I currently volunteer as a coach at a local high school. I'll be taking the GMAT soon, I expect to get at least a 700. I'm 27 years old, so the window of opportunity you talk about isn't closed, but it's not open for much longer.
The way I see it, I don't fit the typical profile. No Ivy league education, and I work at an asset management firm in Phoenix. Not exactly what trading groups are looking for. Not terrible either.
That's why I've been thinking about an MBA. It could be a way to get my foot in the door. You say that whether I should wait to apply to a decent school like NYU comes down to how old I am right now. Given some of the background I gave you, how do you think my chances are of getting into NYU? Also, is NYU a good school for trying to land the types of positions I want? If I enter NYU when I'm 29 and married, and finish as a 31 year old is that window basically closed?
You also talk about positioning myself for the future by networking. It's difficult to gain the types of connections I'm looking for while I'm working in Phoenix. I have a few from my time in NY, and I've kept in touch with them. Another idea I've had is to write to people in senior positions at the banks, explaining my situation, and hopefully get some type of mentoring out of a relationship like this (I realize 99% of the people won't even read my letter, but all I need is that one connection).
The way I see it, I'm going to have do things differently than the usual candidate. I won't get in based on my credentials alone, so I'm going to have to do something to distinguish myself, something that will make someone want to take a chance on me. Do you have any other ideas how I can go about this?
Thanks very much,
Eitan
No problem.
To give a little more background, I went to the University of Wisconsin, graduated with a 3.2, competed on the wrestling team. I currently volunteer as a coach at a local high school. I'll be taking the GMAT soon, I expect to get at least a 700. I'm 27 years old, so the window of opportunity you talk about isn't closed, but it's not open for much longer.
The way I see it, I don't fit the typical profile. No Ivy league education, and I work at an asset management firm in Phoenix. Not exactly what trading groups are looking for. Not terrible either.
That's why I've been thinking about an MBA. It could be a way to get my foot in the door. You say that whether I should wait to apply to a decent school like NYU comes down to how old I am right now. Given some of the background I gave you, how do you think my chances are of getting into NYU? Also, is NYU a good school for trying to land the types of positions I want? If I enter NYU when I'm 29 and married, and finish as a 31 year old is that window basically closed?
You also talk about positioning myself for the future by networking. It's difficult to gain the types of connections I'm looking for while I'm working in Phoenix. I have a few from my time in NY, and I've kept in touch with them. Another idea I've had is to write to people in senior positions at the banks, explaining my situation, and hopefully get some type of mentoring out of a relationship like this (I realize 99% of the people won't even read my letter, but all I need is that one connection).
The way I see it, I'm going to have do things differently than the usual candidate. I won't get in based on my credentials alone, so I'm going to have to do something to distinguish myself, something that will make someone want to take a chance on me. Do you have any other ideas how I can go about this?
Thanks very much,
Eitan
- MBAApply
Getting into NYU shouldn't be an issue so long as your GMAT score is in range (i.e. around 700 or so) and your essays don't suck (and also you don't run into bad luck). As for NYU - yes you shouldn't have an issue finding the jobs you want so long as the financial markets are good (but there's no way of predicting that years in advance).
Also, your age shouldn't be an issue either -- if you were mid-30s or older by the time you graduated, that would be an issue.
As for networking, there's not much I can tell you; you're going to have to get creative with that. You probably will have to cold call people initially, maybe find a way to establish an informal back-and-forth with a headhunter in NY if you have a friend of a friend in it, etc.
Anyhow, the willingness for someone to take a chance on hiring you will come down to market conditions - in bad times (the feds plan to bail out Fannie Mae and Freddie Mac is a sign as any that we're in for some pretty bad times), you'll have to get very lucky no matter what. In good times, connections and being in the city (i.e. going to NYU) is likely all you need.
Alex Chu
alex@mbaapply.com
www.mbaapply.com
http://mbaapply.blogspot.com
Also, your age shouldn't be an issue either -- if you were mid-30s or older by the time you graduated, that would be an issue.
As for networking, there's not much I can tell you; you're going to have to get creative with that. You probably will have to cold call people initially, maybe find a way to establish an informal back-and-forth with a headhunter in NY if you have a friend of a friend in it, etc.
Anyhow, the willingness for someone to take a chance on hiring you will come down to market conditions - in bad times (the feds plan to bail out Fannie Mae and Freddie Mac is a sign as any that we're in for some pretty bad times), you'll have to get very lucky no matter what. In good times, connections and being in the city (i.e. going to NYU) is likely all you need.
Alex Chu
alex@mbaapply.com
www.mbaapply.com
http://mbaapply.blogspot.com
7 posts Page 1 of 1