I am in a precarious situation, and I’d appreciate your guys’ opinion. I work for a major bank and I am an analyst in a two year investment management training program that ends on the 31st this month. Last week I was invited to interview for a broader mini-mba type program designed for a select few that perform well in their 2 year analyst programs. I’ve been hoping to get into this program for the last year. I was actually rejected in the second round the first time i applied 6 months ago. This mini-mba deal is pretty sick…you spend 8 months in an awesome city… paid corporate housing, spending time doing 2-week case studies. Overall it is designed to give you an awesome training in banking (all types, corporate, commercial, investment). Plus you get really tight with your class and make lifelong friends blah blah…(i only weigh that in because a lot of these kids have a high likely hood of becoming really successful people that you can network with in the future). Finally, at the end of your term, you get to choose from awesome jobs…sounds like a good gig right? Here is where my dilemma comes in. I was offered a job with a small investment bank in town where I live. It isn’t a bulge bracket, but I would be getting experience with everything that one might encounter in a coverage and products group like in a goldman, or jp. The actual $ pay is pretty good, higher than the mini-mba if you conservatively estimate the bonus. I also really believe in this position and think it would be awesome too… The problem-- I have til friday to decide, the other interview isn’t until the end of this month. I’m getting pressure because there were supposedly a lot of applicants and they need to fill the spot. So negotiating later decision date is not possible. I would have to turn down the job if I wanted to show up for my interview for the mini-mba prog. I know there’s lots of other info you guys would need to give me a full opinion, but based on what I’ve told you what would you guys do? Someone might point it out, but I could theoretically say yes to the ibanking job, interview anyway for the prog, and then quit ibanking after a few days of starting…i’m not really keen on doing that. So given just two options, do I leave my company and take the ibanking job, or do I pursue the interview for a CHANCE at getting into this new program with the possibility of having no job??? Any comments would be very grateful.
Wow…both sound awesome.
I don’t know why you think this is “precarious”. Sounds to me like you have that problem of deciding between good options. I think it depends on your goals. If you want to be an IB, then going wiith the IB seems to be a lock. This mini-MBA isn’t going to be a credential that gets you especially far outside your bank as a credential. I don’t even know how you would put it on your resume except as “Other Education” or something that nobody ever pays attention to. I don’t know too much about getting into bulge bracket IB, but a smaller IB sounds like a possible route (others?). It kinda sounds to me like your dilemma is really about having an awesome 8-months and then some unknown but probably good opportunity or having an 8-month bad time (are there any IB’ers who really enjoy going to work?) but having a certain and essentially known good income. I know which I would pick (the 8-month training) but it depends on how you feel about risk/opportunity.
Turkish- thanks…but which would you go with?
take ibanking job… you have a. a job offer on the table that pays more b. a chance to interview alredy being dinged 6 months ago you will make friends at the i bank and in b school if you go so dont worry so much about the life long bonds made in program…do others view it as a good program? other firms, b schools??? also just becasue someone is in a role you and may have a bright future people change their minds all the time… the brightest kid I know with a harvard undergrad… 3 years of banking exp is now running dry cleaners in florida…
JoeyDVivre- Thanks for your opinion. I’ll add that the interview for the training is pretty hardcore. full day of “stress” questions and group case studies of an underwriting that you get evaluated on followed by an accounting test. I am weak in that I have been in fixed income research and have zero underwriting experience. although I did pass level 1 cfa luckily so maybe the fundamentals on accounting will be fresh enough. That said, If I go for the training prog. interview I would say odds are over 50/50… Not to be a choch but I’m not bad at interviewing. I am pretty confident that I could do well. but who knows, i’ve clammed up before. i really want this but, I’m so torn since I’m pretty risk averse person…but my friends who have gone through it urge me that it’s a once in a lifetime thing…and they described it along the lines of : “best 8 months of their life” or one of the “greatest experiences i’ve ever had” …also of the 50 or so that made it to 2nd rounds last year, 37 got offers. And i would suspect you are completly right about enjoying ibanking. One of my favorite moments when I was out in new york interviewing with a bulge bracket was an analyst (honestly) telling me: “I hate my job, I wake up everyday and think about quiting…but it’s not like monkey business”
how can it be the best 8 months of someone’s life that has only been out of school under 3 years? pretty limited sample size if you ask me
goldenboy- agreed we (I) are young…but I have talked to about a half-dozen people that have graduated from it, and the general concensus is the same…I just assume that i will indeed enjoy the 8 months. And I agree with your comment about making friends…I can make friends anywhere. that’s why i was hesitant to even mention it. I guess i’m just scared that i’ll take this job tomorrow and always wonder if I would have got in to the program. anyway, thanks for your opinion… does anyone else agree? I want to hear from as many of you guys as possible.
I totally agree with your fear… however, where do you want to be 1 year from now… now what about 5? will this porgram help you get there? could it be exp in another way? I think if your goals are to be in banking then that is the route you should go… if you are on the fence then try again for porgram… no one is going to hate you for either choice… it is really a win win for you… I am leaving a very safe front office job in investment management to a mid/back office role in trading… loads of fear the someone once told me you can not spread your wings and fly until you jump
wise advice, thanks GB goldenboy09 Wrote: ------------------------------------------------------- > I totally agree with your fear… > > however, where do you want to be 1 year from > now… now what about 5? > > will this porgram help you get there? could it be > exp in another way? > > I think if your goals are to be in banking then > that is the route you should go… if you are on > the fence then try again for porgram… > > no one is going to hate you for either choice… > it is really a win win for you… > > I am leaving a very safe front office job in > investment management to a mid/back office role in > trading… loads of fear the > > someone once told me you can not spread your wings > and fly until you jump