JD/MBA -> I-Banking

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Anonymous User
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JD/MBA -> I-Banking

Postby Anonymous User » Thu Jul 04, 2013 6:10 pm

I've done 2 years of law school at a T-30. Next year I'm starting the MBA program (T-40). Couple years non-banking WE, in-house internship 1L year, and mid-law SA right now. While I plan on going through OCI again this year to try and upgrade my firm, I'd also at least like to explore I-Banking opportunities. Is an associate internship next summer with an investment bank even remotely possible considering my lack of a banking background? Would a bank ever considering hiring a JD/MBA for an analyst position? Is there any traditional recruiting schedule for banking?

KamaalTheAbstract
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Re: JD/MBA -> I-Banking

Postby KamaalTheAbstract » Thu Jul 04, 2013 7:09 pm

No chance. Banks don't even hire from schools that lowly ranked. Getting an MBA from a low ranked business school is a horrible decision. Its not going to happen. Only reason to do a JD/MBA is to get a second shot at oci and even then I wouldn't get my MBA from a lightly regarded school.

lovelaw27
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Re: JD/MBA -> I-Banking

Postby lovelaw27 » Thu Jul 04, 2013 8:08 pm

Getting an MBA from a school outside the top 15 or so schools is almost as bad as going to an unranked law school. Even at most top MBA schools less than 20% get investment banking. What do you want to do with that MBA?

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guano
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Re: JD/MBA -> I-Banking

Postby guano » Thu Jul 04, 2013 8:13 pm

Buy a time machine and make sure your younger self graduates top of the class at HYP+Wharton

imchuckbass58
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Re: JD/MBA -> I-Banking

Postby imchuckbass58 » Fri Jul 05, 2013 6:03 pm

Banks will hire JD/MBAs, but they hire them as associates (not analysts), and they won't hire outside of the top schools. For bulge brackets (GS, MS, JPM, BAC, etc.) and top boutiques (Evercore, Centerview, Greenhill, Lazard, etc.), 80% of their associate classes probably come from 5 schools (Harvard, Stanford, Wharton, Chicago, Columbia) and most of the rest come from other top schools (Kellogg, Tuck, Sloan, etc.) Investment banking experience is not a prerequisite, but absolutely no way it happens from a ~40 school, even if you target less selective banks.

lovelaw27 wrote:Even at most top MBA schools less than 20% get investment banking.


To be fair, at these schools the vast majority of students neither want nor apply to investment banking. But your basic point stands.

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thewaves
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Re: JD/MBA -> I-Banking

Postby thewaves » Fri Jul 05, 2013 6:09 pm

You seriously need to consider why you're taking on more debt to get a degree that won't significantly change your employment outcome.

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Re: JD/MBA -> I-Banking

Postby Anonymous User » Fri Jul 05, 2013 8:06 pm

No tuition between scholarship and TAing, so only minimal debt from living expenses.

thegrayman
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Re: JD/MBA -> I-Banking

Postby thegrayman » Fri Jul 05, 2013 8:10 pm

that MBA will add 0 to your employability

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Re: JD/MBA -> I-Banking

Postby Anonymous User » Sat Jul 06, 2013 9:37 am

How could it not increase my employability? First off, I get another crack at oci. Second, access to a new network. Third, access to employers recruiting MBAs on campus. If I don't get a legal job I am satisfied with I feel like this will be a solid fall back plan. Wouldn't I have a better ability to find a business position with the MBA than with just the JD. Explain to me what I'm missing. $10,000 additional debt isn't exactly backbreaking.

lovelaw27
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Re: JD/MBA -> I-Banking

Postby lovelaw27 » Sat Jul 06, 2013 10:03 am

Anonymous User wrote:How could it not increase my employability? First off, I get another crack at oci. Second, access to a new network. Third, access to employers recruiting MBAs on campus. If I don't get a legal job I am satisfied with I feel like this will be a solid fall back plan. Wouldn't I have a better ability to find a business position with the MBA than with just the JD. Explain to me what I'm missing. $10,000 additional debt isn't exactly backbreaking.


If your JD and T40 MBA doesn't work out your back up options are not real good. If you do the JD now and don't like your options than you can retake the GMAT and get into a top business school, where your opportunities would be a lot better. A top business school versus a top 40 one is like a T14 law school versus top 150 law school. You can only use an MBA as backup option once. Use it wisely.

pastapplicant
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Re: JD/MBA -> I-Banking

Postby pastapplicant » Sat Jul 06, 2013 10:27 am

Anonymous User wrote:How could it not increase my employability? First off, I get another crack at oci. Second, access to a new network. Third, access to employers recruiting MBAs on campus. If I don't get a legal job I am satisfied with I feel like this will be a solid fall back plan. Wouldn't I have a better ability to find a business position with the MBA than with just the JD. Explain to me what I'm missing. $10,000 additional debt isn't exactly backbreaking.


First of all, you explicitly said you wanted ibanking so that is what ppl in this thread are focusing on. From personal experience I can tell you right now that the ibanking ship has passed for you completely so i think you should give up on that goal.

Now you are saying you want to increase your employability generally. Access to what kind of employers? This depends on your previous work experience but recruiting at a Top 40 MBA is going to be very meaningless. The network is probably going to be weak as well. Your only positive is probably a second shot at OCI but how much benefit will you get from a second go around? Yes 10K isn't much debt in the long run, but in addition to the opportunity cost of adding one more year of schooling now the cost to add a useless MBA is expensive.

AllTheLawz
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Re: JD/MBA -> I-Banking

Postby AllTheLawz » Sat Jul 06, 2013 10:27 am

Anonymous User wrote:How could it not increase my employability? First off, I get another crack at oci. Second, access to a new network. Third, access to employers recruiting MBAs on campus. If I don't get a legal job I am satisfied with I feel like this will be a solid fall back plan. Wouldn't I have a better ability to find a business position with the MBA than with just the JD. Explain to me what I'm missing. $10,000 additional debt isn't exactly backbreaking.


1) Another "shot" at OCI does not mean increased chance at employment. More likely, your chances will be exactly the same as they were last year, especially if nothing special happened in the meantime.

2) Networks generally work best long-term (which won't help you now) or as something that puts you over the top when you already have all other requisite credentials for a job. The occurrence of "networking" your way into a job that you aren't otherwise a very good candidate for is exceedingly rare. So, again, the bump on "employability" would be negligible.

3) Banks dont meaningfully recruit post-mba's for their investment divisions at low-ranked business schools. At most, they are bringing in 1 or 2 high-level candidates per year from a school they have a connection to. Even worse, you have no relevant experience and plenty of others will.

4) The big thing you are missing about an MBA program is that it is more of a general education and business survey degree than a pre-professional program. It doesn't, and isn't designed to, give you any in-depth training to prep you for a new career. What it does is lightly touch on a number of business problems and topics so you can leverage your other tools (experience, specialized education, etc.)

All of the people I know who have gotten MBAs from programs outside the top-20 or so have ended up either returning to their past employer in the same or similar capacity (generally by design) or taking an entry-level analyst type position. When I was in undergrad I was in a summer analyst program for a F500 company with two MBA Candidates from a school in the 50s. These were MBA candidates in a summer analyst program (and I also don't think it was coincidental that they went to the same school that the CEO graduated from).

Anonymous User
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Re: JD/MBA -> I-Banking

Postby Anonymous User » Sat Jul 06, 2013 3:29 pm

I appreciate the feedback and the clarifications.

I understand the point about opportunity cost. The only thing is that my biggest concern is graduating with just my JD and not having a job lined up. Hence, the opportunity cost could be quite low. At the end of the day, this is what I'm seeking to prevent.

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guano
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Re: JD/MBA -> I-Banking

Postby guano » Sat Jul 06, 2013 4:19 pm

Anonymous User wrote:I appreciate the feedback and the clarifications.

I understand the point about opportunity cost. The only thing is that my biggest concern is graduating with just my JD and not having a job lined up. Hence, the opportunity cost could be quite low. At the end of the day, this is what I'm seeking to prevent.

Your job prospects with an MBA from a shit school and no work experience is practically non existent

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Helmholtz
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Re: JD/MBA -> I-Banking

Postby Helmholtz » Sat Jul 06, 2013 7:26 pm

Anonymous User wrote:I appreciate the feedback and the clarifications.

I understand the point about opportunity cost. The only thing is that my biggest concern is graduating with just my JD and not having a job lined up. Hence, the opportunity cost could be quite low. At the end of the day, this is what I'm seeking to prevent.


(Not having a job lined up + JD + debt from JD) > (Not having a job lined up + JD/MBA + debt from JD/MBA)

Sorry, but breaking into IB from a nontarget MBA program is nearly impossible to do. Some make it, but they have truly extraordinary work experience / connections (which it doesn't seem you have).

pocket herc
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Re: JD/MBA -> I-Banking

Postby pocket herc » Sat Jul 06, 2013 7:45 pm

I banking is probably beyond your reach, but you should at least have other career opportunities available to you. But with no work experience you would have to start at the entry level with an entry level salary, and then move up the ladder. Might very well lead to an interesting and remunerative career down the line, so it is not all bad.

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thewaves
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Re: JD/MBA -> I-Banking

Postby thewaves » Sat Jul 06, 2013 8:05 pm

What kind of jobs do people get from your future MBA program? What kind of employers recruit there?

Delaying the job search by adding on an MBA without any additional work experience will not help you *at all.*




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