ER vs. IB as Short-Term Goal on MBA Applications
Profile
- Applying R1 this year (M7 + Haas, Stern, Johnson, Tuck, USC, UCLA, Yale)
- Four promotions in six years at two technology companies (both non-FAANG, one is a Fortune 50)
- Roles were in business operations and strategy (think internal consulting) and analytics (SQL, Python, Tableau)
- 760 GMAT
- Average GPA
- Sitting for CFA Level I in August 2024
Goals
- Long-term: Asset management (mutual fund, hedge fund, or within the asset management division at an investment bank, but not wealth management)
- Short-term: Equity research
Dilemma
Torn between stating my short-term goal as equity research or investment banking on my applications. I respect the differing opinions on this subject, but I believe equity research aligns more closely with my long-term goals, as well as my personal interests and preferences. However, I'm concerned about the lack of an established recruiting pipeline for equity research roles at business schools.
Given the increasingly competitive job market post-MBA, I've heard that admissions committees are placing greater emphasis on the employability of their graduates. This has me questioning whether being transparent about my intention to pursue equity research could potentially hinder my chances of admission to top-tier programs.
Additionally, from my understanding, even major investment banks don't typically offer equity research internships to MBAs, and recruiting for full-time roles does not occur on campus; MBA graduates hoping to secure an equity research position must network and apply like any other experienced hire.
I've found great insights from Richard Toad / The Equity Analyst in previous threads. However, I'd like to get more perspectives and advice from the community here. Any additional guidance would be appreciated.
TL;DR:
- Should I list equity research as my short-term goal for MBA apps, or opt for investment banking due to the lack of an established recruiting pipeline for equity research in MBA programs?
- Can anyone confirm that equity research firms don't offer internships for MBA students? Any suggestions on what to do for a summer internship to improve chances of landing an equity research job before or immediately after graduation?
When considering your short-term goal for MBA applications, especially when torn between equity research (ER) and investment banking (IB), it's crucial to weigh the strategic implications of each choice in relation to your long-term aspirations and the realities of MBA recruitment. Here's a breakdown based on insights from the Wall Street Oasis dataset:
Alignment with Long-Term Goals:
Recruitment Pipeline:
Employability and MBA Admissions:
Strategies for Equity Research Aspirants:
Summer Internship Suggestions:
In conclusion, if equity research truly resonates with your career vision and personal interests, it's worth considering as your stated short-term goal, provided you can articulate a strong, coherent strategy for achieving it. Demonstrating awareness of the challenges and a proactive approach to overcoming them can be just as persuasive as opting for a more traditional MBA path like investment banking.
Sources: https://www.wallstreetoasis.com/forum/equity-research/career-ladder-equity-research-vs-investment-banking-a-definitive-guide-part-3?customgpt=1, Work/Life Balance: Equity Research vs. Investment Banking - (A Definitive Guide, Part 1), Breaking into buy-side equity research - my experience, Feel Trapped, Exit Opps From Sell-Side ER?, Career Ladder: Equity Research vs. Investment Banking - (A Definitive Guide, Part 3)
Bumping. Would appreciate any thoughts others are willing to share.
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