Ask the Expert: Making that career leap to i-banking
If you had been asking this question fifteen years ago we'd have been giving you a very easy answer. In those days, there was a well worn path from the armed forces into the City and traditional merchant banks like Kleinwort Benson, Flemings or Cazenove regularly took on chaps with precisely your background and no formal business skills or qualifications. But we're in a very different world today and you are absolutely right to be thinking about an MBA.
Before we get to that though, we notice that you talk in very general terms about 'careers in investment banking'. How much do you know about what careers are available and what skills or qualifications they require? To make a successful career change of any kind, you have to be very sure about what you want to do and why. Have you done that? And if not, that should be your very first priority. (If you email us your postal address, we will send you a free copy of our publication Careers in Financial Markets, which is an excellent starting point.)
As for that MBA, with a high GMAT like 740, you should have no difficulty getting a place at a good business school. Pick your school carefully; choosing one with good links to investment banks and a strong track record of graduates entering banking careers (see related article).
Focus hard on getting some relevant work experience through internships, practical assignments during your MBA, or any other method. Banks are looking for initiative and this is vital for you as an arts graduate. You need to prove that you are numerate and understand the commercial world. Investment banking is a very competitive arena and an employer will want to be convinced that you have done your homework and understand both the business and the market well.
Finally, a word about your para background. You don't need us to tell you that many people have a very stereotypical view about what a para will be like. Some employers and interviewers will find the high-flying action-hero-type appealing and others may be put off by it. Make no assumptions about which camp your interviewer may fall into and always play it straight. Be prepared to present coherent arguments about the transferable skills you have, the personal qualities you bring and why you are seeking this career change. Good Luck!
A Reader Advises
I would advise doing the MBA from a top school like London Business School or Insead. Investment banks have well-oiled recruitment policies for MBA graduates and there are great jobs to be had that way. Although you might be able to find a job in an investment bank (e.g in trade support/operations) without an MBA you will find that you will typically need to spend several years in that position (at low pay) before progressing to the level at which MBA graduates enter.
Next week's question: I have just started a new role in investment writing in a really good job and company. The work is going well but I am struggling to fit in as my colleagues have known each other for years. After three months I still feel left out and isolated. I am sure that none of this is malicious and my line manager has realised that there is a problem, as I have been really emotional about the situation. The manager was really good and said that they will try to see what can be done. Now I am worried that this may make things worse. What do you suggest?
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