I am currently a financial journalist and want to break into the industry. Since I have no relevant working experience and my postgrad degree is not finance or economics related, I wonder if it is necessary to pursue a MBA or Master in Finance? I am just not sure if it worth the fuss and $$$ to pursue MBA especially I am already 34 year old. And what kind of role I can target? (thinking of institutional sales, DCM/ECM, private banking, etc)
Have you thought of CFA?
I’d suggest an MBA. MFins are more targeted to younger folks without much professional experience. I don’t think an Mfin would be of much help to you.
Being 34 without real experience trying to land an entry job is going to be really tough. I’m not sure a masters or an MBA will help much
MBA should help you out for sure.
You may want to check out the book “Ahead of the Curve” by Philip Delves Broughton, published about 3 years ago. It’s written by a british journalist, about the two years he spent doing a Harvard M.B.A.
Thanks. I am doing CFA. That’s why it scares me if I have to take GMAT + MBA and spend loads of money. By the time I graduate, I would be 37. I am aware that entry level job will not be an option. And I DO NOT want to be a PR even though the pay would be much better if at a top-tier bank. The chance will only lie in sales/marketing role. And my advantage is potential client base as it is my daily job talking to asset managers and institutional investors.
If you can get into a top 7 business school, then you’re set. Those programs will allow you to easily transition into finance, especially banking. Buyside will probably not be viable options due to your lack of relevant experience.
ksc1940 Wrote: ------------------------------------------------------- > If you can get into a top 7 business school, then > you’re set. Those programs will allow you to The problem is that he’s already too old – at least for a conventional full-time MBA. One you’ve hit 30, it becomes “even more” difficult to get accepted at Stanford or HBS. Some of the other schools are more age-friendly (Tuck, Darden, and Michigan come to mind), but even there 35 or 36 is really the top of the range they’ll generally admit.
ZealVoyage Wrote: ------------------------------------------------------- > Thanks. I am doing CFA. That’s why it scares me if > I have to take GMAT + MBA and spend loads of > money. I know MBAs that have CFAs, MBAs with no CFA, and CFAs with no MBA. In my mind, the real winners are the folks that go the CFA-with-no-MBA route. The MBA definately provides you a network of classmates, and internship and job opportunities. However, it also costs ~$250,000 in tuition and foregone salary, and is not going to teach you much about finance that you aren’t already learning in the CFA program.
Thanks, KSC. Even though I cover buy side, I don’t think it is my cup of tea (and I even don’t fancy the idea to be a fund manager) and taking a supporting role would probably bore me. Thanks, Wendy, you have the point. That’s why I decided to study CFA program. But honestly speaking, I have no full confidence to pass three-levels of exams and the lack of ivy-league education background seems to keep me out of the game.
For someone without relevant experience, a CFA is useless in allowing one to make a transition. An MBA from a school like wharton/booth/columbia will allow the OP to get into finance quite easily. He will get access to amazing on-campus recruiting, sick job opportunities, and a great network. And of course, b-school will be the most fun 2 years of his life. All of that is easily worth $250K. Wendy Wrote: ------------------------------------------------------- > ZealVoyage Wrote: > -------------------------------------------------- > ----- > > Thanks. I am doing CFA. That’s why it scares me > if > > I have to take GMAT + MBA and spend loads of > > money. > > > I know MBAs that have CFAs, MBAs with no CFA, and > CFAs with no MBA. > > In my mind, the real winners are the folks that go > the CFA-with-no-MBA route. > > The MBA definately provides you a network of > classmates, and internship and job opportunities. > However, it also costs ~$250,000 in tuition and > foregone salary, and is not going to teach you > much about finance that you aren’t already > learning in the CFA program.
ksc1940 Wrote: ------------------------------------------------------- > MBA from a school like wharton/booth/columbia will > allow the OP to get into finance quite easily. He > will get access to amazing on-campus recruiting, > sick job opportunities, and a great network. And > of course, b-school will be the most fun 2 years > of his life. All of that is easily worth $250K. How is your MBA quest coming along KSC? Are you planning to reapply to the same b-schools this fall?
Thanks. The reason I posted the question here is because I am not convinced by the MBA thing but I am lack of a door opener. I went to business school about 10 years ago and the experience wasn’t that great. I am not just interested learning managment stuff again and spending time with group work and presentation. A peer journalist went to a top MBA school and ended up doing the same job after graduation. But I have to admit that I am really jealous of my ex bf who landed a top ibank job after obtaining MBA… and I know that my master in Marketing is really useless now… I really should have pursued an MBA ten years ago instead of thinking of it now… 
There there ZealVoyage don’t be too discouraged…I know someone who taught english as a foreign language in China who then became a corporate finance manager…i know another guy who studied chinese at Cambridge who has passed the CFA/CAIA recently and is working at an asset management firm in Hong Kong…there simply are no straight lines in nature i guess… As the link above says, “Keep your feet on the ground, and keep reaching for the stars.” P.S.Although this may be a bit hypocritical coming from an unemployed bitter person like me…but i think there is some truth to it nontheless…Oh and if everything fails I can still count on 2012 to wipe us out 
thanks, Alladin. Don’t worry - ultimately we all experience financial crisis several times in life.
I personally want to get an MBA not because of the tangible assets but for intangible assets. Intangible assets such as pride, new friends, and higher education.
2 years and $150k (plus opp. costs) is a lot to pay for a feel good feeling.
i think in the uk MBAs are only 1 year and probably a bit cheaper