Getting an MBA Job in Finance

If there’s one field of employment which has always been synonymous with the MBA, it is finance. Though perhaps the connection isn’t quite as inextricable as it once would have been, with the demand for MBAs increasing in other industries and MBAs themselves coming from a wider range of backgrounds, it is still the biggest MBA job sector, accounting for 22% of all MBA jobs according to the 2014/15 QS TopMBA.com Jobs and Salary Trends Report.

During the course of your MBA you will get numerous opportunities to meet with finance recruiters and business leaders to demonstrate your potential, states Roxanne Hori, associate dean of corporate relations for career development at NYU Stern. However, as with any sector, you do not need to wait until the program to start preparing for a post-MBA job in finance.

We spoke to Hori about what you should be doing if you’ve designs on a career in finance, and what you can expect your prospects to look like.

What are the most common job roles for finance MBA graduates? And which companies are hiring the greatest number of Stern graduates for finance roles?

The most common roles in finance are investment banking and general corporate finance jobs. The industry hires a good number of MBAs each year and there continues to be interest in the industry. The top five banking employers for the class of 2014 are:

Are most finance MBA jobs located on Wall Street?

The jobs are located around the globe. However, since NYC is headquarters for many of the major firms, many Stern students wind up staying locally.

What are some of the biggest misconceptions MBAs have about working in the finance industry?

Many students believe that it is only about how strong their analytical skills are when in fact, in order to progress in the industry, you have to possess strong interpersonal skills and understand the importance of relationship management with internal and external stakeholders. Whether a student is an investment banking or corporate finance associate, his or her ability to exhibit success as an individual contributor early will help encourage senior team members and managers to delegate to him or her more opportunities to interact with and manage clients. This could come in the form of driving an internal investment committee approval process for a financing transaction or acquisition opportunity or managing external clients through a deal process. As an MBA progresses in a finance career, the ability to add value and solutions and build lasting relationships with various stakeholder groups and clients are some of the factors that may differentiate a leader from a manager.

Is there anything you can do to prepare for a finance career before entering an MBA program?

Conduct informational interviews with people in the industry before going to business school. Learn as much as you can about the work to make sure it is something you truly want to do. Some Stern students who plan to be career switchers into finance have been able to secure a pre-MBA summer internship in a finance-oriented role.  Although it may seem hard to believe, you will have many different activities competing for your time once you arrive on campus. If you make the time to do some preliminary research prior to starting school, you will be in a better position to make good decisions for yourself.  

Also, it is important to know yourself. Your career center will likely give you the opportunity to do some self-assessment exercises before your arrive on campus. Take these seriously and invest the time in them. Once you’ve done this and your preliminary research on careers in the industry, you will have a better sense of the best role in finance for you.

What type of coursework, projects and internships should MBAs do during their program to prepare for a career in finance?

Most of our students interested in pursuing a career in finance opt to specialize in finance, financial instruments & markets, financial systems & analytics, among others. Stern offers MBA students the opportunity to ‘specialize’ in content areas, which are akin to committing to a major. MBA students are able to specialize in up to three, nine-credit specializations and are able to choose from a robust list of content areas.

We also emphasize experiential learning and as such, students have the opportunity to extend their MBA education beyond the classroom through one of our immersive project-based learning or fellowship programs. Through these unique offerings, students have the opportunity to leverage their academic learning in delivering meaningful recommendations for one of our many domestic and international partners in various industries.

Any MBA looking to make a career change into finance should find a summer internship that is finance-centric.

Which skills are finance companies looking for? What can MBAs do to build those skills?

The technical skills are fairly straightforward and include valuation, financial statement analysis, accounting, story-boarding, project management and many others, all of which are available through the Stern MBA program. The highly valued ‘EQ’ competencies that finance organizations tend to look for in MBA talent are fairly consistent in other industries and include one’s ability to work effectively across functions and teams, communicate effectively to diverse audiences, manage difficult situations. Finally, securing a summer internship in a finance role is really where a MBA student can further build this suite of skills.

Does the finance job search differ from the search for other types of MBA jobs?

It doesn’t. The job seeker will use the same approach and tactics as one would for a job search in almost any other industry or for any other job function. Knowing yourself, identifying transferable skills, understanding why you want to work in the industry/function and having a good pitch are all important regardless of the type of job. Obviously having a well-written résumé and being interview ready are critical.

What advice do you have for those looking to use their MBA to switch to a career in finance?

• Know yourself
• Know the industry and the critical skillsets needed to be successful
• Understand potential career tracks within the industry / company
• Continually develop your analytical and interpersonal skills and leadership competencies
• Seek experiential opportunities and leverage / expand your network

Any final words of advice for those looking for an MBA job in finance?

Recruiters and business leaders are looking for long-term hires and future leaders of their organization. There is a great opportunity for a MBA student to demonstrate his/her commitment and leadership potential in the recruitment process.