From BI: Simply stated, I do recommend you attend the best
school you can get into. Being the underdog is no fun and even if you “break
in” it will take longer to get where you want to go. As well, there are many
employers you’ll meet along the way that are very rigid about the “rules”. So
even if you get in, it may still be harder to get promoted or find a better job
later on. Therefore, the best solution is to attend the best school. This leads
me to the first rule:
Rule #1: Remember the Michael Jordan Rule: Jordan was the
best basketball player of his era. Charles Barkley was arguably #2. On any
given night, Barkley might outscore Jordan. However, NO ONE would ever remember
Charles Barkley as the best player of his era. The same rule applies for
b-schools. There are many schools that rank “top 20” and claim they are almost
as good as the top b-schools in the country. However, they are the Charles
Barkley of b-schools. Even if they are that good… they’ll never get you the
same amount of respect in the job market.
Rule #2: Start small and work your way up: If you can’t land
a job as an FX trader out of school (and it’s your ideal job), try to get a job
as a commercial FX trader. Commercial traders are people who sell FX to
mid-size companies under $100 million in size. You might not be able to
leverage that towards an IB associate position, but if a bulge bracket firm is
looking for an institutional FX sales or trader, they will look at someone with
mid-market FX sales experience. I was told this is the case by an MD....
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