From Law to Investment Banking: How Do I Navigate?

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Good day Sir,

I am very elated to have bought a copy your e-book titled “The Road to Victoria Island“. Having finished reading the pages of the book I find it very insightful and your advice on varying issues very helpful particularly for a student like me.

However sir, I need your opinion and guidance on how to attain certain heights I aspire for myself. I graduated with a Second Class Upper in law from of one of Nigeria’s highly placed private institutions. I am currently at the Nigerian law school in view of getting called to the Nigerian bar later in this year.

Despite this, I don’t see myself finding fulfillment in Law in the long run. My first passion is accounting but I had to change direction when I realized how poor I am in mathematics. My major reason for studying law is simply because I believed and still believe Law as a first degree is a foundation for any top tier employment in Nigeria being that with law, opportunities are not relatively limited compared to other professional courses. My drive for accounting and finance has furthered being fueled with the co-incidental facts that all positions I have held as a student representative have been in regards to finance which I find very exhilarating.

 

graduation cap

I hope to switch to the financial sector in the foreseeable feature (even  immediately after my call to the Nigerian Bar). Investment banking is one area I consider to be of utmost interest to me; the rigorous dimensions it encapsulates are something I find thrilling and would love to be part of. Luckily for me, my research so far on the profession has shown that the personnel usually engaged in it need not be “accountants” stricto-sensu and the mathematics involved are not so complex.

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Having established this nonetheless, I need your guidance sir as to the necessary and appropriate steps to take. I plan to go for an MBA upon completion of the statutorily mandatory NYSC program;  this as an aid to foster my ambition of entering into the financial sector (investment banking) coupled with my LL.B degree but I’m not too sure if this is the right move. My research on how to switch to investment banking as a lawyer suggests that it is best to apply for an internship with an I.B first and hope to get retained as an Analyst before going for an MBA to move up the ladder to an Associate or something better.

Regardless of this, I’m at a cross-road because I am in dilemma  in choosing whether  to work in a law firm during my NYSC or work as an intern in an I.B (chances of which I presume to be very slim) before going for the MBA.

The issues I need your guidance on sir are:

1. Should I apply for an internship with an I.B in the hope of getting retained and after two years go for an MBA so as to move to a better position within the sector?

2. Or should I serve in a law firm for my youth service and then go for an MBA or a Masters course in Finance immediately after the youth service so as to better my chance of getting into a top I.B in the country.

The above are my considerations accruing from the little knowledge I have about the sector, any other suggestion would be highly appreciated hence this e-mail to tap from your wealth of experience and your dandy judgment. Thanks in advance of your actuate response. God bless you.

Bolaji

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Dear Bolaji,

Thank you for finding my ebook on education and career useful.

First, and on a lighter note, I think Investment Bankers in Nigeria need to pay me for the way people, after reading my many essays on their profession, always want to be one. LOL

Now, I agree with you that Law enhances versatility. Although the preferred course to study at undergraduate level to pursue a career in investment banking in the future is economics, accounting or finance, nonetheless, you can study any course at undergraduate level and become an investment banker. Undergraduate study is just meant to expand your horizon, your world view, it may not have much effect on your future career (except some professions like Law, Medicine). The Deputy MD of a top investment bank in Nigeria studied Medicine at undergraduate level before going ahead to pursue a second degree in Investment management. What’s more, the grandfather of investment banking in Nigeria himself, Subomi Balogun, is a lawyer!

Subomi Balogun - the grandmaster

Subomi Balogun – the grandmaster

For me, MBA is better optimized when someone has some work experience. So I am not, prima facie, inclined to telling you to go for MBA immediately after your NYSC. But the challenge is, will you be able to get an IB firm to intern with with your Law background? If you can get that, that would be fine. Go for it and after some years of experience, go for your MBA in a top school, preferably in UK or the US. Another good thing about getting some experience – whether internship or permanent – is that you already have a network on ground and you stand a decent chance of being re-absorbed into that company in case you come back and you don’t get better offer.

The second option is serving in a Law firm (which is the most probable) and going to earn your MBA immediately after service.  This route may be optimized too, if during your MBA study, you get to intern in IB firm in UK or US (many people do that) or you do well enough in your MBA to get employed by companies that approach MBA schools to poach graduates. You may also want to enrol for CFA exams while doing your MBA. A CFA on your CV, even if you have just finished stage 1 in the 3-stage exam, will also boost your chance of getting job in an IB firm, whether in Nigeria or abroad.

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If you can get to serve in an IB firm and retained for a couple of years after completing your NYSC, and then go for MBA, that’s the best route. If you can’t get internship/job in an IB institution with only your Law degree, the next best option is to for MBA immediately and come back in full throttle after the programme.

And lest I forget, don’t be scared of Mathematics. An Investment Banker should not fear numbers, you get to work with statistics and numbers (NPV, IRR etc). Well, by the time you finish your MBA, I’m sure you will be comfortable with working with numbers.

MY EBOOK

Road to VI ebook cover - small

 

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