Is business the school the answer for breaking into investment banking in Minneapolis?

So I talked about some tips about breaking into investment banking if you are in Minneapolis and threw some of the big names around and where to find them in the city in my last post. Now I was looking to tackle what type of education can be leveraged in Minneapolis to strike it big in the industry.

I know that second tier programs like the Carlson School of Management at the University of Minnesota will not really help you get into investment banking or private equity. I have noticed that a lot of people who are working in the field in Minneapolis have Ivy League backgrounds especially at the senior level. At the same time, there are a lot of Golden Gopher alumni and some of the other universities that I have seen in the ibanker profiles I have come across are the University of St. Thomas, Macalester college and Carleton.

I think a popular myth would be that a top MBA program would mean a position at Goldman Sachs upon graduation. I know that there are thousands of students at top schools every year and the investment banks might only hire a few hundred every recruiting cycle. So I think it’s critical that you choose your business school wisely. I think the Carlson School should give you an advantage in the Minneapolis job market specifically because of the resources that it provides like the Carlson Edge for instance. Business school is great if banks will come and recruit on campus and the Carlson School definitely offers that.

One thing to remember is that if you want to get into investment banking you pretty much need an undergraduate degree. People in finance are also concerned about prestige so keep that in mind when you decide to go and study for your bachelor’s degree. However, it is not impossible to break in from a no name school. If your out of college, one of the things that can boost your chances post-MBA is to get some kind of finance experience on your resume. Experience is key and this goes hand in hand with an MBA when applying for jobs.

Also remember to network like crazy. That is also what business school is for. It brings together some highly motivated and like-minded individuals. So use my tips and take advantage! Minneapolis is a great city!