Finance Careers: How Liwaza Prepares You for Investment Banking, Private Equity and Asset Management

Finance careers are divided into several branches, each with its specificities.

Investment Banking

Investment banks advise companies on their major financial operations:

• Mergers and acquisitions (M&A)
• Initial public offerings (IPO)
• Debt raising
• Restructurings

Typical compensation (post-MBA):

• Analyst/Associate: €150,000-200,000 (base + bonus)
• VP: €250,000-400,000
• Director/MD: €500,000+

Major players: Goldman Sachs, Morgan Stanley, J.P. Morgan, Bank of America, Citi, Lazard, Rothschild

Private Equity

Private equity funds buy companies, transform them and resell them at a profit.

Typical compensation:

• Associate: €200,000-350,000
• VP/Principal: €400,000-700,000
• Partner: €1,000,000+ (with carried interest)

Major players: Blackstone, KKR, Apollo, Carlyle, TPG, Advent, CVC

Asset Management

Asset management for institutional or private clients: pension funds, family offices, hedge funds.

Typical compensation:

• Analyst: €100,000-150,000
• Portfolio Manager: €200,000-500,000
• Senior PM/CIO: €500,000+ (with performance bonus)

Major players: BlackRock, Vanguard, Fidelity, PIMCO, Bridgewater (hedge fund)

For finance careers, two degrees compete: the MBA and the Master in Finance. The choice depends on your profile and objectives.

The Master in Finance (MiF)

• Duration: 1-2 years
• Ideal profile: Recent graduates (0-3 years experience)
• Focus: Technical (modeling, valuation, quant)
• Leading schools: LBS, HEC Paris, MIT Sloan, Princeton

MiF advantages:

• In-depth technical training
• Direct access to junior investment banking
• Less expensive than MBA
• No prior experience needed

The MBA

• Duration: 1-2 years
• Ideal profile: Experienced professionals (4-8 years)
• Focus: Leadership, strategy, general management
• Leading schools: Wharton, INSEAD, Harvard, Columbia, Stanford

MBA advantages:

• Access to senior positions (Associate level in IB, direct to PE)
• Broader and more diverse network
• Career flexibility (finance + consulting + entrepreneurship)
• Credibility with clients

Our recommendation for francophone Africans:

• Less than 3 years experience → Master in Finance (LBS, HEC, MIT)
• 3-5 years experience in finance → MBA if you want to accelerate to PE/AM
• 5+ years in another sector → MBA to pivot to finance

The MBA opens more doors but represents a bigger investment. The MiF is more direct but more technical.

Not all business schools are equal for finance. Here's the ranking by career outcome.

For Investment Banking:

1. Wharton: The historical reference, direct pipeline to Goldman, Morgan Stanley
2. Columbia: Wall Street proximity, exceptional NYC network
3. Harvard: Universal prestige, access to everything
4. INSEAD: European leader, London and global access
5. LBS: Reference for the City of London

For Private Equity:

1. Harvard: Dominant pipeline to mega-funds
2. Wharton: PE culture, numerous alumni partners
3. Stanford: Growth equity, tech-oriented PE
4. INSEAD: European PE, mid-market
5. Columbia: NYC PE landscape

For Asset Management:

1. MIT Sloan: Quant focus, hedge funds
2. Chicago Booth: Academic finance, trading
3. Wharton: Large asset managers
4. INSEAD: Global asset management
5. LBS: European asset management

The INSEAD case for Africans

Why INSEAD is often the best choice:

• 10-month format: Less opportunity cost
• Global network: Access to Europe, Asia, Middle East, Africa
• Finance placement: 30%+ of graduates in finance
• Diversity: 90+ nationalities, international mindset

INSEAD regularly places at Goldman Sachs, Morgan Stanley, Blackstone, and the best European PE funds.

To join the MBAs that open the doors to finance, the GRE is essential.

Target scores by school:

Why Quant is crucial for finance

Finance recruiters look at your Quant score as an indicator of your analytical abilities. A 168+ in Quant immediately distinguishes you.

Liwaza preparation for finance

Our approach is calibrated for finance goals:

• Intensive Quant focus: Modeling, data interpretation, problem solving
• Strategic Verbal: Business and finance vocabulary
• Sector-specific practice tests: Questions oriented toward financial analysis

Recommended timeline:

• Months 1-2: Diagnosis and foundations
• Months 3-4: Quant intensification
• Months 5-6: Practice tests and optimization

With 6 months of serious preparation (1h/day + weekends), our candidates reach their target scores.

Understanding the typical path helps you plan your strategy.

Classic Investment Banking path:

1. Pre-MBA (optional): Big Four Audit/TA, consulting, corporate finance
2. MBA: Summer internship in IB (crucial)
3. Post-MBA: Investment Banking Associate (2-3 years)
4. Exit options: Private equity, hedge fund, corporate development

Direct Private Equity path:

1. Pre-MBA: 2-3 years in IB (almost mandatory) or strategy consulting
2. MBA: Summer in PE (very competitive)
3. Post-MBA: PE Associate directly

The reality of finance recruiting

Recruitment for IB and PE starts EARLY during the MBA:

• IB: Recruitment from September-October of the first year
• PE: "On-cycle" in summer before even starting the MBA (for IB profiles)

What this means for you:

• Have your story clear BEFORE starting the MBA
• Intensive networking from admission
• Technical preparation (modeling) in parallel

The Liwaza advantage

Our finance coaches have done this path:

• Goldman Sachs, Morgan Stanley, Lazard alumni
• PE partners
• They know the expectations and prepare you upstream

Africa offers unique opportunities for finance professionals trained at the best schools.

Private Equity in Africa

African PE is booming:

• Major players: Helios, Emerging Capital Partners, Actis, Development Partners International
• Growth sectors: Fintech, infrastructure, healthcare, agribusiness
• Compensation: Competitive with London/NYC + lower cost of living

African Investment Banking

Deals in Africa are multiplying:

• Banks present: Renaissance Capital, Standard Bank, Citi Africa, Rothschild Africa
• Opportunities: Cross-border M&A, IPO, infrastructure debt

The advantage of international MBA profile

Why funds and banks seek MBA profiles:

• Understanding of international standards
• Network for deal sourcing
• Ability to dialogue with international investors
• Dual local/global culture

Recommended path:

1. MBA (INSEAD, Wharton, Harvard)
2. 2-3 years in London/NYC: Acquire methodologies and track record
3. Return to Africa: Senior position with international credibility

This path maximizes your value in the African market.

Liwaza has developed specific support for candidates targeting finance.

Finance-oriented GRE preparation

• Enhanced Quant focus (target 168+)
• Business and financial analysis vocabulary
• Advanced data interpretation
• Practice tests calibrated for finance target scores

Specialized finance coaches

Our team includes professionals who have worked in:

• Investment Banking (Goldman Sachs, Morgan Stanley, Lazard)
• Private Equity (mid-market and large-cap funds)
• Asset Management

They guide you on:

• Optimal school choice for your objective
• Preparation of 'finance' essays
• Pre-MBA networking with recruiters
• Technical preparation (recommended modeling bootcamps)

Multi-school admission strategy

To maximize your chances in finance:

• Application to 4-6 'finance-friendly' schools
• Scholarship negotiation between schools
• Timing optimized for finance recruitment

Liwaza results in finance

Our candidates have joined:

• Wharton, INSEAD, Columbia for MBA
• Goldman Sachs, Morgan Stanley for IB
• European and African PE funds

The journey starts with GRE preparation. Are you ready to aim for excellence in finance?