/biz/ - Business & Finance

>recommends MBA

Why...you're better off doing a commerce/law and just start off as an analyst.

>100 hour work week

/thread

>>94876
>>94876
because you need to have connections to get into IB

>>94925
no, that's what IB people say to justify their pay
>I don't make that much money when you consider the hours
when there are people in accounting who work those hours and there are people who have multiple fulltime jobs

>>94925
enjoy being average

Everyone knows investement banking is a shit fuck grind for 5 or so years, but after that, the skies the limit. Plus you get a lot of good personal investment knowledge.

>>94947
Graduate programs and internships will guarantee you a job if you're not retarded.

>>94876
Because I value my health and don't want to die from stress at age 40

>>94976
pussy nigger bitch

Because I hate high-pressure, do-or-die environments, and furthermore I panic whenever something doesn't go as planned, especially when there is a high degree of uncertainty involved.

I was destined to be an auditor.

I'm honestly too good for it

>>95013
I'm being honest here, you're day-to-day life must be like fucking hell on earth.

>>94990
Time for bed, Timmy.

>>94947
IB is a lot more stressful than accounting by all measures.

>>94963
>Graduate programs and internships will guarantee you a job if you're not retarded.

>they get hundreds of internship applications
>just don't be retarded
kek

>grad programs
rarely do MBAs get hired. see in OPs pic how you need an MBA to become an associate? out of an MBA class, the IB firms will choose the guys with previous IB experience first, then whatever openings are left will go to the ones with connections

because I'm not a jew, professor goldstein

>>95057
How so?

I actually find my job very relaxing.

>>95083
>hundreds of internships applicants

Yes. And if you're not retarded, you will be the best.

I'm majoring in insurance & risk management and plan on taking the FRM soon, and maybe the CFA after that.

I'd like to be an IB risk manager, but I'll probably have to start in insurance companies.

>>95133
>he thinks they check every resume for qualified candidates
top kek m8

>no recommendation from current employee
>into the trash it goes

>>95175
not difficult at all

how difficult is it to get into investment banking??

>>95182
so then basically the biggest thing from stopping someone from becoming wealthy as fuck is not having a life for 5 years or so and working 100 hours a week?

>>94876
Because I didn't go to Ivy League undergrad or have a 3.85+ at a tier 1 school.

I go to a tier 1 school, have a sub-3.0 cumulative GPA (REALLY fucked up my freshman year), but a 3.87 since freshman year, and have a current offer for a summer management consulting internship at a boutique in NYC.

I'm not doing too bad, but redeeming myself after my freshman year is/was fucking difficult and investment banking just isn't gunna work for me at this point in my life.

>>95200

its just time and effort, you have to work hard in school and get all the grades, at a top school of course, if you don't go through with that then you have to make contacts with upper tier kids/parents, i used to cycle for months with a group in newport (big banking firms there) and most of the group were 30+ all in banking/finance. If i got a degree chances are after being friends with them long enough i'd be able to get my foot in the door and pass all the BS. Of couse its east coast you go to make the money, west coast banks don't pay as much on average.

>>95244
>>95200

ya 100 hour work weeks too don't forget that, a guy died a few months ago for working 3+days without any sleep nonstop, its a game for them see who can do the biggest work load.

>>95175
More difficult than most other jobs because IB is one of the most intensely micromanaged sectors ever.

If you're not performing at 110%, 100% of the time, you're fired. So they only take the best of the best. People who have proven track records with internships, extra-curricular activities, 3.7+ GPA and good referrals.

This is why

http://mobile.nytimes.com/2014/01/19/opinion/sunday/for-the-love-of-money.html?referrer=

If the link doesn't work its because it's a mobile link. Search Sam Polk on Google. It's called "For the Love of Money."

This is why I don't care if I'm an investment banker or not.

>>95222
Any advice for a beginning undergrad?

>>94876
hurr as if we haven;t spent our life investment on peer.bet.org you a securityfag. 4c/biz has proved itself multiple times. go ahead if you want to be lost behind.


as if moot really lost all his money
as if the 25-30 year olds haven't learned by now. as if we aren't the ones making bank on the account of lazy ppl

>>95222
What school?

>>94876
The "Bachelor's" degrees in that pic, are they Bachelor's in Business Administration?

>>95279
Yeah, work your ass off, don't do drugs, and don't worry about being popular or drinking every night.

You'll be so thankful later when you have a sick internship and a job lined up during your junior or senior year.

>>95281

Stern undergrad

>>95301
Don't even engage him. That pic is horseshit.

>>95311
>I wish it was true

>>95295
Thank fuck I hate drinking and I don't party. And I love to work.

I'm going to make it anons :')

>>95301
It can be anything. BComm, BBA, Business, Finance.

>>95278
Interesting read. But what I found most profound is that he got a job by being a little fucking shit and ringing the MD every day for 3 weeks.

>talking about joining a bank

>no one mentioning wall steet oasis

top kek, probably one of the best places to get an insight on how banks really work and how the interview processes are, etc etc


here's a post today

http://www.wallstreetoasis.com/blog/what-i-learned-from-losing-12-million

>>95368
Good thing you replied. I've been thinking of some other things.

Network with everyone. Professors, classmates (who look like they're going somewhere), and especially any professionals that you might come in contact with.

What school are you going to? Are you gunna study finance? If so, try to get internships anywhere you can starting last year. A common trait I see among the kids who have jobs lined up at Goldman/JP Morgan/Deutsche is that they all had internships at financial institutions since high school and, as a result, were trusted with more responsibility at a younger age in future internships and jobs.

Lastly, don't be autistic. A person who kicks ass at what they do and also has a personality is what they look for at investment banks and places like that (for the most part).

>>95404
And never be pretentious, or even allow yourself to come off as such, once you've started to experience success.

No one likes that shit and it'll make the people you look up to wanna squash you just to teach you a lesson.

>>95278
great article. i have a few friends who played sports at good schools that have gotten ibanking jobs immediately upon graduation as part of their "agreement" with their alum network. the addiction part is wholeheartedly true. there must a correlation between the number of frats at a college and the % going into finance post-grad (speaking as someone from a school without a frat scene and where ibanking is somewhat looked down upon)

>>95404
I'm an Ausfag, I'm going to university of Queensland (which is a Go8 school, similar to the Americans Ivy-League) studying Commerce/Law majoring in finance and financial law obviously.

It's hard to get internships because almost all places only offer it to penultimate year students. But I'm just going to one day go in with my brief case full of resumes and go to all the banks, firms and whatever else I can find, sucking dicks for unpaid internships.

Hoopefully I can find one.

>>95278
I don't have an addictive personality so I think I'll be fine.

>believing those figures

that salary range includes your bonus which you may or may not get

>>95278
That shit made me sick to my stomach.

>>95278
Is it bad that I found this more so inspiring to go and make more money?

>>95456
Suck those dicks until you make it anon.

Bumpier.

Any tips for someone entering a shit college (suny binghamton)?
should i just pray i can transfer out?

>>95301
honestly it's bachelors in anything so long as it came from Harvard, Yale, or Princeton

Because I barely passed algebra.

No need, I'll show myself the door.

>>95785
Pray for a transfer you poor soul. Or try to get as many internships as possible.

I did try IB and didn't like it
asset management is more of my thing

>>96041
the math that most bankers use isn't advanced by any means

I'm in investment banking. I'm 28.

This happened last night and will define your experience as a young guy working in ibanking.

> go to bar in SoHo because I finally got an early night off after working on a project for the last few days
> be with 2 friends who were in ibanking but are now in private equity and consulting.
> we wind up ringing up a bill of around $2,800.
> I pay
> leave a $375 tip
> sign the receipt "Nate Higgers"

>>99608
10/10 top kek

>>94876
because its not worth it, the real money is in quantitative analysis & data analysis

>>95182
so how do you actually get into investment banking? what's the career path starting from uni look like?

In order to get in, you have to have:
>prestigious university credentials
>very good grades
>good track record of extra curriculars
>a lot of inside connections formed at networking events
>good resume and cover letter
>survive the interviewing process

This gets you a 3-month internship of 60 hour workweeks staying up to 1am in most cases. Assuming you survive those 3 months and get an offer, you then go back to that grind for another 2-3 years. Most people burn out or move over to another track.

Besides, at the end of the day, it's still a job. If you're going to do it, learn the skills then go elsewhere and make your own fortune.

>>95278
>>95278
>>95278

"Wealth addiction was described by the late sociologist and playwright Philip Slater in a 1980 book, but addiction researchers have paid the concept little attention. Like alcoholics driving drunk, wealth addiction imperils everyone. Wealth addicts are, more than anybody, specifically responsible for the ever widening rift that is tearing apart our once great country. Wealth addicts are responsible for the vast and toxic disparity between the rich and the poor and the annihilation of the middle class. Only a wealth addict would feel justified in receiving $14 million in compensation — including an $8.5 million bonus — as the McDonald’s C.E.O., Don Thompson, did in 2012, while his company then published a brochure for its work force on how to survive on their low wages. Only a wealth addict would earn hundreds of millions as a hedge-fund manager, and then lobby to maintain a tax loophole that gave him a lower tax rate than his secretary."

Kek, what a fucking commie.

>>99907
Sounds tough, but by no means impossible.

I turned down an ibanking offer at one of the big banks (JPMorgan/Goldman/B of A/UBS tier) for a 70k/yr 8am-6pm job. might give it a go if i get an MBA. most of the people i interviewed with seemed very unhappy, most overweight and out of shape.

one of my friends took a job in ibanking at a middle firm and burned out within 6 months. another got a top offer and accepted but has no life - gets home at 2-3am every night, sleeps ~4-5 hours, heads back to office. sometimes even works sundays. i'll take a 40k paycut to be healthy and happy, thanks.

>ibank: 100hrs/wk, $150k
>hf bo: 40hrs/wk, $150k

Ibanking is like having 2 jobs in the same office.

>>94876
Because I make better money as a lawyer

>>99932
That's pretty much the track for every 6 figure professional career

Because working for a more ordinary trading company can be profitable as well and much less stressful. It's Friday night and I'm home having dinner, then going out afterwards. And the weekend I'll go skiing. Try doing that in investment banking. And I earn just fine.

>>99994
The complacent don't get rich

>>100018
Investment banking if for people who have more workaholism than skill. If you're smart about it, you can earn big bucks while still having a life.

>>100029
Not an IB, but it's very rare to make big salaries without skill and slaving. I graduated from a top 10 law school on law review and was working 100 hour weeks for my first 8 months. I'm at about 60 now but I've already saved well over $100,000 in my first year and a half

>>100078
I'm working 45-50 hours a week, and make a decent 120k or so. Possibly looking at a promotion soon because a big boss is retiring and the game of thrones is starting.

>>100095
Thing is $120k is an unimaginably low salary for me. I started at $175k and got a raise to $210k after my first year in.

With any luck, I'll be making at least $750k base after 8-10 years

>>100146
Good for you. But not even in IB will people make that much in that short amount of time. It takes years of dedication and slaving, and many burn out on the way.

>>100146
HNNNNNG

Could you be a qt and describe your career path for all these aspiring anons?

>>100181
I'm not in IB though. I'm an attorney. I did months of research into personal injury during 1L and do chip shot contingencies on the side.

>>100214
>personal injury
So you're an ambulance chaser?

>>100192
Yeah
>graduated summa cum laude from undergrad
>phi beta kappa and other honor society shit
>worked every year of college despite not needing the money
>172 on my LSAT
>worked for a year while I sent applications out
>got into 4/4 T14 schools that I applied for
>used some tier 1 schools that accepted me with full scholarships to Jew my priority schools for more money
>graduated top 10% and was on law review
>work firm jobs after 1L and 2L
>got hired as an associate by a big firm in a major city
>work like a slave
>spend my free time taking the occasional PI case and writing contracts for Mexicans. Made about $45k doing that with about $15k of it in cash
>set up to take over as the business litigator in a small firm that I worked for in college when their litigator retires
>make $210k in base salary, bill at $200/hr or a 30% flat contingency for side work

I failed 4 sales and trading internship interviews in the past few months. I'm too autist to get in

>>100281
i want to be you how was your undergrad was it harvard?

>>100146
>>100281
Bullshit.

>>100607
Really, Sherlock? Wow!

>>100618
No harm in calling bullshit out, even if it is obvious or already been done.

>>94876
Finance major here, with the connections I've built at uni and at the bank I work as an intern at, I'm focusing on going straight into investment banking. Fuck retail banking.

>>94954
>Everyone knows investement banking is a shit fuck grind for 5 or so years
Same as launching a business, life isn't easy and was never intended to.

>>99738
>the real money is in quantitative analysis & data analysis

Hear, hear. Better hours too

What should I major in college specifically to get into ibanking?

>>100607
That's not an unusual career path at all.

>>100965
$175k post-undergrad is almost unheard of. The only jobs that get that high are really rare buy-side, and tech jobs that don't have that fast a salary progression thereafter

>>100990
It sounded like post-law school. Genius.

>>100998
That's fair enough - I'm not familiar with the law side of things. I'm not the one who called bullshit by the way.

>>94876
I heard being a software engineer for a bank is a lot better overall, because of the hours and stress. I heard they make bank also (No pun intended) Can anyone tell me if this is true?

This thread is relevant to my interest.

Programmerfag here. Got a BS in comp sci, how can I join this gravy train?

Yes be in college with connections to the techies and just focus on banking. Don't build your relationships with people who may build the next Facebook or even handle their marketing.

Just focus on your grades.

Listen this isn't the real world. You get into I B and you see right away who the bitches are and they don't last. Its oh my girlfriend. Yeah your girlfriend....I had a model suck my dick in a hotel room while I was thinking about the futures market.

This field is not for the weak. If you can't hang don't bother coming in

This guy says you should rather work for a hedge fund or invest on your own.

>>102775

“Investment banking has become an industry for middle class mediocrities”

http://sg.finance.yahoo.com/news/investment-banking-become-industry-middle-134642696.html

>>100725
This is actually incorrect. Life is easy if you become a programmer.

>>95122
This

>tfw kissless virgin NEET, post-college
>read this post >>102782
feels bad man

What if I start as a trader? How far can I go and how fast?

1. Seems the big banks only take Ivy League hotshots with amazing resumes or guys with the right connections

2. 100 hour workweeks