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Career advice (Finance) - Page 2

post #16 of 31
5/5/10 at 5:59pm
Quote:
Originally Posted by v.freeman View Post
It really depends on a few factors what you can do from here. It depends on your undergrad gpa, how well you can do on the MCAT, and whether you think you can get into a good MBA.

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post #17 of 31
5/5/10 at 7:44pm
Quote:
Originally Posted by Valor View Post
I agree that those school are all decent, but when you look at how much they cost compared to the jobs you get afterwards its not worth it. The top 5 (H, S, wharton, Kellogg, Sloan) and i guess + chicago, are fantastic names, but if you look at salaries post MBA they aren't that good. To get into HBS you probably make over 100k a year prior, after graduation the average salary is 150k. For lower ranked schools you'll be in the same boat (looking for a job) as prior to attending. If you look at MBA placement % after the top 10 ranks or so, its not good at all. A school ranked 25th MBA is definitely not worth it. If you want to do finance, the cities are basically NY, London, Singapore, Hong Kong, and Chicago. more or less in that order. OR is operations research which is similar to financial engineering (derivatives pricing).
The average pre-MBA salary going into even the top 5 are nowhere near $100k. They're in the neighborhood of $60-65k.
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post #18 of 31
5/5/10 at 7:54pm
Quote:
Originally Posted by swaggerisaliability View Post
The average pre-MBA salary going into even the top 5 are nowhere near $100k. They're in the neighborhood of $60-65k.
There are a lot of non-profit type folks in the top schools that pull down the average. The finance and consulting types, which make up approximately 40% of the class, are making at least $150-200k prior to MBA. The average MBA exit salary is also misleading. Bonuses in investment banks, private equity firms, and hedge funds are often 100%+ of base salary.
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post #19 of 31
5/5/10 at 9:00pm
I obviously meant GMAT. Sue me, it's finals week.
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post #20 of 31
5/6/10 at 12:50am
Thread Starter 
Quote:
Originally Posted by v.freeman View Post
Honestly, your scope of opportunities is probably very limited. Finance majors from huge public universities are a dime a dozen and being located in the Southeast will hamper your opportunities even further because I can't really think of too many financial service firms the operate solely in that region (excluding the obvious Charlotte headquarters of a few banks).

It really depends on a few factors what you can do from here. It depends on your undergrad gpa, how well you can do on the MCAT, and whether you think you can get into a good MBA.

Perhaps also look into a few MS.Fin programs for another shot at recruiting if you really despise what you're doing right now? An education "restart" would probably be the most obvious choice.

I am in Charlotte, so I have that going for me, but regrettably, Finance majors in this area are a dime a dozen, as you pointed out.

A masters of finance is something Ive been researching as well. I guess Im just afraid to invest in more schooling without knowing what exactly I want to do, or if my less than impressive resume will allow me to do it in the first place. But I agree that an education restart is probably a good choice for me.
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post #21 of 31
5/6/10 at 12:55am
Thread Starter 
Quote:
Originally Posted by nate10184 View Post
^^^ I don't think its that dire if you know what you want and are willing to really go after it.

You work in marketing now? There are a million different roles at the big banks, you might look for something in marketing or communications to get your foot in the door. Tell them you're interested in the role because it allows you to "pursue your interest in financial services while leveraging your work experience in marketing yada yada"

I really emphasize you should take anything you can get with a financial services company. I hear stories all the time about people who started in HR and are now doing wealth management, corp. finance etc.

Thanks for the advice. I was afraid of pigeonholing myself into an area Im not really interested in, but it sounds like broadening my search would be a smart move.
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post #22 of 31
5/6/10 at 1:18am
Although finance is a really really wide field and you probably haven't much clue as to what you want to do, in order to apply successfully for finance jobs, you better be able to sell your story especially in this market. ex: you want to go into investment management for commodities. You need to be able to show interest in this field, preferably experience. You can't just go to a firm, say you have an undergrad degree in finance, and ask for a job. Recently, I feel that there's been more and more emphasis put on the quantitative aspects of finance with Math/Physics majors being prefered over the finance/econ route. Then again, you could always work in something like Ibanking or consulting which essentially requires no "skills."
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post #23 of 31
5/6/10 at 1:37am
Quote:
Originally Posted by lifersfc View Post
There are a lot of non-profit type folks in the top schools that pull down the average. The finance and consulting types, which make up approximately 40% of the class, are making at least $150-200k prior to MBA. The average MBA exit salary is also misleading. Bonuses in investment banks, private equity firms, and hedge funds are often 100%+ of base salary.

Good point. I assumed that Valor was speaking about each entry class as a whole. OP, if you're interested in finance and have the will to pursue such a competitive/demanding profession, I suggest you check out WallStreetOasis.com. It's a pretty good resource.
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post #24 of 31
5/6/10 at 1:39am
Quote:
Originally Posted by Valor View Post
Recently, I feel that there's been more and more emphasis put on the quantitative aspects of finance with Math/Physics majors being prefered over the finance/econ route. Then again, you could always work in something like Ibanking or consulting which essentially requires no "skills."

I'd consider being able to drink coffee nonstop and not sleep to be a skill.
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post #25 of 31
5/6/10 at 1:48am
Quote:
Originally Posted by leftover_salmon View Post
I will say that coming from "a public university in the southeast" (UNC is the only very good one of which I can think, unless you include William & Mary, so I'm going to say you probably didn't go to those)

It sounds like he went to UNC-Charlotte, so it's a moot point, but you left out UVA.
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post #26 of 31
5/6/10 at 1:56am
Quote:
Originally Posted by crazyquik View Post
It sounds like he went to UNC-Charlotte, so it's a moot point, but you left out UVA.

No doubt some of you have seen this before, but for those of you who haven't.

http://www.youtube.com/watch?v=BRx7R-GdEwk
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post #27 of 31
5/6/10 at 10:56am
Thread Starter 
Quote:
Originally Posted by swaggerisaliability View Post
OP, if you're interested in finance and have the will to pursue such a competitive/demanding profession, I suggest you check out WallStreetOasis.com. It's a pretty good resource.

I havent heard of it, but Im heading there now. Thanks.
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post #28 of 31
5/6/10 at 10:59am
Thread Starter 
Quote:
Originally Posted by crazyquik View Post
It sounds like he went to UNC-Charlotte, so it's a moot point, but you left out UVA.

Yup. Nobodys ever heard it, so I didnt bother mentioning it by name.
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post #29 of 31
5/6/10 at 8:15pm
I love it when people discuss something they have no experience with... take any career/education advice you get from random "experts" on the net with a grain of salt...
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post #30 of 31
5/6/10 at 9:25pm
Graduating in '09 was a particularly tough year for recruiting, even for kids at top targets. Plenty of my friends that graduated then had to take shitty entry level jobs. And unfortunately, the first job really does make a huge difference.

I don't think anyone can give you strong advice on what to do. At least in terms of my plans in case banking doesn't work out, it's F500 or government agency for a few years then back to b-school.

Figure out what you want to do first. In terms of finance jobs, I would say being a lackey to a wealth manager might be the most accessible, but it might be a long while before you ever move up. Plenty of those in regional areas.

Check out some MS. F programs and see if there is any placement history. UF's MSF program isn't bad, has decent placement, is in the South East, and they used to place pretty well with Wachovia. Vanderbilt has one too, but I'm a bit less familiar with that one.
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