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Investment Banking Discussion Thread - Page 19

post #271 of 619
Get a CFA, get with a good reputable firm.

I mean struggling in the sense that for a CFA holder I am not too impressed in what the scope of their skill set and knowledge is as the work e.g. research & analysis in making portfolio allocations (moving client assets around). I am basically doing the same thing to an extent and only because we have "defined" roles that I don't really get too hands on in investments.

I just think the CFA is being under utilized or not applying one self enough. I guess I expect too much.
post #272 of 619
That's the dirty little secret of finance. Most of this stuff isn't that hard. But you essentially have to be massively overqualified to get a chance to do it.

On the trading side, most of what you do is 8th grade algebra but they still like to hire math / science majors. Of course there are jobs that require a real math background but those are still the vast minority.
post #273 of 619
Quote:
Originally Posted by Cantabrigian View Post

That's the dirty little secret of finance. Most of this stuff isn't that hard. But you essentially have to be massively overqualified to get a chance to do it.
On the trading side, most of what you do is 8th grade algebra but they still like to hire math / science majors. Of course there are jobs that require a real math background but those are still the vast minority.

this. my ex's dad is on the board of a BB and runs a $30B+ hedge fund. nearly exactly his words.
post #274 of 619
Quote:
Originally Posted by Cantabrigian View Post

That's the dirty little secret of finance. Most of this stuff isn't that hard. But you essentially have to be massively overqualified to get a chance to do it.
On the trading side, most of what you do is 8th grade algebra but they still like to hire math / science majors. Of course there are jobs that require a real math background but those are still the vast minority.

while not false, you'd be surprised at how stupid most people are.
post #275 of 619
Quote:
Originally Posted by Cantabrigian View Post

That's the dirty little secret of finance. Most of this stuff isn't that hard. But you essentially have to be massively overqualified to get a chance to do it.
On the trading side, most of what you do is 8th grade algebra but they still like to hire math / science majors. Of course there are jobs that require a real math background but those are still the vast minority.

Quote:
Originally Posted by ppllzz View Post

while not false, you'd be surprised at how stupid most people are.

Both of these statements are true.

8th grade algebra is really fucking hard for large swaths of people.
post #276 of 619
It's Friday at 1am and I'm still fucking churning decks...
post #277 of 619
I've been on the beach this entire week and I went home at 3 (PM) yesterday.
post #278 of 619
I'm always hearing conflicting stories on the difficulty of IB. What I've gathered so far: Incredibly difficult to get into the big places, but as long as you're willing to slog it out, you can stay within that circle.
post #279 of 619
Quote:
Originally Posted by L.R. View Post

I'm always hearing conflicting stories on the difficulty of IB. What I've gathered so far: Incredibly difficult to get into the big places, but as long as you're willing to slog it out, you can stay within that circle.

true, except that slog it out = 100 hour weeks, being yelled at by everyone else since you are the bottom of the food chain, no life, a permanently brown nose.
post #280 of 619

how's recruiting going for everyone? I still haven't heard back from anywhere yet, starting to get pretty nervous.

post #281 of 619
Found this article that talks about pay decreases following the 2011 bonuses. Sucks that I'm trying to break into this right now. Oh well.

I've decided I'd like to get into investment management most likely, and so I'm signed up to take the CFA Level 1 in June 2013 and have started studying already for it, which I am fairly confident that I'll pass.

What kind of jobs in investment management could I possibly be looking into right now, considering that I'm a CFA L1 candidate, engineering/math/science background, S6/63 licenses, only personal trading experience? I'm not really sure what's out there.

Asset management? Investment management in a PWM division? Work at a mutual fund? What about financial advising, would that contribute positively towards my resume or is that too much of a sales gig? What about equity research?

Opinions?
post #282 of 619
Quote:
Originally Posted by Khayembii Communique View Post

Found this article that talks about pay decreases following the 2011 bonuses. Sucks that I'm trying to break into this right now. Oh well.
I've decided I'd like to get into investment management most likely, and so I'm signed up to take the CFA Level 1 in June 2013 and have started studying already for it, which I am fairly confident that I'll pass.
What kind of jobs in investment management could I possibly be looking into right now, considering that I'm a CFA L1 candidate, engineering/math/science background, S6/63 licenses, only personal trading experience? I'm not really sure what's out there.
Asset management? Investment management in a PWM division? Work at a mutual fund? What about financial advising, would that contribute positively towards my resume or is that too much of a sales gig? What about equity research?
Opinions?

people have been saying this and i'm not one to jump onto the bandwagon, but it'll be a long hard slog for you given your background (grades/school). maybe you could do pwm or financial advising and work up? when i say momentum what do you think?
post #283 of 619
Looking at local advisory firms and mutual funds right now mostly. PWM too but I don't want to be in sales so that's tough. Wasn't sure if financial advising was a good thing to have in terms of where I want to be post-MBA but it looks like that's my best option most likely. Just need to find a job for between now and grad school. Thanks for the advice.
post #284 of 619
Have you considered operations/administration in finance? Become the turnkey for everyone and at the same time develop a lot of relations with externals. Of course your knowledge has to be on point since everyone will go to you about the ins and outs of getting paperwork, transactions, funding, etc. Essentially once you have the knowledge and experience, you can be less sales oriented and instead, take over operations making sure the wheel is turning and moving forward. Now this maybe very niche but this is my experience in PWM.
post #285 of 619
Quote:
Originally Posted by gettoasty View Post

Have you considered operations/administration in finance? Become the turnkey for everyone and at the same time develop a lot of relations with externals. Of course your knowledge has to be on point since everyone will go to you about the ins and outs of getting paperwork, transactions, funding, etc. Essentially once you have the knowledge and experience, you can be less sales oriented and instead, take over operations making sure the wheel is turning and moving forward. Now this maybe very niche but this is my experience in PWM.

This is what I am trying to do right now. Little more then a year and a half at a custody bank, now looking to work for an AM/IM and do operations for another year or so while gaining FO exp. Then stay with that company but do something I actually want to do. All while they are supporting me with CFA.
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