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Investment Banking Discussion Thread - Page 23

post #331 of 622
Quote:
Originally Posted by GreenFrog View Post

aww man.. sad to hear you sold the zhp. hopefully one day you will buy one again and add it to your stable.
so, question: i plan on moving to NYC for a job change this upcoming summer, and im conflicted about having a car in the city. have you had your zhp and m coupe in the city all this time? i know nyc is terrible for owning cars, but i dunno man.. im the type of guy who has to have a car no matter where i live.
what made you decide to finally sell your cars? pros/cons of having a car in the city?

two words: zip car.
post #332 of 622
Quote:
Originally Posted by GIXXER126 View Post


Very true! Work long hour, but you're right, don't do any deal chasing!

....you're not an MD, you're in a cubicle for 100 hours a week.

post #333 of 622
Quote:
Originally Posted by nootje View Post

Quote:
Originally Posted by GIXXER126 View Post

Assuming you're in banking i would immediately question your level of success. Think about it feom this angle, if you want fat large pay days, you better be hungry for deals because there's dozens of other banks with their bankers who'll eat your lunch! Simple as that! No hard work, no big pay cheque or bonus.

always nice to see someone sticking to the 80s mentality..

Nothing has changed. Still run models and pitch ideas. Lots of companies, even more bankers.
post #334 of 622
Quote:
Originally Posted by aspasp View Post

Quote:
Originally Posted by GIXXER126 View Post


Very true! Work long hour, but you're right, don't do any deal chasing!

....you're not an MD, you're in a cubicle for 100 hours a week.


Exactly, a shit life! A friend is an Analyst and she starts around 5am and sometimes is catching the last train home at midnight! Would hate to be an analyst!
post #335 of 622
Quote:
Originally Posted by gomestar View Post

here I thought the whole PWM talk was annoying, but leave it to a consultant to further shit up a investment banking thread with BMW talk and requests for a list of "pros/cons of having a car in NYC".

PLEAZZZZZ PUT ME ON IGNORE!!

how has it taken you so long?!
post #336 of 622
Quote:
Originally Posted by GIXXER126 View Post

Nothing has changed. Still run models and pitch ideas. Lots of companies, even more bankers.

except that clients these days actually think about strategy instead of letting us ibankers dictate it to them, lessening their propensity to close the deal. And the great banker herd is actually thinning, with predatory regulators and a hostile environment killing more rosy cheecked, well dressed associates and analysts each day....
post #337 of 622
Quote:
Originally Posted by nootje View Post

Quote:
Originally Posted by GIXXER126 View Post

Nothing has changed. Still run models and pitch ideas. Lots of companies, even more bankers.

except that clients these days actually think about strategy instead of letting us ibankers dictate it to them, lessening their propensity to close the deal. And the great banker herd is actually thinning, with predatory regulators and a hostile environment killing more rosy cheecked, well dressed associates and analysts each day....

You're bang on in the global IB market! I just read 40,000 banking and analyst jobs were being cut by the big banks. We've been isolated from that in Calgary and Saskatoon given the oil & gas sector focus. For those writing their CFA, study hard! Last year there was approx. 120,000 writers, most ever, and the pass rate was lowest ever with 38%. Lots of displaced analysts, bankers and corp. fi. professionals trying to get an advantage in the marketplace.
post #338 of 622
I'm dying laughing at these "I'm too overqualified for entry level gigs" posts in here. Do you know how bad it is out there?

Oh well, one guy I won't have to compete with.
post #339 of 622
Quote:
Originally Posted by Khayembii Communique View Post

Well if going straight to b school with two years of work experience (though not in the field) puts me in a good position to come out making a good amount of money with higher chance of a better position in the field then I'd jump on it ASAP so that's why I'd like to know.
EDIT: What's wrong with financial advisor positions and why would that be a poor job choice right now if I want to go into IM later?

 

The situation is different than what it used to be. More and more high school students can read articles about how much investment management at hedge funds can net you per year. Yes I admit I am one of them. I just finished an internship for 6 months at State Street Global Advisors. My internship consisted of deciding/analyzing prices/deciding on which investment areas we should be looking, shorting, options, stocks, etc, whatever.

 

And I was so fcking glad it was just an internship, so if I fcked up somehow it didn't matter as much. Because all I had to do was give opinions/suggest prices for advisors/managers who make the final decisions. I think I literally had 3-4 sleepless nights where I woke up with sweat. Unless you're really able to endure and work hard through pressure, finance is just a road where unless you have a huge amount of experience, you basically don't get to take a shot.

 

Clients nowadays are actually smarter and are coming up with strategies. And being honest, (yes I am only 21 and had shitty amount of experience maybe even compared to you) your qualifications are basically next to nothing. I think you'd do better staying with engineering. After my internship, I tried to look for a job and it was tough to even get interviews...Sure I had a little experience but there's so much competition it's not like anyone wants to put trust in a lost person like me when there are people with more experience than me.

I'm actually happy I turned away from finance lol ffffuuuu.gif

post #340 of 622
Quote:
Originally Posted by IChen View Post

The situation is different than what it used to be. More and more high school students can read articles about how much investment management at hedge funds can net you per year. Yes I admit I am one of them. I just finished an internship for 6 months at State Street Global Advisors. My internship consisted of deciding/analyzing prices/deciding on which investment areas we should be looking, shorting, options, stocks, etc, whatever.

And I was so fcking glad it was just an internship, so if I fcked up somehow it didn't matter as much. Because all I had to do was give opinions/suggest prices for advisors/managers who make the final decisions. I think I literally had 3-4 sleepless nights where I woke up with sweat. Unless you're really able to endure and work hard through pressure, finance is just a road where unless you have a huge amount of experience, you basically don't get to take a shot.

Clients nowadays are actually smarter and are coming up with strategies. And being honest, (yes I am only 21 and had shitty amount of experience maybe even compared to you) your qualifications are basically next to nothing. I think you'd do better staying with engineering. After my internship, I tried to look for a job and it was tough to even get interviews...Sure I had a little experience but there's so much competition it's not like anyone wants to put trust in a lost person like me when there are people with more experience than me.
I'm actually happy I turned away from finance lol ffffuuuu.gif

stt is a joke just so you know...people outside of the east coast might not know this but i'll tell you its a complete joke. They care about their employees 0 percent.
post #341 of 622
Quote:
Originally Posted by pseudonym View Post

I'm dying laughing at these "I'm too overqualified for entry level gigs" posts in here. Do you know how bad it is out there?
Oh well, one guy I won't have to compete with.

lol I think you need to go reread what I said.

Quote:
Originally Posted by IChen View Post

The situation is different than what it used to be. More and more high school students can read articles about how much investment management at hedge funds can net you per year. Yes I admit I am one of them. I just finished an internship for 6 months at State Street Global Advisors. My internship consisted of deciding/analyzing prices/deciding on which investment areas we should be looking, shorting, options, stocks, etc, whatever.

And I was so fcking glad it was just an internship, so if I fcked up somehow it didn't matter as much. Because all I had to do was give opinions/suggest prices for advisors/managers who make the final decisions. I think I literally had 3-4 sleepless nights where I woke up with sweat. Unless you're really able to endure and work hard through pressure, finance is just a road where unless you have a huge amount of experience, you basically don't get to take a shot.

Clients nowadays are actually smarter and are coming up with strategies. And being honest, (yes I am only 21 and had shitty amount of experience maybe even compared to you) your qualifications are basically next to nothing. I think you'd do better staying with engineering. After my internship, I tried to look for a job and it was tough to even get interviews...Sure I had a little experience but there's so much competition it's not like anyone wants to put trust in a lost person like me when there are people with more experience than me.
I'm actually happy I turned away from finance lol ffffuuuu.gif

Thanks for the contribution. How'd you snag the internship if you have worse experience than me? I didn't think it got much worse than where I'm at haha. I'm not staying with engineering, I don't like it. Demand for labor changes over time; as someone who graduated in 2009 with a CE degree I know this all too well firsthand.

As for the idea of "hedge fund saturation" at both a fund- and employment-level, the industry is going to always be changing. Some doors close, others open. I'd rather not base what I do long term on short term prospects but what I enjoy, even if it's a tough road to follow. It's a marathon, anyways, so if I don't get anything now then I can just keep doing stuff that improves my resume and experience until I do. Eventually someone will bite.
Quote:
Originally Posted by OmniscientCause View Post

stt is a joke just so you know...people outside of the east coast might not know this but i'll tell you its a complete joke. They care about their employees 0 percent.

STT?
post #342 of 622
Quote:
Originally Posted by Khayembii Communique View Post

STT?

link
post #343 of 622
Come on dude if you can't even put the comments together and infer what "STT" meant in shorthand how you expect anyone to take you seriously as an analyst.
post #344 of 622
Quote:
Originally Posted by Khayembii Communique View Post


lol I think you need to go reread what I said.
Thanks for the contribution. How'd you snag the internship if you have worse experience than me? I didn't think it got much worse than where I'm at haha. I'm not staying with engineering, I don't like it. Demand for labor changes over time; as someone who graduated in 2009 with a CE degree I know this all too well firsthand.
As for the idea of "hedge fund saturation" at both a fund- and employment-level, the industry is going to always be changing. Some doors close, others open. I'd rather not base what I do long term on short term prospects but what I enjoy, even if it's a tough road to follow. It's a marathon, anyways, so if I don't get anything now then I can just keep doing stuff that improves my resume and experience until I do. Eventually someone will bite.
STT?

I met one of the managers during a banquet once at a family friend's house. Connection = me being chosen > others who probably applied and goes to a top school.

 

And being honest it's not just about some doors close, others open. It's either enduring all the pressure and sweat and long hours for years and end up with nothing, or somehow you make it big and become happy. Sorry but I don't really see you making it...

 

I think starting small is one of the most important rules/tips I learned. It's the people (and firms) (like you) who expect a lot at the start who fail the fastest.

 

 

Quote:
Originally Posted by OmniscientCause View Post


stt is a joke just so you know...people outside of the east coast might not know this but i'll tell you its a complete joke. They care about their employees 0 percent.

Lol I think so too. Was funny watching an analyst actually being yelled at during lunch one day....he choked on his sandwich ffffuuuu.gif

post #345 of 622
Quote:
Originally Posted by GreenFrog View Post

aww man.. sad to hear you sold the zhp. hopefully one day you will buy one again and add it to your stable.
so, question: i plan on moving to NYC for a job change this upcoming summer, and im conflicted about having a car in the city. have you had your zhp and m coupe in the city all this time? i know nyc is terrible for owning cars, but i dunno man.. im the type of guy who has to have a car no matter where i live.
what made you decide to finally sell your cars? pros/cons of having a car in the city?

Dude, live in a much nicer apartment in jersey city. You get to keep the car, get more space and you're a path ride away. I live in a nearby suburb, keep my 911TT and s-class and am 20 minutes from midtown if I want to be. JC might be just the answer for you.

As to the recent posters, even with a high end MBA, its not easy to get into BB firms. I went to stern and have been very pleased with my position, but its still not the glitz and glamor you think its gonna be, by a longshot.
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