Investment Banking Discussion Thread - Page 24

You live in Jersey City and work in IB? Brutal late night commute

I live in JC and I can attest to how shitty the commute is, at any time of the day (the worst at 10PM onwards).

black car.

precisely, quick zip through the holland tunnel, which is absolutely empty at 10/11/12pm on weeknights outbound

Its funny till I admit I work there, and not in ssga...though I could easily work there just dont think its what I would enjoy doing.

None of that is true.

In back office, you make sure that money is routed where it's supposed to go. You make sure that confirmations are faxed.

Middle office makes sure that what you have booked matches what your counterparts has booked.

Neither supplies any knowledge of expertise except for - 'hey, how late can I settle Yen today?'

People have made the jump from middle office to front office. But it's the connections and chance to demonstrate that you're a good guy / hard worker. In this environment, there is zero chance of that. Zero.

Khayembii, banking and a top-tier MBA are both very unlikely at this point. You just don't have the GPA (or GPAs since you did two undergrads).

I'd recommend two things - get an accounting degree and work for a big firm. Do well there and jump to a rating agency. Do well at the rating agency and jump to an asset manager. I've seen that a few times and think its the best option at this point.

Something else to look at, though this is also dying off - an inter dealer broker like ICAP or Prebon. Those guys make good money and don't require a specific background.

do people who post here actually work in the industry?!

Some do, yes.

I read Liar's Poker. Isn't that basically the same thing?

Well, my point was that you have to start somewhere, given the circumstances. I agree completely though as I am hitting a wall now
Since all the talk about PWM as stopped I'll resist the urge to post anymore. I'm out of my league.

I interned in PWM. I understand your pain; try to get out.

If you can get on a good team, PWM seems like a pretty civilised way to earn a living. The guys I know who stuck with it all make good money and don't work super hard - at least not now.

I had the BS internship at a PWM and it was boring and...so slow but that might have been because the city I was in wasnt huge so my boss clients wernt huge either. I saw what he did on a day to day basis and just couldnt do that with the rest of my life.

No idea what it's like outside of NY.

They have product specialists within PWM departments. All based in NY I imagine but I'd think more interesting than client service.