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Investment Banking Discussion Thread - Page 5

post #61 of 622
Banks recruit directly from MBA programs. I can't think of anything similar for a CFA, one would have to network their way in to an offer.

The Summer Associate programs that recruit MBA's seem to be really key to getting offers, and obviously one cannot do this with solely a CFA.
post #62 of 622
It seems then CFA maybe better suited for boutiques from what I know, or insurance companies lol
post #63 of 622
Quote:
Originally Posted by gettoasty View Post

Wanted to follow up on this thread:
What is the difference in obtaining your CFA license vs. attending an MBA program? I feel the former may be more technical and applicable in the analyst position whereas an MBA may be better suited for management. Thinking about it though, it may seem that the CFA has an upper hand because they will be more involved with the technical side of the business before making the jump into management.
Currently still in PWM industry but considering the CFA, 6 months later, still even though my current position is indifferent about the idea
CFA I feel will give me a good scope and broad understanding and will pair well with my finance + statistics b.s. degrees
FWIW I have another year till I hit the "25 yo mild stone"

if you want to do real investment banking, the CFA is completely useless, the M&A group at my old bank actually aggressively discouraged analysts to study for it (ie. you had to do it in secret). I did level one right after i finished my undergrad and had planned to continue, but decided against it once i saw i wouldn't bring me any benefits. The thought thing with banking is not necessarily to have the qualifications (which a lot of folks have), but more how to get a foot in the door. and a vast majority of iBankers have been hired out of undergrad or MBA

If you want to do equity research though, it's almost a requirement nowadays.
post #64 of 622
any bankers working/interning in new york this summer? would love to meet you guys
post #65 of 622
Appreciate the feedback

Grad school is not feasible at the moment and CFA seems more reachable.
Not sure where to go from here beside racking up experience points and building a better foundation in PWM
post #66 of 622
received a giant tombstone today for a deal we closed last summer. designing tombstones and finding project names were by far the 2 most fun tasks to do in IB wink.gif
post #67 of 622
Quote:
Originally Posted by Dashaansafin View Post

I fucking hate idiots who think 100+ hours a week is doable and they'll somehow just tough through it. You want to kill yourself every second of waiting for comments and more comments and doing turn after turn 12:00pm on a Sunday night when your gf is in town.
Shit sounds easy until you do it, all this I'm prepared for it blah blah is all bullshit, you havent even gotten an internship, much less a FT offer yet.
Oh, and you dont learn anything about the "world'. For the love of god dont say that in an interview or you'll be laughed right out of the office (assuming you make it to second rounds), or your career center. You learn meaningless shit no one cares about in whatever particular industry you are in (yes Tech sucks ass too, you arent doing LBOs on Google son).
Sure if you land in a non-retard group that doesnt use templates all day long you'll learn to model well after your two years, but thats about it.
And having the goal of an "Ivy league MBA" is retarded, do you mean m7? Half the schools in there arent in the Ivy league.
And it makes no sense to jump from IBD to MBA, to MBB back to IBD (what the fuck????) then to PE/VC. Why would you go to an MBA to go back to banking? PE firms dont want retard MBA students (who coincidentally make retard associates) without prior PE exp. And VC is completely different than PE, thats like saying you want to be a dentist/neurosurgeon.

Quote:
Originally Posted by Dashaansafin View Post

The best way to describe this job is like going to jail for 2+ years. You eat the same thing in varying degrees of whats on Seamless, you dont have weekends off, you wont see your family, friends, girlfriend, dog, cat, bastard child. Your blackberry is an ankle collar keeping you in check so an associate can dump more work on you and go home at 6PM while you go home at 3AM.

Obnoxious tone aside, this is all quite close to the truth. Yet, I often wish I could go back to my associate years.
post #68 of 622
It sucks trying to get into IB when the only summer offer you have is a BO internship.
post #69 of 622
Quote:
Originally Posted by gdl203 View Post

Yet, I often wish I could go back to my associate years.

how come?
post #70 of 622
Quote:
Originally Posted by gomestar View Post

how come?

It's low stress, you know exactly what to do to succeed, everything is simple and straightforward, just have to work hard. No luck, and nearly no politics involved. In a word, you're in control of your success far more than later in the career. Things get a lot more stressful after a few years.
post #71 of 622
makes total sense, and I've heard this from a few people.
post #72 of 622
I'm heading into my 3rd year in banking at a top 5 firm and am desperately trying to get out. I really enjoy the analytical part of finance but I hate serving clients. I'm trying to move over to the buyside because I find it boring to just pitch stuff to clients, most of whom won't follow through or will just pick another back with which they have a better relationship. In the end, the work I do right now feels so disconnected from the end result - I want to take risk and have my work matter.
post #73 of 622
A couple of graphs to illustrate why people are less excited about careers in IB than ever. Add to that the demonization by OWS, populist politics, etc... and I think the formula yields pretty low interest for bright candidates. Which, of course, creates opportunities for the less bright ones - something of a downward spiral for the sector as a whole.

London financial services jobs

240


Bonuses

281


PS: I know, this is is for London - I happen to come across those graphs but I'm sure one can find similar trends for Wall St.
post #74 of 622
Quote:
Originally Posted by gdl203 View Post

A couple of graphs to illustrate why people are less excited about careers in IB than ever. Add to that the demonization by OWS, populist politics, etc... and I think the formula yields pretty low interest for bright candidates. Which, of course, creates opportunities for the less bright ones - something of a downward spiral for the sector as a whole.

I think the latest crop of Associates need their heads examined. Why would anyone with options want to get on the banking career-track right now? Im predicting some serious attrition among our Associates/VPs as they realize it's just not going to be worth it anymore. If I weren't on the cusp of a promotion I would have said fuck it after last year.
post #75 of 622
Quote:
Originally Posted by gdl203 View Post

A couple of graphs to illustrate why people are less excited about careers in IB than ever. Add to that the demonization by OWS, populist politics, etc... and I think the formula yields pretty low interest for bright candidates. Which, of course, creates opportunities for the less bright ones - something of a downward spiral for the sector as a whole.

PS: I know, this is is for London - I happen to come across those graphs but I'm sure one can find similar trends for Wall St.

true, it's gonna be a grand hustle now. traders can milk it, but M&A and leverage finance are taking hits

but in any case, this is the climate in which the real traders make big bucks. and jp morgan is eating dirt, other banks are out for revenge and these clowns are finding it impossible to unwind their bad trades.
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