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Will I be less unhappy going into banking or accounting?

post #1 of 12
Thread Starter 
I'm currently at the LSE studying business maths and stats in my first year. Apparently pretty much everyone doing that kind of degree goes into either accounting or banking. I've been told if I want a shot at getting a job in banking I really need to start applying for internships for either the spring or summer and doing stuff so that I can try convince banks that im interested in investment banking, but it's less stressful for accounting and I can wait until next summer. Is it worth putting all the effort in to try get an internship? The work seems pretty miserable from what I've heard.
post #2 of 12

"less unhappy", "... work seems pretty miserable".  why go into banking if its clearly not your passion?
 

post #3 of 12
Quote:
Originally Posted by fuji View Post

I'm currently at the LSE studying business maths and stats in my first year. Apparently pretty much everyone doing that kind of degree goes into either accounting or banking. I've been told if I want a shot at getting a job in banking I really need to start applying for internships for either the spring or summer and doing stuff so that I can try convince banks that im interested in investment banking, but it's less stressful for accounting and I can wait until next summer. Is it worth putting all the effort in to try get an internship? The work seems pretty miserable from what I've heard.

 

Typically 1st and 2nd year you won't get into an internship. they typically take only juniors and seniors, and if you want to go down that road I would highly suggest you try to get an internship. It's not easy though and very competitive, but if you come out with a bachelors and no internship it'll be nearly impossible to land the job you may want 

post #4 of 12

I think the system is a bit different in the UK than in the states...and perhaps with the LSE brand behind him, he may have more of a shot. I'd go into banking over accounting...in fact I'm in the process of interviewing for an internship at a Canadian bank in for their capital markets group. Tried accounting and hated it. Accounting and banking are two different animals, both in the nature of the work and the employees they attract.

post #5 of 12
Quote:
Originally Posted by fuji View Post

I'm currently at the LSE studying business maths and stats in my first year. Apparently pretty much everyone doing that kind of degree goes into either accounting or banking. I've been told if I want a shot at getting a job in banking I really need to start applying for internships for either the spring or summer and doing stuff so that I can try convince banks that im interested in investment banking, but it's less stressful for accounting and I can wait until next summer. Is it worth putting all the effort in to try get an internship? The work seems pretty miserable from what I've heard.

 

 

LSE is an excellent school. I have to say that I really regret not pursuing a degree from there. Well. . . I cannot speak to banking from personal experience, but I think you have to learn more about both fields before making a decision. You need to work in a career that fits your skill set (what you're "good" at) and personality (intro v. extro, etc.).

 

 

I worked in accounting, and I absolutely loved the firm. The firm focused on entities, trusts, etc. - few individual returns. It really depends on what YOU are interested in. 

post #6 of 12
Weird seeing you in the wild outside RH&E thread.

Anyways, there's an IB discussion thread here that gets pretty quality contributors. They can answer any questions you have about investment banking.

Now, I guess the question is what do you wanna do in finance/accounting? IBD Analyst is pretty miserable in some respects: the notoriously long work hours (80-100 hrs/wk is pretty common), being everyone's bitch, etc. I think a lot of people look at it as sort of a rite of passage, which is why IBD Analyst is a position that people commonly stay in only for like 1-2 years before moving into other fields or going for an MBA. It looks really good on a resume, too, because people know that you're someone that will work your fucking ass off and is smart.

But if you don't wanna go through that, then don't. If you wanna get into investment management on buy side then consider CFA. As for internships, fuck yes, go for it. Get internships, join investment clubs, network your fucking ass off. LSE is a hub for professionals in your field, and once you graduate you lose access to most of that stuff so take as much advantage as possible.

I'm not in finance but I'm trying to break in so take this advice for what it's worth.
post #7 of 12
Quote:
Originally Posted by ExhibitA View Post

"less unhappy", "... work seems pretty miserable".  why go into banking if its clearly not your passion?

 

Exactly. I have a few friends in banking and they love the $ but hate the job-long hours, stress, bullshit bosses. None of them would do it again if they have the choice.
post #8 of 12

UK undergraduate here, have recently secured BB FO internship.

 

I can't be bothered to give you a lot of detail, but will set you on the straight and narrow, given most of the advice you will get here is from a US perspective.

 

1st year undergraduate: Apply for 'Spring Insight programs' these are pretty competitive considering some banks don't do them (you need to get a move on, as these deadlines are most likely passing presently.) If you fail to get anything, pester family connections to get a week at their accountancy or advisory firm.

2nd year: This is the one you need to be aiming at: set aside about 2-3 hours per application, and be prepared to submit at least 20 applications. You're going to need a strong 2:1 from LSE and some decent EC's, think VP of the Finance society, or be involved in a sport.

3rd year: This is when you're applying for graduate jobs, if you haven't secured an internship you're going to find it pretty tough to get a FT job in this climate - you're going to need to consider a MA in a finance related subject, and continue bulking up the EC's.

 

HTH.

post #9 of 12
you'll work like a dog in both industries but in banking you'll get paid more.

If you can guarantee a banking job the next year why not take it easy in accounting? If you can't then do banking so you have a better shot of just rolling the internship into a full time job.
post #10 of 12
Thread Starter 
Yeah I should probably join the finance societies and things like that. Haven't done any networking at all, but I'm guessing its not too late? Still got 2 terms left this year. I'm on the rugby team and should easily be able to get a 2:1 maybe a first. No idea what I'd want to do in finance, I haven't really researched what the actual jobs are. Hoping to do what my sister did, which is get an internship in her 2nd year at an accounting firm then get a grad offer from that contingent on a 2:1.
post #11 of 12
You can never fix your GPA or your extracurriculars once you graduate. Make sure these are as good as possible even if you're suffering for the next two semesters and are stressed as fuck because once you're done they're there for life.
post #12 of 12
Thread Starter 
Oh I meant I have 2 more terms left on my first year, I still have 2 more years of uni left after that.
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