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Good Natured Advice Thread (improving a business wardrobe) - Page 1505

post #22561 of 37396
Quote:
Originally Posted by The Noodles View Post

CFA, cannot be attained just by passing the 3 parts of the exam. If I am correct, they now require work experience, which they enforce strictly. 

Interesting, I thought MBA from Columbia or NYU with no job experience opened the gates to Wall St. 

A lot of Wall Street firms hire more people straight out of undergrad than they do from MBA programs. The best way to get into Wall Street is to go to an elite school, get good grades and have enough of a personality to not get thrown out of interviews. Plenty of people do it post-MBA, but with work experience (some people worked in corporate America, others at consulting firms, really anything).

CFA has required work experience for at least a decade. Taking and passing the exams, however, shows a dedication to learn and also shows that you have a certain body of knowledge that is valuable in certain occupations. Plus you can put that you've passed the exams on your resume without having the CFA Charter as long as you do it in the manner prescribed by CFA Institute.
post #22562 of 37396

CFA is the toughest SOB exam out there. 

 

I don't know what it is like to work at Wall St. but it looks really good from the outside. The money, not the hours. 

 

I clicked on the link @sugarbutch put up and the first post is a user name @LabelKing. I see that he still logs in but I guess he "graduated" waywrn? Someone should do a biography on all the old and famous members. :slayer:

 

WAYWRN II had more diversity. It is really hard to judge since a lot of pictures were deleted. I can't say they dressed better in the year 2010-2011 (WAYWRN II) but I like the current WAYWRN much better. 


Edited by The Noodles - 4/22/15 at 11:55am
post #22563 of 37396
Quote:
Originally Posted by europrep View Post
 

 

Yes, 5 years relevant work experience.  I wasn't commenting the length of time, just that it is more useful for Wall St than a MBA.  

 

Well, I am sure having an MBA from Columbia or NYU and no job experience is better than no MBA and no job experience.  

 

Not really, because that MBA most likely comes with $200k of debt. A lot do people who do an MBA see it as a 2 year holiday, where the most important thing is creating a network. Grades or performance in the programme don't really matter, as it's more about all the bschool trips and the parties. 

 

It sounds like a lot of fun, but it is very, very expensive. Luckily MBAs aren't as common in Europe, and not nearly as expensive.

 

The CFA is only really valuable if you're going to be a portfolio manager. Most of the knowledge gained is not really applicable to many other jobs. It looks very good on your resume though.

post #22564 of 37396
Thread Starter 
post #22565 of 37396
Quote:
Originally Posted by DonRaphael View Post

Thank you for the wise advice. I will keep that in mind and have a look at NMWA. Appreciate it.

My pleasure. smile.gif
post #22566 of 37396
Quote:
Originally Posted by Monkeyface View Post
 

 

Not really, because that MBA most likely comes with $200k of debt. A lot do people who do an MBA see it as a 2 year holiday, where the most important thing is creating a network. Grades or performance in the programme don't really matter, as it's more about all the bschool trips and the parties. 

 

It sounds like a lot of fun, but it is very, very expensive. Luckily MBAs aren't as common in Europe, and not nearly as expensive.

 

The CFA is only really valuable if you're going to be a portfolio manager. Most of the knowledge gained is not really applicable to many other jobs. It looks very good on your resume though.

 

Haha, are you certain it's a holiday? From what I've heard, the curriculum is pretty tough and there will be countless hours prepping for class material. Paying $200k sucks, but the real value is $200K plus the two years of foregoing work, which can be another $300k+ (assuming $150k pretax). 

post #22567 of 37396
Quote:
Originally Posted by The Noodles View Post

WAYWRN II had more diversity. It is really hard to judge since a lot of pictures were deleted. I can't say they dressed better in the year 2010-2011 (WAYWRN II) but I like the current WAYWRN much better. 

WAYWRN II definitely had more diversity compared to the current WAYWRN. If some of the stuff from WAYWRN II were posted in today's WAYWRN, I think those people would get ripped apart for some of their choices. Back then it seems like it was accepted and people liked it, some of those people being of the 'old guard'. It makes me wonder about the whole "SF Groupthink" idea people always talk about. Is the 'groupthink' so strong now that people are scared to stray away from it?
post #22568 of 37396

The ROI of an MBA for career-switchers switching into a much higher paying job is pretty high.  Payback for most career-switchers into a Wall St job is 2-3 years.  

 

Business school is hard work but especially in the first year, juggling with classes, grade performance and summer recruiting.  Second year is more of a breeze if a full-time offer is in the pocket

post #22569 of 37396
Quote:
Originally Posted by Monkeyface View Post
 

 

Not really, because that MBA most likely comes with $200k of debt. A lot do people who do an MBA see it as a 2 year holiday, where the most important thing is creating a network. Grades or performance in the programme don't really matter, as it's more about all the bschool trips and the parties. 

 

It sounds like a lot of fun, but it is very, very expensive. Luckily MBAs aren't as common in Europe, and not nearly as expensive.

 

The CFA is only really valuable if you're going to be a portfolio manager. Most of the knowledge gained is not really applicable to many other jobs. It looks very good on your resume though.

 

I have heard this as well from friends in B school. 

All things aside, if one wants to work on wall street undergrad is very important and no top tier B-school will take you without work experience. Many work for a few years, their firm pays them to go to school, and then hires them back upgraded when they're back. It's not a bad deal if that's your deal. 

I sometimes wish I was wired that way. I'd surely have far more money in life by now. Medicine is dumb anyway. (I kid)

 

Quote:
Originally Posted by gdl203 View Post
 

The ROI of an MBA for career-switchers switching into a much higher paying job is pretty high.  Payback for most career-switchers into a Wall St job is 2-3 years.  

 

Business school is hard work but especially in the first year, juggling with classes, grade performance and summer recruiting.  Second year is more of a breeze if a full-time offer is in the pocket

 

Yeah, law school is the same. Work your ass off first year, get a good internship, then coast if they'll hire you. My friend at Harvard Law was a great buddy to hang out with when I was funemployed. He was free almost every week night.

post #22570 of 37396
Quote:
Originally Posted by ridethecliche View Post
 

 

I have heard this as well from friends in B school. 

All things aside, if one wants to work on wall street undergrad is very important and no top tier B-school will take you without work experience. Many work for a few years, their firm pays them to go to school, and then hires them back upgraded when they're back. It's not a bad deal if that's your deal. 

I sometimes wish I was wired that way. I'd surely have far more money in life by now. Medicine is dumb anyway. (I kid)

 

 

Yeah, law school is the same. Work your ass off first year, get a good internship, then coast if they'll hire you. My friend at Harvard Law was a great buddy to hang out with when I was funemployed. He was free almost every week night.

 

Yeah, I have friends in Bschool that spent at least 50k on traveling and partying alone. I've heard it's getting harder to justify the cost though. Pay in finance is down, and there aren't as many jobs as there used to be, so more competition as well.

 

I think you'd be pretty bummed if you don't land a buyside offer after getting 200k in debt and foregoing 200k-300k in salary. I've heard stories of people who left an investment bank to get an MBA, fail to get a job on the buyside, and start as an associate at another bank. Now that's a real bummer, because you could've gotten there faster without any debt by just staying at the first bank. 

 

Banks won't pay for an MBA though, that's only for management consultancy. Hell, in certain parts of finance an MBA would actually detract from your resume.

 

In other news, 30% of US student loans that have started the prepayment phase are now in delinquency, and that rate is increasing.

post #22571 of 37396
"Can't get a job? Go back to school and get another degree."

That's what I see a lot of witg young kids. The problem is they're just racking up more in student debt. Another problem is you're not alone and others are coming back to school to get another degree. Competition keeps on going up with kids with dual degrees or even triple degrees.
post #22572 of 37396
Quote:
Originally Posted by Caustic Man View Post


My dreams...

 

Warning: Spoiler! (Click to show)

 

Quote:
Originally Posted by The Noodles View Post
 

My dream...

 

Warning: Spoiler! (Click to show)
271A3744543B3DA527CF84

 

 

 

My dream...

 

Warning: Spoiler! (Click to show)

 

As you can see, I'm already living my dream.

post #22573 of 37396
Quote:
Originally Posted by Coxsackie View Post
 

 

Warning: Spoiler! (Click to show)
As you can see, I'm already living my dream.

 

So am I. Unfortunately mine isn't nearly as exciting (except to me).

post #22574 of 37396
Quote:
Originally Posted by Monkeyface View Post
 

 

Yeah, I have friends in Bschool that spent at least 50k on traveling and partying alone. I've heard it's getting harder to justify the cost though. Pay in finance is down, and there aren't as many jobs as there used to be, so more competition as well.

 

I think you'd be pretty bummed if you don't land a buyside offer after getting 200k in debt and foregoing 200k-300k in salary. I've heard stories of people who left an investment bank to get an MBA, fail to get a job on the buyside, and start as an associate at another bank. Now that's a real bummer, because you could've gotten there faster without any debt by just staying at the first bank. 

 

Banks won't pay for an MBA though, that's only for management consultancy. Hell, in certain parts of finance an MBA would actually detract from your resume.

 

In other news, 30% of US student loans that have started the prepayment phase are now in delinquency, and that rate is increasing.

 

Student loans are a damn racket...

 

Especially for profit colleges. Holy crap. Such a facepalm.

post #22575 of 37396
Quote:
Originally Posted by Coxsackie View Post
 

 

 

 

My dream...

 

Warning: Spoiler! (Click to show)

 

As you can see, I'm already living my dream.

 

Your dream looks expensive.

 

 

You guys can always join the military and then go to school for free if you don't want student loans.  My MBA was free ninety-nine.

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