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Investment Banking Discussion Thread

Discussion in 'Business, Careers & Education' started by jslade, Mar 9, 2012.

  1. fuji

    fuji Well-Known Member

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    Just interviewed at a regional bank, which is a member of the inter-alpha group for an internship. It's a rotational program so I'd spend a bit of time in IBD, S&T, DCM and ECM. They asked how much I expected to be paid, told them I had an offer from a BB, which including the signing bonus is about $1500 a week over the summer. They offered me $160, is this real life? I knew these regional banks were pretty poverty, but fuck I worked at a super market stacking shelves and made $400.
     
    Last edited: Jan 27, 2014
  2. Khayembii Communique

    Khayembii Communique Well-Known Member

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    JPM's two-year rotational in NYC paid IIRC $40k
     
  3. MSchapiro

    MSchapiro Well-Known Member

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    This is one of the truest things I've ever read.
    Yeah, it depends if you look at it over the use of four years or one. I've used my four years far better than most, but this last year could have been used more efficiently. The frustration, of course, comes from having no offer in front of my now that recruiting season had passed and the inability to be considered seriously by any NYC offices (we are not a target so I don't make it through online recruiting and most here didn't want me as there is a cap on sponsorships for non EU citizens).
     
  4. Khayembii Communique

    Khayembii Communique Well-Known Member

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    BTW I don't think it's "a roll of the dice" to get people to take you under their wing. If you get people to like you they will want to help you. If you get people to like you and help them, they will really want to help you. That isn't luck necessarily.
     
  5. concealed

    concealed Well-Known Member

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    Do companies in England refer to salary in terms of weekly pay in USD or is that just your weird shorthand?

    I thought your offer was for F/T. AFAIK IBD summer analysts in new york make like 10-15k for the summer, paid biweekly
     
    Last edited: Jan 27, 2014
  6. diadem

    diadem Well-Known Member

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    Quote:I think what they're saying is that it's a roll of the dice to be placed in a situation where your personality is compatible with or complimentary to the personality of a senior person in the first place. There's only so much you can do to get someone to like you. Try too hard and it won't come off as genuine. Also, that BSD that you're hoping will take you under his wing might like you, but he might like someone else more. Them's the breaks.
     
    Last edited: Jan 27, 2014
    1 person likes this.
  7. Joffrey

    Joffrey Well-Known Member

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    ...
     
    Last edited: Jan 27, 2014
  8. MSchapiro

    MSchapiro Well-Known Member

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    I think you're thinking of a slightly different skill than what he is referring to.

    When I interned at an F200 company, the culture outside of our particular unit was very destructive to its top performers. Since the European and Asian brand of the company was excellent it attracted really great people. The managers tended to be no where near the caliber of these people they always resisted efforts to quantify performance or create measurable and repeatable standards. They also never took the best or the brightest under their wings, as they didn't want to train their own replacements.

    So while you may be near the top of your class from an excellent international BSchool and go to this firm, you'd likely be sealing your own fate until your two year contract was up and you could move somewhere else. It is nearly impossible to know this before signing your contract, so in that sense it is a roll of the dice.


    Here they usually give you a value in GBP per month. I personally convert to USD/Year when talking to other Americans. I've never interned here though.
     
    Last edited: Jan 27, 2014
  9. fuji

    fuji Well-Known Member

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    Nah it's for a SI. I'm in my 2nd year of uni so I'm not applying for FT yet. No they give yearly in GBP, but my laptop is American and I don't have a pound button so I just convert to usd.
     
  10. MTLinStyle

    MTLinStyle Well-Known Member

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    So you are saying that your rotational SI is offering you (100 quids) per week? You (or they) gotta be joking. Does that even pay for subway/undeground fare? and perhaps occasional beer?
    Quote:
     
    1 person likes this.
  11. fuji

    fuji Well-Known Member

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    It's what the HR girl said on the phone. It is a really shit bank, guessing most people in the states will never have heard of it. I could have misheard her and she said 800, but that would be really high for this level of bank. Obviously I'm going to take the bulge bracket one for about 900.
     
  12. MTLinStyle

    MTLinStyle Well-Known Member

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    In my view when starting out it is often more important to be with the right firm/bank than doing the type of work you would ideally like for the following reasons: better firms, especially BB have well organized training / rotational programs, more opportunities to move to other areas, better name recognition when changing jobs (remember that name stays on your CV forever) or going for top MS/MBA programs. It is probably better to serve coffee to senior bankers at GS/MS than doing financial engineering/leveraged finances/etc at no name crappy bank/firm. Remeber since you are junior and it is your internships the quality of your experience will be discounted but the name of the firm will not (unless it goes under or gets involved in another massive securities scandal)
    Quote:
     
    Last edited: Jan 30, 2014
    2 people like this.
  13. mafoofan

    mafoofan Well-Known Member

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    Absolutely right.
     
    Last edited: Jan 30, 2014
  14. MSchapiro

    MSchapiro Well-Known Member

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    Completely agree. Major firms especially like other major firms.

    Just want to point out that it is the most likely way, not the only way. I knew someone who started out installing Bloomberg terminals and eventually found their way into a top tier hedge fund doing structured finance. If it is really what you want to do, never stop trying.
     
    1 person likes this.
  15. fuji

    fuji Well-Known Member

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    Signed at the bulge bracket and mailed in my contract. The signing bonus I got was higher then the total pay from the mid market would have been.
     
    1 person likes this.
  16. otc

    otc Well-Known Member

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    Lol. Giant intern signing bonuses.. it's like there was no crash
     
  17. CunningSmeagol

    CunningSmeagol Well-Known Member

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    Help me connect the dots - explain how investing in good people somehow ignores the crash.
     
  18. Joffrey

    Joffrey Well-Known Member

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    Because interns don't deserve it (9)
     
  19. otc

    otc Well-Known Member

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    Signing bonuses for a couple month long gig that are larger than the entire pay for a gig at a similar (but smaller) firm?

    Heck, most places make you pay back signing bonuses if you aren't there for a certain period (usually 12 months)...and they are paying them for a 2.5 month jaunt? For an internship that is almost mandatory to land a full time position at the same firm?

    I know that many firms used to pay relocation bonuses (for kids who had to find a short term lease in NYC and buy business clothes to be ready on day 1) so maybe that's all this is, but those were always like $2k...you'd make more than that interning for a nonprofit.
     
  20. GreenFrog

    GreenFrog Well-Known Member

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    If you read his earlier post, the other firm was offering to pay him a measly 160 bucks a week or something. Of course a regular signing bonus would be greater than the 10 weeks worth of pay he'd get at that rate.

    I can't wait to hear back from him in 1.5 years about how much he fucking hates I banking. It happens to 95% of them lol.
     
    Last edited: Feb 6, 2014
    1 person likes this.

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