Investment Banking Discussion Thread

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

  1. Khayembii Communique

    Khayembii Communique Senior member

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    I've been avoiding the CFA because it's so many fucking hours to study for it that I could IMO better spend studying independently and networking.

    I want to get an MBA from a top 5 school after getting work experience, not right now.

    I currently have a full time job as an Engineer, no debt obligations and have a 10-month safety net saved up, so I'm thinking about putting some money towards flying out to NYC or SF to either set up in person meetings or attempting cold-visits. I'd do this after I have a significantly larger amount of knowledge about this stuff, obviously.

    To somebody that is motivated it is a matter of "when" and not "if". :slayer:

    What's the quote? "Persistence plus effort equals success" or something like that?
     
  2. gettoasty

    gettoasty Senior member

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    I believe your underlying point mafoofan is gaining that necessary experience before an MBA, which I agree with. Last person I spoke to who is in finance worked 4 years and only now starting to apply to schools for an MBA. We sort of joked how typical that was at the time. I think that phase of quickly jumping into an MBA program post-bachelor degree was a short fad or just very minor occurrence.

    Khay: You definitely have the right mindset, best of luck
     
    Last edited: Sep 27, 2012
  3. mafoofan

    mafoofan THE FOO Dubiously Honored

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    Sure, persistence and initiative count, but they cannot overcome all odds. Putting your grades and school aside, I think you need to also consider that this is a very, very rough job market for investment bankers. For a variety of reasons, hiring is at a near standstill and analyst programs are getting smaller and smaller. Firms are laying off first year analysts right before bonus payouts and not giving out offers to summer interns. Goldman just shutdown their two-year analyst program (which they pioneered). Expect the other bulge brackets to follow suit.

    In this kind of environment, banks can be exceedingly picky about who they hire (assuming they are hiring at all), and they also want to play it safe. Coming from a non-traditional background and outside the regular analyst recruitment path would be difficult hurdles to leap over under regular circumstances. These days, they may be unsurmountable. It's not you. It's the changing industry.

    I don't mean to sound crushing, but I think you deserve a realistic account of how things are.
     
    Last edited: Sep 27, 2012
  4. mafoofan

    mafoofan THE FOO Dubiously Honored

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    I wasn't really referring to jumping to b-school straight out of college. My point was that, whereas before the financial crisis, you could get an associate-level banking gig out of a good business school, regardless of the sort of experience you had beforehand, today you pretty much need to have been an investment banking analyst first.

    In other words, up until recently, you could have come from a number of work backgrounds before going to business school, and still switch into investment banking. Today, not so.
     
    Last edited: Sep 27, 2012
  5. gettoasty

    gettoasty Senior member

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    I had asked someone for some help in general fiance and thought it maybe helpful here. Since OP has an engineering and economics emphasis, perhaps IT/CS in finance will not be too difficult to pickup. I personally have considered this path instead of an MBA and/or certification.

    (just skimmed through it and realize it emphasizes the CFA as at the time it was on my interest as well) I am stressing the technical MBA part in combining computing/programing and statistics with finance.

    Hope it is helpful. Also this was back in 10/2011 so it may vary now since I think the field is quite dynamic.
     
    Last edited: Sep 27, 2012
  6. newinny

    newinny Senior member

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    This differs from my experience at a BB in New York. The large majority of former analysts are analyst promotes.

    About half the people come from related industries (capital markets, pwm, accounting firms) and the other half come from non-finance industries.
     
    Last edited: Sep 27, 2012
  7. mafoofan

    mafoofan THE FOO Dubiously Honored

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    Historically, this is true. Many existing associates, if not most, were never analysts. However, I'm talking about prospects for people coming out of business school today.
     
  8. gdl203

    gdl203 Affiliate Vendor Dubiously Honored Affiliate Vendor

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    You'd be surprised... Lots of investigative work, crunchy details and real-life drama. I'm hearing this can be quite exciting. :marchal:
     
  9. AriGold

    AriGold Senior member

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    lawyers are the worst. oh wait.
     
  10. Khayembii Communique

    Khayembii Communique Senior member

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    Those Wall St. Training courses are expensive. $500 for an Excel training video? Seriously?
     
  11. mafoofan

    mafoofan THE FOO Dubiously Honored

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    Does the accuracy of this assessment directly scale with the quantity and quality of the female compliance officers you'd be working with?


    No, they really are.


    Again, the point isn't only to learn concepts. It's so that you can say you took the course, which is broadly recognized by the people you hope to interview with. Also, the course is very helpful in teaching you how to actually build a model in Excel, which in turn gives you better, clearer insights into financial accounting. Also, you'll learn the most popular Excel shortcuts and get a taste for what analysts do for 16 hours a day.

    Reading books does not do the same thing. Trust me. I've done it all.
     
    Last edited: Sep 28, 2012
  12. AriGold

    AriGold Senior member

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    so, before you second guess whether or not you should take the course KC, just think for a moment, WWMFFD?
     
  13. aspasp

    aspasp Senior member

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    No one gives a shit that you took a course online to learn how to build a model.
     
  14. newinny

    newinny Senior member

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    TTS isn't online.

    These are exactly the same instructors and material that new associates/analysts take for two weeks before starting.

    Even KKR hires TTS for analysts.
     
  15. Khayembii Communique

    Khayembii Communique Senior member

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    WWASPASPD?
     

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