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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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    Found this article that talks about pay decreases following the 2011 bonuses. Sucks that I'm trying to break into this right now. Oh well.

    I've decided I'd like to get into investment management most likely, and so I'm signed up to take the CFA Level 1 in June 2013 and have started studying already for it, which I am fairly confident that I'll pass.

    What kind of jobs in investment management could I possibly be looking into right now, considering that I'm a CFA L1 candidate, engineering/math/science background, S6/63 licenses, only personal trading experience? I'm not really sure what's out there.

    Asset management? Investment management in a PWM division? Work at a mutual fund? What about financial advising, would that contribute positively towards my resume or is that too much of a sales gig? What about equity research?

    Opinions?
     
  2. ppllzz

    ppllzz Senior member

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    people have been saying this and i'm not one to jump onto the bandwagon, but it'll be a long hard slog for you given your background (grades/school). maybe you could do pwm or financial advising and work up? when i say momentum what do you think?
     
  3. Khayembii Communique

    Khayembii Communique Senior member

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    Looking at local advisory firms and mutual funds right now mostly. PWM too but I don't want to be in sales so that's tough. Wasn't sure if financial advising was a good thing to have in terms of where I want to be post-MBA but it looks like that's my best option most likely. Just need to find a job for between now and grad school. Thanks for the advice.
     
  4. gettoasty

    gettoasty Senior member

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    Have you considered operations/administration in finance? Become the turnkey for everyone and at the same time develop a lot of relations with externals. Of course your knowledge has to be on point since everyone will go to you about the ins and outs of getting paperwork, transactions, funding, etc. Essentially once you have the knowledge and experience, you can be less sales oriented and instead, take over operations making sure the wheel is turning and moving forward. Now this maybe very niche but this is my experience in PWM.
     
    Last edited: Nov 17, 2012
  5. OmniscientCause

    OmniscientCause Senior member

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    This is what I am trying to do right now. Little more then a year and a half at a custody bank, now looking to work for an AM/IM and do operations for another year or so while gaining FO exp. Then stay with that company but do something I actually want to do. All while they are supporting me with CFA.
     
  6. Khayembii Communique

    Khayembii Communique Senior member

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    I've heard it's extremely difficult to go from back- to front-office.
     
  7. AriGold

    AriGold Senior member

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    going back to front is the wrong way around. It's like ana1 s3x - it's a one way street baby!
     
  8. Khayembii Communique

    Khayembii Communique Senior member

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    Yeah that's what I thought. What about using b school to rebrand myself from engineering to investment management? My concern with this is that I'd be coming out with no direct experience, but how much of a handicap would that really be for someone with an engineering and finance background? I had a few months of experience in finance but it was a call center role and the only upside was that I have my 6 and 63. Would it be a good idea if it was a top b school?
     
  9. AriGold

    AriGold Senior member

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    don't worry about it man. you'll be fine. maybe do your CFA.
     
  10. Khayembii Communique

    Khayembii Communique Senior member

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    Well if going straight to b school with two years of work experience (though not in the field) puts me in a good position to come out making a good amount of money with higher chance of a better position in the field then I'd jump on it ASAP so that's why I'd like to know.

    EDIT: What's wrong with financial advisor positions and why would that be a poor job choice right now if I want to go into IM later?
     
    Last edited: Nov 20, 2012
    1 person likes this.
  11. GIXXER126

    GIXXER126 Member

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    As an IBanker i can confirm how tough the industry is to get into. If you don't have an MBA from a top school or a CFA you have a tough slug ahead of you. The hours as an associate are unbearable and really for the young! Prepare to sleep under your desk at times when the managing director is changing the pitch book or deal metrics. Once you're in its a fast paced world and if you love the art of the deal, this is the world for you. If you're in it for the money then you don't stand a chance and turn back now!
     
  12. gettoasty

    gettoasty Senior member

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    I think if you're doing this all for the money you going to crash and burn very fast.

    What's wrong with the financial advisor position is unless you're institutional or have a niche you will be struggling. PWM is not where the money's at unless you can monopolize. Money is not everything.
     
  13. GreenFrog

    GreenFrog Senior member

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    All this talk about 'you have to love and have a passion for deals' is bullshit.

    I'd say 95% of college grads who enter their analyst stint are going in it for the money and prestige. You're either the type of person who can deal with the bullshit and endure it for the paycheck, or you can't. Simple as that.

    The lucky 5%? They actually enjoy the job. Actually scratch that -- it's probably closer to 1%.
     
    Last edited: Nov 20, 2012
    1 person likes this.
  14. AriGold

    AriGold Senior member

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    everyone wants to work at a bank so they can make bank. Some people can just handle it better than others.
     
  15. Khayembii Communique

    Khayembii Communique Senior member

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    I'm just trying to figure out what kinds of roles I could qualify for right now, or have a chance of getting into that would be helpful for future job searches in investment management. Research associate/analyst positions?
     
  16. aspasp

    aspasp Senior member

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    +1
     
  17. gettoasty

    gettoasty Senior member

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    Dude is in engineering though so obviously his heart wasn't in it from the beginning.

    And to sum up GreenFrog, you either make it or don't.
     
  18. GIXXER126

    GIXXER126 Member

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    Assuming you're in banking i would immediately question your level of success. Think about it feom this angle, if you want fat large pay days, you better be hungry for deals because there's dozens of other banks with their bankers who'll eat your lunch! Simple as that! No hard work, no big pay cheque or bonus.
     
  19. GIXXER126

    GIXXER126 Member

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    There are tons of engineers who make it in banking! Its actually well respected in the Calgary IB world.
     
  20. GreenFrog

    GreenFrog Senior member

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    This is such a naive mindset that I can't even begin to fathom that you're a post-MBA associate.

    Are you seriously saying that someone who couldn't give two less shits about jacking off to 'making deals' can't be successful in banking?

    And no, I'm not in banking. It's probably last on the list of careers I'd want to pursue in the finance industry.
     

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