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Investment Banking Discussion Thread

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

  1. gettoasty

    gettoasty Senior member

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    ^I totally agree with the engineering aspect but it seems said person is not sure how to ladder that into finance. Engineering background I would think should be well above competent.
     
  2. aspasp

    aspasp Senior member

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    Being "hungry for deals" is different from putting your max effort because you want to get the hell out of there in 2 years so you can get a better job at better hours.

    I don't know if you are in ib but I have not heard a single person say they absolutely love their job and are "hungry for deals"
     
  3. nootje

    nootje Senior member

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    always nice to see someone sticking to the 80s mentality..
     
  4. Khayembii Communique

    Khayembii Communique Senior member

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    I'd say my heart might have been in it from the beginning. I've been into economics pretty seriously since high school (read Wealth of Nations my senior year of hs, Ricardo and other classics around the same period). Got an economics major when I couldn't find a job because it's what I enjoyed. Got into finance and investing recently when I actually had money to start doing it. So I've been into economics/finance for some time, and investing's just a relatively recent application of that.

    This is completely true.

    I want to get a job in finance now, work it a few years, go for MBA at top school, maybe have my CFA exams completed by the time I graduate, too. If I can do all this I'll be in a really good position. The part I'm having difficulty with is getting the first job. I don't know what I really qualify for in investment management as an engineering background and don't want to be applying to jobs I have no chance of getting. I want to be as close to the investment process as possible though, definitely not back office because I don't think any of that would help me in the long term.

    I could also get an MBA right now but with the work experience I have now I would be worried I'd be at a disadvantage come graduation, which is a concern I expressed a few posts ago.
     
  5. aspasp

    aspasp Senior member

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    So what are you doing now?
     
  6. Khayembii Communique

    Khayembii Communique Senior member

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    Here I'll just sum up the past two years of my life and you can choose whether or not you can be arsed to read it.

    Graduated in 2009 with a BS Civil Engineering and 3.0 GPA from a non-target school. Passed the Fundamentals of Engineering exam (first test to take towards PE cert) my last semester of school. Was a dues paying member of American Society of Civil Engineers and Engineers Without Borders. Before my GPA plummeted I was on the Deans Honor Roll and in the Honors college. I also studied abroad in GB for a semester.

    Couldn't find a job, went back for an Econ major which I got in 2010 (major GPA was like 3.2).

    After graduating I worked at a retirement recordkeeping company for about 8 months. I took this job because it was the only offer I received and it seemed like good pay and nice place to work. Received my S6 and 63 licenses (which expire in May 2013). This job was in a call center and mostly customer service but also involved understanding and explaining numerous sections of the IRC to people, as I'd have to explain the tax implications on stuff people would want to do with their 401k's/403b's/etc. I would also explain various investments, but could only provide information and not any kind of advice or anything like that as I don't have S7.

    Then got a job at a company that distributes engineering software as a support technician. I took this job because it was the first job offered related to my field, and at this time I still wanted to get into my field. This job involved supporting the software over the phone, which meant I would help people with technical problems. People would also call up and ask how to do stuff or why the software was doing stuff and I'd have to explain it. I would also train people on this software. I was the primary contact for this software for technical and help issues for our biggest customer. I am also one of a small amount of people in my state that have received all five certifications offered in the use of this software.

    Then took a job at a small manufacturing company as an engineer, because it's what I was trying to get all along. I've been working here about a year. I worked initially in service to get to know the machines. This would involve repairing machines that came in, supporting technicians over the phone in their use, maintenance and repair. We also go out to customer sites to repair machines and provide training. My company also offers services that involve custom design and installation of specialized equipment for industrial laundromats (think of a complex system of conveyor belts with their own logic and traffic control). I have installed these and have to manage these installation projects to ensure we hit our deadlines (have it installed in the amount of time quoted with minimum production down time). I work in engineering on designing equipment customizations as well as designing these complex automated systems, product improvement, part/machine modeling, drawing creation, etc.

    Everyone I work with is a nerd. I'm a nerd but I can't relate really because I'm not a nerd about engineering. I like technical stuff, and math, and science, and designing stuff, but I'm not passionate about it really. I'm a nerd about the markets and the economy. I follow the european debt crisis pretty closely, and during the economic crisis was following it religiously even as I was applying for dozens of jobs a week. Which is why I think investment management fits what I want to do more than anything else.

    But anyways, based on all this past two and a half years of experience, I'm trying to figure out what kinds of jobs I can realistically be applying for in investment management to work until my MBA that will look good on a resume. That's where I'd like some help and the only reason, really, why I'm still posting in this thread.

    tl;dr I'm an engineer at a small manufacturing company
     
    Last edited: Nov 21, 2012
  7. concealed

    concealed Senior member

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    realistically you aren't qualified for much, and I would probably reccomend focusing on the engineering career path. but if you are set on finance....

    you don't live in a internatioanl financial hub by any means, so there is not a big pool of investment managent jobs, the only AM I am familiar with in Milwaukee is a mutual fund company called Artisan

    reccomendations in order of highest impact: move, take the CFA exams, get an MBA
     
  8. Khayembii Communique

    Khayembii Communique Senior member

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    Well we have some big names here (NW Mutual, JPMC, US Bank, Wells Fargo, Wells Capital, RW Baird) as well as some MM and boutiques (Artisan included). I'm looking at all of these but I'm also looking in Chicago. I have no problem with moving but think it would be dumb to move before finding a job.

    I'm taking CFA Level 1 in June and am confident I will pass.

    I want to get an MBA but wanted experience in the field first. I don't want an MBA and CFA with no experience; I'm worried nobody would hire me because I'd be overqualified for entry-level positions and underqualified for positions which I'd normally have access to if I had experience. I asked this earlier in the thread: How much of a problem would it be if I just went for my MBA right now at a top school while pursuing the CFA? Would it realistically be difficult to find a position in the field if I have my MBA and CFA L3 but no experience? If so, would I be underpaid?

    Is it just pointless to try to work in the field first because I won't be able to find a job or internship? This seems sort of like a chicken/egg thing.

    Looks like I'm hijacking the IB thread again, sorry. I just can't get anyone to answer these questions for me.
     
  9. gomestar

    gomestar Senior member

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    that "top school" thing will require a high GMAT score to compensate for the lack of a 3.5+ GPA and lack of solid work experience.
     
  10. Khayembii Communique

    Khayembii Communique Senior member

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    That was the plan, though I thought my engineering would be considered "solid work experience" to the school because people use MBA's for rebranding all the time. i shouldn't even be talking about this right now haha
     
  11. aspasp

    aspasp Senior member

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    I think you are expecting too much right now, you can going to have to do shitty jobs in finance for someone to take a chance on you at all
     
  12. Khayembii Communique

    Khayembii Communique Senior member

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    What am I expecting that's too much? What shitty jobs in finance should I do?
     
  13. gomestar

    gomestar Senior member

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    I'd start by creating your own PWM thread.
     
    1 person likes this.
  14. concealed

    concealed Senior member

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    You aren't overqualified for an entry level job
     
  15. AriGold

    AriGold Senior member

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    get off your smelly ass and go get a shitty entry level finance job and get some experience. work as an analyst in some small firm doing whatever the fuck they want u to do with little pay. leverage that experience since the firm is small and the fact that you have an opportunity to have a hand in everything.


    Quit asking styleforum coz noone else can help you be proactive.
     
  16. imolazhp_ci

    imolazhp_ci Senior member

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    this. but less dickish.
     
  17. deepitm

    deepitm Senior member

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    I am sure you could do some miserable operations job at a financial firm (trade support, etc.). Don't do this. You are better off being an engineer and at least having future prospects. Most miserable finance jobs are dead end jobs that a trained monkey could do. Arguably, a trained monkey could be a trader as well, but I digress...

    F the CFA. It's awesome, but it won't break down doors for you. You will prob end up going door to door for Edward Jones. A top tier MBA will. I am talking top tier here. UT-Austin, UCLA, Vandy, etc. won't cut it. You can overcome the lack of work experience, mediocre GPA, and non-target undergrad by going top tier (Booth, Wharton, Kellogg, HBS, GSB, Columbia, Tuck).
     
  18. gettoasty

    gettoasty Senior member

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    You'll probably learn more in back office at an entry level finance gig than being the front man. Front man does the selling. Back office supplies the front with the knowledge and expertise, the updates, the ins and outs of what is going on now, data analysis/illustrations, and at the CFA level, perhaps even reallocating and moving funds.

    Once you have the experience then you do less back office and get to be more of a director/SALES!! uh-oh, in which case you have already gone through the entire process of the back office. If you are that good you'll know what to ask for immediately in order to make a deal/SALE!! and close the books for your business/institution.

    At least that is my take on it.

    So, you actually feeling you're overly qualified for entry level finance is not true. Rather, you will perhaps move up quicker than your associates. You have to start somewhere. This is also where connections may help tons with placement.
     
    Last edited: Nov 21, 2012
  19. Joffrey

    Joffrey Senior member

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    An IB analyst is hardly chasing deals.
     
    1 person likes this.
  20. imolazhp_ci

    imolazhp_ci Senior member

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    exactly. i work for a super micro firm. there are 3 of us. i'm only associate level but i handle my own deals and get to act in what at many firms would be considered a principal capacity, meetings with principals of other firms, etc. i am toying with an offer from a proper institution, but at the associate level there, i'd be a scrub. i'd make way more money, as most of my compensation comes in deal equity/commission currently, but i would hardly be actively working on deals in an executional sense.
     

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