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Investment Banking Discussion Thread

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

  1. imolazhp_ci

    imolazhp_ci Senior member

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    I had an intern that left our co. to intern in PWM at GS. he needed the money. in a secondary market, he hated it. was super bored.
     
  2. Concordia

    Concordia Senior member Dubiously Honored

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    5,778
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    Oct 6, 2004
    What little I've heard of GS PWM is that it can be a real shark tank. Constant fighting for credit over prospects and sales. Maybe that's mellower than average for Wall Street, but nevertheless something to think about.
     
  3. newinny

    newinny Senior member

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    Anyone notice that the hours for VPs and above seem to be getting much, much worse? Not a comforting trend
     
  4. gdl203

    gdl203 Senior member Dubiously Honored Affiliate Vendor

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    VP is the toughest point in an investment banking career. It's also the most interesting and challenging part IMO, and the most overpaid (relatively speaking).
     
    Last edited: Dec 2, 2012
  5. kasper007

    kasper007 Senior member

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    it's funny because pre-crisis, we use to say that VP was the sweet spot. Assuming you had a competent associate under you, you'd go from being a work doer to a work giver and could delegate to the associates / analysts and start being able to be out of office at night and during week-ends while getting tons of client interactions without having the pressure of getting mandates and generating fees. then the crisis hit and VPs were vert often the first and easiest to let go....
     
  6. mafoofan

    mafoofan Senior member Dubiously Honored

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    Even worse for remaining VPs, banks have tended to hollow out their entire middle ranks, not just VPs. Goodbye associates. So, VPs are getting stuck working directly with analysts, meaning more hands-on work.
     
  7. newinny

    newinny Senior member

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    Not a thrilling prospect for associates, after three (sometimes four) of getting pounded with 100+ hour weeks, you get to look forward to more misery.

    MDs are also not leaving firms because their retirements got blasted in the downturn. So you have even longer to look forward to being a VP as well.

    woo hoo
     
  8. chrisjr

    chrisjr Senior member

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    Park Avenue
    cfa-who's done it? thinking of signing my life away/june exam.
     
  9. Quadcammer

    Quadcammer Senior member

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    won't do much if anything for you in IB
     
  10. concealed

    concealed Senior member

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    i just took the level 1 exam last Saturday, awaiting the results.
     
  11. A Canuker

    A Canuker Senior member

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    The Great White North
    I don't know if this has been posted in this thread as I have not bothered to read it but IMO this link provides some decent insight into doing a good job and bucking up. I don't work in the I-banking field but I do work in retail brokerage to which there is some limited correlation between the two. I see younger guys in the buisness who think that they know what the end goal is but sadly 90% of them screw it up, I'm sure the other fields are the same.

    http://epicureandealmaker.blogspot.co.uk/2012/11/the-rules.html
     
  12. GreenFrog

    GreenFrog Senior member

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    Or, in other words:

     
  13. Quadcammer

    Quadcammer Senior member

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    nothing new, but entertaining to read all the same
     
  14. Khayembii Communique

    Khayembii Communique Senior member

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    CFA is for investment management, for the most part. If you want a job related to managing investments, this is what you want to get. It won't be very useful, if at all, in IB or even on buy side in certain roles/fields.


    How'd it go? I'm studying to take it in June, the material seems easy but I'm guessing the volume is what makes it difficult. What'd you use to study aside from the CFA Institute books?
     
  15. concealed

    concealed Senior member

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    I expected it to be worse than it was.

    Friend gave me his old Schweser books/practice exams. There were a bunch of droolers sitting for the exam that had no shot of passing, made me feel good.
     
  16. OmniscientCause

    OmniscientCause Senior member

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    Location:
    Boston, MA
    

    You dont say...?

    Ha yea sorry, you tossed that one out there.

    I took it last year and didnt study for it...bat 5, so it is something you need to study for to pass. I would have done much better with this if I took it right after I graduated in May 2011.

    The material isnt difficult but there is soooo much of it and it is easy to miss a lot of small topics. Those small topics add up and you wind up with huge holes of material you missed.

    That being said I am sitting for it again this june...only difference is I will actually study.

    Dont just get the online notes...I really believe this was the biggest reason I never attempted to study.
     
  17. pseudonym

    pseudonym Senior member

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    I've never heard of this word. Did you mean losers?
     
  18. Khayembii Communique

    Khayembii Communique Senior member

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    This.

    I ordered just the e-book then a week later the hard copies after I realized how much the e-books suck.
     
  19. gdl203

    gdl203 Senior member Dubiously Honored Affiliate Vendor

    Messages:
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    Location:
    New York
    

    Wrong
    Wrong

    It can get you hired, that's what it can do for you in IB. When your resume says "I know nothing of finance or accounting", adding CFA (at least level 2) mitigates the problem dramatically - I would say pretty much entirely.

    So yes, it would do something for you - people may actually look at your resume
     
  20. kasper007

    kasper007 Senior member

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    i think that is true for getting in (although could be debatable if a CFA alone is sufficient to show financial proficiency in this market), but the CFA is completely useless once you are in and will bring you zero benefit. My old bank actually actively discouraged analysts from pursuing the CFA. i did level 1 just after i finished my undergrad and never took level 2 as it appear pretty clear once i started working that there was absolutely no way i could add all these hours of studying (the materials of the CFA isn't hard, the difficulty is remembering it all cause there is a LOT) to my existing workload. and in the words of my old boss (who was a CFA chartholder): "people do the CFA to get the job you already have, so why bother".
     

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