1. And... we're back. You'll notice that all of your images are back as well, as are our beloved emoticons, including the infamous :foo: We have also worked with our server folks and developers to fix the issues that were slowing down the site.

    There is still work to be done - the images in existing sigs are not yet linked, for example, and we are working on a way to get the images to load faster - which will improve the performance of the site, especially on the pages with a ton of images, and we will continue to work diligently on that and keep you updated.

    Cheers,

    Fok on behalf of the entire Styleforum team
    Dismiss Notice

Thoughts on this: www.ibcareerpath.com

Discussion in 'Business, Careers & Education' started by Saturdays, Jun 30, 2011.

  1. gomestar

    gomestar Senior member

    Messages:
    19,385
    Joined:
    Oct 21, 2008
    Location:
    NYC
    Michael Scott to camera: "Ryan said that if I wanted to pick up women, just tell them I work in finance"

    Michael Scott to woman: "My name is Michael Scott ... and I ... am a bank teller"
     
  2. newinny

    newinny Senior member

    Messages:
    482
    Joined:
    Feb 5, 2008
    Everyone in this forum speaks in angry absolutes.

    YOU. WILL. NEVER. BE. IN. INVESTMENT. BANKING.

    DIE.


    It is probably tough in your position to get into i-banking but there are definitely ways:

    MBA
    Some top-fifteen business schools are strong feeders into IBD recruiting programs despite a higher acceptance rate (Ross, Darden, Cornell, Vanderbilt, etc.). Landing a job in any field, working hard and showing visible advancement (promotion &/ salary), in addition to a strong GMAT, will land you a spot in one of these schools.

    Laterally

    Focus on bulge bracket support groups: risk management, structuring, ARR, operations, treasury, reporting, or even IT. Find an alum in one of these groups and speak to him/her about the recruiting cycle for analysts or just one off positions. Take the CFA or get a night professional degree (i.e. the risk management certificate at NYU) and network through the classes. Live in New York City and wait around for a couple months, eventually you'll land something.

    Once within the bank, you could then move to capital markets and finally to IB.
     
  3. Lord-Barrington

    Lord-Barrington Senior member

    Messages:
    2,811
    Joined:
    Sep 20, 2010
    Everyone in this forum speaks in angry absolutes.

    YOU. WILL. NEVER. BE. IN. INVESTMENT. BANKING.

    DIE.


    It is probably tough in your position to get into i-banking but there are definitely ways:

    MBA
    Some top-fifteen business schools are strong feeders into IBD recruiting programs despite a higher acceptance rate (Ross, Darden, Cornell, Vanderbilt, etc.). Landing a job in any field, working hard and showing visible advancement (promotion &/ salary), in addition to a strong GMAT, will land you a spot in one of these schools.

    Laterally

    Focus on bulge bracket support groups: risk management, structuring, ARR, operations, treasury, reporting, or even IT. Find an alum in one of these groups and speak to him/her about the recruiting cycle for analysts or just one off positions. Take the CFA or get a night professional degree (i.e. the risk management certificate at NYU) and network through the classes. Live in New York City and wait around for a couple months, eventually you'll land something.

    Once within the bank, you could then move to capital markets and finally to IB.


    No one said he wouldn't ever get into IB, only that he wouldn't do it now. If he winds up in a top 10-20 MBA program he has a good to decent shot of landing a IB gig as a career switcher. But to do that he first needs to get into an MBA program which requires work experience, which requires a JOB.

    Laterally within a BB is one of the biggest mirages ever. For every one guy that succesfully laterals from an ops role to a banking role there are literally hundreds who try and fail. Furthermore, "middle office" work like risk analysis and structuring is probably out of this guy's range right now as well and the middle office is where most transfers happen from. The guy who goes from IT support to IB at GS is a freakin' miracle worker.
     
  4. ginlimetonic

    ginlimetonic Senior member

    Messages:
    786
    Joined:
    Mar 11, 2009
    There is no way in hell he goes directly from retail to IB, but if he works his ass off, gets level one of the CFA he would be a good candidate for something like commercial banking. Lots of possibilities from there.
    Also saw another job advert where YOU have to PAY THEM to train you to be a trader...WTF are with these scammers.. i mean what the FUCK? Its just so against the current paradigm of job seeking and remuneration and exudes with self interest.
     
  5. Nereis

    Nereis Senior member

    Messages:
    1,374
    Joined:
    Feb 12, 2009
    OP, your best chance now would be to land a job in industry and work your ass off for five years or so. Hopefully you do such a bang up job your boss writes you a glowing letter of recommendation to a top 20 MBA and you score well on the GMAT. That is your reset button for IB. Then you go in as an associate, hopefully.
     
  6. newinny

    newinny Senior member

    Messages:
    482
    Joined:
    Feb 5, 2008
    Laterally within a BB is one of the biggest mirages ever. For every one guy that succesfully laterals from an ops role to a banking role there are literally hundreds who try and fail. Furthermore, "middle office" work like risk analysis and structuring is probably out of this guy's range right now as well and the middle office is where most transfers happen from. The guy who goes from IT support to IB at GS is a freakin' miracle worker.
    Wrong and GS is not the only bank on the street. Some roles in Risk involve pulling monthly reports from databases, scrubbing them for errors and creating reporting packages. Does not require any prior experience or skill. Usually branded as an "MIS" role. While in this role, take advantage of the tuition reimbursement policies that pretty much all banks have and acquire professional certificates. From there transfer to credit risk management and then finally look at actual IBD roles at Harris Williams or other regional lower tier banks. If he's two years out of undergrad now, he could plan for entry into a regional bank as an associate in about five years. At the very least, pursuing this path would put him in good standing for an MBA.
     
  7. meph

    meph Active Member

    Messages:
    26
    Joined:
    Sep 24, 2010
    Location:
    Boston/NYC
    Just because it doesn't require previous experience or skill doesn't mean it's somehow a cakewalk to get hired. Kids from my school (which is a semi-target, and sends a rather significant number to front office banking and S&T) heading to BB firms to do middle office work often have GPA's of 3.5 and above, with pretty good resumes and extracurriculars. They also tend to hire straight out of undergrad... and banks like to be formulaic with their hiring, so being a year+ out of school causes problems. That's why doing something else entirely, and coming back as an MBA graduate is so often suggested.
     
  8. Saturdays

    Saturdays Senior member

    Messages:
    2,612
    Joined:
    Mar 14, 2011
    Just so you guys know I did decide to opt-out of this, I did see some LinkedIn Profiles with people who did do something similar and did do internships at DalMore the partnering firm (only 1 from there, person works at AIG now) and i think its still possible that it may help, but I also think it would be much better if I do this post-MBA.

    Appreciate all the advice, I may be stubborn about some of it, but that is just because I try to strive for the best.
     
  9. ginlimetonic

    ginlimetonic Senior member

    Messages:
    786
    Joined:
    Mar 11, 2009
    Just so you guys know I did decide to opt-out of this, I did see some LinkedIn Profiles with people who did do something similar and did do internships at DalMore the partnering firm (only 1 from there, person works at AIG now) and i think its still possible that it may help, but I also think it would be much better if I do this post-MBA.

    Appreciate all the advice, I may be stubborn about some of it, but that is just because I try to strive for the best.


    i hope your avatar pic isn't you, because rather than qualifications, the thing standing in your way of IBD is a hiarcut...
     

Share This Page

Styleforum is proudly sponsored by