I tried to read alot of these posts but people started talking about micro/macro economics etc. I work for Morgan Stanley for 3 years as a FA and by the time you add up all the hours and time spent its not worth it. It takes about 5-10 years to build a business as an FA. The guys who are there 20 years dont know anything more than I do. As far as investment banking that area is going to continue to shrink. There was a big boom in the 1990s and that basically has fizzled away. I would say to anyone new don't get involved in this industry because its not worth it. To be honest my company there are alot of sales managers who couldn't even make it as a broker. So I have some SCHMO telling me what to do and he could barely even open up an account. Thats my two cents.