adonis55 Posted December 11 Report Share Posted December 11 what do u people know about this Quote Link to comment Share on other sites More sharing options...
kitty19 Posted December 11 Report Share Posted December 11 what do you need to know.i'm an investment banking analyst for JPMorgan.i work very long fuckin hours (80-120 hours per week) and our bonus is going to be shitty. it's not even going to compensate for the hours.do you need to know how to get in? interviews? what i do all day? Quote Link to comment Share on other sites More sharing options...
adonis55 Posted December 11 Author Report Share Posted December 11 Originally posted by kitty19 what do you need to know.i'm an investment banking analyst for JPMorgan.i work very long fuckin hours (80-120 hours per week) and our bonus is going to be shitty. it's not even going to compensate for the hours.do you need to know how to get in? interviews? what i do all day? well, im only a freshman in college, but im really interested in becomin an investment banker. I know the pay for the most part is really good, but no so much with the present market. so i guess i would have to say yes to all three of ur questions Quote Link to comment Share on other sites More sharing options...
kitty19 Posted December 11 Report Share Posted December 11 the pay seem good b/c you get a higher base salary then all your college buddies in your senior year.however, when you do the math, i get paid about $10/hour. that's pretty fuckin shitty in my book. but if you still want to pursue ibanking, here's my suggestions:1) study some sort of finance. in the past, you could get away with being a liberal arts major or whatever (i was a math/statistics major). nowadays, that doesn't fly. banks don't have enough money now to take 'risks' on people that are not serious about finance, economics, accounting, etc.2) do anything finance related - pre-business clubs, business fraternities, mentoring program, meet with alums from your college in finance, get your series 7 in your free time, etc. it truly is about WHO you know moreso than WHAT you know. keep meeting people and throw your interest out there. all i did during sophomore/junior year was schmooze/network my ass off on wall street. it was disgusting but it got me here.3) the key component: GET A FRIGGIN INTERNSHIP. this is the easiest way to get into ibanking. it may be difficult for you to get a plush ibanking internship as a freshman, so try to get the next best finance related internship (even if it's.. gulp.. non paying). it could be a stockbroker's assistant, admin asst for a private equity firm, anything. as long you show an interest in the industry it could take you a long way.4) it helps if you're from a top tier college, as the banks will come to your school to recruit (ie Harvard, Yale, Princeton, UPenn). if not, do your best to beef up your resume throughout your college years. don't join 567 clubs, but do what you enjoy the most and be good at it. that is, try to make it to captain of a sports team. become a president of a club. start a new club. start a mini business in school. learn any foreign language and know it well (spanish is a plus). anything that shows you could be a leader helps.good luck, if you have more questions, PM me. Quote Link to comment Share on other sites More sharing options...
gordongecko Posted December 11 Report Share Posted December 11 Well my brothers with Goldman Sachs & Co, and he is riding out the storm for now, but in a nutshell what an investment banker does is help investors purchase securities. manage assets, trade securites and offer financial advice. Internships are the best way to get your feet wet and see how the enviroment works. that what im doing rite now. PM me if u want any more info Quote Link to comment Share on other sites More sharing options...
adonis55 Posted December 11 Author Report Share Posted December 11 thanx a lot, both of you Quote Link to comment Share on other sites More sharing options...
lillizzy Posted December 11 Report Share Posted December 11 coming out of CAS...are you an econ major?they won't hire you for IB if you don't take bizzzz classes...so transfer to stern...im looking for internships and they want me for trading....not IB.... Quote Link to comment Share on other sites More sharing options...
adonis55 Posted December 11 Author Report Share Posted December 11 Originally posted by lillizzy coming out of CAS...are you an econ major?they won't hire you for IB if you don't take bizzzz classes...so transfer to stern...im looking for internships and they want me for trading....not IB.... well, that was what i am planning to do (transfer to stern), currently i am majoring in econ, but i want to double up with finance. and i am taking all the business classes i can, on top of the required classes during the first yearps:lil lizzy, what do u know about the "investment and banking" class, i took it for next semester, and it is only once a week for 3 hours. Quote Link to comment Share on other sites More sharing options...
PinkFloyd40 Posted December 11 Report Share Posted December 11 Originally posted by mbenzml well, that was what i am planning to do (transfer to stern), currently i am majoring in econ, but i want to double up with finance. and i am taking all the business classes i can, on top of the required classes during the first yearps:lil lizzy, what do u know about the "investment and banking" class, i took it for next semester, and it is only once a week for 3 hours. the investment bankign class is a joke.. dont' waste your time..if your ambitious, take futures and options as one of your electives.. its a grad class, but you learn so much more then any other bs advanced finance course.. its a lot of work, but the prof was fantastic and brilliant as well(undergrad - econ princeton, phd econ MIT) Investment principles is a decent class, but if your disciplined enough, you could do learn the material yourself.. they had a big valuation project due today, and i, who never took the class but studied damodaran's material on my own, was basically doing one groups whole model, and answering questions about the models for a lot of the other goups... Quote Link to comment Share on other sites More sharing options...
adonis55 Posted December 11 Author Report Share Posted December 11 Originally posted by PFloyd40 the investment bankign class is a joke.. dont' waste your time.. i don't kno, but it seems interesting, maybe it would be a good introduction for me.also consider that i am only a freshman, and many of the more advanced investment classes require prequisites and a class standing. Quote Link to comment Share on other sites More sharing options...
bigpoppanils Posted December 11 Report Share Posted December 11 Originally posted by mbenzml i don't kno, but it seems interesting, maybe it would be a good introduction for me.also consider that i am only a freshman, and many of the more advanced investment classes require prequisites and a class standing. try taking courses in risk management as well. Credit derivatives are going to be very popular soon.....hedge funds are jumping in the market in force Quote Link to comment Share on other sites More sharing options...
£ddie Posted December 11 Report Share Posted December 11 Originally posted by bigpoppanils try taking courses in risk management as well. Credit derivatives are going to be very popular soon.....hedge funds are jumping in the market in force Yeah it's all about credit derivatives. I do a lot of credit default swap work, and it's growing exponentially. Quote Link to comment Share on other sites More sharing options...
kitty19 Posted December 11 Report Share Posted December 11 personally, i have absolutely no CLUE what these finance geeks are talking about! obviously, just take what interests you the most, not what you think will be best for your 'career' at such a young age. i took math b/c i loved it, not b/c i expected it to get me a job in ibanking. if this investment and banking class sounds like a good introductory course, by all means take it!always have your eye on the future, but jeez. you are a fuckin freshman. you should be partying right now. Quote Link to comment Share on other sites More sharing options...
£ddie Posted December 11 Report Share Posted December 11 Originally posted by kitty19 always have your eye on the future, but jeez. you are a fuckin freshman. you should be partying right now. Kid's doin the right thing. Nothin wrong with partying AND planning out your future. Quote Link to comment Share on other sites More sharing options...
tottallyoff Posted December 11 Report Share Posted December 11 I was an investment banker for about 6 years before I left. I agree with kitty on most part. Like the college courses choices, the hours, the pay, internship (really helped). The thing that matters the most I think, as lame as it sounds, are the contacts that you have at the end of your college stint. So you should do everything tat you could possible can to develop contacts and gtet new ones.gordongecko. may be it was my experience, but when I was in ibanking, I was dealing with financial institution. the regular investor was dealing with regular stockbrokers. it doesnt make sense for an ibanking firm to spend money and talent to provide the same service to a regular joe, that it can do for a NipponLife (for example). I do agree that ibanking does all the stuff that you described, I just dont agree that it it does it for investors. Quote Link to comment Share on other sites More sharing options...
joecrack13 Posted December 11 Report Share Posted December 11 I got news for ya whoever said its not what u know, its who u know is right...either that or if there are quotas for people like immigrants or of color that get them in...unfortunately im a white kid born in America so i didnt have those advantage (i know some liberal asshole will probably say something now but hey its my opinion and ill back it up if u want)...i graduated Pace University in May 2001 with an overall GPA of 3.3 with a BBA in International Marketing and a minor in Law...I-Banking appealed to alot of people there since it was a business school focuses in accounting and finance...unfortunately when the economy is down like it is now thats the industry that gets pissed on so i stayed away from it...face it the way the economy was in 99 and 2000 was a fluck and all those jackoffs that made their money make it seem like they knew what they were doing...the stock market was overvaluated with bullshit dot-com stocks because those were the years that stuff took off, but as those companies struggled to make a profit and everyone saw that most of them were flukes everything bottomed out and were still not fully recovered...Im glad I played it safe...when i graduated I wanted a job with a "big" firm..the main firm i was looking at was Merrill Lynch and even though they were a financial company i was looking for something that had less to do with the stock market...the position i was applying for was called production analyst which is something similar to what i do now...I also had Goldman Sachs lined up as well...i had interviews with all...in some cases some of the interviews were cancelled because the hiring was froze...then i realized how easy it was to not have a job so i stuck with my current company who wound up paying me just about what those companies would have...my company is a small, direct marketing firm and my title is operations analyst...we just merged with a much larger one we are still almost like a separate entity...i defintely like it better here...im 23 years old...why would i want to be a ball of stress and work for a large firm at this age...i work 9 to 5 and never a ry that gets pissed on so i stayed away from it...face it the way the economy was in 99 and 2000 was a fluck and all those jackoffs that made their money make it seem like they knew what they were doing...the stock market was overvaluated with bullshit dot-com stocks because those were the years that stuff took off, but as those companies struggled to make a profit and everyone saw that most of them were flukes everything bottomed out and were still not fully recovered...Im glad I played it safe...when i graduated I wanted a job with a "big" firm..the main firm i was looking at was Merrill Lynch and even though they were a financial company i was looking for something that had less to do with the stock market...the position i was applying for was called production analyst which is something similar to what i do now...I also had Goldman Sachs lined up as well...i had interviews with all...in some cases some of the interviews were cancelled because the hiring was froze...then i realized how easy it was to not have a job so i stuck with my current company who wound up paying me just about what those companies would have...my company is a small, direct marketing firm and my title is operations analyst...we just merged with a much larger one we are still almost like a separate entity...i defintely like it better here...im 23 years old...why would i want to be a ball of stress and work for a large firm at this age...i work 9 to 5 and never a minute later...bottom line what u learn in college is discipline, nothing is really practical...its basically saying im gonna sit down and do this and im gonna get it in on time and work to the best of my ability...i can go on and on but maybe ull get some insight from what i say. Quote Link to comment Share on other sites More sharing options...
£ddie Posted December 11 Report Share Posted December 11 Also before you consider working at a bulge bracket I-Bank, consider that you will work 100 hour weeks regularly, have no life outside of your job, and no time to spend the money you make. Add to that, you'll have very little job security (as the massive layoffs at Banks have proven). I know unemployed bankers with Ivy League educations and $800,000 outstanding mortgages on their New York City condos. Sucks to be them. Quote Link to comment Share on other sites More sharing options...
nycchic24 Posted December 11 Report Share Posted December 11 my sister is in ibanking. She graduated cum laude from Dartmouth (ivy league - check) and basically got the job form an internshhip her junior year (check) and she works loonnnnnnnngggg hours (check) and although the compnay did major layoffs two months ago, more still loom in the next month or so (little job security - check!). everything that ppl have described is on par with my sister. She calls me questioning if she is doing the "right thing" all the time. Ha, i went to visist my sister at work once. ONe of her associates asked me if iwas in ibanking as well. i started laughing and said no i want to have a life (kitty19.... she works at JpMorgan too! are you a first , second or third year analyst? ) Quote Link to comment Share on other sites More sharing options...
gordongecko Posted December 11 Report Share Posted December 11 WEll Totallyoff, i tried to explain Investment banking as simply as I could. First of all we dont deal with the average joe, the average joe has his money in a savings account giving him almost no return on his capitol. Gaining almost as much interest as he would putting it under his mattress.We deal with investors who have enough backing to ride out market fluctuations and even taking advantage of bear market by being even more agressive.Breaking into I Banking is going to be hard. An Analyst position is what u want to look for just to get u in, then depending on ur motivation and skills theres no limit just how bad u want it. After that u will be an associate same skills just raise the volume. Contacts are everything unfortunaly some times its not what u know but who u know and being at the rite place at the rite time. Im lucky to have an older brother in a top I Banking firm but that only gets me in the door the rest is up to me. pm me if u need more info. Quote Link to comment Share on other sites More sharing options...
adonis55 Posted December 11 Author Report Share Posted December 11 thanx for everyone's replies. Quote Link to comment Share on other sites More sharing options...
adonis55 Posted December 11 Author Report Share Posted December 11 Originally posted by £ddie Kid's doin the right thing. Nothin wrong with partying AND planning out your future. exactly Quote Link to comment Share on other sites More sharing options...
gordongecko Posted December 11 Report Share Posted December 11 No problemo, and GOOD LUCK Quote Link to comment Share on other sites More sharing options...
PinkFloyd40 Posted December 11 Report Share Posted December 11 Originally posted by mbenzml thanx for everyone's replies. wait i'm confused.. so your not in stern?the investment bankign class is only open to seniors and requires foundations of financial markets as a pre-req... Quote Link to comment Share on other sites More sharing options...
adonis55 Posted December 12 Author Report Share Posted December 12 Originally posted by PFloyd40 wait i'm confused.. so your not in stern?the investment bankign class is only open to seniors and requires foundations of financial markets as a pre-req... thats not the class, im talkin about "money and banking", this class only required macro and micro as pre-reqs Quote Link to comment Share on other sites More sharing options...
lillizzy Posted December 12 Report Share Posted December 12 Originally posted by mbenzml thats not the class, im talkin about "money and banking", this class only required macro and micro as pre-reqs i took money and banking...it doesnt require both macro/micro...only macro...it's either really easy or really hard, in my class half the people got As and half the people got C/Dsit is basically intermediate macro in a nutshell...it doesn't really tell you anything about IB if that's what you're looking into...ps: if you're an econ major, that is a good elective to take...fills up quick, doubt you'd get it your freshman year, but you probably registered already? Quote Link to comment Share on other sites More sharing options...
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