kitty19 Posted December 13 Report Share Posted December 13 hey everyone,any investment bankers on the board? i want to know about how you balance work and the rest of your life.. in addition to the culture and all that good shit.. i got an offer to be an investment banking analyst.. thinking of taking it, but i know that the hours are going to be ridiculous.. but i know the pay is fuckin awesome! yeaaa... thanks ahead of time.------------------*kitty19**turn it around baby* Quote Link to comment Share on other sites More sharing options...
ichi_gami Posted December 13 Report Share Posted December 13 yup, invesment banking up in here! go ahead, take the analyst position - it's great pay for ummm, what exactly? To tell people that yesterdays tech stock, if they liked it at $120, they'll love it at $6? If you blow a call, what happens...you say, oh, but this other stock still looks pretty good, and you have enough left you can get into that and recoup the losses? If shit goes bad, the broker takes the hit for recommending it based on your advice.As for investment banking, it's a rough day, in at 9:30 - 10:00, out by 4:30, sometimes 5. Some stress, sometimes, but well worth it. Analyst, having to do due diligence and reports or whatever, might add to the hours. It's a good industry, with huge potential. The downside might be you hate it, and you have something strong on your resume.------------------LEARN THE RULES SO YOU KNOW HOW TO BREAK THEM PROPERLY.[This message has been edited by ichi_gami (edited 12-13-2000).] Quote Link to comment Share on other sites More sharing options...
johnb Posted December 13 Report Share Posted December 13 I used to be but now Im back in school. I did it Europe though, so the hours weren't as bad as here. There's a much bigger ass-kissing factor to the work here, ie you spend a lot of time at work doing nothing, but cant leave because your boss is still there. I dont know, depends what your next best offer is, but Id be hesitant. Also, don't do it for the money, do it as a stepping stone for much more money later, if you know what I mean. Don't bother unless you really aspire to make $1mn/year eventually and are serious about it. There's lots of greedy bastards out there, like me. Good luck,JohnB Quote Link to comment Share on other sites More sharing options...
kitty19 Posted December 13 Author Report Share Posted December 13 thanks for the input, i basically want to go into investment banking to secure my ass in a good b-school, and then take off from there. i feel as if i am a good schmoozer, which seems to be a big part of the industry.. in addition, is everyone so fuckin stuck up in the investment banking world? jeez.where do you guys work? a bulge bracket, or smaller investment bank? when the hell am i going to go clubbing and spend time with friends? shit. ------------------*kitty19**turn it around baby* Quote Link to comment Share on other sites More sharing options...
johnb Posted December 13 Report Share Posted December 13 COLUMBIA BUSINESS SCHOOL RIGHT HERE BABY! *he says patriotically*PM me if you want any info about school and getting in, etc.JohnB Quote Link to comment Share on other sites More sharing options...
apt10o Posted December 13 Report Share Posted December 13 <<<< To tell people that yesterdays tech stock, if they liked it at $120, they'll love it at $6? If you blow a call, what happens...you say, oh, but this other stock still looks pretty good, and you have enough left you can get into that and recoup the losses? If shit goes bad, the broker takes the hit for recommending it based on your advice.>>>>Yup, that's why I make my own investment decisions. No one to blame -- but myself.------------------There's so many ways to do it, there's so many ways to see. But the only way to do it, is to do it properly.~Robert Clivilles & David Cole Quote Link to comment Share on other sites More sharing options...
SPHERIC Posted December 13 Report Share Posted December 13 What's up?!?!?! We are about to explode, options expire friday, fed meets on monday, we move to a neutral bias, market rallies, cut the rates 25 basis points in january, remember the run last year from jan- mar. As DMX says " Here we go again"!!!!! Quote Link to comment Share on other sites More sharing options...
princetonguy Posted December 13 Report Share Posted December 13 It depends where you got your offer at, and what section of invesment banking you go into. Corporate Finance, M&A, Merchant Banking, Advisory/financial consulting. Most liekly you will spend time in each of these sectors and decide which one you will go into. If you are an analyst, you will most likely not get the best pay. I think average salary in the field is 50K + bonus of around 10K-15K. Your job intails paperpushing, which is helping to write reports that VP's or associaites will spend 10 mins skimming. A lot of analysts don't make it to associate, DLJ for example will hire 110 analysts a year, but only hires 45 or so asccociates. The experience you get at an analyst position, will help in any field though, because not many people can understand corporate finance and how a company functions. Anaylst work weeks usually go 60-80 hoursAssociate 80-100 hoursAssociate would be after you get your MBA though. All this info depends who you work for, if you work with the big boys expect to work a lot. DLJ, Goldman Sachs, etc.You have to take the PV of your future cash flows to actually evaluate you experience there. Cause you start fairly low, but with an Ivy League MBA you can make PV(650K) by the time you hit 30.kevin Quote Link to comment Share on other sites More sharing options...
ichernomor Posted December 13 Report Share Posted December 13 Well, I have dated an investment banking analyst once and I also work in the iindustry (trading). I'll tell you this much: during your first two-three years, going to Twilo or any other after-hours place will be a holiday for you. You could be sure to work on Saturdays or Sundays. If you are accepting an offer from a reputable investment bank with a good deal-flow, be prepared to work more than 100 hours per week. You gotta be a very greedy person to accept a position in that field. The compensation is much higher than almost in any other sector/industry, but that is THE only good thing about the job. Quote Link to comment Share on other sites More sharing options...
ichi_gami Posted December 13 Report Share Posted December 13 am I the only one here who doens't work for one of the "big boys" in town? the 'boutique' investment/merchant bank i work for (doing a lot of private issues, and trading for hedge funds) offers me the opportunity to do in a year what it would take 10 years with a MSDW, Prudential, Sachs, or PaineWebber, or a midsize like JWGenesis, Ladenburg Thalmann, or whatever. We might not have the infrastructure of the big boys, but we have the hunger, the ability, and the connections to do a better job for the clients, and in turn, increase our personal growth.So I say learn from the big boys, let them pay your training, then go where the greatest opportunity is.------------------LEARN THE RULES SO YOU KNOW HOW TO BREAK THEM PROPERLY. Quote Link to comment Share on other sites More sharing options...
princetonguy Posted December 13 Report Share Posted December 13 A lot of people do that, cause the training programs at a Meryll Lynch or Goldman Sachs are very prfitable to young people who want to get into the profession, They have websites that rank the best training programs so you can check them out. I think Meryll Lynch was number one for sales/trading, not sure about invesment banking. But working for a big firm then going to a small one is the way many people go.Kevin Quote Link to comment Share on other sites More sharing options...
jammy Posted December 13 Report Share Posted December 13 Hedge funds are the way to go! But seriously though working as an analyst will open a crapload amount of doors for you...I wish I was able to work as an analyst at a bulge bracket or boutique firm with a proper training program. Right now I work for a Hedge Fund...Work is great but I don't feel like I have that foundation I would have had if I went to for example a Goldman Sachs...IMHO~*Jam*~BTW - Congrats on the offer!------------------Email: ynicholas@aol.comAIM: ynicholas Quote Link to comment Share on other sites More sharing options...
fou Posted December 13 Report Share Posted December 13 do it, I ve been in the industry for 5yrs and now I am equity owner in the company. If you want to be wealthy you have to work hard period. Its hard for the first 2 yrs and then gets better.------------------ [img[http://www.pharaoh1.com/images/pharaoh.gif</A> Quote Link to comment Share on other sites More sharing options...
725122 Posted December 13 Report Share Posted December 13 I work in Investment Banking at a boutique firm. The hours are definitely not as bad as that of a bulge bracket firm but I still do minimum 70 hours a week (and up to 100 hours/wk). I don't love it but it provides really good experience and you get to meet a lot of smart people. It's definitely not for everyone. I have friends at other banks that will definitely quit after they get their bonuses. The pay is generally between 45 and 55 with an average bonus of between 20 and 30 (total compensation is around 70 your first year). Each segment of investment banking (i.e. - M&A, Equity Capital Markets, Debt Capital Markets, Private Equity, etc) is quite different in terms of what you learn and what hours you work. At my firm - I was stuck right into M&A - I'll work in this department until I go back to school. Banking jobs give you a lot of leverage when it comes to getting into B-school - especially if you meet people who have pull (which you will for sure). PM me if you have any other questions. ------------------AIM - rockervt[This message has been edited by rocker (edited 12-13-2000).] Quote Link to comment Share on other sites More sharing options...
greekstud Posted December 20 Report Share Posted December 20 i was in my senior year at dartmouth and i was ready to start training at goldman sachs or j.p. morgan and then i was planning on getting my m.b.a but my cousin was making a ridiculous amount of money at some small firm as a broker. and he didnt even finish college,so i dropped out and i entered the training program. within a month i had my series 63 and working my way out of the junior broker program. anyway im only 21 and im about to make some serious money. i must say though there are weeks when i put in 100 hours. but i still party. lush is very close, so i go there sometimes and light is also cool. im still learning how to balance it all though. finally,is anyone as upset as i am that they cancelled the the $treet"? Quote Link to comment Share on other sites More sharing options...
Abstrakt Posted December 20 Report Share Posted December 20 Originally posted by greekstud:i was in my senior year at dartmouth and i was ready to start training at goldman sachs or j.p. morgan and then i was planning on getting my m.b.a but my cousin was making a ridiculous amount of money at some small firm as a broker. and he didnt even finish college,so i dropped out and i entered the training program. within a month i had my series 63 and working my way out of the junior broker program. anyway im only 21 and im about to make some serious money. i must say though there are weeks when i put in 100 hours. but i still party. lush is very close, so i go there sometimes and light is also cool. im still learning how to balance it all though. finally,is anyone as upset as i am that they cancelled the the $treet"?WHHHHHHHHHHHAAAAAAAAAAAAAAAAAT?! I love that show! That fucking blows man Right when I started watching TV again too LOL.- Ali------------------This weeks gigs:Thursday - My RoomFriday - My BasementPM for Guestlist Quote Link to comment Share on other sites More sharing options...
petp Posted December 20 Report Share Posted December 20 bankers work some really crazy hours. if u still want to work on the street, i suggest getting into trading. thats what i did. i now work decent hours and love my job.but then again, a friend of mine works for a small boutique banking firm and last week his bonus was 1 mill!!!!! Quote Link to comment Share on other sites More sharing options...
ichi_gami Posted December 20 Report Share Posted December 20 yes, the rewards can be very nice. but if it's not something you enjoy, and you end up getting burned out by 30, with an ulcer, no life, and a short resume, what is it all worth?do what you're happiest with. if it's investments, or pursuit of high income god bless you. if it's something else that affords you a living, but with peace of mind, that's cool too.then again, that's probably just common sense, right?ichi - pissed at Greenspan and not looking forward to the end of year wrap-up, but the end of year wrap fees.------------------LEARN THE RULES SO YOU KNOW HOW TO BREAK THEM PROPERLY. Quote Link to comment Share on other sites More sharing options...
cookie_monster Posted December 20 Report Share Posted December 20 "yup, invesment banking up in here! go ahead, take the analyst position - it's great pay for ummm, what exactly? To tell people that yesterdays tech stock, if they liked it at $120, they'll love it at $6? If you blow a call, what happens...you say, oh, but this other stock still looks pretty good, and you have enough left you can get into that and recoup the losses? If shit goes bad, the broker takes the hit for recommending it based on your advice."I don't know who posted stuff about recommending stocks and getting out by 5...that ain't banking my friend. that sounds like a broker to me. in banking you work on deals, and are a pitchbook machine. I work for salomon, usually get out by 10, only because i work for extremly laid back people. I have friends in my division that work till 2 regularly. sometimes it sucks...but the big phat bonus is a head turner. average starting salary is 55k, with 10k increments for the next two years. bonus runs from 25-45 your first year at most firms now...I promise if you take the job you will hate the tax man...bonuses are taxed at 47%! But, you will learn more in two years than in any regular finance job i must say....my two cents Quote Link to comment Share on other sites More sharing options...
cubano43 Posted December 20 Report Share Posted December 20 It should never be about the $$$ but what makes you happy. There is a great amount of drugs in that field. Coke is the drug of preference. Stock Options that's where that green is at. Good Luck Quote Link to comment Share on other sites More sharing options...
ichi_gami Posted December 20 Report Share Posted December 20 Originally posted by cookie_monster:I don't know who posted stuff about recommending stocks and getting out by 5...that ain't banking my friend. that sounds like a broker to me. in banking you work on deals, and are a pitchbook machine. I work for salomon, usually get out by 10, only because i work for extremly laid back people. I have friends in my division that work till 2 regularly. sometimes it sucks...but the big phat bonus is a head turner. average starting salary is 55k, with 10k increments for the next two years. bonus runs from 25-45 your first year at most firms now...I promise if you take the job you will hate the tax man...bonuses are taxed at 47%! But, you will learn more in two years than in any regular finance job i must say....my two centsSpoken from the inside of a big machine like Salomon. Things are a little different in a smaller place, where deals are done at a faster pace. Private issues and the like require the same amount of due diligence, but the clients are on a first-name basis with everyone in the firm and make decisions outside of committees. And they expect you to be working the same hours they do (trading hours, sometimes a little later.)Sorry to hear you're trapped in a big trading factory.------------------LEARN THE RULES SO YOU KNOW HOW TO BREAK THEM PROPERLY.[This message has been edited by ichi_gami (edited 12-20-2000).] Quote Link to comment Share on other sites More sharing options...
karma_b Posted December 20 Report Share Posted December 20 I work for Investment Bankers and the analysts here are in at 8:30 out by like 2 a.m. we found one analyst sleeing under his desk once. He basically lived in the office. Other then getting your expenses paid for that job basically sucks. Quote Link to comment Share on other sites More sharing options...
cookie_monster Posted December 20 Report Share Posted December 20 hey Kitty---1) i work wilh many females in my division...not a problem IMHO. there does seem to be more "manly" talk at times however at functions etc...but, they have even had a women's conference this year, and have a diversity committee. i have to say i am a guy, so perspective is much more limited. 2)drugs are everywhere babe....E is becoming the rage here and other places, and of course coke is still big3)yes, if you are smart, it is not hard (they train you like a machinge)4)me too , so call me up when you want to party! Quote Link to comment Share on other sites More sharing options...
kitty19 Posted December 21 Author Report Share Posted December 21 the offer i am considering is from a bulge bracket investment bank. so, i figure i'll learn what i need to know from them, and then venture off to B-school and join a small company. i'm happy to hear that this is the usual route for many people.but i have to ask:1. what's it going to be like for a woman to be in investment banking? it seems like almost everyone that has answered are men. 2. so the DRUGS-- is it there or what? 3. i come from a liberal arts background. will my ass be able to learn all the financial shit during the training program?4. i'm a fuckin raver! tell me that i am not the only one! thanks!! ------------------*kitty19**turn it around baby* Quote Link to comment Share on other sites More sharing options...
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