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Finance
01-22-2013, 10:20 PM
Any users on this forum currently (or in the past) work in investment banking, private equity, hedge funds, etc.?
I'm looking at a FT job offer from a top firm in the investment banking division, probably make about $140k all in first year out of college. The plus side is that if you stick with it, you can make a lot more after your first couple years if you transition into a buyside role.
The downside is that you work ~80 hrs a week and you're for all intents and purposes a cubicle slave. The work can be pretty mind numbing. It's the quintessential office job you see in those movies where a guy suddenly wakes up and goes ape shit because he realizes his life sucks.
I noticed during my internship that pretty much nobody in the office gets laid despite all the money involved. Definitely a "check your balls at the door" kind of environment. I'm hoping to get advice and life stories from some RVFers on this.
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Finance
01-22-2013, 11:23 PM
Tried getting into IB (failed. '09-10 was rough). (I'm in WM/AM). Very familiar with the industry. I'd recommend sucking it up and grind it out in the analyst program. Worst case scenario, leave after a year and pay back your signing bonus. Better case scenario, once your contract's up in 2 years, you have a ton of cash in the bank. Take 6 months off to travel and fuck around with your $60k saved. Not many young 20s kids get that option. Plus, your exit opportunities are endless in finance, corp development, corp finance, b school, whatever. Just grow a pair and stick with it. For girls, you'll just need to focus on red bulls and SNLs. You'll still be able to go out at 11pm on weekends.
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Finance
01-23-2013, 01:37 AM
I work in a finance, for a foreign bank with a branch in NYC.
What do you want to know? I've lived in Europe for a few years too and worked there for the same organization.
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Finance
01-23-2013, 05:08 AM
The book "Monkey Business" published in the early 1990s gives a good description of one aspect of the investment banking business. I recall that it's the stories of two bankers that worked 80+ hours/week. They tell their stories which include traveling to Europe to sell their product all while in a zombie-like state from lack of sleep.
Working that much is difficult, but has its advantages, i.e. big paycheck, experience, networking, etc. A stint a job like this can open many doors for a more "normal" work hour career.
Keep in mind that when making a big paycheck, people often get into big spending habits, such as expensive vacations, restaurants, clothes, mortgages and generally throwing money around during their free time. Some get accustomed the material wealth and wind up in "golden handcuffs" where they feel the need to stay at the job despite the massive stress. Since many of their colleagues are big spenders, it becomes normal to toss money around. Also, the promise (or caret) of future pay increases the motivation for people to stay working longer that what may be healthy for them.
Overall, I think an opportunity like this is attractive, test it out. Make some money, don't spend it all. You can jump ship if it doesn't suit you; as long as you don't get the "golden handcuffs".
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Finance
01-23-2013, 08:01 AM
Quote: (01-22-2013 10:20 PM)magellan Wrote:
you can make a lot more after your first couple years if you transition into a buyside role.
The buyside pays worse than the sellside. Sellside people must understand the markets, securities, and institutions better than the buyside people they serve.
You have probably seen the lucky, successful people who transition into buyside roles (hedge funds or whatever). But there are plenty of undemanding buyside jobs marketing mutual funds, private client service, risk reporting, etc. Most people switch for lifestyle reasons. In other words the buyside job pays worse, but offers better lifestyle.
For whatever reason, the sellside runs lean, preferring to hire fewer people. That gives them less layoffs in a bust. Then they work employees to death during booms and pay them more. Ask Westcoast about his experiences.
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Finance
01-23-2013, 11:49 PM
If you haven’t already, check out Wallstreetoasis.com. For what you are looking for it is probably the best resource available.
