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Day in the life of an investment banker...(this is rough)


Replies to: Day in the life of an investment banker...(this is rough)

  • ForeverZeroForeverZero Registered User Posts: 804 Member
    How about from Stanford? I've heard that bulge-bracket firms recruit heavily there, but some people have told me that Wall Street recruiters don't bother to go all the way to CA, and that they'd rather recruit from east coast schools. Is this true?
  • TpeckTpeck - Posts: 590 Member
    There are investment banks in CA and all over the world. Not just Wall Street.
  • intotherainintotherain - Posts: 384 Member
    Can NYU Econ major get jobs as an investment banker or consultant? or do you need to get a higher degree...
  • MrTrojanManMrTrojanMan Registered User Posts: 687 Member
    i already posted this but ill put it here too since it relates to this thread:

    you know, bankers are some of the most uninteresting individuals. really. but i actually have some funny experiences i would like to share about these dullards. these experiences come from my pleasure of meeting several employees at a certain LA based bank, which will remain unamed (houlihan):

    so i am this uber trendy hollywood club, just kickin it. my homie from USC rolls by. he graduated and is banking his poor life away, 2nd yr analyst. i almost had to drag this guy out the office to come hang out on fri night. he brings his banker buddy. lets call him Joe. Joe is cool cat. he's from irvine, graduated form Yale. i buy a round of drinks, get him nice and tanked up, and we have great time haggling women and acting the fool. we get to talking about life and work and what not. "so joe, hows work treating you," i say. "it sucks bro," he cleverly responds. cool. a couple drinks later and things get fuzzy. i think he went home with a hooker i accidently introduced him too. anywyas, next day my USC buddy invites me to go check out the office after a nice lunch. ok. its pretty typical, though it seemed busy for mid weekend. he assures me its like this every weekend. wow. he tells me its like this hollidays too. yaa great. i ask wheres joe, i wanna know if he hooked up or not. he told me joe got chewed up by the boss b/c he didint finish his work. oops i think i know why. i gotta take a wizz. so im the urinal mid pee, all of a sudden joe (looking rather frantic) burts in. "whats up, joe." he cant tak b/c it looks like something is in his mouth, as his cheeks are sticking out real big like he has the mumps. he runs to the sink, then to a toilet, then back to the sink b/c the sink is closer, stops half way in between and barfs himself. poor chucked on his shoes. oh man. "you ok, joe." he grunts like a cavemen, in response. "ok see you later, joe." so im chatting it up witha another SC alum in the office. aparently, the office is satuarted with trojans. he tells me that an analyst a while back had to be rushed to the office b/c he couldnt feel his arm after an all nighter in the office. oh wow. next weekend my USC friend tells me that that the very person i was chatting with had to be rushed to the hospital too. his appendix inflamed and nearly blew up in his gut. he passed out at his desk, people thought he was working all night and didnt realize he was unconcious until next morning. holy cow.

    wow, i now know what i dont want to do.

    that was a while back. i still keep in touch with my buddy. he plans on leaving banking. he wants to start his own biz and what-not, he doesnt want to work for other people. anywyas, i banking is great, real great. powerpoint gets me off. i cant wait to become a banker. ya right, id rather be a bum.
  • TpeckTpeck - Posts: 590 Member
    Cool Story, Have you guys seen Harold and Kumar go to White Castles? Harold is a Anaylist in the movie.
  • redlinekid2redlinekid2 Registered User Posts: 456 Member
    is not for everyone. In order to do well in the profession, you must enjoy the nature of that field. Everyone is lured into IB because of the high salary and bonuses without regard to the stress that they will face. For example, let's say at the Ivy Leagues and Stanford, there are more than 300-400 college students on each campus who goes through the interview rounds of the major Investment Banks. Out of that number 40 of those students will go into the final inteview rounds. Of that number, 10-15 are offered a position.

    Of the 10-15 college graduates who leaves their respected schools to work for the IB for 2 years, at least 4-6 will quit in the first year. Of the 9-10 who remain after 2 years, 1 will be offered a 3rd year extension, 5 will go on to business school, and the rest will go on to do other things.

    Of the 5 who get their MBA from the top business schools, 3 will return to the IB as associates, the remaining 2 will go elsewhere. Of the 3 who are now associates, 1-2 will eventually be promoted to Managing Director. The one remaining Associate will go on to run or create his own company.

    Investment Banking is what you make of it. If you want to learn about the financial structure that in the heart of the global economy, IB is an excellent field to go into. However, if you're only interested in the money and nothing else, then you'll be in for a very big disappointment.

    In my honest opinion, IB is a once in a lifetime opportunity to work with the heads of Corporate America directly. You get a lot of responsibility to learn and grow in less time than it would take in another career profession. The power of emotion is a very powerful thing. If you use it wisely, you have a lot of valuable contacts in the long run.
  • eternity_hope2005eternity_hope2005 Registered User Posts: 524 Member
    How do i-banks recruit? Do they recruit on campus at top schools? Or do you have to go fill out an application form inside the i-banking company HR office? For example, if I wanted to work for Goldman; would I have to go into their company building in NYC and ask for the HR office? And then go fill out an application form?
  • magic stickmagic stick Registered User Posts: 27 New Member
    Amazing how much these guys have to go through. If one can stick through it and make that type of money, one can be settled for an early retirement and be set for life.
  • eternity_hope2005eternity_hope2005 Registered User Posts: 524 Member
    I just found out the info. I needed to answer my last post. So don't worry about the recruitment question I had. But as far as money goes; how much does an i-banker make once he /she makes it to the associate level. How much is it once he/she makes it to a manager?
  • Malishka31Malishka31 Registered User Posts: 2,971 Senior Member
    what exactly are you meant to major in to be an investment banker?

    What UC is best for investment banking?
  • eternity_hope2005eternity_hope2005 Registered User Posts: 524 Member
    From what I here, you can take anything from a business major to math, physics, engineering, chemistry, biochemistry, and many other non-business majors. It's a lot more important what school your coming in from rather than what your major is. My cousin works at Deutsch bank and she's an econ. major from Cornell. But among her friends is a girl from john hopkins with a biochem. major and a guy from MIT who's also a biochem. major.

  • Malishka31Malishka31 Registered User Posts: 2,971 Senior Member
    Well since i will never get into those shcools, my only option are the UC's, so is there any possiblity for a good Investment banking career from a UC

    I was thinking of a double major in math and economics from UCSD. (i live in san diego so i would save some money staying here)
    Then maybe MFE from berkeley.

    but i dont think UCSD holds as much merit as UCB or UCLA, ummm i am so confused.
  • Malishka31Malishka31 Registered User Posts: 2,971 Senior Member
    well i am transfer student, so UCSD is guranteed, and berkeley would simply depend on my essay.

    What would i have t0 major in? i know i wont get into the business administration major but i can get into the ECON major in berk probably.

    I just dont know if

    UCSDs Econ: Managment Science BS is better than UCB Econ BA
  • eternity_hope2005eternity_hope2005 Registered User Posts: 524 Member
    Both your prospective majors are business related so it wouldn't kill your taste to choose either one of them. If your really interested i-banking for a top company, go to Berkeley, and major in econ. Also, it will give a great chance of getting into their MFE grad. option which is extremely competitive and ranked the best in the world.

    The issue is, can you get into Berkeley? It isn't exactly an easy school to transfer into. If your from the Cali community college system (which I'm guessing you are from), then you have a very realistic chance of getting in to Berkeley. When I called their Admissions office over a year ago, they told me that they strongly favor the cali comm. college students over all others.

    The same goes with UCLA which has almost the same rep. as Berkeley. If you can't get into UCLA or Berkeley (you should get into at least one of the two schools), then, go to UCSD and then later on, attend the MFE program at Berkeley.

    Either way, it's a win-win situation. Going to Berkeley will just get you faster to your goal of working for a top i-banking company.
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