<p>there’s also the issue of getting someone to work on one thing consistently for 16 hours, 8am till past midnight. If you don’t have familiarity with the subject matter, you’re not going to get done what needs doing - so you can’t exactly hand it off to the “2nd shift” guy.</p>
<p>
To answer half the question, when people graduate from college with a bachelors, they are typically hired by an investment bank as an Analyst. You might be in Sales & Trading, Corporate Finance (i.e. Mergers & Acquisitions), Asset Management, Trading support, etc. The point is, you’re an analyst. Those stints tend to last 2-3 years, and after 2 years you’ll probably either be promoted, asked to leave, or asked to go get an MBA (or asked to stay on for a 3rd year).</p>
<p>If promoted you’ll be an Associate. If you go get an MBA, then investment banks (and consulting firms, etc) you interview with at B-school will be hiring you to start as an Associate. Of course, you may do something else with an MBA, or if asked to leave may switch industries and careers entirely. But if your goal is to remain in finance, that is the generalized path.</p>
<p>Bachelor’s -> Analyst position -> Promoted to Associate
or
Bachelor’s -> Analyst position -> get an MBA -> Hired again as an Associate</p>
<p>As to what ibankers do when they leave finance entirely, the answer is often to start their own companies, to join another industry in a management position - or in the finance department. Getting certified as an accountant helps with that, of course. Mostly, an analystship at an investment bank is a certification that you A) are reasonably smart and have good connections, and B) are willing to work DAMN hard. That appeals to a lot of companies out there.</p>
<p>hope that helps,
D</p>