<p>maybe he’s out there to help highschool kids with little knowledge about the industry make right career decisions to promote their learning and future…never struck you, huh? by the way alexandre, I have to thank you for something you did about 2 years ago. a year and a bit back, when i was still a junior in hs, i was searching for usnews rankings and some information on the b-schools i should apply too, and i came across cc. got to tell you that, unknowlingly, you played a huge part in my college decisions and I have to thank you for that. Great advice and great job! You should be proud of yourself and the positive influence you have on highschool kids which leads them to make good decisions about their future career and life!</p>
<p>Here’s a good quote about IB:</p>
<p>IB is not a 100k job out of college. IB is two 50k jobs out of college.</p>
<p>
</p>
<p>Why do you care what Alexandre spends his time doing? It is not your life so mind your damn business.</p>
<p>I don’t see how that link “shuts my mouth.”</p>
<p>I think it only shows your lack of reading comprehension.</p>
<p>If you had read my post, I made two points</p>
<p>1) Pre mid-late 90s, nowhere near the banking boom salaries of 200+k, it was all about sales and trading (mortgage back securities, junk bonds…) banking salaries were only mediocre compared to today</p>
<p>2) Alexandre claims a third year analyst to be making 500k. That’s complete bullcrap, even today. Can you even read the site you posted?</p>
<p>Salaries in Investment Banking (with bonus)
Job Level Bulge Bracket Regional Player Prerequisite
(degree/yrs experience)
First Year Analyst $60K - 110K $30K - 70K Bachelor’s
Third Year Analyst $80K - 200K $70K - 150K Bachelor’s
First Year Associate $125K - 235K $70K - 150K MBA
Third Year Associate $150 - 450K $120 - 250K MBA</p>
<p>Umm… third year associates are predicted to make 450K, and that’s only if youre at a top bulge bracket, not third year analysts. The difference between a third year analyst and associate can be as great as 5 years if we count the 2 years of MBA and 3 years as an associate. Superstar third year analysts today MIGHT be able to go near 300k, but even today that is extremely rare (if ever given), and it was definitely not possible twenty years ago</p>
<p>So unless Alexandre uses “almost 500k” extremely loosely i.e. 6 digits… then maybe he has a point</p>
<p>Mods can be helpful, but visitors shouldn’t be afraid to call out bs.</p>
<p>Your data shows a third year analyst making 500k is uncommon. However, there are always outliers.</p>
<p>I heard about top-tier 3rd yr analysts making $400,000 and above.</p>
<p>i think if you noticed he was a third year in 1999 and the data reflects price in 1999 (which if you had any clue was a big year for M&A), then it would be rather plausible that he was in the 500k range. Whether he wrote analyst or associate is negligible considering i have found many that have graduated from MBA programs and still refer to themselves as analyst (but alexandre should enlighten us on this point)</p>
<p>bonuses for first year analysts are said to top 100k this year, he can handle it.</p>
<p>Bipolar, I agree with all you say. In fact, I always try to emphasize that making huge bonuses should not be an expectation when becoming an IBanker. It takes more than smarts and hard work to make those large bonuses. It takes a well-established (and usually inherited) network and luck. The vast majority of SUCCESSFUL analysts earn, bonuses included of course, between $80,000 (first year analysts) and $250,000 (third year analysts). I stress “successful” because many analysts get small bonuses, if any at all. However, there are some third year analysts who earn well over $300K, particularly when market conditions are good, like in the 1996-2000 period.</p>
<p>alexandre, maybe this has already been posted somewhere, and it also has nothing to do with this thread.</p>
<p>But could you possibly give some insight on what it is like to be an American working overseas, or how you found a job like yours in the first place, and if you plan on ever coming back home?</p>
<p>hallerbigballer, I guess I should start by specifying where “home” is. I am Lebanese, so Lebanon is my home. I happen to be a citizen of France, much of my formative education was completed in the French system and I have spent a great deal of time in France, so I admitedly have a soft spot for France. As such, Europe and the Middle East (where I have spent most of my professional life) are technically my home. I share the culture and ideology of both those regions of the World. </p>
<p>But to answer your question about finding a job in Europe or the Middle East, having some sort of established network in those areas obviously helps. Of course, speaking the local language and understanding the culture is very important. When deeling with fellow employees and the local population, one must have a clear understanding of local customs and language. Finally, attending a university with a global reputation is an added benefit. That was a very big factor in my own decision when chosing undergraduate institutions. </p>
<p>For an American, it is probably easier to join a multinational firm in the US and have them move you on an assignment. </p>
<p>As for moving back to the US, one never knows. I am a Green Card holder and am now eligible to apply for the citizenship. But the current climate in in the US is not welcoming for an Arab, so I will wait for a time when the Middle East and the US are getting along a little better.</p>
<p>I’m a student in Boston studying Econ at Northeastern, and was looking for the differences in Lifestyles/Salary for IB and Consulting. Consulting looks hot bc I’m very entreprenuerial and would love to start my own firm someday, but at the same time it involves an elevated level of risk. </p>
<p>IB looks more secure other then sacrificing a social life and sleep. Any input or links on the subject?</p>
<p>I was just wondering how a CFA designation might help me in the IBanking field. I’m currently a finance major and I was planning on getting my CFA afterwards becuse I heard it was the best designation in the finance industry. Any insights?</p>
<p>Most places I’ve heard don’t really care if you have a CFA or not, although I’m sure it doesn’t hurt.</p>
<p>I think people have said it before, but the main consideration that most IB firms take into account during recruiting is what school you go to. If you go to a target, or even a near target school, I think the chances are a lot better than if you go to a non-target. It is a very, very competitive field.</p>
<p>Coming from Northeastern you are already fighting an uphill battle getting in to IB, and consulting values pedigree way more than most BB’s do.</p>
<p>The lifestyle is marginally better but the pay is less and it’s more competitive to land a gig there straight out of undergrad.</p>
<p>how heavily are places like bc and bu recruited for ibanking</p>
<p>HadsP, you can pass all 3 levels of CFA exams on your own but to have a CFA designation, you have to have 4 years of relevant work experience. CFAs are more relevant to working in investment management, like equity research, portfolio management, not IB</p>
<p>I don’t think BC and BU are anywhere near target schools.</p>
<p>bc is recruited pretty well. It is hard to find info for their undergraduate (in other words i am to lazy, do it yourself), but there is a reason that their MBA program has such a high starting salary - investment banking. Same thing can be said for Vanderbilt and other similar programs.</p>
<p>edit:</p>
<p>Goldman recruits for</p>
<ul>
<li>Compliance</li>
<li>Finance (Credit & Corporate Treasury)</li>
<li>Financing Group (Investment Banking)</li>
<li>Investment Banking / Corporate Finance</li>
<li>Global Investment Research</li>
<li>Private Wealth Management</li>
<li>Sales & Trading (Equities & Fixed Income, Currency & Commodities) </li>
</ul>
<p>This is for the Americas and China</p>
<p>Given this and the fact that Goldman has set up a scholarship specifically for BC students (set up by BC alum in exec positions at GS), i would assume other banks would recruit as well</p>
<p>i should have mentioned, i’m still in undergrad at northeastern. i know that i’ll need a more competetive graduate degree for IB/consulting, potentially BC if i decide to stay in MA, but I really don’t want to. i’m not exactly sure what my plans are for pre-mba work, but whichever will take me closer to the two options. How important is gpa for IB/Consulting? Do they look primarily at the school/reputation/department or will a 3.5 kill me in the job market?</p>