<p>^You’re exactly right. I couldn’t even comment on this crap because almost everyone truly has no idea what they’re talking about when it comes to getting jobs in IB and other high finance or what the work actually entails. You think Goldman is prestigious? Ever heard of Lazard and Evercore? You’ll work even harder and make even more but basically be guaranteed a good PE position two years down the road. Although anyone needs to take a long hard look at themselves and decide if they really do want to pursue IB. It’s not right for everyone…in fact it’s not right for almost anyone. As for the OP, just to be blunt you already have basically no chance at working for GS right out of Michigan because they wouldn’t take LSA kids and I’m sure they’d have reservations about taking a kid who took five years to graduate, being as selective as they are. It’s not like Goldman is the be all end all of IB by any means though. If you do decide that’s what you want to do and are able to succeed in Ross you’ll get a shot somewhere. Probably not Goldman though.</p>
<p>Please advise. I can do a year in LSA and apply for Ross in the spring. If I’m admitted, should I accept considering my goal? Second, what steps should I be taking now? Last, where should I look for internships to make my goal happen?</p>
<p>I heard of Lazard. Until recently, its CEO was a Wolverine! He died back in 2010 though, but he was a giant in the world of finance. </p>
<p>Seriously though, I agree that too many high school and college students wish to pursue careers in investment banking simply because it sounds glamorous or lucrative. Few of them realize that analysts work 12-14 hour days, 6-7 days a week. Some work longer hours! Also, having a very good understanding of the work is essential to successfully apply to one of those jobs. One must read and keep up with the subject matter, as well familiarize her/himself with the language of the trade. </p>
<p>One factor people often neglect or underestimate is the “blue blood” factor. Major IBanks like Goldman Sachs only recruit a limited number of students on campus. Most of the students they recruit, even from campuses that they actively recruit from, are hired as a result of family connections. Being part of a very wealthy family helps a great deal, especially if one (or both) of one’s parents are well connected to one of the banks.</p>
<p>“Few of them realize that analysts work 12-14 hour days, 6-7 days a week. Some work longer hours!”</p>
<p>12-14’s on the low side, 16-18 is about right. As maizeandblue21 & Alexandrew mentioned, GS is notoriously picky about school section so I doubt that you’ll have a shot out of LSA. You’ll have better luck with other IB firms, especially if you’re flexible with location.</p>
<p>Given that most people burn out after 3 years it’s not like there’s a huge monetary disadvantage to not going to GS anyway.</p>
<p>I have worked on Wall St. for 25 years and have known all sorts of people from GS. For most of them, the experience is something that like of a sweat shop. The pay is not good for the hours worked unless you rise high in the ranks where the pay is excessive. Even then, most of the rest of your life suffers.</p>
<p>But in finance in general, one can make a decent life and even contribute to the world, if your goal is a properly functioning financial system. So I don’t want to burst any bubbles here, but want to say that you might not limit your plans to GS.</p>
<p>Besides that, it’s hard to get in there. They have a brutal interview process where you’ll meet about a dozen people and go on rounds and rounds of interviews.</p>
<p>In general, finance is better than econ. for work on Wall St. but most of the study of finance in college is esoteric anyway. You use little of it. Main thing is to get internships of some kind, to learn how to conduct oneself professionally, to become generally educated, to get good grades (4.0 is not necessary), and to learn all you can now about the practical aspects of the financial industry. For that go online.</p>
<p>Family connections play a minor role in Analyst hiring at investment banks. Most of the analyst classes are culled from On Campus Recruiting at each of the firm’s target schools.</p>
<p>Most people don’t stay in ibanking beyond their 2 year analyst stint. They move on to the greener pastures of Private Equity typically.</p>
<p>PE is an exit but I’m not sure how common it is - most former IB people I know ended up either moving to a different function in finance or leaving the industry entirely. PE seemed to be the 20% case.</p>
<p>^but that’s his point. Very few people actually continue to grind it out. Most jump at any exit opportunities, be it PE, HF, AM, which are all greener pastures. A lot of the guys here at the HF I work at have IBD background, so do the people at the AM I used to work at. </p>
<p>And if they decide to join a more corporate function, they are at an accelerated track, coming in at a much higher level/impact position than a person with 2 years of experience at the company.</p>
<p>Point is, joining IB at the undergrad level is all about fast tracking your career and moving to the exit opportunities. Very few people actually stick around for the A-to-A direct promote. </p>
<p>So the lifestyle and crap are temporary and irrelevant; really a small price to pay for much better things. Now if you can manage to get one of these IB exit ops without going through the grind, by all means do it (why suffer when you don’t have to?)</p>
<p>Obviously this is completely different for MBA hires where it’s more of a lifer job.</p>
<p>Ah, I guess I misread his point. </p>
<p>The way I read it he seemed to be implying that people who do grind it out and want to jump into PE/AM, etc. are generally able to do so. From what I’ve seen plenty of people who aren’t burned out are forced out after their analyst years and go into other roles.</p>
<p>As someone who did economics at Michigan as an undergrad and at Chicago as a grad student and has worked in the financial services sector since 2002, the biggest determinant of long-term success, in my view, will be quantitative skills. So LSA or Ross? That’s hard to say. But take as much math as you can, and if you have a chance and the interest, definitely take Math 525 and Math 526 and Econ 601 and Econ 671, all of which, I believe, are open to qualified undergraduates in LSA. I don’t know if such courses are practical for Ross students given other requirements.</p>