<p>Never mind I am going to major in Applied economics and Management thanks for all your help alexandre.</p>
<p>Wait…what are these six schools? Harvard…Wharton…Columbia…NYU Stern…what are the other 2? And how does Cornell compare with NYU in terms of prestige on the street?</p>
<p>For banking: Harvard, Wharton, Princeton, Yale, Columbia, NYU Stern, Dartmouth.</p>
<p>If many of you think the Ibanks are going to be doing much hiring the next few years you are in for a huge shock. Companies losing Billions don’t go out and hire–they fire.</p>
<p>[Goldman</a> sees $1-$12 bln more writedowns at top brokers: Financial News - Yahoo! Finance](<a href=“Yahoo Finance - Stock Market Live, Quotes, Business & Finance News”>Yahoo Finance - Stock Market Live, Quotes, Business & Finance News)</p>
<p>Barrons: Is the current oil situation, the credit crunch, and the housing ‘bubble’ really going to effect banking hiring for years to come?</p>
<p>Certainly. How could it be otherwise. No business=no fees=no need for bankers. Thousands are already fired and looking for new spots on Wall Street. Banks are VERY quick to cutback when business is down–and it will be down for a few years.</p>
<p>^ Could be even more than a few years:
[THE</a> GREAT BUST AHEAD](<a href=“http://www.thegreatbustahead.com/]THE”>http://www.thegreatbustahead.com/)</p>
<p>Don’t know if it’s true, but a quick, interesting read nonetheless.</p>
<p>“The Great Bust Ahead is based on a simple commonsense recognition that the long-term trend of the economy must always be determined by consumer spending. Why? Simply because we know consumer spending accounts for about 60% to 70% of the economy as expressed by the GDP (Gross Domestic Product), and more like 90% when indirect spending of our income as taxes by the government(s) is included.”
The guy isn’t even a trained economist. The long-term trends of the economy are not simply determined by consumer spending ( or Aggregate Demand for that mater). The long-term economic outlook is generally determined by Aggregate Supply with the short-term being determined by Aggregate Demand. Moreover, the Great Depression was a depression and not a recession due to entirely inactive monetary policy. Our current Federal Reserve would be unlikely to sit back and watch the runs on banks we saw during the Depression. The current sub-prime debacle is more of a bubble busting than a case where consumers would seriously consider withdrawing a significant amount of money from their savings.</p>
<p>^ He’s talking about demographics. His argument goes like this:
Cohort aged 45-55 are in their peak earning years. This demographic will decline, as a percentage of total population, over the next 20 years - as baby boomers age and retire. 70% of GDP comes from consumer spending - less higher wage earners - less money to spend - weaker economy.</p>
<p>Long term trends may not be indicated, but no denying the fact that consumer spending makes up more than 70% of GDP, and this is unlikely to change much in the future.</p>
<p>I agree with you that the subprime mess is “more a bubble busting”…the author’s book doesn’t address the housing bubble.</p>
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</p>
<p>His demographic data correlates with the Great Depression.</p>
<p>am i very ignorant or is wharton supposed to be VERY high up there in many of those lists?!</p>
<p>I’m pretty sure people are going to bite my head off for this, but IB’s kind of overrated.</p>
<p>And uh…great. By the time I come out of law school, the economy’s going to have bottomed out. Although I don’t see biglaw associates’ salaries going down anytime soon.</p>
<p>
</p>
<p>And law isn’t?</p>
<p>“As junior bankers, whenever we were feeling low, we’d watch the junior lawyers and start feeling better. They worked just as many hours as we did, they made a lot less money, and their work was even more boring than ours. Three strikes, they were out.”</p>
<p>-Peter Troob on the drafting of a prospectus</p>
<p>Just found that kind of relevant.</p>
<p>Why isn’t UW-Madison on any of these lists? It’s rank overall is similar or better than Uillinois, BU, and NYU and it has one of if not the best econ programs in the country. Im majoring in econ at Madison and this is disconcerting to me.</p>
<p>Wisconsin’s Economics department is amazing, but that does not necessarily make it a hunting ground for Investment Banks. Generally speaking, Wisconsin’s Business school has over 600 undergrads per graduating class. That’s the same size as Wharton and Stern. And yet, out of 600 students, no major Ibank recruited more than 3 students last year. </p>
<p>[Wisconsin</a> (Madison): Undergraduate Profile – BusinessWeek](<a href=“Businessweek - Bloomberg”>Businessweek - Bloomberg)</p>
<p>Boston University and the University of Illinois (neither one of which is particularly good at placing students into IBanks) placed a greater number of students into major IBanks.</p>
<p>[Boston</a> University: Undergraduate Profile – BusinessWeek](<a href=“Businessweek - Bloomberg”>Businessweek - Bloomberg)</p>
<p>But like I said, BU, Illinois and Wisconsin are not major IB hunting grounds. Among B-Schools, Wharton, Stern, Ross, UVa, Sloan, Cornell, Georgetown and Haas are considered among the more successful at attracting IBankers.</p>
<p>[University</a> of Pennsylvania: Undergraduate Profile – BusinessWeek](<a href=“Businessweek - Bloomberg”>Businessweek - Bloomberg)</p>
<p>[University</a> of Michigan: Undergraduate Profile – BusinessWeek](<a href=“Businessweek - Bloomberg”>Businessweek - Bloomberg)</p>
<p>[Cornell</a> University: Undergraduate Profile – BusinessWeek](<a href=“Businessweek - Bloomberg”>Businessweek - Bloomberg)</p>
<p>[New</a> York University: Undergraduate Profile – BusinessWeek](<a href=“Businessweek - Bloomberg”>Businessweek - Bloomberg)</p>
<p>[Massachusetts</a> Institute of Technology: Undergraduate Profile – BusinessWeek](<a href=“Businessweek - Bloomberg”>Businessweek - Bloomberg)</p>
<p>[University</a> of Virginia: Undergraduate Profile – BusinessWeek](<a href=“Businessweek - Bloomberg”>Businessweek - Bloomberg)</p>
<p>[Georgetown</a> University: Undergraduate Profile – BusinessWeek](<a href=“Businessweek - Bloomberg”>Businessweek - Bloomberg)</p>
<p>Wharton and Stern have large (550-600 per class) B-Schools. However, Cornell, Georgetown, Cornell, MIT and Michigan have smaller programs, with 100-350 students per graduating class.</p>
<p>As an econ major I am not part of the business school though. With so many people saying that economics is a fitting degree for Ibanking shouldn’t major banks pay more attention to economics departments in terms of which schools they recruit at? It seems unfair that a Madison student would have a harder time getting into an IB because their business school doesn’t garner interest from IBs.</p>
<p>“It seems unfair that a Madison student would have a harder time getting into an IB because their business school doesn’t garner interest from IBs.”</p>
<p>From what I gather, IBanking is very much a prestige driven field (this is why CC is so obsessed with it). UW-Madison is not prestigious, as great of a school as it is. </p>
<p>re: The Great Bust</p>
<p>BusinessWeek recently did an article on how the new trend amongst Baby Boomers is giving back to the community and (mainly) working part time jobs as a consultant of sorts. Thus, “The Great Bust” might be pushed back a couple of years.</p>
<p>Have no fear futurenyustudent, you can make your 6 figures for a few years, then descend into poverty =)</p>
<p>No, I want the market to bottom out and start to recover sometime before I graduate from law school. Because that way, while my salary won’t be much more than the $160k-$165k it is now, I know that it has nowhere to go but up.</p>
<p>I wonder if mid-year raises are retroactive to the beginning of the year.</p>
<p>how are University of North Carolina Kenan Flagler and Boston College Caroll in terms of IB placment</p>