Odds at Goldman--very bad

<p>None of you kids are getting in investment banking.</p>

<p>Why not? It doesn't seem that difficult to get into.</p>

<p>Good one kid, one of the hardest jobs to get on the planet isn't difficult to get into.</p>

<p>I'm probably older than you son. </p>

<p>Unless all these business schools are liing it doesn't appear that difficult at all. I'm looking at a brochure right now. Top 20 MBA program, 10% of all graduates going into Investment Banking. Only 40% of all graduates are going into finance at all.</p>

<p>VectorWega whats your job experience?</p>

<p>Well, I'm not looking to go Ibanking so it's quite irrelevant. I've made a lot of money in real estate and that's what I'll stick to when I decide to come out of retirement.</p>

<p>Top 20 MBA itself, is roughly 650-700+ GMAT, respectable undergrad GPA, and solid work experience (4 years on average I believe). Now after you've achieved that, 10% of those get into IBanking?</p>

<p>Most of you that are interested in Investment Banking will not make it so just give up and stop discussing it. More importantly, spend that time that you have used dreaming about banking, into a career that you will actually enjoy and excel at.</p>

<p>The point of me asking your work experience was because if you think Investment Banking isn't difficult to get into from your point of view, you must have some amazing credentials. You must have gotten jobs that were signficantly harder to get than investment banking (which hardly exist, consulting?)to claim that it is "not difficult" correct?</p>

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Now after you've achieved that, 10% of those get into IBanking?

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<p>At this school, 10% go into IB, but only 40% go into finance at all. So a 25% rate is probably more accurate but you have to consider that many of those in finance probably don't want to go IB simply due to the long hours etc.</p>

<p>Talking to students from another school (actually, not even a top 50 MBA program) they told me that many of their fellow students wanted to go IB when they started their MBA but by the time they've really learned more about IB most change their mind (BTW, that school also sends people into IB despite not being a top 50 program).</p>

<p>I'm sure it is quite difficult to get into IB from undergrad. However, if you really desire to be IB then you can always fall back on an MBA and have what appears to be a very good chance at going IB. (especially if u come from a finance background which should give you an edge once in business school).</p>

<p>BTW, this thread is not simply about IB'ing. It's about any position that Goldman Sachs has. This would include IT, analyst, and advisor roles (and probably many other roles also). They also probably receive a ton of resumes from people that are not good fits at all.</p>

<p>Dawgie-- 40% from Ross (almost half of all Ross students don't seek jobs in finance). This is for undergrad. There are some schools that have an even easier time breaking in to the industry.</p>

<p>Yea I'll agree a few schools give you a much better chance, but realistically I'm trying to do most of these kids a favor.</p>

<p>Ross is a target, but that 40% might be misleading.</p>

<p>First of all, it's according to how many people responded to the career survey, so everything is self-reported material. Of course we can assume that a good number out of the 350 graduates did the survey, and most probably answered as accurately as possible. But still, the 40% is not 40% of students but rather 40% of respondents.</p>

<p>Second of all (and more importantly), many jobs can be classified as "investment banking" that actually aren't traditionally IB. And it can be anywhere in the world. Just look through the Ross job database (search by "finance-investment banking") or postings on Vault or Doostang for "investment banking" and you'll know what I mean. You'll see a list of random firms/positions. The real % we need to know is % going into a BB (or top boutique) in NYC as an IB analyst, eliminating firms and positions (and probably even locations) that don't traditionally count.</p>

<p>I know a Ross student who graduated in 2004. He went to GS. He said only one other person that year became an analyst in IB in NYC. The rest were non-IB positions and/or not in NYC. I'll try to get more details on that, but that's what he said.</p>

<p>
[quote]
First of all, it's according to how many people responded to the career survey, so everything is self-reported material. Of course we can assume that a good number out of the 350 graduates did the survey, and most probably answered as accurately as possible. But still, the 40% is not 40% of students but rather 40% of respondents.

[/quote]
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<p>This is true. Most grads will respond to the survey (heard it was ~90%), but you have to take the number with a grain of salt. </p>

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The real % we need to know is % going into a BB (or top boutique) in NYC as an IB analyst

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<p>I was talking about investment banking as a whole in response to Dawgie's statement about investment banking job prospects in general. The answer to this would be useful, but doesn't really pertain to what I was talking about. BB analysts in the IBD division of the NYC offices are not the only investment bankers.</p>

<p>
[quote]
I know a Ross student who graduated in 2004. He went to GS. He said only one other person that year became an analyst in IB in NYC. The rest were non-IB positions and/or not in NYC. I'll try to get more details on that, but that's what he said.

[/quote]
</p>

<p>Considering goldman only took four grads in 2004, that is very possible. The others were probably in S&T and/or the Chicago office (god forbid!).</p>

<p>mckinsey has internships. recruited a couple of kids in my school last year.</p>

<p>McKinsey interships are located inside your school? Cool!</p>

<p>Ok, the 4 going to GS clears up a lot. I was wondering about that myself. Then it makes sense in that context.</p>

<p>You mention "investment banking as a whole" and that's okay, but when most people say they want investment banking, they're not talking about being an IB analyst at W.Y Campbell & Co. in Detroit or Stout Rissius Ross in Farmington Hills or National City bank, etc. The 40% includes ALL of those types of firms, which is misleading. It doesn't mean 2 out of 5 people will make it big in IB (i.e. BB firm or top boutique) like the statistic makes you want to think. Talk to the juniors and seniors. They'll tell you all about the interviews they couldn't get and the interviews they got but couldn't "pass," for lack of a better word. IB is a tough field, and you're in for some competition for the TOP IB jobs. That's all I was saying.</p>

<p>I should clarify, I am talking about getting into BB's.</p>

<p>Oh then yeah, it's tough for anyone to land a job at a BB in NYC. Not impossible, especially at a target, but definitely tough.</p>