|
2 years at a BB is mandatory for a lot of high-paying, short work week jobs. You can't really be much better off than someone coming off an MBA after 2 years in IB. The sky is the limit at that point. CorpDev, buyside, whatever. Why someone would get to that point and decide to go back as an associate is beyond me, unless they hadn't worked in IB. The banks must put on a hell of a show to get them to come back.
|
#
?
Feb 15, 2012 22:52
|
|
|
|
| # ? May 11, 2024 07:48 |
|
|
alex_carrigan posted:2 years at a BB is mandatory for a lot of high-paying, short work week jobs. You can't really be much better off than someone coming off an MBA after 2 years in IB. The sky is the limit at that point. CorpDev, buyside, whatever. Why someone would get to that point and decide to go back as an associate is beyond me, unless they hadn't worked in IB. The banks must put on a hell of a show to get them to come back. Someone's gotta do it I guess. Doesn't it get a lot easier as a VP and MD?
|
|
#
?
Feb 15, 2012 23:06
|
|
|
Swingline posted:Someone's gotta do it I guess. Doesn't it get a lot easier as a VP and MD? MD most likely yes but VPs are still under a lot of stress (1) because they're trying to make D/MD/ED etc and (2) they're one of the first groups to get axed when cuts are coming around (like right now) because their comp is relatively high compared to the amount of revenue they generate (which is not a lot). People going IB Analyst -> Buyside -> MBA -> IB Associate is almost unheard of. Why work the same ungodly hours in IB as you would in PE if you can make more money in PE and have more job security while being abused less. Not to mention having much cooler things to work on. Also, go corporate.
|
|
#
?
Feb 15, 2012 23:10
|
|
|
I have a quick networking question. I want to start now so that by the time recruiting season rolls around I'll hopefully have some solid connections to help me get out of pwm. However, I've read/heard that in person informational interviews are a LOT better than email/phone. Should I try to get a weekend trip planned once I have enough to make it worth it even though recruiting season is so far away, and then just take a second trip a month before recruiting season starts to revisit people I have really solid connections with and add new people that I didn't meet the first time or just the one trip before recruiting?
|
|
#
?
Feb 15, 2012 23:50
|
|
|
Thoogsby posted:
Exactly why I'm thinking an industry coverage instead of product group. Working for private investments would be awesome but working for an up and coming tech firm would be just as exciting (and potentially more lucrative).
|
|
#
?
Feb 15, 2012 23:56
|
|
|
Thoogsby posted:Why work the same ungodly hours in IB as you would in PE if you can make more money in PE I've been looking for info on how different the pay scale is compared to IBD associate-level and up. Realistically it wouldn't be a megafund, so how about MMs?
|
|
#
?
Feb 16, 2012 00:01
|
|
|
fougera posted:I've been looking for info on how different the pay scale is compared to IBD associate-level and up. Realistically it wouldn't be a megafund, so how about MMs? It's really hard to give figures or even ranges because so much of it depends on what carry you're getting. I will however provide a recent and ridiculous example of the potential though just to keep everyone in here hard as a rock: http://poetsandquants.com/2012/02/09/tuck-mba-reports-863k-pay-package/
|
|
#
?
Feb 16, 2012 01:29
|
|
|
Thoogsby posted:People going IB Analyst -> Buyside -> MBA -> IB Associate is almost unheard of. Why work the same ungodly hours in IB as you would in PE if you can make more money in PE and have more job security while being abused less. Not to mention having much cooler things to work on. Not true. Maybe for S&T/Capital markets, but in IBD there are a fair number of people who bounced back from buyside. They do not necessarily go via the MBA route (most frequent I see are those who went analyst -> buyside -> screw around for a bit -> come back as associate, possibly while doing part time MBA). Almost everyone I know who works at a BB has come across a few associates like that, and it's even more common in some "elite" boutiques. It's not a common sight but far from unheard of, especially as of last couple years.Also you don't hear it too often because they are unlikely to bring it up. It's not all voluntary though - some people came back to banking after their fund blew up or got laid off. Also some people came back at the behest of their old MD, and they get preferential treatment. I'd say only go corporate if you have a very good idea of what you're getting into. Ask most bankers how they feel about working with corp dev guys and you'll probably get a string of rants about incompetence/laziness. I've been on more than a few deals where the corp dev guys were worse than useless. fougera posted:Exactly why I'm thinking an industry coverage instead of product group. Working for private investments would be awesome but working for an up and coming tech firm would be just as exciting (and potentially more lucrative). Dear god please don't do this - unless it's a very respected industry group (most likely TMT) you will have worse/fewer options. Gonna be frank there - you get some points for industry focus (or "expertise"), but lose a ton for not being in a "top/prestigious" one such as M&A or LevFin. Trust me, I'm in an industry group. Private placement is only good if you do not value technical skills whatsoever. If you want to work in tech in the long run then push hard for TMT if that's a good group at your bank. edit: sorry just saw your posts on previous page - yeah go for tech, but find out where the analysts go first (linkedin, friends, ask the group, etc.) Socialism fucked around with this message at 02:57 on Feb 16, 2012 |
|
#
?
Feb 16, 2012 02:52
|
|
|
CorpDev looks more highly upon people with M&A experience as far as I know, considering that's a huge part of their job. I'd imagine TMT would set you up well with Corporate Strategy, Business Development, Corporate Finance, etc in the tech sector though. As far as going corporate, if the idea intrigues you, this is a must read. Definitely made me that much more motivated to bust my rear end and set myself up with a FT analyst spot in IB later. Sucks how little control you have in the direction your career goes once you break in, but I'm likely gonna try and work my way into CorpDev in the future. http://www.wallstreetoasis.com/forums/the-other-road-corporate-development-associate-fielding-questions That means you. VVVVV Ravarek posted:This may be a lame-o question: Volkerball fucked around with this message at 14:47 on Feb 20, 2012 |
|
#
?
Feb 16, 2012 06:03
|
|
|
Socialism posted:
What do you mean "private placement"? So just join the best group? I noticed you don't have pm's can I email you?
|
|
#
?
Feb 16, 2012 06:31
|
|
|
fougera posted:What do you mean "private placement"? So just join the best group? I noticed you don't have pm's can I email you? Sorry I was/am a bit delirious and that was the first thing that came to mind when you said private investments. It's basically helping company get funding from select investors (i.e. "private investors") that can be anything to super rich folks to institutional investors. It's done pre-IPO and usually small scale so not covered under capital markets. I'm guessing you are really meaning private equity/VC/HF sort of stuff? Most banks have specific groups that execute private placements. They are usually called Private Funds Group/Special or Strategic Solutions (not to be confused with special situations groups), although they cover more than just private placements. Yes join the best group. Be aggressive/thorough in researching where analysts have gone. Don't take words at face value. e.g. if they say "yeah we have tons of analysts who have gone to PE/HF," try to figure out exactly how many and which funds. For corp dev, find out if they got it by personal connections or if the group actually helped. Feel free to email me ~redacted~ Socialism fucked around with this message at 14:22 on Feb 16, 2012 |
|
#
?
Feb 16, 2012 07:07
|
|
|
alex_carrigan posted:Edit: I know PE before more schooling is a common stepping stone for analysts who finish their time in IB, but are there many who finish their 2 years and go right for their MBA? I'd like to do that and then break into corporate through internships and networking while in school. (I know the career path doesn't work at all in finance, but I'm still genuinely curious.) From everything I've read about prestigious MBA programs, even the guys who do 2 years IB + 2 years PE even have trouble getting into M7 because they bring nothing unique to the table - they're just another cookie cutter finance guy. I'd imagine it would be very difficult if you have no interesting life story or whatever to go along with just two years of IB. And remember, prestige (top 10) is everything with MBAs. Finally, even if you did get M7 I've read that a lot of people with little pre-MBA experience get screened out or get a hard time during the recruiting process.
|
|
#
?
Feb 16, 2012 08:19
|
|
|
Socialism posted:I'm guessing you are really meaning private equity/VC/HF sort of stuff? Yeah this is what I meant, but I also didn't realize banks have a separate private placement group, mine only has M&A, LevFin
|
|
#
?
Feb 16, 2012 13:54
|
|
|
Accepted a new job with a team that does valuation opinions and strategic/m&a advisory for entertainment clients. Lots of modeling/valuation, sane hours, and banking pay, pretty excited.
|
|
#
?
Feb 17, 2012 11:29
|
|
|
Its Miller Time posted:Accepted a new job with a team that does valuation opinions and strategic/m&a advisory for entertainment clients. Lots of modeling/valuation, sane hours, and banking pay, pretty excited. Sounds like a pretty awesome gig. Congrats.
|
|
#
?
Feb 17, 2012 15:18
|
|
|
This may be a lame-o question: Are there any IB/HF/PE career paths that do not involve working 80 hours a week? I do not mind working 50-60 hour weeks, but I just do not think I have the physical stamina to work 10-12 hours every day of the week.
|
|
#
?
Feb 18, 2012 20:54
|
|
|
Swingline posted:From everything I've read about prestigious MBA programs, even the guys who do 2 years IB + 2 years PE even have trouble getting into M7 because they bring nothing unique to the table - they're just another cookie cutter finance guy. I'd imagine it would be very difficult if you have no interesting life story or whatever to go along with just two years of IB. And remember, prestige (top 10) is everything with MBAs. Finally, even if you did get M7 I've read that a lot of people with little pre-MBA experience get screened out or get a hard time during the recruiting process. Don't think that's true. If someone came out of a 2 year ibd + 2 year P/E, as long as they got a good GPA from a top 15 university (3.5+) and a good gmat score (700+), they're pretty much a lock for M7 unless they horribly screw something up on the application. Not saying they'll get into HSW, but I'd be completely shocked if they couldnt get into 1 of the M7s.
|
|
#
?
Feb 18, 2012 22:24
|
|
|
Ravarek posted:This may be a lame-o question: It depends on how loosely you define career paths. If you are uber-type A prestige-seeking blackstone/kkr then no. If you want to have a cushy job in p/e with 300k+ all in comp then very likely no. Pretty much the answer will always be no. There are mid-office positions at a bank that do similar type of work. Alternatively places like the big4 have transaction advisory groups that provide similar work with the potential of lateraling into p/e afterwards. There's always top management consulting firms that place well into p/e (though arguably as difficult if not more to get than a traditional route). Or if you're super smart you could work at a quant fund or some other hedge fund with limited hours and huge pay. Or just go into trading.
|
|
#
?
Feb 18, 2012 22:28
|
|
|
I'm trying to make a budget for the summer. I'm guessing I'll end up paying ~2000 in taxes after my rebate on the $15000 comp. How much will they probably withhold though and is there any way I can avoid the withholding and just pay come tax season? Also, I need to buy a smartphone. Is it worth shelling out $200 for the nice models or should I just go for the free with contract ones?
|
|
#
?
Feb 20, 2012 03:02
|
|
|
I'm looking for 1-3 other finance summer intern suitemates for http://www.nyu.edu/summer/housing/overview_rates.htm. I'd want to do the $368/wk single occupancy bedrooms suite option. Email me- jcrowe1 at nd dot edu if you're interested. They're air conditioned and fully furnished with free access to NYU's fitness centers. I'm pretty sure any utilities are included in that price. Applications go up later this month.
Swingline fucked around with this message at 08:12 on Feb 20, 2012 |
|
#
?
Feb 20, 2012 08:05
|
|
|
edit: Already made this point.
Volkerball fucked around with this message at 14:40 on Feb 20, 2012 |
|
#
?
Feb 20, 2012 14:27
|
|
|
Swingline posted:I'm trying to make a budget for the summer. I'm guessing I'll end up paying ~2000 in taxes after my rebate on the $15000 comp. How much will they probably withhold though and is there any way I can avoid the withholding and just pay come tax season? Your firm isn't giving you one?
|
|
#
?
Feb 20, 2012 14:52
|
|
|
Swingline posted:I'm trying to make a budget for the summer. I'm guessing I'll end up paying ~2000 in taxes after my rebate on the $15000 comp. How much will they probably withhold though and is there any way I can avoid the withholding and just pay come tax season?  You gotta be kidding me. I bet you'll be one of those kids who buys 3 extra bottles of water on seamless just to max out the budget.For taxes, you gotta fill out one of those forms that claims exemptions. You -can- put like 3 federal exemptions and hope the firm doesn't correct it, that way you pay at a much lower rate than marginal. You're more or less screwed with NY/NYC taxes, I think those are automatic regardless what you put. Go read IYG threads on phones. I'd recommend an iPhone on verizon because you'll probably get a lovely AT&T blackberry, and iPhone has infinitely more finance-friendly apps than Android, and it's more reliable.
|
|
#
?
Feb 20, 2012 16:27
|
|
|
Any bank worth working for is going to give you a blackberry when you start full time. Said blackberry will then ruin your life.
|
|
#
?
Feb 20, 2012 21:54
|
|
|
I'm so glad I didn't get a Blackberry on my internship. Then again, my associate had me on speed dial practically, so it didn't make that much difference.
|
|
#
?
Feb 20, 2012 22:37
|
|
|
Socialism posted:Go read IYG threads on phones. I'd recommend an iPhone on verizon because you'll probably get a lovely AT&T blackberry, and iPhone has infinitely more finance-friendly apps than Android, and it's more reliable. What are some of these apps, I have an iphone and don't have any finance related ones. Besides Bloomberg news/index prices. Ravarek, consider real estate. My friend works for a large commercial real estate acquirer doing all the modeling, works reasonable hours, and has a lot of good exit opportunities into real estate PE. And if you want to get into hedge funds trading has sane hours based around the market, though it's a tough industry to get into right now given all the desks that are closing or reducing risk. Also almost all these jobs are in NY, so if your school doesn't get recruited from Wall Street you're facing an uphill battle. edit: Spent the weekend skiing with a bunch of MS SF tech bankers (one of the premier tech teams in the country). They all did 5-6 hours of work after the slopes each day. They said they work 120 hours a week easy. I can't fathom that. Its Miller Time fucked around with this message at 01:09 on Feb 21, 2012 |
|
#
?
Feb 21, 2012 00:46
|
|
|
Its Miller Time posted:What are some of these apps, I have an iphone and don't have any finance related ones. Besides Bloomberg news/index prices. Bloomberg anywhere is on android as well actually. I posted this in the android thread awhile back http://forums.somethingawful.com/showthread.php?threadid=3444421&pagenumber=98&perpage=40#post398810216 Basically compared to Android, iPhone has stuff like datarooms, FactSet, and depending on the firm you may or may not get GOOD (lets you check corporate emails on the iPhone). Also afaik most banks don't offer much support with android phones either. Also there are tons of finance studying aids on the Apple market if that's of interest, stuff like CFA/GMAT flash cards and accounting reviews. Socialism fucked around with this message at 01:24 on Feb 21, 2012 |
|
#
?
Feb 21, 2012 01:22
|
|
|
For my internship last summer (NYC BB) I ended up putting a 5 for exemptions (normally a 1) and I still had a pretty large return. If you google it I think there are calculators that will tell you what's optimal.
|
|
#
?
Feb 21, 2012 04:17
|
|
|
Has anyone else noticed that Dealbreaker has had more analytical articles lately? I'm loving it. e: Some examples. http://dealbreaker.com/2012/02/the-smart-indexes-are-even-worse-than-the-dumb-ones/ http://dealbreaker.com/2012/02/this-is-really-only-the-second-greek-bailout/ http://dealbreaker.com/2012/02/banks-were-asked-if-they-would-prefer-to-make-more-money-or-less-money-chose-more-money/ Thoogsby fucked around with this message at 17:46 on Feb 22, 2012 |
|
#
?
Feb 22, 2012 17:37
|
|
|
I can't believe how much I've changed as a result of competing for finance jobs. Today my managerial econ professor emailed out our graded tests with an answer key, I got a 92. But one of the questions worth 5 points which many people and I got wrong was incredibly ambiguously and poorly worded - resulting in many people who understand the concept getting it wrong because of the poor wording. High school or freshman/sophomore year me would have just sort of shrugged and been happy with an A-. Junior year finance major me after seeing dozens of classmates at my top university go 0 for 50 on OCR first rounds with 3.5s and 3.6s instead had nightmares about how this A- would result in me graduating with a 3.74 instead of a 3.75 thus not allowing me to round to 3.8 on my resume and just missing magna cum laude and having to work in ops or go into F500 finance for the rest of my life because my professor worded a question terribly. I feel like I want to club a baby seal over 5 points... and I even have an amazing internship lined up for the summer. What is wrong with me? Swingline fucked around with this message at 07:03 on Feb 24, 2012 |
|
#
?
Feb 24, 2012 06:54
|
|
|
I hope you got those 5 points counted as extra credit.
|
|
#
?
Feb 24, 2012 10:09
|
|
|
This might be a long shot, but I'm currently on a gap semester and am trying to land any boutique IBD internship that I can, and will be able to start as soon as possible. I can focus on the internship full-time and even more depending on what is needed. I'm in NYC and would really love the opportunity to meet up with any fellow goons (students or FT) and network/shoot the poo poo. Anyone interested in giving me a shot? My e-mail: goonthegnome@gmail.com Thanks Goons! The Gnome fucked around with this message at 13:09 on Feb 24, 2012 |
|
#
?
Feb 24, 2012 12:50
|
|
|
Things have been kind of slow in the office this morning so I spent the last twenty minutes finding ways to exploit my work cafeteria's token system. Basically you get blue and red tokens when you buy something healthy. You get blue below a certain price threshold and red above it. Two blue tokens and your next blue item is free, same for red.
|
|
#
?
Feb 24, 2012 18:29
|
|
|
I have an interview coming up with a small real estate firm as an analyst. My financial knowledge would be a weakness - what should I crash course on to bring up during the interview? I know IRR, NPV and amortization, and have a pretty good grasp on basic accounting and business matters. I'm pretty good at math, but finance just isn't in my education background. I realize I'm a long shot for this position, but anything that would help my candidacy - even somewhat superficially - I'll take.
|
|
#
?
Feb 24, 2012 19:17
|
|
|
Thoogsby posted:Things have been kind of slow in the office this morning so I spent the last twenty minutes finding ways to exploit my work cafeteria's token system. Basically you get blue and red tokens when you buy something healthy. You get blue below a certain price threshold and red above it. Two blue tokens and your next blue item is free, same for red. You should buy the blue fruits and short the red fruits imo.
|
|
#
?
Feb 24, 2012 19:25
|
|
|
Buckhead posted:I have an interview coming up with a small real estate firm as an analyst. My financial knowledge would be a weakness - what should I crash course on to bring up during the interview? I know IRR, NPV and amortization, and have a pretty good grasp on basic accounting and business matters. I'm pretty good at math, but finance just isn't in my education background. I realize I'm a long shot for this position, but anything that would help my candidacy - even somewhat superficially - I'll take. My advice is to prepare as much as possible but don't try to tackle things in an interview that are still over your head. A lot of people make the mistake of trying to come off as intelligent about specifics in interviews and it backfires because it's a virtual guarantee that the person interviewing you knows more than you do, especially if you're interviewing at the analyst level. Someone more familiar with RE might be able to give more specific advice though.
|
|
#
?
Feb 24, 2012 19:39
|
|
|
Swingline posted:You should buy the blue fruits and short the red fruits imo. Seriously. If you are going red you should be buying two big fruits and either getting a big salad for free or swapping it for 3 blue tokens. Took me 10 seconds to figure out how to pull that one off.
|
|
#
?
Feb 24, 2012 22:23
|
|
|
evilwaldo posted:Seriously. If you are going red you should be buying two big fruits and either getting a big salad for free or swapping it for 3 blue tokens. You can't swap tokens! What do you think this is? The fruit brokers at Sodexo would have your head for trying to pull such a move. The picture also doesn't fully capture the opportunity set either. There's no such thing as small salad, it's just salad that usually costs about $7.00. It also ignores the residual blue tokens you would be collecting if you were buying small fruit everyday, which are redeemable for things like water bottles, FiberOne bars, and Sugar Free RedBull.
|
|
#
?
Feb 24, 2012 22:42
|
|
|
Can we have a wardrobe chat? Some questions to get the ball rolling... 1) Do I absolutely need a second suit if office code is business casual? 2) How many shirts do you need in rotation (assume average sweaty guy)? 3) How many pants in rotation? 4) Do you use a laundry service (non-dry cleaning)?
|
|
#
?
Feb 25, 2012 19:14
|
|
|
|
| # ? May 11, 2024 07:48 |
|
|
fougera posted:Can we have a wardrobe chat? Some questions to get the ball rolling... Wardrobe chat is entertaining 1) As someone who's worked at a business casual boutique and now a business casual PE shop, the answer is no 2) I have 8-10; you could probably get away with like 6-7 3) I have 5-6; you could probably get away with like 3-4 4) Dry cleaning for all work clothes
|
|
#
?
Feb 26, 2012 06:11
|
|
