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Thoogsby posted:At my previous internship a interviewee came dressed in Gucci loafers. He did not receive an offer. Really? I guess they are $500 for a pair of shoes. Which reminds me I need a good pair of loafers, any recommendations? edit: V isn't that a little too showy for an analyst. Its Miller Time fucked around with this message at 06:52 on Feb 29, 2012 |
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Feb 29, 2012 00:43
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I settled on these, it's got the logo and some brass without being ostentatious. Did some serious damage at Bergdorf this week. http://www.ferragamo.com/webapp/wcs/stores/servlet/TopCategories_31150_35551#/product/27661/6148914691233366281/472901
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Mar 4, 2012 06:13
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I need briefcase/laptop bag advice. My work gives me a laptop but no bag.
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Mar 6, 2012 23:25
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Thoogsby posted:My place in FiDi was cheaper than all the places I looked at in Brooklyn that weren't all the way out at Nostrand ave and I didn't want to live anywhere that was in a Dead Prez song. Live in Manhattan. You're young, you're making money, and you don't wanna commute 30 minutes to Brooklyn to go home every time you go out.
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Mar 9, 2012 10:21
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Thoogsby posted:I concur. And while FiDi is pretty dull on the weekends it's not like it's difficult to head over to the East Village. And in the summer you have the seaport/beekman's/stone street. You're in Manhattan, there's millions of people and millions of bars in a few square mile radius, the neighborhood you live in isn't critical. Also cabs are dirt loving cheap compared to LA. Manhattan is the best place on Earth, people who live in Brooklyn loving baffle me. Not sure I mentioned it but I just finished my second week at my new job. They do entertainment and media valuation opinions and advisory. On some pretty interesting engagements. Advising a major PE firm buying a movie studio, valuating a major record label's music catalogue, and developing a product that generates guidelines of what kinda movies to invest in based on historical performance for film investors. Working 60-80 hour weeks but it goes by so quickly, there's so much to learn and it's an interesting industry. Plus 80 hours really isn't awful, you work say 8:30AM to 10:30PM weekdays and put in 5 hours a day on the weekend and you're at 80 before you know it. Office is in the Century City area which is the place to work in Los Angeles, there's thousands of professionals around me including almost all of the major banking teams and half the people I went to school with. On the topic of Greg Smith, I didn't think it was as big a bomb shell as people are making it out to be. Bankers aren't stock brokers, there's a much lower standard of fiduciary responsibility. And if stock brokers are still dialing their clients trying to push high commission products, what do you expect from bankers? There's a reason its called a pitch, when a banking team recommends something its a sales pitch to generate business and revenues not advice to someone they're obligated to act in the best interest in. Banking clients are supposed to be sophisticated investors capable of making independent investment decisions. Unless the engagement is specifically tasked with advising a client if they should or shouldn't do something, I see nothing wrong with a banker calling up a client and pitching/recommending a product GS has a lot of or is very profitable or say suggesting a complicated refinancing with relatively small savings and some sizable risks. At the end of the day bankers are glorified middlemen trying to make as much money as possible and facilitate capital market transactions. The idea that Wall Street is greedy and have interests that are not aligned with their clients should not shock anyone. The only way to change this is align banks and bankers interests with their clients or obligate them to act in their best interest. As to this Greg Smith he sounds like a high and mighty prick, who at 32 ruined his chance of working in his industry ever again over some nostalgic yearning for the good old days when capitalism didn't make banks greedy (hint it always has).
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Mar 17, 2012 04:24
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Thoogsby posted:Last year was a bloodbath. My feeling is this year might be slightly better since the economy has picked up a bit but a lot of banks are still rolling out cuts (mostly in S&T). I'm hearing more positive feedback here in LA. I think there was a bit of an exaggerated finance cyclical hiring phenomenon in the satellites (everywhere but NY). We were more expendable in the crisis as being less core but also quicker to return in my perception. I think there's two reasons, we have less of the S&T and prop shops that laden banks with BS debt, and we covered more cyclical industries. Lots of friends I know who were banking caliber but got diverted to something else lateraled with no banking experience to entry levelesque gigs in tech and gaming banking teams recently. And at the college entry level standards have loosened, my old intern with a 3.5 got a summer with BoA.
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Mar 25, 2012 19:23
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How are those your only two options? http://newyork.craigslist.org/search/sub/mnh?query=summer&srchType=A&minAsk=&maxAsk=&bedrooms= I see a shitload more.
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Mar 27, 2012 07:24
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Everyone too busy working? I need a black briefcase recommendation.
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Apr 23, 2012 06:51
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Work for awhile in finance in any capacity and then get an MBA. Then you'll have a chance to recruit, jump into banking, and move into PE.
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Apr 28, 2012 22:44
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Rrail posted:I know there's an MBA thread (and I'll ask in there in a moment probably), but would my >7 years of work experience, 4 of them in a managerial capacity, be enough to get me into a great MBA program (Harvard/Stanford/Columbia/Booth, etc) without any time in my career in between? On paper, my accomplishments sound impressive (I believe), but I don't know if it's a hard-and-fast requirement to work in between. I think it's understandable you're not working full time when you're in school currently. However, you should be pursuing the normal internships/extracurriculars/finance classes/projects/blah blah. Its Miller Time fucked around with this message at 07:01 on May 3, 2012 |
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May 3, 2012 06:58
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Just a comment regarding SF tech banking, I have a few close friends who work for DB tech in SF and met a few of their friends who work for MS tech. It's a brutal culture. The MS guys said they work 100-120 hours a week. Though I guess on the other hand you get to do stuff like Facebook's IPO. edit: Been too busy to post here, but working on some really interesting poo poo. Right now we're forecasting cash flows for two blockbuster movies coming out next summer and helping a studio secure financing to continue production on a movie. This process included reviewing dailies from the recent shoots for the latter. And I barely missed out on accompanying my bosses to Cannes. Cool beans. Its Miller Time fucked around with this message at 02:18 on May 17, 2012 |
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May 17, 2012 02:16
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The associate next to me got fired bad last week. First time I've ever experienced this. The mood in the office is a little funny that day. I took his desk and double monitor setup immediately. I think my bosses liked the ruthlessness. He didn't understand basic concepts of how we model movies 3 months in and was pretty sloppy I guess.
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May 21, 2012 02:24
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fougera posted:Please, I don't want to be hopeful. I'm going into IBD expecting the worst. If you're in training in like a program at a BB your schedule is a breeze and you should enjoy your last days of freedom. If you're starting a new job and hoping the first month will be easy because they're bringing you up to speed you're wrong.
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May 22, 2012 20:24
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Its Miller Time posted:Just a comment regarding SF tech banking, I have a few close friends who work for DB tech in SF and met a few of their friends who work for MS tech. It's a brutal culture. The MS guys said they work 100-120 hours a week. Though I guess on the other hand you get to do stuff like Facebook's IPO. E-mailed my friends at DB tech to ask their friends at MS tech what's going on. They said "it's loving ugly, heads are rolling, everyone is embarrassed and furious at the same time". Said a lot of the blame is being placed on the Nasdaq and linked to this article http://ibnlive.in.com/generalnewsfeed/news/nyse-pitches-listing-to-facebook-after-ipo-mess-source/1002721.html They also mentioned they thought MS senior bankers underestimated the number of investors, funds, and other large existing holders interested in exiting at that valuation point. Its Miller Time fucked around with this message at 05:50 on May 24, 2012 |
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May 24, 2012 05:05
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tolerabletariff posted:I've also noticed that most people are full of poo poo when they talk about their hours. I mean, not exactly--they just take the heaviest week they've ever worked (for me, ~105 with around 60 fri-sun), subtract a few hours, and make it seem normal. Hence the stories of "90 hours a week, every week, forever." I typically worked about 70-75, but made it sound much worse. Absolutely. There's no way those MS tech bankers really work 120 hours a week, I don't believe this is possible for an extended period. 63 is a breeze, it's all procedural and legal stuff you can distill into a few pages of notes, while it's my understanding 79 has actual finance content.
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May 30, 2012 05:00
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Nam Taf posted:Holy crap I had no clue you guys worked on what is basically a 50% total package bonus system. Does everyone get some form of bonus regardless (hence the bands of $$), or are these M&I figures quoted only given to select top performers within a firm? Almost everyone in a front office position in finance receives a significant (>50%) amount of their compensation from means besides a traditional salary. Your secretaries and operations people will likely still receive a bonus, it just will most likely not drive their total compensation. It's designed to allow flexibility in compensation due to swings in revenue, which are more volatile in finance, as well as allow the incentivizing of compensation relative to performance. If a big rainmaker isn't getting 10% of the revenues he brings in there's less of an incentive to bring in more revenue and more of an incentive to jump ship to someplace with a better deal. It's similar to the compensation in a sales position, it's almost a commission at the higher echelons. Analyst and associate bonuses tend to fluctuate in tighter bands mostly correlated with the economy and overall group/firm profits and a judgement of their performance relative to their peers. As a personal anecdote things are really loving slow here, I've been getting out at 7-8.
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May 31, 2012 02:32
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fougera posted:Ugh, do groups really pay attention to your homework submissions before work starts? I've got a bunch of models due and I noticed discrepancies between mine and some of the screenshots they provide. After going through the lectures again, I'm pretty sure the shots are wrong and not mine... pretty crappy training program I must say. Who gives out homework? Just don't be the new guy showing up the first day telling them they're wrong and it turns out you're wrong. I'm still baffled the financial world is conducted in Excel. There's rarely statistical rigour or calculus outside of exponents. The 4th on a Wednesday sucks.
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Jun 30, 2012 06:45
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Thoogsby posted:You're fine. I don't know if you're male or female but just be aware of your surroundings and you have nothing to worry about. The reservoir is also pretty awesome for a run. http://www.nytimes.com/2011/12/29/nyregion/as-crime-falls-central-parks-night-use-grows.html Try the west side highway too along the water.
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Jul 7, 2012 04:49
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It's two years of your life. Go somewhere that doesn't suck. They're both in the same league afaik. You ever been to Ithica? Don't.
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Jul 18, 2012 08:25
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Busy Bee posted:I have an interview at ING as an financial advisor. All commission based with no salary. I have done some research on this position and have read both the pros and cons of this position. What are your guy's thoughts on this? I completely understand that I would have to solicit people to invest their money with me and build my network. Commercial and residential real estate and wealth management are the same poo poo. Cold call a phone book for a year and hit up everyone you've ever met. I want to say there's 80-90% attrition. At least there was at the PWM office I interned in for a summer. The people who succeed are well connected people, people joining an existing team where they teach you and throw you their client's kids etc. to help you get started, athletes with little analytic skills to fall back on to help them find a better job who brute force it and eventually succeed (and are normally very social connected people), or people with a niche. This ex NFL player in my office killed it, as did the Hispanic lady. Do you have any of those qualities? If not it's a miserable loving life for the first few years, assuming you stick with it or don't get fired. And even if you do succeed it's largely a sales position with far less analytic considerations than you think. Your business is to find chumps to give you their money, the actual investing is largely "here's an asset allocation tool and some ING recommended mutual funds". And if they have any money worth investing it's "here, look at these amazing 5% commission structured finance products". Not to mention brokerage is a dying industry and a remnant of when investing information wasn't all available online and there was no E-Trade. Its Miller Time fucked around with this message at 02:53 on Aug 22, 2012 |
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Aug 22, 2012 02:47
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Uh ya, someone asked about literally the same job this page or last and I shat all over it.
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Aug 31, 2012 22:52
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I'm surprised we haven't gotten any kids in here asking about an exciting career with Northwestern Mutual as an insurance rep. Aka the 21th century version of going door to door hawking life insurance.
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Aug 31, 2012 23:32
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The Tinfoil Price posted:I'm interviewing for a trading internship at Five Rings Capital next week, does anyone here have any opinions/advice they're willing to huck at me? Google tells me they are legit. http://www.wallstreetoasis.com/forums/has-anyone-interviewed-at-five-rings-capital-llc Its Miller Time fucked around with this message at 06:54 on Sep 14, 2012 |
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Sep 12, 2012 05:31
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What pressure do you all work under on a daily basis and what's the tone when you fuckup?
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Sep 28, 2012 08:54
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Who's beginning to get excited about bonus season?
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Oct 8, 2012 02:51
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I don't get the heat complaints. The platforms are hot. The subways are normally air conditioned. It's like 1-5 minutes of being slightly uncomfortable. Busy as gently caress. A lot of small acquisitions/sales in the E&M industry due to the upcoming estate tax changes.
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Oct 21, 2012 01:03
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Oliax posted:$10MM is such a small amount that it will be entirely unaffected by any macro-trends in the short-term. Your capital raise will depend entirely on this project's specific merits. And keep in mind that you can almost always raise capital. The terms on which you are able to do so is what really separates a successful deal from an unsuccessful one. This is a great response. The only way I would see macro trends stopping you is if we experience another Lehman level shock, most likely from a collapse of the Euro, which leads your financier to have a material change in their desired risk profile because of some massive specific exposure. But as Oliax said, the more relevant consideration is "how would such changes impact our negotiation and affect my leverage in the deal". If the credit markets were to freeze up you would expect your lender to try and squeeze you, which might push your internal calculus to it not being worth the investment.
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Nov 15, 2012 01:35
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Oliax posted:
Is that what "investment banking" is? It was always my understanding that the term referred specifically to the groups, the investment banking divisions, within an investment bank. You wouldn't call someone in sales and trading a "banker", would you? But they work for an investment bank? Can someone clarify this?
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Nov 25, 2012 20:29
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Who has a personal email that isn't firstlast@gmail
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Dec 1, 2012 07:45
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If by comfort you mean prestige I understand. I'd pay $1000 for a pair of ferragamo shoes before I'd pay $500 for a pair of shoes no one recognized.
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Dec 12, 2012 22:06
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lizardking posted:Sorry, they handle pensions, 401ks, endowments, foundations, taft-hartley trusts, etc. Set up the plans and handle the asset allocation decisions and due diligence on investment managers that they outsource the actual investing to. I'd be in the traditional group, but would also support the alternative groups when needed. I'd rather be at one of the managers they outsource to, but you take what you can get. Mixed bag. Investment consultants play it safe, you're going to recommend the same bag of large institutional grade big name managers, not the guys with $200-300M and a badass strategy. On the other hand, if you get the CAIA and spend a few years in manager due diligence, transitioning to a family office or endowment can be really cool. A lot of family offices own hedge funds, soccer teams, restaurants, you name it. Talked to a guy who spent the last year in Paraguay and Los Angeles buying real estate and investing in reality television. Edit: And you'll probably do a lot of RFP writing which sucks.
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Feb 4, 2014 17:16
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