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      This thread is tragic. I haven't seen any good answers.
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      (Original post by President_Ben)
      This thread is tragic. I haven't seen any good answers.
      I agree.
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      (Original post by montyr)
      But that's my point...

      You don't get £250k starting salary in IB and you aren't guaranteed to earn £250k. You start on £45/50k and for the work you do for that amount a lot of people would rather do something else.

      You can earn good money in any field, head teachers earn pretty good money, they can earn 100k, perhaps the teachers you're talking about aspire to that and wouldn't be turned by a quick buck. £250k a year isn't life changing money, it's not like you'd work for a year and then quit and be sorted...

      I know someone who was offered a job with standard chartered on £45k a year as a grad and also an accounting job for £23k. He took the accounting job as he felt in the long term it was more sensible as he'd get an ACA and a more stable career. His mate's who took the £45k jobs are all unemployed now and looking for jobs, he's not...

      You yourself clearly fit into the category of not taking a job in IB so quite why you find it so funny that I think everyone who doesn't work in IB would take an IB job at the drop of a hat I don't know?
      Firstly, you could quite conceivably get a fair bit more than £45k in your first year working in IB.

      Secondly, I'm not sure what point you're trying to make by saying that headteachers can earn £100k, but if you're talking about earning potential in the long run then surely you realise that the career earning potential in IB far far far outweighs that in teaching? Granted you're not gonna be on £250k in your first year, but if you're reasonably competent it won't be very long at all before what you're earning in your early/mid-20s outstrips what a headteacher could hope to earn at the peak of his/her career.

      In a sense you're right that £250k isn't "life changing money" (not in the same way as what you'd earn as say, a Hollywood actor or Bono), but speaking relative to what you could earn elsewhere, I think it really is. If you spent 10 years climbing the ladder in another profession and had a £60k salary to show for it (less than you would using your example of teaching but I'll be overly generous), you'd be an idiot to then turn round and say that earning an extra £200k a year wouldn't be making a big difference to your life (the house you buy, the car you drive, how comfortably you live etc.)
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      (Original post by DBazza)
      Firstly, you could quite conceivably get a fair bit more than £45k in your first working in IB.

      Secondly, I'm not sure what point you're trying to make by saying that headteachers can earn £100k, but if you're talking about earning potential in the long run then surely you realise that the career earning potential in IB far far far outweighs that in teaching? Granted you're not gonna be on £250k in your first year, but if you're reasonably competent it won't be very long at all before what you're earning in your early/mid-20s outstrips what a headteacher could hope to earn at the peak of his/her career.

      In a sense you're right that £250k isn't "life changing money" (not in the same way as what you'd earn as say, a Hollywood actor or Bono), but speaking to relative to what you could earn elsewhere, I think it really is. If you spent 10 years climbing the ladder in another profession and had a £60k salary to show for it (less than you would using your example of teaching but I'll be overly generous), you'd be an idiot to then turn round and say that earning an extra £200k a year wouldn't be making a big difference to your life (the house you buy, the car you drive, how comfortably you live etc.)
      I made the point about headteachers earning £100k because people are making out that you can't get a good wage from that profession. I wasn't comparing IB salaries to teaching salaries, I was saying that a teacher earning £25/30k would not necessarily take an IB job just because of the pay as they might have aspirations of their own within their own profession, like becoming a headteacher.

      What I meant by £250k not being a life changing amount of money was that if you earnt that one year and then got fired you're still going to need to get another job, it won't last very long.

      People seem to be missing the point of what I am saying. All of this is in response to someone saying that anyone who doesn't work in IB would take a job in IB at the drop of a hat.

      I am not saying IB is a **** profession, you should become a teacher. I am not saying the pay in IB is not worth the work you put in.

      I am just saying that IB is not the only profession where you can have aspirations. Money is not the motivating factor for everyone when it comes to getting a job, and it isn't the sole motivation for most people in IB. You can earn a good wage from most professions, although I accept the wage ceilings may not be as high as IB in a lot of them. It is a case of different strokes for different folks. Some people will value other things higher than money so they will be willing to give up money for more free time for example. I'm sure most people have a price at which they'd be willing to give up their current career but even people who are teachers may not have as low a price as you would think...

      An Economics teacher at my school had been in IB before he joined our school, he was only a young guy too, mid-twenties, so what happened there?

      The sort of people who would jump at a chance to move into IB are mostly going to be people who have no idea what IB is about, how hard and challenging it is, or anything else. Someone who thinks, "yeah, they get paid a ****load, I want to be one of them."
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      (Original post by montyr)
      But that's my point...

      You don't get £250k starting salary in IB and you aren't guaranteed to earn £250k. You start on £45/50k and for the work you do for that amount a lot of people would rather do something else.

      You can earn good money in any field, head teachers earn pretty good money, they can earn 100k, perhaps the teachers you're talking about aspire to that and wouldn't be turned by a quick buck. £250k a year isn't life changing money, it's not like you'd work for a year and then quit and be sorted...

      I know someone who was offered a job with standard chartered on £45k a year as a grad and also an accounting job for £23k. He took the accounting job as he felt in the long term it was more sensible as he'd get an ACA and a more stable career. His mate's who took the £45k jobs are all unemployed now and looking for jobs, he's not...

      You yourself clearly fit into the category of not taking a job in IB so quite why you find it so funny that I think everyone who doesn't work in IB would take an IB job at the drop of a hat I don't know?
      I know 100 people who thought they wanted to be engineers, studied engineer, but then realised they could double their salary by going into finance, >90 of them tried to do so. Do you see how me telling stories about my mates doesn't really prove my point at all?

      OK £50k then, you're telling me that if you offered a £50k salary to everyone going in to a £23k grad job, a substantial proportion would turn it down? I don't believe you even believe that yourself. This is a pointless discussion as neither of us will be proved right or wrong. The hatred of bankers in fuelled only by envy, nothing else.

      I didn't go into IB because I got a job that pays a comparable hourly rate. A job that a lot of them want to do after their MBA anyway.
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      (Original post by The IC Guy)
      I know 100 people who thought they wanted to be engineers, studied engineer, but then realised they could double their salary by going into finance, >90 of them tried to do so. Do you see how me telling stories about my mates doesn't really prove my point at all?

      OK £50k then, you're telling me that if you offered a £50k salary to everyone going in to a £23k grad job, a substantial proportion would turn it down? I don't believe you even believe that yourself. This is a pointless discussion as neither of us will be proved right or wrong. The hatred of bankers in fuelled only by envy, nothing else.

      I didn't go into IB because I got a job that pays a comparable hourly rate. A job that a lot of them want to do after their MBA anyway.
      Again, I have no hatred of bankers...I am applying to IB myself. And I also know atleast 1 engineer who has thought about moving into finance because of the salary, not specifically IB though.

      What I was responding to was people suggesting that anyone would accept an IB job given the opportunity, the above was an example of why someone might choose not to go into IB as some people don't seem to understand that not everyone in this world is the same, and that not everyone with a different view is a liar/envious of bankers.

      A lot of people would take £50k to go into banking, I agree, but a lot of people would do so with no knowledge of what it would actually involve. Likewise many people would happily stick to their current professions.

      What job did you get just out of interest?
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      (Original post by The IC Guy)
      I know 100 people who thought they wanted to be engineers, studied engineer, but then realised they could double their salary by going into finance, >90 of them tried to do so. Do you see how me telling stories about my mates doesn't really prove my point at all?

      OK £50k then, you're telling me that if you offered a £50k salary to everyone going in to a £23k grad job, a substantial proportion would turn it down? I don't believe you even believe that yourself. This is a pointless discussion as neither of us will be proved right or wrong. The hatred of bankers in fuelled only by envy, nothing else.

      I didn't go into IB because I got a job that pays a comparable hourly rate. A job that a lot of them want to do after their MBA anyway.
      Weren't you applying for internships in IM a few months ago?
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      (Original post by President_Ben)
      This thread is tragic. I haven't seen any good answers.
      would you mind sharing yours?

      I'm curious to know the motivation of an insider, even tho everyone got their.
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        (Original post by giovanta)
        would you mind sharing yours?

        I'm curious to know the motivation of an insider, even tho everyone got their.
        I have a five page document (that I'm not sharing) that goes into my motivations. It is very detailed and thoughtful.

        But if pressed to expressing it in a very small number of words...


        Money. Modern power. Progress.
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        (Original post by Panda Vinnie)
        Put it this way, if you offer a top investment banking job to all the people who claim to be doing their jobs for the passion, and fulfilment and they don't care about money etc. etc. I can guarantee only a very small minority of them would actually turn the job down.
        I turned down an offer for a maths course at LSE, the university seemingly designed to get you into IB, in order to pursue a career in optometry.

        There is no doubt in my mind I would be in your small minority, because I've already forsaken the chance of IB to do something that will bring me less money but more fulfilment.
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        (Original post by President_Ben)
        I have a five page document (that I'm not sharing) that goes into my motivations. It is very detailed and thoughtful.

        But if pressed to expressing it in a very small number of words...


        Money. Modern power. Progress.
        lolz. I know you're taking the piss, but if you're serious even more lolz.
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        (Original post by President_Ben)
        I have a five page document (that I'm not sharing) that goes into my motivations. It is very detailed and thoughtful.

        But if pressed to expressing it in a very small number of words...


        Money. Modern power. Progress.
        I too really want to be able to come back and use the 4 hours a day I'm not sleeping or working to be an arse on TSR.
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          Gardening leave.
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          (Original post by President_Ben)
          Gardening leave.
          You've been saying that for a while now, have you found a new job ?
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          Why Investment Banking?

          The Conventional “Wisdom” – Saying the Generic
          Most websites, books, and other resources recommend generic answers:
          -You want to learn a lot.
          -You’re interested in corporate finance.
          -You like a fast-paced environment.
          -You’ve always done well in finance/accounting classes.
          -You want to work with smart and motivated people.
          These answers aren’t “wrong.” But there is a problem: interviewers have heard them thousands of times and will start dozing off if yours resembles one of the above.

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            (Original post by Zweihander)
            You've been saying that for a while now, have you found a new job ?
            I'm starting my own show (capital has been raised, locked until end of 2012) so my leave period is one whole year.

            I've been lucky.
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            (Original post by President_Ben)
            I'm starting my own show (capital has been raised, locked until end of 2012) so my leave period is one whole year.

            I've been lucky.
            What are you going to do untill then?
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              (Original post by epc)
              What are you going to do untill then?
              I've been interviewing/hiring people. Building sheets. I hit the road for four months. I've mentored some people. Written some lengthy reflections on my life so far. Done a lot of network building.
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              (Original post by President_Ben)
              I've been interviewing/hiring people. Building sheets. I hit the road for four months. I've mentored some people. Written some lengthy reflections on my life so far. Done a lot of network building.
              That's great. By the way, i decided to stay on at Uni and apply to better ones whilst there and i am glad i did that, i got so much more out of it than i would have if i had taken a gap year.
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              (Original post by n1r4v)
              Sorry for the idiotic post but I just saw this on the front page and I've always wondered...

              What does an IB actually do? I've looked at various definitions and hear terms like "analyse risk" "trade" "issue securities", but I have no clue what that actually means and what it involves.

              P.S I don't want to go into IB, I'm just curious
              Raise money for clients, usually by issuing debt or equity (this is what you referred to as 'issue securities'). A lot of the time the capital is raised to fund a merger/acquisition; investment banks also aid this process (I guess this is what you mean by 'analyse risk', they may assess the risk of a corporate transaction). They also trade, but this isn't what makes an investment bank an investment bank, lots of people trade.
             
             
             
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