Turn on thread page Beta
    Offline

    0
    ReputationRep:
    (Original post by coughsyrup)
    What happened to CityTrader? He was funny as...
    People seem to think once you are in you are entiteled or highly likely to make serious cash so that life becomes all too easy thus allowing you to mess around for years on end.

    1 - You will get sacked if you give any hint at all that you are dead weight.
    2 - Major banks merge all the time, this is also a serious threat to your job as they don't want 2 people doing the same job.
    3 - If the market takes a downturn you could face the chopping block (said for pretty much industry I guess)

    On top of that you also have to get promoted to the levels to get that sort of cash. Also bear in mind a lot of people are in it for themselves and will leave you out to dry without a second thought. Of course you will also find people who are interested in helping you out as well. Sadly negative things in life always appear more obvious then positive things

    All in all. Banking has strong and negative points for sure. Wanna get to the serious money in banking - willing to put 100 hour weeks in for 5 - 8 years? enjoy being lonely and progressing quicker to the time when your penis doesnt work so good (also radiation from those monitors doesnt help it out!)

    Markets has the biggest pull but a lot of uncertanty exists , exchanges are moving into the land of instituional share distribution, software companies now provide everything investment banks offer but at a fraction of the price.

    Know little or nothign about FI which everyone seems to prefer - how come
    Offline

    0
    ReputationRep:
    Also as far as money goes - the industry is about money, dealing with money, spending money, making money, hiding money, selling money, buying money

    Anyone who says money isn't the biggest concern is trying to play moral high ground. The only form of graduate that doesn't care about money is the one working for free.
    Offline

    9
    ReputationRep:
    (Original post by Damnyanks)

    Know little or nothign about FI which everyone seems to prefer - how come
    1) Less susceptible to markets (depends on what product you're working on) ----> probably better job security.
    2) Can be (much) better pay.
    3) Can be less strenous than equities, an equities trader at UBS told me the FI division on most afternoons is so quite you can hear a pin drop (probably not quite, but you know what I mean).
    4) Better exit opportunities (i.e. to hedge funds).
    Offline

    13
    (Original post by Damnyanks)
    Also as far as money goes - the industry is about money, dealing with money, spending money, making money, hiding money, selling money, buying money

    Anyone who says money isn't the biggest concern is trying to play moral high ground. The only form of graduate that doesn't care about money is the one working for free.
    Would you sit in horse **** all day for the same money as banking?

    And in no way are the bulk of people in banking doing anything near 100 weeks for 5 to 8 years.
    Offline

    0
    ReputationRep:
    (Original post by President_Ben)
    Would you sit in horse **** all day for the same money as banking?

    And in no way are the bulk of people in banking doing anything near 100 weeks for 5 to 8 years.
    Sitting in horse **** isn't exactly a fair comparision.

    But let's look at a fare comparision - technology, it was booming a few years ago. To get into a tech course you needed strong A levels. People perceived tech to be failing money wise at the end of the dotcom crash so people flocked away from tech. Now you can get into a decent uni with far weaker grades.

    And as far as M&A goes I've a good friend working there for about 5 years now. He's a senior associote. Quiet time he's out of the office at 11pm

    I've never heard of anyone getting to VP before 5 years, usually the people that do are exceptional / willing to do anything for it / lucky. 8 years is possibly more realistic for someone who is good but not so lucky
    Offline

    9
    ReputationRep:
    (Original post by Damnyanks)
    Sitting in horse **** isn't exactly a fair comparision.

    But let's look at a fare comparision - technology, it was booming a few years ago. To get into a tech course you needed strong A levels. People perceived tech to be failing money wise at the end of the dotcom crash so people flocked away from tech. Now you can get into a decent uni with far weaker grades.

    And as far as M&A goes I've a good friend working there for about 5 years now. He's a senior associote. Quiet time he's out of the office at 11pm

    I've never heard of anyone getting to VP before 5 years, usually the people that do are exceptional / willing to do anything for it / lucky. 8 years is possibly more realistic for someone who is good but not so lucky
    8 years for VP? I don't think so. If you are "good" then you will make it in 6 years. If I was still an associate after 8 years I would worry about a notice being on my desk everyday I go to work in the morning.
    Offline

    10
    ReputationRep:
    I thought 3yrs as an Associate before making it to VP was the norm? Note that VP only exists at a few banks.
    Offline

    0
    ReputationRep:
    (Original post by Chassez)
    I thought 3yrs as an Associate before making it to VP was the norm? Note that VP only exists at a few banks.
    Well going off my experience that it the average time it takes most. I've never come across a VP in his mid twenties. Most I've met are in their early thirties.
    Offline

    10
    ReputationRep:
    (Original post by Damnyanks)
    Well going off my experience that it the average time it takes most. I've never come across a VP in his mid twenties. Most I've met are in their early thirties.
    Dang, there goes my "become VP by 25" plan...
    Offline

    9
    ReputationRep:
    Well the heirachy is flat in S&T anyway, some good Associates can be earning as much if not more than VPs, and sometimes as much as some MDs, can't they?
    Offline

    0
    ReputationRep:
    (Original post by LBC213)
    Well the heirachy is flat in S&T anyway, some good Associates can be earning as much if not more than VPs, and sometimes as much as some MDs, can't they?
    No idea - make it a habit not to ask people what they earn

    As long as your bonus isn't capped you could earn the most in the company. I remember looking at criteria within a bank I was at what was required to get promoted through the various stages.

    Getting to associote is pretty straight forward - after that its when it gets tricky. Companies usually limit how many VP's / MD's they have (Better to be bottom heavy then top heavy - cheaper).

    Getting to VP / MD is possible at a young age. Just a lot harder. Also it pushes you more into managerial type positions.

    You know the way most managers are idiots? Usually it's the ones that get promoted at early ages, they lack real experience and that life experience. Once again another generalisation but sure isn't life full of them
    Offline

    9
    ReputationRep:
    2 reasons really..

    Why do so many decide to work in Investment Banking?

    [1] Taking a Math Degree pays off, for earning 40k+ pa, does it not?

    [2] Money
    Offline

    14
    ReputationRep:
    (Original post by 789654123)
    2 reasons really..

    Why do so many decide to work in Investment Banking?

    [1] Taking a Math Degree pays off, for earning 40k+ pa, does it not?

    [2] Money
    If that's sole reason you're getting in.. if you manage to somehow, miraculously get a job, you won't last.. not because you don't like it and will burn out, but because they will fire you.
    Offline

    9
    ReputationRep:
    (Original post by Damnyanks)
    No idea - make it a habit not to ask people what they earn

    As long as your bonus isn't capped you could earn the most in the company. I remember looking at criteria within a bank I was at what was required to get promoted through the various stages.

    Getting to associote is pretty straight forward - after that its when it gets tricky. Companies usually limit how many VP's / MD's they have (Better to be bottom heavy then top heavy - cheaper).

    Getting to VP / MD is possible at a young age. Just a lot harder. Also it pushes you more into managerial type positions.

    You know the way most managers are idiots? Usually it's the ones that get promoted at early ages, they lack real experience and that life experience. Once again another generalisation but sure isn't life full of them
    I don't. Its just something I've gathered from reading around.

    Anyway, AFAIK, VP and MD turnover is very high, so even though it is hard to get there, the people don't remain static.
    Offline

    1
    ReputationRep:
    I like the work primarily. I'm a big numbers guy and I think you can get so much information out of analyzing the numbers.

    The hours aren't bad when you like what you do.

    The intellectual challenge is great. Everyone around knows their **** and will call you on it if you don't make all the right decisions.

    The money is fantastic, but that's become secondary in my day to day thinking.
    Offline

    1
    ReputationRep:
    double post
    Offline

    14
    ReputationRep:
    I just finished a summer sting at a hedge fund... and it's certainly true... He who runs with pleasure does not tire.
    Offline

    14
    ReputationRep:
    (Original post by shady lane)
    ^^
    You did hedge fund work too! Yeah it's definitely got me more motivated and sure that finance is for me. I see them trading on Bloomberg and watching the markets all day, it's really interesting and not boring at all.
    I was on a bloomberg terminal quite a lot of the day... it was great. I was working directly with the CIO...
    Attached Images
     
    Offline

    0
    ReputationRep:
    (Original post by fonzievision)
    I was on a bloomberg terminal quite a lot of the day... it was great. I was working directly with the CIO...
    Working on a sunday? that sucks
    Offline

    14
    ReputationRep:
    (Original post by Damnyanks)
    Working on a sunday? that sucks
    I didn't mean today....
 
 
 
Poll
Were you ever put in isolation at school?
Useful resources

Articles:

Guide to investment bankingGuide to consultancy

Featured recruiter profiles:

Deutsche Bank logo

Deutsche Bank is recruiting

"Thrive in an international banking environment"

Quick link:

Unanswered investment banking and consultancy threads

Groups associated with this forum:

View associated groups

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reply
Hide
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.