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To everyone aiming to get into finance or banking watch

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    (Original post by Abdul-Karim)
    Well said. The exact same for me and also after watching 'The Wolf on Wall Street' I like the concept of screwing over the rich.
    Errm Jordan Belfort very much was the rich screwing over the poor/middle class by hard selling them shares he knew were overpriced and which he was going to render worthless for his own profits.

    I've not seen the film yet (but am looking forward to it ) so don't know how much detail it goes into on the technical side, as well as the yacht, quaaludes and Swiss banking auntie, but look up 'Steve Madden shoes' and you'll see it really wasn't a robin hood operation.
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    (Original post by Chlorophile)

    Sure, you'll probably get very rich. But when you look back at your life, won't you feel an immense sense of dissatisfaction?
    Firstly, I have read through all the comments posted above. You evidently have an extreme view against the finance industry as a whole and it is clear that you have exceptionally limited knowledge, technical or general on the finance industry. Therefore I am somewhat reluctant to even reply.

    I would ask you to think fully about the comments you have made regarding finance and the recession. I know you think you are clever, so I would expect more from someone like you than to believe everything you read/hear in the news. How many times in history has one group of people (usually rich) been singled out as the sole causation of a crisis/problem?

    Do you really think the entire recession was down to the finance industry? If you do, you are either uneducated/an idiot or easily led with a poor ability to perform critical analysis. I'm not saying that they didn't play a part, but to blame everything on bankers is just fantasy.

    Anyway, back to your original point. I am a STEM grad from one of the two unis you mentioned and I am going into FO finance (job secured already).

    I have experience of both engineering work and finance work, and I can tell you that the work in finance is multiple times more rewarding academically and intellectually. You have a huge amount of responsibility from the get go, it's an amazing experience. The money is nice, but trust me, no one is going to drag their ass to work for 12+ hours a day for 20-30 years just for extra money. It just does not happen. Also, you don't get rich and retire at 30, that's mostly fabricated although it is possible.

    What I am trying to get across is that I think your original point of the brain drain to the finance industry is an important topic that should be debated, you devalue your position and argument massively by having an exceptionally poor understanding of the industry and an extremely one sided view.
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    Money makes the world go round.

    Finance is the reason that the scientist is able to buy research equipment and carry out studies, it is the reason the school is able to stay open, it is the reason that hosptials have the equipment and staff. I doubt that people go into finance for this reason but to say it contributes nothing is stupid becasue without it you would have none of these "worthwhile" jobs that you mentioned.


    I work for age uk and we do some great work helping older people and we make a difference but remove the 4 person (5 if you count the odd day or two where i lol around in there) finance team then we simply wouldn't be able to carry out any activities because the rents wouldnt get paid on the day care centres, the leases wouldn't get paid on the minibuses, the staff wouldn't get paid we wouldn't know whether the shops were making money for the charity or costing more than they were bringing in.
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    (Original post by will2348)
    Sad but it is true though nonetheless.

    Everything eventually does come back to the financial sector. If you don't believe this then you don't know enough about the wide-ranging activities of the industry.

    Education and healthcare don't produce any wealth like other organisations do and are woefully inefficient raising taxes and the deficit.

    Not supporting either way, just stating that is the case whether you like it or not.

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    How woefully short sighted of you. If the health and education sectors didn't do what they do, there would be no financial sector.

    To call the education and health sector leeches of the economy (not your words) is incredibly narrow minded. The education PRODUCES everything the economy has ever, quite literally, achieved, while the health sector MAINTAINS, you know, fully functioning human beings which I understand is quite important for a successful economy.

    You do realise there are other value systems other than those purely defined in monetary terms? But you and many other economists, pseudo-economists, ecnomics students, believers of mainstream head-in-the-clouds economic rhetoric etc. will no doubt fallaciously attribute the definition of 'wealth' as that which solely injects money into the economy.
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    (Original post by Chlorophile)
    ...
    Oh, also, I would love to hear how you plan to allocate capital in your world without finance and markets.

    Pray tell sir?
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    Personally, I don't care about abstract notions of contributing to the greater good (or much of morality, but that's a separate issue). So for me the only purpose I can find in life is to enjoy myself. Many people believe they will enjoy themselves with lots of money, and if this was the case for me I would go into finance.
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    (Original post by will2348)
    Sad but it is true though nonetheless.

    Everything eventually does come back to the financial sector. If you don't believe this then you don't know enough about the wide-ranging activities of the industry.

    Education and healthcare don't produce any wealth like other organisations do and are woefully inefficient raising taxes and the deficit.

    Not supporting either way, just stating that is the case whether you like it or not.

    Posted from TSR Mobile
    Education creates engineers, doctors, financiers, politicians, mathematicians, butchers, bricklayers, cleaners, football players, astronauts, professors, flight attendants, hairdressers, shop assistants. This list is not exclusive.

    Education DOES produce wealth - you don't need to immediately generate piles of gold nuggets for it to generate wealth.

    Healthcare can too - but obviously your point is more valid here, if slightly barbaric. Cheap malarial vaccinations could give your village 50 more farmers in 10 years' time - that generates wealth. Cancer treatment means your life expectancy rises and you can work for another 20 years - that generates wealth. Public campaigns to get more exercise and stop eating junk food (this is healthcare spending too) generate wealth as people can work more efficiently if they are fitter and are less dependent on more expensive treatments later. If your point here is that we should let natural selection take its course then I'd just have to accept it and disagree on moral grounds. But healthcare spending CAN generate wealth.
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    Mate! My money needs to be handled. Don't discourage them

    On a serious note, not everybody wants to do sciences and not everybody wants to be a teacher, some people may actually enjoy number crunching. They are making a difference, everything relies on money, whether its research at university or The NHS.
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    (Original post by Chlorophile)
    This is a null argument. You can do much more good by actually doing good rather than paying other people to do good. Aid workers are doing incomparably more for humanity than bankers throwing money at them.
    This is a catastrophically weak argument Chlorophile. Diction alone will not win this for you. You're basically contradicting economies of scale and comparative advantage theory.

    12 A*s at GCSE or not, you have yet to earn a nobel prize. Adam Smith and David Ricardo don't see things your way. I'm sure you'll become a celebrated academic, but before such time you need to be less dogmatic and more thoughtful.

    50 prospective aid workers could earn, in their FIRST year on a graduate banking scheme, enough to both live comfortably here and pay for 100 aid workers to take their place.
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    I agree with you guys. I was merely pointing it out from a micro perspective, not macro. Organisations alone such as schools and the NHS do not generate any wealth directly. But clearly, if we were to go away and do a model and take into account all the externalities and indirect wealth it creates - it would be a high figure; that's why the government provides it. So, I agree with you here from your perspective. However, in order for these people to generate the wealth from their great health and education, ultimately, they would have to rely on financial institutions and the industry either directly or indirectly. How will there be jobs for these people without well-functioning and efficient capital markets for the companies they work for to raise capital for example? Sure, there are many other ways of finance (if we take that one very narrow approach of what the industry does) but ultimately in a globalised, modern and advanced economy, almost every single organisation relies in some way on the industry because they provide so many activities to help businesses function and grow and governments function. So I think we will have to disagree there and leave it at that.
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    I'm actually more envious of people who work in finance. I wish I could do that instead
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    (Original post by Chlorophile)
    If you're looking to go into this sector, I'm assuming you're very intelligent.
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    i do civil engineering and im eons more intelligent than my peers in finance
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    (Original post by Lone tiger)
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    i do civil engineering and im eons more intelligent than my peers in finance
    Now now, no need to let your ego get ahead of you...

    Besides, a fair amount of engineering grads go into the industry anyway, further concreting his point
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    (Original post by Lone tiger)
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    i do civil engineering and im eons more intelligent than my peers in finance
    Plenty of people who do civil engineering work in finance. Your point is?

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    wow is accounting that bad
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    Because why work hard for anybody other than yourself?

    I've worked too hard for too long and seen too little reward.

    So balls to it, I'm going to make me some money.
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    (Original post by Mario Balotelli)
    This is quite possibly the stupidest comment I have ever read on this forum.
    You don't like it. I get that. I really do. But what you are trying to do is alter reality.

    I'm not saying you have to like it.
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    (Original post by Chlorophile)

    Sure, you'll probably get very rich. But when you look back at your life, won't you feel an immense sense of dissatisfaction?
    Stop being a hater, if we want to go into Finance or Banking we will, I myself am training to be an accountant and I am applying for a Finance Graduate role in the Public Sector.

    I sure as hell don't have the patience to be a teacher I will leave that to someone else.

    Finance and Banking produces nothing? Really? are you delusional?

    I will feel an immense sense of achievement when I get where I want, do not discredit someone elses choice of career just because you don't want to do it.
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    (Original post by Crazy92)
    Firstly, I have read through all the comments posted above. You evidently have an extreme view against the finance industry as a whole and it is clear that you have exceptionally limited knowledge, technical or general on the finance industry. Therefore I am somewhat reluctant to even reply.

    I would ask you to think fully about the comments you have made regarding finance and the recession. I know you think you are clever, so I would expect more from someone like you than to believe everything you read/hear in the news. How many times in history has one group of people (usually rich) been singled out as the sole causation of a crisis/problem?

    Do you really think the entire recession was down to the finance industry? If you do, you are either uneducated/an idiot or easily led with a poor ability to perform critical analysis. I'm not saying that they didn't play a part, but to blame everything on bankers is just fantasy.

    Anyway, back to your original point. I am a STEM grad from one of the two unis you mentioned and I am going into FO finance (job secured already).

    I have experience of both engineering work and finance work, and I can tell you that the work in finance is multiple times more rewarding academically and intellectually. You have a huge amount of responsibility from the get go, it's an amazing experience. The money is nice, but trust me, no one is going to drag their ass to work for 12+ hours a day for 20-30 years just for extra money. It just does not happen. Also, you don't get rich and retire at 30, that's mostly fabricated although it is possible.

    What I am trying to get across is that I think your original point of the brain drain to the finance industry is an important topic that should be debated, you devalue your position and argument massively by having an exceptionally poor understanding of the industry and an extremely one sided view.
    PREACH IT, go team Finance
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    (Original post by Clip)
    You don't like it. I get that. I really do. But what you are trying to do is alter reality.

    I'm not saying you have to like it.
    Your subjective 'reality' most certainly. And no, I can't say I like it. Let me refer you to this post I made earlier.

    http://www.thestudentroom.co.uk/show...5#post46055365

    or just scroll up a bit and you'll find it.
 
 
 
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