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    (Original post by Dilzo999)
    Ikr, service to the economy seems like a stupid reason to reject anyone.
    You say that, but that's is what many bankers see there job as. They see it as a lending service to provide money to small to large businesses to help expand the economy. Not some system for clever people to get rich quick and retire in their 40's
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    (Original post by robin1125)
    But in my opinion, far too many people choose economics as a degree choice because they want a fast track to the city and earn loads of money.
    That's the annoying part. So many people do Economics for IB rather than loving the subject over all.
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    (Original post by robin1125)
    You say that, but that's is what many bankers see there job as. They see it as a lending service to provide money to small to large businesses to help expand the economy. Not some system for clever people to get rich quick and retire in their 40's
    That's completely wrong. Investment banks do not exist as a 'service to the economy'. In fact, the opposite.
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    (Original post by KD35)
    This is BS.

    1. It's impossible to predict how far the authorities will go but my guess is not very far and even if they limit bonuses, banks can just raise base pay, there are so many ways around this.

    2. Service to the economy? haha, if you say "I want this role because I want to become rich" then I think your chances of getting the job decrease so avoid saying that. So many people just go in for the money. Btw, he wont be the first person to be rejected that has a first from Oxford.

    3. Some of the skills you pick up in IB can make you highly employable elsewhere. Also, not everyone is the same, I've met bankers who deal with the hours quite well, they acknowledge the hours are long but they know they can deal with it. FYI, jobs in consultancy have pretty shocking hours too

    4. nice generalization of a whole industry...the employees I've met definitely seemed very different to what you described.

    5. I know people that are genuinely interested in banking..running your own business isn't as "fun" as people think it is. I know this by personal experience working with 2 start ups (outside of university).

    6. Please show me the stats/proof. Ridiculous generalization...

    Don't form an opinion on IB before you get a better idea of it. Knowing one person who works at a bank is a **** sample to make decisions on...
    Definitely can vouch for this, when I worked in a large IB last summer hardly anyone I met fits the stereotype he described. I guess the most accurate thing was about the hours which, unfortunately, is true.


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    (Original post by Mike_123)
    That's completely wrong. Investment banks do not exist as a 'service to the economy'. In fact, the opposite.
    How can an opinion be wrong? That is the opinion of not only my dad, but many people within the industry and banking regulators. If you don't think they are there to provide a service (i.e. lend), then what are they there for? Yeah sure they make a profit whilst lending, but that doesn't stop it being a service.
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    (Original post by robin1125)
    You say that, but that's is what many bankers see there job as. They see it as a lending service to provide money to small to large businesses to help expand the economy. Not some system for clever people to get rich quick and retire in their 40's
    Corporate Greed lives in IB. They are a business at the end of the day and have self interest in growing in the industry and maximising profit. If they're investing, they do it because there is a good return. Not because it helps the economy.


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    (Original post by Dr Jam)
    Definitely can vouch for this, when I worked in a large IB last summer hardly anyone I met fits the stereotype he described. I guess the most accurate thing was about the hours which, unfortunately, is true.


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    To be fair, I'm talking about very high level executives at banks such as HBOS, Goldman Sachs and Morgan Stanley. May not be true for every banker, but overhearing conversations at dinner parties with other bankers is always entertaining since many seem to have such crazy lives.
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    (Original post by robin1125)
    How can an opinion be wrong? That is the opinion of not only my dad, but many people within the industry and banking regulators. If you don't think they are there to provide a service (i.e. lend), then what are they there for? Yeah sure they make a profit whilst lending, but that doesn't stop it being a service.
    An opinion can be wrong if it is factually incorrect.

    IBs destroyed the economy in 2007-8 (indirectly, at least). Why do you think bankers are hated? People who are a (positive) service to the economy are people like doctors, teachers, etc...
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    I was wondering if you guys with offers already got them via email? Or can you only see them on Track / the particular university's portal? Especially Surrey university..


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    (Original post by Mike_123)
    An opinion can be wrong if it is factually incorrect.

    IBs destroyed the economy in 2007-8 (indirectly, at least). Why do you think bankers are hated? People who are a (positive) service to the economy are people like doctors, teachers, etc...
    I'm just going to put my take on this. Just because the financial crisis may have led to the global financial crisis does not mean that investment banks have a negative drain on the economy. There was simply a case of market failure within the market due to the sub-prime mortgage leding that was supporting a housing bubble and the moral hazard and adverse selection that encouraged recklessness and risk-taking. There are other cases of market failure in other markets (i.e. education being a merit good) that just aren't as severe. Where there is market failure, government intervention may be the solution (which is going underway with the plan to ringfence commercial and investment banks).

    Nonetheless, banks are needed to provide loans to firms of all sizes so that they can expand and prosper whilst proccessing payments so as to ease the speed and cost of transactions between firms. Similarly, investment banks help businesses raise capital for their operations by selling investment securities to the general public. In this way, they provide a beneficial service to the economy.

    The undeniable truth is that financial services provides 9.6% of GDP to the UK (in 2011 according to the CityUK), suggesting that it's a source of economic growth (directly and indirectly). To me, it's a case of the invisible hand of the market as “every individual... intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention” so that society benefits.

    Sorry if I just went on a rant.
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    (Original post by Polypocus)
    I was wondering if you guys with offers already got them via email? Or can you only see them on Track / the particular university's portal? Especially Surrey university..


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    Surrey hasn't set me an email regarding my offer yet. It's on Track and Portal though. UEA however sent me an email a couple days after giving me an offer with congratulations and visitor dates - it redirected onto my portal for booking.
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    (Original post by Epic Flawless)
    I'm just going to put my take on this. Just because the financial crisis may have led to the global financial crisis does not mean that investment banks have a negative drain on the economy. There was simply a case of market failure within the market due to the sub-prime mortgage leding that was supporting a housing bubble and the moral hazard and adverse selection that encouraged recklessness and risk-taking. There are other cases of market failure in other markets (i.e. education being a merit good) that just aren't as severe.

    Nonetheless, banks are needed to provide loans to firms of all sizes so that they can expand and prosper whilst proccessing payments so as to ease the speed and cost of transactions between firms. Similarly, investment banks help businesses raise capital for their operations by selling investment securities to the general public. In this way, they provide a beneficial service to the economy.

    The undeniable truth is that financial services provides 9.6% of GDP to the UK (in 2011 according to the CityUK). To me, it's a case of the invisible hand of the market as “every individual... intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention” so that society benefits.

    Sorry if I just went on a rant.
    Nice bit of Adam Smith there
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    (Original post by cathrg26)
    Nice bit of Adam Smith there
    Haha, it's a bit cliché but that's the same way I ended my RES essay.
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    (Original post by Rheannan)
    oh wow ok this makes me nervous!! when did you send it off? it's my first choice!! well done for it!!
    Ucas received my application on the 18th and got my offer yesterday at around 5pm
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    (Original post by Epic Flawless)
    I'm just going to put my take on this. Just because the financial crisis may have led to the global financial crisis does not mean that investment banks have a negative drain on the economy. There was simply a case of market failure within the market due to the sub-prime mortgage leding that was supporting a housing bubble and the moral hazard and adverse selection that encouraged recklessness and risk-taking. There are other cases of market failure in other markets (i.e. education being a merit good) that just aren't as severe. Where there is market failure, government intervention may be the solution (which is going underway with the plan to ringfence commercial and investment banks).

    Nonetheless, banks are needed to provide loans to firms of all sizes so that they can expand and prosper whilst proccessing payments so as to ease the speed and cost of transactions between firms. Similarly, investment banks help businesses raise capital for their operations by selling investment securities to the general public. In this way, they provide a beneficial service to the economy.

    The undeniable truth is that financial services provides 9.6% of GDP to the UK (in 2011 according to the CityUK), suggesting that it's a source of economic growth (directly and indirectly). To me, it's a case of the invisible hand of the market as “every individual... intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention” so that society benefits.

    Sorry if I just went on a rant.
    I understand your point completely.

    I get that it is not the fault of IBs, but rather the insufficient regulation in place. If I controlled an IB, I too would take these risks in the sub prime market, knowing for well that the government acts as a safety net to my risk.

    So therefore they only exist as a benefit to society if they are moderated sufficiently - but they are not...
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    (Original post by Mike_123)
    I understand your point completely.

    I get that it is not the fault of IBs, but rather the insufficient regulation in place. If I controlled an IB, I too would take these risks in the sub prime market, knowing for well that the government acts as a safety net to my risk.

    So therefore they only exist as a benefit to society if they are moderated sufficiently - but they are not...
    Hmm, I'm glad that we can come to an agreement. Financial regulation is never easy to put in place as these financial instiutions will always lobby against it but nonetheless, progress has been made.

    In the US, there is the Volcker rule which increased regulation on derivatives as well as othermeasures whilst in Europe, there are the Basel capital requirements that have been introduced which has increased the capital that banks have to keep in their reserves to prevent banks from collapsing, should a bank run arise.
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    (Original post by Epic Flawless)
    Hmm, I'm glad that we can come to an agreement. Financial regulation is never easy to put in place as these financial instiutions will always lobby against it but nonetheless, progress has been made.

    In the US, there is the Volcker rule which increased regulation on derivatives as well as othermeasures whilst in Europe, there are the Basel capital requirements that have been introduced which has increased the capital that banks have to keep in their reserves to prevent banks from collapsing, should a bank run arise.
    Yes I think the best way forward is to legislate capital asset ratio laws, so firms can create their own safety nets.

    The real problem, however, is the power that IBs hold. They are rich and therefore very influential. I think there's more bribery and corruption in the US than people believe. Some controversies include the puppeting of the IMF by US banks.
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    (Original post by robin1125)
    It's not bull ****, it's just what a relatively senior and high earning banker who is also my dad has told me to convince me not to go into investment banking... If you still want to go into banking, by all means do. But in my opinion, far too many people choose economics as a degree choice because they want a fast track to the city and earn loads of money.
    Ok but that's ONE persons opinion..

    There will always be people who love the job and people who hate it. Go out and get a better perspective of it. Talk to loads of people so you get a better picture of what IB is actually like.

    Also who gives a ****? I agree many people choose Economics to get into IB..so? That's a perfectly legitimate reason and you can't tell them that's wrong.

    I chose Economics because I was interested by it and before I came to uni, I wasn't really interested in IB and it's still not my preferred career but I'd like to experience it still.
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    I am interested in doing Economics at uni and want a career in Accounting. How does an Economics degree lead to a career in accountancy?
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    (Original post by Blyts-_)
    I am interested in doing Economics at uni and want a career in Accounting. How does an Economics degree lead to a career in accountancy?
    There are accountancy modules than can be incorporated into the course. You'll have to do some further research yourself on this. If you already know you want a career in accountancy, why not just take A+F? The transition is a lot easier and often you can sit all the accounting exams during your year rather than having to do extra things outside the Economics degree.
 
 
 
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