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    This question is aimed at people who have knowledge or are actually in the industry themselves.

    I have a fair idea of what area of finance interests me, which is equity research. But from the little experience I have, it almost seems that to be a success in finance, you need to live a lavish lifestyle (for the first few years especially). The issue is that I come from a very frugal background and appreciate the value of a pound, and do not see the point in wasting hundreds of pounds every weekend on stuff I really do not need. Don't get me wrong, I enjoy a few drinks after work and socialising with my colleagues, but I do not see the point in throwing away hundreds of my hard earned money on lavish restaurants and overpriced clubs. I'd rather go to theatres or go for a Mediterranean weekend if I HAD to spend my money on something. I'm just wondering if "living it up" is a necessary evil to succeed in high finance?
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    Yep because your talent/interpersonal skills/uni/degree doesn't matter!?!
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    I'm just going on what I've seen and experienced with a few senior brokers in the City (who were knobs btw lol). Just keen to hear otherwise, that's all.
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    (Original post by TOTB)
    This question is aimed at people who have knowledge or are actually in the industry themselves.

    I have a fair idea of what area of finance interests me, which is equity research. But from the little experience I have, it almost seems that to be a success in finance, you need to live a lavish lifestyle (for the first few years especially). The issue is that I come from a very frugal background and appreciate the value of a pound, and do not see the point in wasting hundreds of pounds every weekend on stuff I really do not need. Don't get me wrong, I enjoy a few drinks after work and socialising with my colleagues, but I do not see the point in throwing away hundreds of my hard earned money on lavish restaurants and overpriced clubs. I'd rather go to theatres or go for a Mediterranean weekend if I HAD to spend my money on something. I'm just wondering if "living it up" is a necessary evil to succeed in high finance?
    Your starting salary will be approx. £100,000/ yr. of which you must spend approx. £80,000 on champagne
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    Lol, right. Don't lie OP. By 'seen and experienced' you mean you've watched american psycho a couple times and you think it's a prerequisite to eat at Dorsia to be in A&M.
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    (Original post by screwyouguysimgoinghome)
    Lol, right. Don't lie OP. By 'seen and experienced' you mean you've watched american psycho a couple times and you think it's a prerequisite to eat at Dorsia to be in A&M.
    lol, who are you?

    I've had lunch with senior brokers in the City a few times, and am going from that experience. Why would I lie?

    Like I said, I'm keen to hear from people who are actually in the industry themselves.
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    No, of course it's not a necessity. Especially not in Equity Research. Occasionally you might want to partake in drinks with the team, at an establishment where a glass of wine might cost (cue shock and horror) £10 a glass! But I'm sure you could briefly loosen your frugal principles.
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    (Original post by TOTB)
    lol, who are you?

    I've had lunch with senior brokers in the City a few times, and am going from that experience. Why would I lie?

    Like I said, I'm keen to hear from people who are actually in the industry themselves.
    From my experiences no. Maybe you just went out with some lavish brokers, those I know aren't more wasteful than other departments. A lot of people I know barely spend anything - simply isn't the time.
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    (Original post by TOTB)
    lol, who are you?

    I've had lunch with senior brokers in the City a few times, and am going from that experience. Why would I lie?

    Like I said, I'm keen to hear from people who are actually in the industry themselves.
    Who am I? Someone pursuing a city job that has more pressing concerns than whether or not conspicuous consumption is a prerequisite of the job. We can compare academics if you like **** face. I'm starting on one of the most prestigious L100 courses in the country in September so I'd like to think I am someone with a crack at a career in the city.
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    (Original post by screwyouguysimgoinghome)
    Who am I? Someone pursuing a city job that has more pressing concerns than whether or not conspicuous consumption is a prerequisite of the job. We can compare academics if you like **** face. I'm starting on one of the most prestigious L100 courses in the country in September so I'd like to think I am someone with a crack at a career in the city.
    I think you and he both generally went about your business in the wrong ways and mis-interpreted what each other were saying. He asked "who are you" probably asking if you were an actual banker or not and if you had experience in this "concern"

    Academics and you starting a prestigious Law course mean absolutely nothing in this thread so...

    Really was there any need?
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    (Original post by Troubled_Student)
    I think you and he both generally went about your business in the wrong ways and mis-interpreted what each other were saying. He asked "who are you" probably asking if you were an actual banker or not and if you had experience in this "concern"

    Academics and you starting a prestigious Law course mean absolutely nothing in this thread so...

    Really was there any need?
    for a 'hopeful future law student', i recommend you learn that L100 is not a law course before you apply to university.
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    Yeah it's M100, my bad i was tired
    Still same point applies.
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    LOL at UCL dude. On your bike son.

    As for this thread, yes it's true, you need to spend a lot of money to REALLY do well in finance. Don't listen to any of these guys, they really don't know what they're talking about. If you want to be a boss you gotta act like one, and that includes splashing the cash.

    If this doesn't appeal to you, I suggest you look into corporate finance, investment banking isn't for you. Don't worry, most people hate banking anyway, it's probably best you do something else.
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    (Original post by jjpp)
    From my experiences no. Maybe you just went out with some lavish brokers, those I know aren't more wasteful than other departments. A lot of people I know barely spend anything - simply isn't the time.
    To be fair if he means actual brokers i.e. ex-IB a la ICAP then he could be talking sense, I've met some absolute animals from ICAP. Half their frickin budgets go on trader hospitality. Now they know how to have a good time.
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    (Original post by scrubsnamesake)
    To be fair if he means actual brokers i.e. ex-IB a la ICAP then he could be talking sense, I've met some absolute animals from ICAP. Half their frickin budgets go on trader hospitality. Now they know how to have a good time.
    Given how much those mofos get in fees, it should be more like 90%.
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    (Original post by President_Ben)
    Given how much those mofos get in fees, it should be more like 90%.
    It's a good time to be a Broker.
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    (Original post by loggins)
    It's a good time to be a Broker.
    Better time to be a good trader.
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    (Original post by President_Ben)
    Better time to be a good trader.
    Meh, broking is less effort.
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    ignoring all other posts as i cant be bothered to read them..

    the lavish lifestyle is very dependent on what area you are in. As a broker you pay very little out of your own pocket but do get to go out and have ridiculous nights out (i benefit as ive got some friends who are brokers and invite me everytime they take out a client). Normally the clients they take are boring traders that dont know how to have a good time and have no social skills of their own. Rare (but it does exist) that the traders are actually cool guys

    Traders it depends very much on the team, have friends in some teams where they really keep to themselves and dont go out together that much - so less expectation of a "lavish lifestyle". Other friends are in teams where they are continuously invited out by their seniors and go to the best clubs and restaurants, most avoid going out with the brokers.

    In investment banking, theres simply no time. and when you do have time you will compensate for only going out once a week by spending alot, even if you say you wont right now.
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    I'm glad to see that some "get" it. Like I said, I've only been out with brokers, where one had about ~20 years experience and is a friggin' animal. Just completely ****ed in the head. Weekday nights consist of entertaining clients (which was the initial point of this thread, spending and whatnot). Weekends were mostly made up of golf and cars.

    I'm glad to see that not all jobs in the City require the above. I know I might have sounded stupid asking about the necessity of the lifestyle with the job, but for some jobs it is!

    As I said previously, I've only worked/socialised with brokers, and I just wanted to make sure that other roles didn't require as much partying/spending as some parts of broking do.
 
 
 
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