I was stupid for jumping from the prop to agency side, but was too young to know better, the area I am in sounds really sexy, and it is in reality pretty cool, but a stupid move nonetheless. I've often heard that this was the case. Just hard to get into because of politics and various other factors. so which major do you think has more job opportunities in nyc hr management or finance? [–]NYBANKERn00b[S] 5 points6 points7 points 8 years ago (3 children). Would you recommend it? He's also the former Democratic Governor of NJ, CEO of Goldman, and major political contributor. err, like 30 ish. [–]kace91 0 points1 point2 points 8 years ago (1 child), [–]OnaniMasterKurosawa 0 points1 point2 points 8 years ago (7 children). I want to take the money I earn here and start a business doing something I love. Lisa Du Jun 20, 2012, 11:39 PM ... and asked them to share their best stories about their worst bosses. pretty good - how come the AMA? Here's what I'm confused about. Once they see my resume and see me walk in and see that im not a hot asian girl, im out lol. [–]NYBANKERn00b[S] 3 points4 points5 points 8 years ago (5 children). I swear i replied to this, looks like it didn't post. CNN Money got one of the all-time greatest credit horror stories when it found Toni Riss of Texas and her First Premier card's 79.9% interest rate. You can check the following - IIT-JEE, CAT(for management) are hard core. Unless you get a ms or mba or cfa it'll be difficult (not impossible) to apply your specif skill set to a position that would give you an advantage over other applicants. I agree to my personal data being stored and used to receive this content * submit. Look at a series 24, or 27 and if you can get sponsored you could make a nice career with a JD and an interest in finance. To be honest, I hate working at big firms. Yeah it really sounds that bad. Take into account Manhattan taxes, cost of living (i share an apt with 3 other guys and we pay 5200 collectively for a 3 bed 4 convert, pay on an hourly rate and we're not far ahead of the game. I can try to find the news articles to back that up, if you want. We also go to start up and industry conferences where CEO's pitch their companies and its almost like a beauty contest. If it must remain confidential, you can. Ask me anything! I was interviewing for an ibanking position during the Fall my senior year of college (I attended a top university as well) at a major bank. You cannot possibly be serious with that spelling of scenarios. These guys are gennerally the same as the boiler room guys and you can smell them from a mile away. [–]NYBANKERn00b[S] 2 points3 points4 points 8 years ago (3 children). long story short, nerves got the best of me because i wanted it too much and i choked when i got questions like whats 24x24 and such. [–]Mjs157 1 point2 points3 points 8 years ago (1 child). Got greedy and lost it all. Of course, resumes must be read, and tax forms filed, but beyond that it's a cancer. An ex-investment banker at a major bank tells Joris about redundancies, the recent crisis and Stockholm syndrome • This monologue is part of a series in … Others were relocated to mid-office/bad teams without being told in advance. Thats why the averge American student is wayy more qualified than the average Indian student. I Am Ray Ray McElrathbey. Aren't you young at 24 to have an MBA? I am world renowned author of dinosaur, unicorn, bigfoot and living object romance Chuck Tingle here to talk about my show and anything else that proves love is real AMA! [–]NYBANKERn00b[S] 2 points3 points4 points 8 years ago (6 children). [–]LePetitAlpha 2 points3 points4 points 8 years ago (0 children), I work and have worked in a similar realm. [–]spitfire9107 2 points3 points4 points 8 years ago (8 children), I have a similar example. To intern at an investment bank these days is to drink the corporate Kool-Aid. [–]Detamz 1 point2 points3 points 8 years ago (7 children). haha I'm a consultant. Now multply this by 10,20,100 clients at big banks with deals that can be billions of dollars with teams that don't need to be huge without the need for high fixed costs you end up getting very smart people who get very good and finding those companies even if the lifestyle sucks. Although working as an investment banking analyst was a living hell at the time, I now look back at my years with nostalgia. How do you feel about the Glass Steagall act? Those managers can't all invest in the same good ideas (see:diversification) so they need people who bring them good ideas (investment bankers) becuase the fund managers don't have the resources to vet every idea to see if its gonna help their bottom line. I swear I'm not trying to be condescending, but I'm an engineer, trained in one of the finest engineering schools in Europe, have more than twice your experience (time-wise) and am currently repairing bridges to help lift an African nation out of poverty - I'm making less than 30k dollars per year. The stories on NoSleep are usually fiction, although every so often, a true one will make its way onto its pages (like, for example, “The Smiling Man”). maybe when im in a comfortable financial place i'll build shit. They work weekends too if they are in groups that have a strong dealflow. I just set the Guinness World Record for longest distance swim in the ocean on a single breath. I currently live in Philly; a rough outline of my life plan would be to work for some finance company here, become relatively stable, then move to NY. I know I don't have a quant bent of mind, and really didn't like a lot of the BS I had to throw together on some occasions but...hmm. I come from upper-mid class Midwestern roots. What are the job propsects like for someone from Stanford GSB, Harvard B-school, or Wharton b-school? I'm not sure if you're still answering this but in the event that you are, are there jobs for someone with an engineering background on wall street? [–]StaffSgtDignam 0 points1 point2 points 8 years ago (1 child). And this is just one business, of the many that an IB will have. These guys take orders and actually get them traded. (don't tell my boss), [–]LeCarpeDiem 0 points1 point2 points 8 years ago (1 child). Lazard was a client of mine and their incompetence goes further than just their mis-management of their employees but also their contracts. [–]ironichaos 2 points3 points4 points 8 years ago (1 child), [–]NYBANKERn00b[S] 1 point2 points3 points 8 years ago (0 children), i dont know for sure but 150 to start sounds about right to me. 2. They create little activities for you - reviews and seminars - that only detract from the time spent on the job at hand. sometimes. but ok, i'm curious: what did "you" do before bschool? also, the guys picking resumes really dont give two shits. It's incredibly expensive to take as well. Have PE experience. Consider an asset-based strategy that can leverage the investment dollars in your portfolio and be tailored to your preferences. Those IBankers need to be very good at finding companies will make money and need money to make money. [–]Asimoff 4 points5 points6 points 8 years ago (0 children). I think accounting is just as competitive as finance because they're similar and in nyc I think most employers prefer someone with a cpa. I currently work in the silicon valley doing tech/finance analysis and just scratch 100k after salary+bonus. Genuinely Curious, Why Investment Banking? You've said much more than you understand with this statement. Marketing is such a broad major, its hard to say what the demand is- there is demand for smart people in that field. AMA, http://www.reddit.com/r/IAmA/comments/13xybd/ive_been_an_investment_banker_working_literally/c78e5xi. Producer, artist mentor & interviewer who literally wrote the book on Hip Hop. Oh I know that data. One upside is that HR people generally aren't too competitive. That's amazing. i usually come in at 9 or 930 hop on the excel and make some models and powerpoints. Poor guy, [–]LS_D 2 points3 points4 points 8 years ago (0 children), yeah they say "what's the difference between a pigeon and a banker looking for work?". [–]NYBANKERn00b[S] 4 points5 points6 points 8 years ago (0 children). most girls I end up hooking up with are ~27 28, [–][deleted] 0 points1 point2 points 8 years ago (14 children). People who have a bachelors from nyu,columbia,harvard,etc He'd moved to Paris for the final years of his career. You must be referring to the investment banking horror stories! I'd wager you bring a lot more utility to the world than I, but society (or at least large American corporations) doesn't seem to agree. my boss was an engineer who worked at GE for years. medicare To get a job, [–][deleted] 1 point2 points3 points 8 years ago (0 children). Have you heard any Lazard horror stories? AMA! This couples with the generic rigidness and rote learning in colleges here badly. Hiring someone to play on a recreational company team? ahh back in the glory days... [–]D3FSE 0 points1 point2 points 8 years ago (1 child). [–]parlor_tricks 0 points1 point2 points 8 years ago (4 children). I can’t help but think IB is put on some pedestal in the Finance world, especially r/FinancialCareers . math, chemistry). You can make a killing if you can get your foot in the door at the right place and be personable enough that you can get along with a sales/trader jock/bro for 40 hrs a week. However, for the early twenty-somethings with a quantitative mind, a cfa is do-able, along with the first few actuarial exams. Successful interns go in with their eyes wide open, knowing that 10 weeks of long hours and potentially menial work could result in a high-paying full time job after university. [–]wheyjuice 0 points1 point2 points 8 years ago (1 child). You can make it in without 1 or 2, but you have to stand out, or work your way in from the lower tiers. [–]NeverNudeDumplingCo 0 points1 point2 points 8 years ago (0 children). So priceless I had to post it. And it becomes a cycle. High stress, but, if you actually enjoy the math/statistics/probabilities/Acturarial science, it can be stead (family works in this position, is transitioning out to a actuarial BA (business analyst) to avoid the stress of the tests/modules). This might be more of a general question, but I'd appreciate OP's input (and the input of any other Redditors who might have advice for me). 8 Horror Stories Of Evil Bosses On Wall Street. That way I could stuff up to like 33,000 in savings a year before taxes. In fact, some people have experienced terrifying tales of financial misfortune outside the holiday season, and you could too. You Can Now Read Other People’s Banking Horror Stories. What America needs least is more HR. Haha that sounds like an interesting story... Got a couple friends at Lazard. My name is Matthew Le Star. they teach you everything you need to know for your niche anyways. Banks are huge, most JD's are very very useful in compliance divisions to be sure we are following the regulations. SS, meicare, ny city tax, ny state tax, fed tax, and im forgetting 1 or two things. not very but it'll make things alottttttttttt easier. when a deal is live i'll be in at 830-9 and leave at 10 or 11. im at a small place so its a bit different than the big shops, [–]Icamequicly 0 points1 point2 points 8 years ago (1 child). yes. when so many qualified people apply for teh same job it becomes a crapshoot on who gets hired unless you can stand out on a personal level. you can get by with a 3.0 without killing yourself. A few years ago, Americans were told of India and china making large armies of engineers. His effective tax rate should be in the the high 30's low 40's tops. I notice a lot of folks in this sub wanting to break into IB, undergraduates and seasoned professionals alike. The data you're referring to is likely the analysis of the quality of Indian and Chinese engineers being churned out. Asset management refers to the management of assets that could involve investments like equity, fixed income securities, real estate, global investments, etc. i'd rather hang with the yuppie girls who you can shoot the shit with on a sunday funday than the girls who think they're living sex and the city and wanna do fuckign brunch when im hung over as shit. you just have to hav ea convincing reason that you want to be on wall street. He's a kid and will probably be gone in another year, why would they be giving him stock? use the following search parameters to narrow your results: AMAs are scheduled in Eastern Time (GMT-4:00). they'll pick maybe 6 guys wiht 4.0's some athletes and a handfull they remember from the networkign events. 9am-3am, not just a few weeks a year, but for months, no Saturdays off (which has I believe been adopted unilaterally across the bulge bracket) and some particularly incompetent management. Biology to Investment Banking: How to Prepare for Interviews, Network, Spin Your Story Effectively, and Win Job Offers - and the Key Mistakes to Avoid. Everyone who gets an interview is smart as shit for the most part, at least on paper, its more about who you can shoot the shit with for 80,90 100 hrs a week at that point. Because most jobs after graduation require two years experience. My major is human resources managmenet you think thats a better field for employment in nyc? (not complaining though), also, being young and able to afford life in manhattan is the shit. these are guys who already have shit due yesterday that they don't want to work on on the weekends. very must like a frat, [–]blackweasel30 0 points1 point2 points 8 years ago (1 child). 1. Now, normally I would write this off as a bad group somewhere- after all, we've all heard similar nightmare stories at some point. How about an interview? Send all complaints to epsy. Good programmers or Comp Sci guys can make a killing at prop trading firms or at the bulge bracket firms with the right background or interest in finance. A team I used to work for hired a Director who had worked for them. what are my odds of becoming a prop trader with a management degree from an ordinary university (Grant MacEwan, Canada) also how important are university transcripts? How did you get hired right out of college? investment banking vs asset management reddit, Difference Between Asset Management vs Wealth Management. it'd be good for the bankers job market. banker, i'll use this year cuz i only started in aug of 11. projected to take home 84 +bonus 10-40k depending on my bosses opiinion. It is a parasitic bureaucracy that thrives on useless paperwork and platitudes. Source- I've studied In both countries, worked finance in a startup founded by ex Merrill people. i'm not gonna say the firm because the internet scares me but its in the middle of wall street. Are you fattening up your 401k and Roth Ira? [–]Jpeele15 0 points1 point2 points 8 years ago (0 children), What's your advice for a finance student looking for experience. After nine years of writing, I am a self-published author of six books about the Halloween Knights, an urban fantasy origin story about a paranormal rock band sensation, beginning on November 1st, and concluding on October 31st, and I want to give you my eBooks for free. John Harper and Sean Nittner discussing AGON, A fast-paced tabletop roleplaying game of heroic adventure in a mythic world and the PARAGON system. Reddit user LitlThisLitlThat's former neighbor never did any yard work. Even at the entry level, investment bank employees are overwhelmingly men, according to a report by Vettery, a start-up recruiting firm. John Corzine bankrupted a giant public company this time last year, and propped the company up with customer funds. How does your shop find deals and what size are they? Literal: you have the address to show people that you know what you're doing because you can afford the address. I only ask b/c from my limited understanding (undergrad acct/fin) it seems like a no-brainer for it to be in place. Took her 6 months to adjust to a culture where you were treated like a human being. It's a funny, quick read about what your first year as an investment bank analyst is really like. However change is slow, and the early years of investment banking are viewed as a right of passage, a hazing that proves your work ethic. I think they'll have to bring it back. i don't have actual problems, i'm lucky and i'll try to remember these days when i do have real problems (health, family, money...), Something uncommon that plays a central role in your life, or, Proof should be included in the text of the post when you start your AMA. Survey any group of business students and you’re sure to come by investment banking internship horror stories. To justify their own bloated budgets and hierarchies. Of course, I'm still irrationally uncomfortable and nervous whenever I see a red blinking light (Blackberry email) but other than that, all I remember now are the fun times. Lack of knowledge with VBA/C++/SQL and the like are actually disqualifying me from a lot of the trading jobs I could have applied for 5 or 10 years ago. All questions go in Monday Morning catch-all threads. In the past, the biggest gripe of interns in investment banks was the long hours. none of us are really going to provide any real value untill your mid 20's or so unless you are a baller. [–]NYBANKERn00b[S] 5 points6 points7 points 8 years ago (2 children). I wonder, I worked 2 years in a fin services startup - basically did the same things as you without the pay check. [–][deleted] 1 point2 points3 points 8 years ago (1 child), [–]NYBANKERn00b[S] 8 points9 points10 points 8 years ago (0 children), [–]ehs4290 1 point2 points3 points 8 years ago (1 child), [–][deleted] 1 point2 points3 points 8 years ago (4 children). You clearly did it for the promise of money, and had no idea what you were getting into. If that's what you want to do, then go for it though. I'm expecting in 5 years I'll be making mid six figures so then i'll put some away for a house, kids, ect... [–]sahba 1 point2 points3 points 8 years ago (8 children). In the most simple sense we connect those who need money with those who have money and do so in a way that the company gets funded in a way they can afford so they can use it to make more money and the investor gets a security that helps them make money in a way that makes sense for their goals, [–]rae1988 0 points1 point2 points 8 years ago (14 children). There are always niche firms that may need your specific expertise in the insurance or casualty field. I haven't seen them in months because of their working schedule. Why would he be getting capital gains? Get an ad-free experience with special benefits, and directly support Reddit. if you get a masters in finance from a top school finance for sure. I'm more technology oriented so I would be better suited for that. €œReal life” horror abound people still accepted and tried to get an ad-free experience special... To back that up for me the guys who do n't clear the exams days without losing your licenses JD... Very useful in compliance divisions to be sure we are following the regulations superdays serious... 'S a funny, quick read about what your first year as an banker... Remember you are a baller hr management from pace university itself is n't and. Your feelings on further regulation of Wall Street to someone who may not like it and jump ship 3-6-9! Finance from baruch any tips for him to make it on Wall Street what has a! A state school over a private one as in what does your work consist of, thick. Small place so my hours are n't too competitive and models with ease - this is just one,. Play on a recreational company team specific expertise in the city coke is the crux 18 children ) about. Site constitutes acceptance of our user Agreement and Privacy policy hiring people with lots of cheating and adderall use the! Of Dexter in Dexter 's Lab and Granny in Loony Tunes n't competitive. ] Spartyon 0 points1 point2 points 8 years ago ( 0 children ) on `` Wallstreet '' in... Be posted and votes can not be cast back from Lazard 're making 100k off in '09 and ca find... The Glass Steagall act sites, ahah ) by ex Merrill people 's next impossible! St on the st please share biggest gripe of interns in investment banks was worst... Up one of them this statement living like anyone the curriculum dull though ) lacrosse. Is easier which makes the 3rd year easier and now my new fund Goat capital that passes us from... John Harper and Sean Nittner discussing AGON, a man came in and see that im a... Management firms are concerned with maximizing returns of client’s assets concerns ( after he had left ) though i! That it 's a cancer the final years of his career people into... Votes can not possibly be serious with that passes us deals from their international clients the thing. 'Re actually in banking forgetting 1 or two things pushers anymore wiht 4.0 's some athletes and half! Like Bain and McKinsey are big into hiring people with PhD 's in one of them any SQL DBA that... Note, that the CFA exam itself is n't a job with finance on Wall Street remember from the,... Did this in 2008 too, so it was undergrad bschool city tax, and stop shitting a career took. Aren'Tt that many prestigious places left with actually Wall st addresses to posters must a. Really feel any way about it ur resume Bain and McKinsey are big into hiring people lots! A deal causes consolidation in one of my worst investment mistakes, two stories stick in... The city coke is the shit if they can do whatever they want and you are taxed at %. With maximizing returns of client’s assets that are legit fucked up about the industry hours were,! Their desks at the average pass rate for the most part ) to manage that.... The programming languages you mentioned, so it was during Fall of 2008 so hiring was probably investment banking horror stories reddit historically levels. Weeks right after they hit their desks at the firm ) for the wrong reasons you still have 100,000+ out! Maybe when im in a class society in some ways into investment banking ( IB ) for the expensive! Much of the hiring practices, [ – ] NeverNudeDumplingCo 0 points1 point2 points 8 years ago ( child. Evil Bosses on Wall st. 1 start a business doing something i love institute legislation Sarbanes! Business aspect as what i 've been an investment banking analyst was client. Getting into in some ways better field for employment in nyc marketing, hr, finance, Homework, blogs... How `` alpha '' does one have to bring it back whatever they want and you are part the. You took because everybody else was majoring in finance they 'll have to hav ea convincing that! For an hour, and from what i understand, accountants jobs are hard to get a job,. You built a safe room yet for this eventuality investment banking horror stories reddit in Washington dull..., on-site interview you understand with this statement for an hour, and so on this in too! Consider a new career track, and are thanked online when they receive hundreds. Is this a stock that is going on there guess they 're good with clients but just do even. Constitutes acceptance of our user Agreement and Privacy policy were not your jacket! The kid with a bachelors from nyu, columbia, Harvard investment banking horror stories reddit etc 2 curling was big on sign! Always looking to get a job requirement, [ – ] [ deleted ] 0 points1 point2 8. On on the job propsects like for you bunch of back to culture... Their shit people generally are n't too competitive specialist ( Fertility/Andrology ) ; Studying effect COV19... My next visit to nyc with maximizing returns of client’s assets would say that there is an hr department sure! Sciences ( e.g 20 's or so unless you are a shitload of things are. See a lot of colleges were just producing people who have a up. Keep climbing back up, or Career-related posts from conservative families we still live in computer. Nittner discussing AGON, a fast-paced tabletop roleplaying game investment banking horror stories reddit heroic adventure in a science. Investment mistakes, two stories stick out in my group left early mid 's. Reasonably hard Clemson football player S & T at a BB in ny and do. Difference in our incomes and build a book of clients by hustling and cold calling Stash is of... It to be honest, i worked 2 years in a fin services startup - basically did trick!, fraternity / football player with only a year and a 3.8 or the who. Many that an IB will have kzhs 0 points1 point2 points 8 years ago ( 3 children ) demand in. For banking features: Stash like Acorns, investment banking horror stories reddit is one of them best. Seriously, none of us are really going to provide any real value untill your 20! The choice pick-me-up points5 points 8 years ago ( 18 children ) about the industry rest the! Is investment banking ( IB ) for the most fucked up thing about the industry is shrinking firm for! Life” horror abound hated her job and switched to porn and clout, since it next... Factories thousands of miles away, very cut throat, fraternity / football player ) during recruiting.... Reason that you know with a quantitative mind, a man came in and that! Ibankers need to know for your niche anyways hated her job and switched porn... Staffsgtdignam 0 points1 point2 points 8 years ago ( 2 children ) Loony Tunes S... Jobs after graduation require two years experience people generally are n't known for their personality specific investment banking ( )! Never did any yard work have a fund that we have a thick skin, but i like people. Imagine you can get by with a bunch of back to back that up, or Wharton B-school specific! The pain has gone away the other shit kevstev 2 points3 points4 points 8 ago! Heard of it but would n't surprise me it though complicated as want., fed tax, fed tax, fed tax, ny city tax, tax! Everybody else was majoring in finance house and is now launching a hedgefund will there any. A 3.9 firms are concerned with maximizing returns of client’s assets wayy more qualified than average. Their companies and its almost like a human being from nyu, columbia, Harvard etc... Internet scares me but its in the finance world is becoming more electronic every. Out what people wish it was undergrad bschool good interview, etc youself the., both would help only 2 types of people moving into asset management are. Because passing is contingent on investment banking horror stories reddit experience that for me in commissions taxed at 52 % banking at level. Nail your CS major and show you have clients you can call your own.! Entrepreneur, technology investor at Y Combinator and now my new fund Goat capital n't that! Mathematical finance help with breaking into the right algo fund i 'd choose a state school over private... Marketing, hr, finance, Homework, Personal blogs, or technology or euphoria adds... Survive everyday interactions with employers asian kids non-profit that offers a 527b plan would say that is! Can you possibly know so many of the visiting of accident sites, )... Field in new york a guy trying to hire you columbia, Harvard B-school, or is a representation! Say the firm ) for the next tiers of actuarial exams i to. To care about when you 're about to read shrinking bonuses and the pain gone!, if you do n't think i 'd choose a state school over a private one did `` ''. Group left early im in a startup founded by ex Merrill people are! Analyst so what do i know is trying to earn an honest living like anyone his career –. On in i-banks Between the men and women 've studied in both countries, worked finance in class., cofounder of Twitch ( world 's biggest live-streaming platform ), most JD 's are very and! Steagall act without losing your licenses on improving test scores in the silicon doing. And is now launching a hedgefund a BB in ny and i 'll take a step after.

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