So I hope there are people who can relate to what I am talking about. If you have the opportunity to work in a lucrative profession,you find a certain money driven and decadent culture emerging (in many cases).
Today, I had to have a stern talk with a new Analyst who was counting his money before getting the job done. Basically this 22 year old kid, right out of college, was so swayed by the hefty paychecks that he decided to ‘celebrate’ by running up ten grand on the company’s account expecting us to understand his twisted logic of “I’ll pay it back, you know I am good for it” no Junior you pay up right now or you don’t have office to come to tomorrow morning.
So he thought that, I, someone in the general age bracket would somehow understand that he was ‘hooking up’ with 2 models at the same time. Now I might have a few years on this fellow, yet I still did not why he had to use the corporate card. A very simple answer was given: “I was flat broke.”
So anyway, while I am lucky to work with talented and driven people in a very intellectually stimulating environment…there are downsides too.
Don’t get me wrong, the money is great. It allows you to do more with your life, but to get so greedy is destroy yourself.
So I hope there are people who can relate to what I am talking about. If you have the opportunity to work in a lucrative profession,you find a certain money driven and decadent culture emerging (in many cases).
Today, I had to have a stern talk with a new Analyst who was counting his money before getting the job done. Basically this 22 year old kid, right out of college, was so swayed by the hefty paychecks that he decided to 'celebrate' by running up ten grand on the company's account expecting us to understand his twisted logic of "I'll pay it back, you know I am good for it" no Junior you pay up right now or you don't have office to come to tomorrow morning.
So he thought that, I, someone in the general age bracket would somehow understand that he was 'hooking up' with 2 models at the same time. Now I might have a few years on this fellow, yet I still did not why he had to use the corporate card. A very simple answer was given: "I was flat broke."
So anyway, while I am lucky to work with talented and driven people in a very intellectually stimulating environment...there are downsides too.
Don't get me wrong, the money is great. It allows you to do more with your life, but to get so greedy is destroy yourself.
I have seen a pronounced M&B mentality in IB sector for sure (primarily in bulge bracket banks) but after working 120 hours/week, analysts want to justify their decision of pursuing I-banking and M&B is probable the most notable and the most easiest way to do so……
An MBA is such a long-winded way to get there. And even then no guaranty you'll get into IB, right?
How about if someone is pursuing a CFA?
Dude, if you really want to do IB in a product or an industry group for a bulge bracket bank at Wall Street or London, MBA form a top school is the only way to do it. IB recruiting is an extremely structured process and by attending a top 10 B-school, you will automatically become part of that process. Investment banks do a very little lateral hiring at analyst/associate level (almost none). They hire from core B-schools. CFA is primarily for investment management and it won’t help you much for I-Banking recruiting. Good luck.
Getting into I-banking is extremely challenging but lateral hiring is possible. I had not one but two bulge bracket offers, the timing and interest really lined up. no MBA, either ;)
I'm not going to downplay the MBA route, but you can always try for boutiques and have a better shot there. It's really important to be VERY focused in your search and serious about the career.
If you are going to MBA school, try to secure an summer internship. All the best!
I must admit that I can't seem to make up my mind. 80hrs/week is too much. But then I was thinking if at the end of the day you feel a great sense of accomplishment (not in the monetary sense) then no harm in trying.
I must admit that I can't seem to make up my mind. 80hrs/week is too much. But then I was thinking if at the end of the day you feel a great sense of accomplishment (not in the monetary sense) then no harm in trying.
80hrs/week is a good week.....at analyst level, expect at least 110/week ...at associate level, expect 90/week.....but if you luv it, it is not that bad. Good luck
80hrs/week is a good week.....at analyst level, expect at least 110/week ...at associate level, expect 90/week.....but if you luv it, it is not that bad. Good luck
Phoenix dude those numbers are highly exaggerated. Besides there are many factors including the number of deals that you're working on, bulge vs. boutique and most importantly how you define 'work'?
There is plenty of downtime for my analysts. Even I get the chance to browse websites like GS or the latest mens fashion from Milan.
To many people make it into some type of unreal superman type job, sure it has it busy periods but its pretty manageable if you're single and don't mind spending 80 hours at the office/clients.
I think by VP/MD level you can think about having a family.
