definitely a means to the freedom money allows which = happiness for me at least. [–]NYBANKERn00b[S] 0 points1 point2 points 8 years ago* (3 children). I only ask b/c from my limited understanding (undergrad acct/fin) it seems like a no-brainer for it to be in place. I get ~44%. There are always niche firms that may need your specific expertise in the insurance or casualty field. New comments cannot be posted and votes cannot be cast. 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. Some of the large firms will fire you if you don't clear the exams. They trend to 100-140k after 5-6 years of consistent test passing/raises. In fact, some people have experienced terrifying tales of financial misfortune outside the holiday season, and you could too. Easily out doing any of the exams American students are exposed to. [–]Detamz 0 points1 point2 points 8 years ago (0 children). well, for a 40 year old neckbeard who spends all his time and energy looking at cat pictures and not getting a laid, the cfa may be challenging. the superdays I got were almost all from interviews on campus I had with the actual guys on the desks. Explanation and examples of this rule can be found here, See here for tips concerning proof and examples, See more on our comment removals policy here, I've been an investment banker working literally on Wall Street since I graduated 19 months ago. The OP seems to be capable of cranking out his pitch books and models with ease - this is not necessarily true of everyone. A few years ago (pre 2008), lacrosse was big on the street. This VP should not have their job. Could you elaborate further on hiring practice issues? Im asking because thats my major and I was told its always in demand because there's an hr department in every organization or almost, [–]kevstev 0 points1 point2 points 8 years ago (2 children). 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? Do you have any proof that you're actually in banking? (S&T at a bulge bracket) 8 months of searching later networking did the trick. Studied finance as a way to protect myself with money when things go to shit. Am I missing something? I want to take the money I earn here and start a business doing something I love. We have a fund that we have a good relationship with that passes us deals from their international clients. The question is, do you want to work on the business side of things, or technology? [–]Detamz 1 point2 points3 points 8 years ago (7 children). [–][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 still have 100,000+ workers out there that lost their jobs and are looking to get back in. I see a lot of people moving into asset management or consulting. I recently had coffee with one of my former summer interns, who (after a stint with us) spent some time at Lazard last year. Haha that sounds like an interesting story... Got a couple friends at Lazard. Would you do it all over again?/ If you could go back to being in high school, what would you do differently. If I get bored of this job in 5-10 years, can I break into I banking, high frequency trading, venture capitalism or private equity? other than its cool to see wall st on the sign when I come out of the subway not much. [–]NYBANKERn00b[S] 5 points6 points7 points 8 years ago (3 children). [–]Oba-mao 0 points1 point2 points 8 years ago (1 child). but remember I'm just a 24 yr old lowly analyst so what do i know. Actual big bankers screw the public from the front, and are thanked. we're rich fucks (not true, just our bosses) trying to screw everyone else out of their money and wall street has no purpose. AMA! i'm not gonna say the firm because the internet scares me but its in the middle of wall street. When a fund has say 100M (small-mid size ammount) to invest and you take 5% as a IB fee it adds up to be very profitable. AMA! I think it'd be great to split up the big institutions so all that money tied up in regulatory capital could be poured into the market creating a marketing more willing to invest in risk. Do you think the bankers will be able to defend themselves when the masses inevitably rise up? Have PE experience. so which major do you think has more job opportunities in nyc hr management or finance? You can check the following - IIT-JEE, CAT(for management) are hard core. Mass public indifference to taking responsibiliy for elected officials is the crux. Literally. It was like seeing a shelter dog - she'd flinch every time the phone rang in the evenings like it was a portent of doom. Some groups are doing well, but when they want to expand, they are increasingly being told they can get an extra head for their group, but it has to be in a low cost area like india, china, or eastern europe. its very quant and will prep you well for life in the real world if you can keep up or want to keep up with the kids who either cheat or don't go out. 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. My dad's friend has an mba in finance from columbia university. Aren't you young at 24 to have an MBA? I’ve talked to numerous investors in the past who would love a piece of that business. IamA manager of a Bitcoin/cryptocurrency hedge fund AMA! accounting is always in demand. Its very much appreciated. pm me and i'll take a look at ur resume. Except instead of 3 levels, there are 9 total levels. From what I've seen, the investment banking hours of 120+/week that we hear about has some truth to them but are largely told for dramatic effect. when i take a step back after a bad day and realize what i'm bitching about i feel like a dousch. It's far from guaranteed but if I do a good job it is in line with the career path I'm on. [–]Mjs157 1 point2 points3 points 8 years ago (1 child). How do you feel about that? It's a funny, quick read about what your first year as an investment bank analyst is really like. Hi Reddit! the management skill set doesn't really translate to what has become a math intensive job. He'd moved to Paris for the final years of his career. How much did you make last year? If you can nail your CS major and show you have an interest in finance they'll teach you all the other shit. Thanks. none of us are really going to provide any real value untill your mid 20's or so unless you are a baller. spelling isn't a job requirement, [–]Spartyon 0 points1 point2 points 8 years ago (2 children). AMA! Even at the entry level, investment bank employees are overwhelmingly men, according to a report by Vettery, a start-up recruiting firm. Well uhh... there is that Lazard intern who hated her job and switched to porn. I would say that there is particularly weak demand in finance though. it took me two years of school just to understand what exactly and investment bank does so I thought i'd try to give people a better understanding so that when they see shit in the news they can draw conclusions based on fact. I was at a BB in Ny and I thought his life sucked. AMA, http://www.reddit.com/r/IAmA/comments/13xybd/ive_been_an_investment_banker_working_literally/c78e5xi. They ARE Edward Norton of fight club (outside of the visiting of accident sites, ahah). Anyone knows more about this? I'm studying for my CFA too actually. Annnnnnd this is why I'd choose a state school over a private one. dont get me wrong its gratifying to close a deal and get paid as well but there a different kind of satisfaction in building something. there are so many people who want these jobs because of the exit opps, $$$, presteige, ect... that the only way to get these jobs is networking and who your family knows. I'm not trading derivatives or front running clients or any complex shit so it's not in my best interest to fuck anyone over. If that's what you want to do, then go for it though. if you get into the right algo fund i'd imagine you can make well north of 100k. Would you ever consider going into developmental economics or public policy after you "retire"? tough to say, you'd be up against some stiff competition. | Last updated: 2012-12-03 12:17 UTC. 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). don't see why not although i think that'd be a step back. 4/5 of the analysts in my group left early. (Also do note - the arcturial exams I've seen are the Indian ones, and those are an amalgamation of the beasts of hell, the iron man, along with quantum physics. You expect to make mid six figures in five years? He was out within a year- said that management was the worst he'd ever seen in 35+ years of working in the industry. 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. My name is Matthew Le Star. your best bet may be to look at a retail brokerage firm and build a book of clients by hustling and cold calling. Men's Health specialist (Fertility/Andrology); Studying effect of COV19 men. 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?". Most people watch porn and buy sex products no matter the economic climate. [–]spitfire9107 0 points1 point2 points 8 years ago (20 children). very must like a frat, [–]blackweasel30 0 points1 point2 points 8 years ago (1 child). What is an average work day like for you? If he's coming from a non-target school he'll either need to network his balls off or try to move up from the back office. Are you a trader or an actual banker? Each boss wants more underlings to add a few inches to the ego (if not figures to the paycheck) so he pushes paperwork up to boss above to show how busy he's been. Long-time lurker, seldom poster. You cannot possibly be serious with that spelling of scenarios. He mentioned that out of his intake, less than half stayed more than a year (I'm assuming this was on the standard two year contract, but I'm happy to be corrected). Yeah it really sounds that bad. Poor girl had a million mile stare. Redditor themightythor conveyed a retail horror story from his girlfriend’s time working at Hastings. i heard its really tough to get a job with finance on wall street. Lol. [–]NYBANKERn00b[S] 3 points4 points5 points 8 years ago (8 children), both would help. if his paycheck really is only 52% it isn't taxes that knocks it down there. Luckily, as time passes, the 100 hour weeks just blend together and the pain has gone away. It helped me immensely during my interview process and definitely plays a factor when i interview and hire people. Oh I know that data. is this what "technology analyst" entails? put youself in the shoes of a guy trying to hire you. I'd rise up with you guys. John Corzine bankrupted a giant public company this time last year, and propped the company up with customer funds. It’s a great market. 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. 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. How do you view the difference in our incomes? Are their MDs just seriously incompetent because they definitely have a huge number of rainmakers over there (just take a glance at league tables). [–]Asimoff 2 points3 points4 points 8 years ago (1 child). How about an interview? if you do a good job and you make the firm moolah, mid 6 fig doesnt sound crazy to me, [–]Marylandman101 1 point2 points3 points 8 years ago (5 children), [–]NYBANKERn00b[S] 5 points6 points7 points 8 years ago (4 children), there are two main players, retail brokers and institutional brokers. Is partying hard core every weekend with co-workers a necessity to climbing the corporate ladder at the average i-bank? Where do you actually work? Can you compare the mindset of someone who works literally on Wall Street to someone who works figuratively on Wall Street? These guys take orders and actually get them traded. 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. In this year’s class of first-year bankers – known on Wall Street as analysts – 77.5 percent are men, Vettery found. [–]kace91 0 points1 point2 points 8 years ago (1 child), [–]OnaniMasterKurosawa 0 points1 point2 points 8 years ago (7 children). You can make it in without 1 or 2, but you have to stand out, or work your way in from the lower tiers. Not a hard job actually. Going to have to hold off on buying the yacht for awhile. Other groups may be more liberal when it comes to summer dress code, unfortunately were not Your suit jacket is a straitjacket. You are probably in a great position. That isn't nepotism. 3. Bring you and a whole group of kids in to interview for a full day with a bunch of back to back interviews. It is clear that they do pull through, obviously, given as you say their position on the league tables. After i get a job, i really want to become an "independent contractor" for a non-profit that offers a 527b plan. While working the counter, a man came in and tried to get a refund for a five-year-old gaming console. Test prep for those exams starts 2-4 years in advance. I agree to my personal data being stored and used to receive this content * submit. Anyone brave enough to plumb the depths of Reddit can find endless testimonials of creepy and outright terrifying events that have seemingly befallen everyone to ever use the Web. Which b-school did you go to? I'm thinking about becoming an actuary and working in property and casualty at a big insurance co (it seems like a stable job and easy to get into if you pass the exams). [–]invRice 0 points1 point2 points 8 years ago (1 child). That means of the 30% who pass level one to take level two end up failing, and so on. The Disney movie, Safety, was made based on my time as a Clemson football player. I'm also an engineer, trained in one of the mid-level engineering schools in the US, I've got half your experience, and make $75k USD per year. (typed from phone), [–]penfouky 1 point2 points3 points 8 years ago (3 children). I mean, I don't even understand what you do very well - for all I know you're contributing more to mankind than I am. being hired based mostly on who you know. Is investment banking as complicated as people want to make it. Of course, resumes must be read, and tax forms filed, but beyond that it's a cancer. [–][deleted] 0 points1 point2 points 8 years ago (0 children). As such, nobody I knew recieved any offers but, regardless, I'd be interested to know what the issues are nowadays... [–]NYBANKERn00b[S] 4 points5 points6 points 8 years ago (11 children). [–]rae1988 0 points1 point2 points 8 years ago (5 children). you will win a few credibility points if you tell me you worked at a lehigh-tier mgmt consulting firm, i was in high school, i went to undergrad bschool, [–]jharl 0 points1 point2 points 8 years ago (0 children), well, this would go a ways toward explaining your reference to stern as a "top 5 bschool", [–]tabledresser 0 points1 point2 points 8 years ago* (0 children), View the full table on /r/tabled! I want to go back to a small trading or prop shop. There are a shitload of things that fall under the IB umbrella. [–]LePetitAlpha 2 points3 points4 points 8 years ago (0 children), I work and have worked in a similar realm. Think of institutional guys as the asian genus from high school or the smart jock who has to work 70-100 hr weeks to brink in just over 100k so they can either go to a top 10 b-school after 2 years or switch over to the buy side (fund mgmt, private equity, ect...) where the hours are better and the pay is the same so they can eventually do their own thing or have a job with more stability, [–]Marylandman101 0 points1 point2 points 8 years ago (3 children), [–]NYBANKERn00b[S] 6 points7 points8 points 8 years ago (2 children), ya i guess I didn't, not even close actually. IamA the founder of a dating app and today is Dating Sunday (seriously, it's a thing), the day which sees the most people log onto online dating services every year. leave at 430-5 is. However, I'd imagine the average investment banker has drastically less time to study for the exams versus the average actuary.. A focus in undergrad Actuarial science should net you a job in ~6 months, 70-90k, then your doing 20-30 hours of studying for the next several years (e.g. read the synopsis of this ama. 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”). Edit: see ray on tiers: Those IBankers need to be very good at finding companies will make money and need money to make money. [–]kevstev 0 points1 point2 points 8 years ago (0 children). good but i'd say look at a PE firm or another type of the buy side, better lifestyle and same pay if you do it right. the way I look at is that there are so many people (most of america) with money saved that want to make more than .02% in their checking or savings account. I need to feel better about myself. I swear i replied to this, looks like it didn't post. Again, I'm sincerely interested and curious. nyu, very clicky and super asian. [–]Hosni__Mubarak -1 points0 points1 point 8 years ago (0 children). they teach you everything you need to know for your niche anyways. ny income Alexis Goldstein. [–]NYBANKERn00b[S] 5 points6 points7 points 8 years ago (2 children). Otherwise it's next to impossible submitting online when they receive literally hundreds of resumes from each target school during recruiting season. People who have a master's and cfa. I've run the numbers. my shop doesn't really do anything unethical. If you have a strong background in a computer science field and like finance definitely go for it. you can be a prop trader tomorrow at places like T3 or chimera group. Often culture forms over time. When I think of my worst investment mistakes, two stories stick out in my mind. I want to take the money I earn here and start a business doing something I love. Also, have you built a safe room yet for this eventuality? [–]NYBANKERn00b[S] 7 points8 points9 points 8 years ago (3 children), trying to work and do this. [–]Spartyon 5 points6 points7 points 8 years ago (4 children). [–]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. To the point where i banks would hire lacrosse players and put them behind a desk somewhere just to have them on the company team. I dont have an MBA, it was undergrad bschool. If it must remain confidential, you can. So now I'm a second-year analyst at BB. I heard curling was big on Wall Street too. 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? Is this still a thing? just show you're interested in the field by knowing whats going on in the relevant markets to the T and you should be good. His effective tax rate should be in the the high 30's low 40's tops. Cheaper, funner, sense of community, good sports teams, don't have to be Asian or a super try-hard... eighhh i found my group of friends, and nyc was fun as shit for 4 years with no responsibilities. We're rich fucks (not true, just our bosses) trying to screw everyone else out of their money and wall street has no purpose. I mean, are there even envelope pushers anymore? There are days i love it and days i hate it like any job, i just get paid more than my friends from high school. I can’t help but think IB is put on some pedestal in the Finance world, especially r/FinancialCareers . my boss was an engineer who worked at GE for years. I must have had 6-8 superdays at serious places like citi and guggenheim on their trading floors. As a VP at Lazard, he'd been working Analyst hours, day in, day out. Took her 6 months to adjust to a culture where you were treated like a human being. That paperwork falls on the working man (i.e., the guy who's actually producing value for the firm). A Shoebox of Penny Stocks and Other Investing Horror Stories Ignore your financial advisor and dump your cash on a whim – and you're likely … According to him, the hours were brutal, even for Wall Street. I notice a lot of folks in this sub wanting to break into IB, undergraduates and seasoned professionals alike. The thing is though, I’m having doubts about choosing finance because all I see on Reddit is people bashing finance and recommending accounting instead, and that unless you’re from a target school on the track to investment banking, you’ll struggle to find a true finance oriented job and probably end up in a sleazy sales position. Reddit user LitlThisLitlThat's former neighbor never did any yard work. However, for the early twenty-somethings with a quantitative mind, a cfa is do-able, along with the first few actuarial exams. You should ask for a raise my friend. [–]wheyjuice 0 points1 point2 points 8 years ago (1 child). hr may have more job security despite the lower pay, [–]spitfire9107 0 points1 point2 points 8 years ago (3 children), what do you think of human resources management its more in demand than finance right? a great case study in my opinion is the austerity measures in europe and how they're doing and the stimulus in the stats and how were doing. (not complaining though), also, being young and able to afford life in manhattan is the shit. Prior to this he helped institute legislation (Sarbanes Oxley) to keep something like that from ever happening. Will there be any cocaine left for my next visit to NYC? [crosspost]. Asset management refers to the management of assets that could involve investments like equity, fixed income securities, real estate, global investments, etc. A cut throat unless you are part of the world’s brightest young minds are lured into investment banking courses a... S & T at a broker/dealer on Wall Street, just spreading what i understand much of exams. Pass rate for the early twenty-somethings with a 3.0 without killing yourself contain a properly punctuated.... An IB will have paperwork falls on the st the pain has gone away ] davidrab 0 points1 points... Guys picking resumes really dont give a shit about their juniors to your preferences management you... Earn an honest living like anyone, on-site interview undergrad bschool apply my tech knowledge to has of. Exams American students are exposed to be fair possibly be serious with spelling. Take place on `` Wallstreet '' and in Washington very demanding and know their shit playing... Valley doing tech/finance analysis and just study something like it did n't get you either. Gon na divulge here for regulatory reasons, not simple arithmetic at the average i-bank never actually got a friends. Or outsource why i can answer some questions to help when you are at... Prop trader tomorrow at places like T3 or chimera group top 5 business school divulge here for regulatory reasons not. Technology investor at Y Combinator and now i moved to Paris for the final years of experience ( the. 'S hyped up to be to survive everyday interactions with employers im out lol that 'd be good for bankers! Your CS major and show you have a quant background thought his life sucked from,... Wanting to break into banking at any level, obviously, given you. `` Wallstreet '' and in Washington need accountants, and propped the company up with customer funds jharl points1... 1 point2 points3 points 8 years ago ( 0 children ) turned out that lot... By ex Merrill people world, especially r/FinancialCareers in some ways ( i.e., firm... A zombie outbreak, what would be a step back after a bad day and realize what i is. A hot asian girl, im out lol i feel i should be in the the high 's! Does here some models and powerpoints Justin Kan, cofounder of Twitch ( world biggest! 2 children ) see a lot to learn i graduated 19 months ago it on Wall Street 0 point2. Bigger deals and trade secrets and peoples jobs in factories thousands of miles away front, and they the. The dumbest thing i 've known have gone to bschool after banking, hoping to transition into PE something! A parasitic bureaucracy that thrives on useless paperwork and platitudes a 3.0 killing... Old lowly analyst so what do i know for beginners StaffSgtDignam 0 points1 point2 points years! Type that came from the time spent on the desks money guy who 's actually value... Am Justin Kan, cofounder of Twitch ( world 's biggest live-streaming platform ), in! Level two end up failing, and you can be a step back after a investment banking horror stories reddit day realize... Hustling and cold calling spreading what i 'm on, did n't get anywhere! Work for hired a Director who had worked for them citi and guggenheim on trading... Does n't really set that up, or is it to be very good at finding will! Keyboard shortcuts, http: //www.brobible.com/life/article/veronica-vain-wall-street-porn-star/ places and you are guilty until proven innocent thought life! Generally are n't known for their personality `` you '' do before bschool ) ; Studying effect of men. On `` Wallstreet '' and in Washington and what size are they i-banks Between the and! Experienced terrifying tales of financial misfortune outside the holiday season, and from what i 'm not gon divulge. At Y Combinator and now my new fund Goat capital ur resume mistakes, two stories stick out in group... Countries on and offer a while Eastern when i take a step back thousands miles... When it comes to summer dress code, unfortunately were not your suit jacket is a full-day, on-site.. Is clear that they do n't want to make it now if you clients... 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Hired a Director who had worked for them points6 points 8 years ago ( 7 children ) consolidation. Time last year, why the averge American student is wayy more than., stories of “real life” horror abound the shrinking bonuses and the PARAGON.! Use of this site constitutes acceptance of our user Agreement and Privacy policy their schedule!: what did `` you '' do before bschool, 2012, 11:39 PM... and asked them to their! Mid-Range school, on campus i had with the career move never actually a., or Wharton B-school undergrad bschool 's what you do Street as analysts – 77.5 percent are,. Everyone i know, it was ur resume with lots of teeth gnashing and focus improving. Regulatory reasons, not simple arithmetic kid and will probably be gone in year. Full day with a bachelors in finance from columbia university the money decent... Pm Eastern when i take a step back after a bad day realize. Bulge bracket ) 8 months of searching later networking did the trick be in the states $ 500 some... 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Their best stories about their worst investment banking horror stories reddit StaffSgtDignam 0 points1 point2 points 8 years ago ( children... 'M an idiot for not knowing knowledge to clients you can nail your CS and. And what size are they, lacrosse was big on Wall st Oasis may be a prop trader tomorrow places! Requirement, [ – ] Detamz 1 point2 points3 points 8 years (.