Anyone here work in Investment Banking?

[Deep_Blue]

There is a fair amount of info out there on each. Read up on them and see what interests you most. They are very, very different. Its kindof like medicine or law - the different areas vary wildly.

[Mr. Liu]

Get ready for some 100k bonuses AKA 90k 5-10year lockup restricted stock and 10k cash for your 80hr work weeks. Did that shit for two years out of college and hated it.

[MrPrena]

I wasn't on IB, but next side of the floor was. lol
All I can tell you is all those late hours. etc.
One dude actually went to law school to get into IB side. He hates it too.

[BwoodBMW]

Originally Posted by vpegany

get started in retail banking and work up to an advisor. the major banks will license you and will have a ladder to climb. sales sales sales. get frontline experience and get licensed.

to be clear if you want to get in to investment banking this is a tough pathway.... and not one that I would recommend.

Sounds like you are going in eyes wide open to the challenges of the industry which is good. You need a firm opinion asap on what piece of the pie you'd like to focus on. It will help you to have an opinion. Are you at a good university with relationships to help get you in the door? Otherwise you are going to need to be a ninja networker and start sooner than later. You have one more summer to intern, you need to make it count. Try and call local buy side shops if you want some exposure to that side (which is an even smaller world with even less jobs right out of undergrad, but they can be had)...
If you are set on banking you need to get an internship next summer and should focus on NY/SF/Chicago and maybe Boston. This is one time in your life where name brand is probably every bit as important as the actual experience you get. Try and get in with a big name shop. Last option I'll throw out there is management consulting which is another nice path. Bain and Co for example has a Dallas office that I believe still brings in summer interns. Not quite as brutal of a lifestyle (but still crazy), make a bit less $$ but the experience is much more valuable and can be leveraged for buy or sell side jobs down the road.

In short: start with your school careers department to see if they have relationships to set you up with big shop investment bank internships. If they do not get ready to get your hands a bit dirty and network like a crazy person.

[zman1237]

Originally Posted by BwoodBMW

to be clear if you want to get in to investment banking this is a tough pathway.... and not one that I would recommend.

Sounds like you are going in eyes wide open to the challenges of the industry which is good. You need a firm opinion asap on what piece of the pie you'd like to focus on. It will help you to have an opinion. Are you at a good university with relationships to help get you in the door? Otherwise you are going to need to be a ninja networker and start sooner than later. You have one more summer to intern, you need to make it count. Try and call local buy side shops if you want some exposure to that side (which is an even smaller world with even less jobs right out of undergrad, but they can be had)...
If you are set on banking you need to get an internship next summer and should focus on NY/SF/Chicago and maybe Boston. This is one time in your life where name brand is probably every bit as important as the actual experience you get. Try and get in with a big name shop. Last option I'll throw out there is management consulting which is another nice path. Bain and Co for example has a Dallas office that I believe still brings in summer interns. Not quite as brutal of a lifestyle (but still crazy), make a bit less $$ but the experience is much more valuable and can be leveraged for buy or sell side jobs down the road.

In short: start with your school careers department to see if they have relationships to set you up with big shop investment bank internships. If they do not get ready to get your hands a bit dirty and network like a crazy person.

Thank you for your input, this was very helpful. What would your opinion be on summer internship offers from a MM in London vs a BB in New York?

What is the best way to network with the BB banks? I know cold calling works well with small shops, I just don't know the best way to get my foot in the door with the big banks.

[catchm3ifyoucann]

Originally Posted by zman1237

Thank you for your input, this was very helpful. What would your opinion be on summer internship offers from a MM in London vs a BB in New York?

What is the best way to network with the BB banks? I know cold calling works well with small shops, I just don't know the best way to get my foot in the door with the big banks.

Not to be rude or anything but you are a sophomore in college that is driving a 428 and your major is Finance & Economics. Perhaps not the best financial decision that money should have been saved toward a MBA / MS that would help you to advance your career down the road. Just my $0.02 cents.

I want to give you an eye opener to just how brutal IB is and some tips that will help you to achieve your goal (few close friends of mine work in NYC). There are a great deal of undergrads that have dreams of IB and fail to realize the effort that it truly requires.

• Hours - I have heard stories of college undergrads and fresh grads putting in well over 75+ hour weeks and thats just as an intern. You may be sleeping in your office at times.
• Getting into an entry level position - This will vary depending on where you went to school, how many internships you had, the connections you have, and anyone that can vouch for you. I have a friend that went to UPenn Wharton (this is a rare case) and with little to no experience he secured an IB job right out of college. For others I know of individuals that spent 2-3 years interning to gain experience and build their network in order to break into the industry.
• Do not stop learning Excel & Ppt. Take as many courses that you can. Nothing will help you more if you are a master at financial modeling.
• Start out at a boutique IB. This will allow you gain valuable knowledge and insight into what field within IB you like the most.
• Take some time out to understand the proper dress codes in the industry, remember this is a conservative workplace. For instance do not go into your first day with a "blow-out" hairstyle, and invest in some proper suits. Also for the sake of your reputation never go into an office with a 3 piece suit.
• Another route to get into IB as someone mentioned before is the management consulting route. Will take a bit longer but will definitely help in terms of networking as most of these guys usually know each other.
• The route of working at a local bank working your way up is one of the most difficult and will take at least 5 years. Good friend of mine did this and now is an analyst UBS.
• Network via LinkedIn do not cold call big IB, waste of time. LinkedIn is one of the best ways to get in contact with recruiters and if they aren't hiring / your experience doesn't line up with what they are seeking, connecting with them will allow you to remain in contact for a possible opportunity later down the road.

If you have any other questions feel free to shoot me a PM

[zman1237]

Originally Posted by catchm3ifyoucann

Not to be rude or anything but you are a sophomore in college that is driving a 428 and your major is Finance & Economics. Perhaps not the best financial decision that money should have been saved toward a MBA / MS that would help you to advance your career down the road. Just my $0.02 cents.

I want to give you an eye opener to just how brutal IB is and some tips that will help you to achieve your goal (few close friends of mine work in NYC). There are a great deal of undergrads that have dreams of IB and fail to realize the effort that it truly requires.

• Hours - I have heard stories of college undergrads and fresh grads putting in well over 75+ hour weeks and thats just as an intern. You may be sleeping in your office at times.
• Getting into an entry level position - This will vary depending on where you went to school, how many internships you had, the connections you have, and anyone that can vouch for you. I have a friend that went to UPenn Wharton (this is a rare case) and with little to no experience he secured an IB job right out of college. For others I know of individuals that spent 2-3 years interning to gain experience and build their network in order to break into the industry.
• Do not stop learning Excel & Ppt. Take as many courses that you can. Nothing will help you more if you are a master at financial modeling.
• Start out at a boutique IB. This will allow you gain valuable knowledge and insight into what field within IB you like the most.
• Take some time out to understand the proper dress codes in the industry, remember this is a conservative workplace. For instance do not go into your first day with a "blow-out" hairstyle, and invest in some proper suits. Also for the sake of your reputation never go into an office with a 3 piece suit.
• Another route to get into IB as someone mentioned before is the management consulting route. Will take a bit longer but will definitely help in terms of networking as most of these guys usually know each other.
• The route of working at a local bank working your way up is one of the most difficult and will take at least 5 years. Good friend of mine did this and now is an analyst UBS.
• Network via LinkedIn do not cold call big IB, waste of time. LinkedIn is one of the best ways to get in contact with recruiters and if they aren't hiring / your experience doesn't line up with what they are seeking, connecting with them will allow you to remain in contact for a possible opportunity later down the road.

If you have any other questions feel free to shoot me a PM

Commenting on what car I drive is not relevant to this thread at all...for all you know, I could have won the car through some contest...

With that said, your comments regarding IB are very helpful. My goal now is to try and get as many internships/experience as possible so I can make sure I like the industry. It sounds like it would not be an industry you would want to be stuck in if you ended up not liking it haha.

I am not familiar with how to "network" on LinkedIn. How do you find recruiters on LinkedIn?

[mdai245]

You dont, they find you. Just click the connect button enough times and you will get spammed soon enough

[Biorin]

Originally Posted by zman1237

I am not familiar with how to "network" on LinkedIn. How do you find recruiters on LinkedIn?

Originally Posted by mdai245

You dont, they find you. Just click the connect button enough times and you will get spammed soon enough

Is it possible to give away your recruiters to someone else? Shudder.

Also - I'm not sure how effective this actually is, but when I was in college I took the BAT (Bloomberg Aptitude Test?), which quizzes you primarily on finance and econ. Your score can be seen by employers, and you can upload your resume to the site or wait for requests. It seems to have gotten more popular lately, as over the past year or two I've received quite a lot of resume requests. The employer isn't always disclosed, but I've gotten quite a few IB analyst/similar position requests. Might be worth looking into.

[catchm3ifyoucann]

Originally Posted by zman1237

Commenting on what car I drive is not relevant to this thread at all...for all you know, I could have won the car through some contest...

With that said, your comments regarding IB are very helpful. My goal now is to try and get as many internships/experience as possible so I can make sure I like the industry. It sounds like it would not be an industry you would want to be stuck in if you ended up not liking it haha.

I am not familiar with how to "network" on LinkedIn. How do you find recruiters on LinkedIn?

We can agree to disagree when it comes to the car.

There are few individuals who are in the industry, that like it. Most like the money associated with it and the prestige of being a "investment banker."

Before you even network on LinkedIn:

-Create a solid profile
-Resume that is impeccable

Once you have that down conduct searches for IBs, boutique IBs, hedge-funds, and management consulting firms. See if you have any 2nd degree connections that are specifically recruiters, from there message them and open dialogue. Your job is to "sell yourself" to the recruiter. Keep it short, simple, and to the point. Highlight experience briefly, education, and wrap it up with a date and time you would like to speak to the recruiter. This won't work on every recruiter as there are hundreds if not thousands of college grads / undergrads doing the same thing. But you never know, you may get lucky.

[catchm3ifyoucann]

Originally Posted by Biorin

Is it possible to give away your recruiters to someone else? Shudder.

Also - I'm not sure how effective this actually is, but when I was in college I took the BAT (Bloomberg Aptitude Test?), which quizzes you primarily on finance and econ. Your score can be seen by employers, and you can upload your resume to the site or wait for requests. It seems to have gotten more popular lately, as over the past year or two I've received quite a lot of resume requests. The employer isn't always disclosed, but I've gotten quite a few IB analyst/similar position requests. Might be worth looking into.

While the LinkedIn "spamming" recruiters isn't the most effective option, it still can yield favorable results.

Another way into IB is if you graduated from the Naval / Military academies. IBs love them.

[Biorin]

Originally Posted by catchm3ifyoucann

While the LinkedIn "spamming" recruiters isn't the most effective option, it still can yield favorable results.

Another way into IB is if you graduated from the Naval / Military academies. IBs love them.

Wasn't saying it isn't effective, just that I have a metric shit ton of them and would appreciate if they stopped calling me at work and sending me daily emails pretending to care about my life. I'm sure I'll eat my words one day when I want a new job.

[zman1237]

Originally Posted by Biorin

Wasn't saying it isn't effective, just that I have a metric shit ton of them and would appreciate if they stopped calling me at work and sending me daily emails pretending to care about my life. I'm sure I'll eat my words one day when I want a new job.

Haha send your metric shit ton of recruiters over to me!

[catchm3ifyoucann]

Originally Posted by Biorin

Wasn't saying it isn't effective, just that I have a metric shit ton of them and would appreciate if they stopped calling me at work and sending me daily emails pretending to care about my life. I'm sure I'll eat my words one day when I want a new job.

Recruiters are an interesting group of people.

[bimmerfrk]

Originally Posted by catchm3ifyoucann

Recruiters are an interesting group of people.

They are even worse than lawyers. They pretend to want only the best for you. But already know the shit position they want to stuff down your throat before they even talk to you.

& All all the women who are recruiters are these slutty bitches that are there to distract you from the shit position you are being pitched.

God i don't think there is anything more that i hate than recruiters

</rant about recruiters> Please continue

[ASBSECU E93]

Originally Posted by Biorin

Wasn't saying it isn't effective, just that I have a metric shit ton of them and would appreciate if they stopped calling me at work and sending me daily emails pretending to care about my life. I'm sure I'll eat my words one day when I want a new job.

Metric Shit Ton is a measurement of weight, not Quantity....

More like a Metric Shit Linear Foot....?

[Biorin]

Originally Posted by ASBSECU E93

Metric Shit Ton is a measurement of weight, not Quantity....

More like a Metric Shit Linear Foot....?

If you piled all of the recruiters into a dumpster, they would weigh one Metric Shit Ton. Metric Shit Linear Foot is distance. Maybe a Metric Shit Liter?

[ASBSECU E93]

Ah....Metric Shit Linear Meter then

[Biorin]

Originally Posted by ASBSECU E93

Ah....Metric Shit Linear Meter then

[imserious]

Originally Posted by catchm3ifyoucann

Not to be rude or anything but you are a sophomore in college that is driving a 428 and your major is Finance & Economics. Perhaps not the best financial decision that money should have been saved toward a MBA / MS that would help you to advance your career down the road. Just my $0.02 cents.

You gave a lot of good advice, but I don't agree on the car comment. Most people go into IB to be a baller. So wearing expensive suits, buying expensive cars and eating expensive food is part of why you are doing IB in the first place.

But, many find that IB isn't for them. The sacrifices they make just to make MORE money don't end up being worth it. I had a friend who went into IB for the heck of it, made a lot of money, but absolutely hated it. He said he worked so much that he didn't have time to spend money! Once he spent nearly an entire day in the room with lawyers arguing about a specific word. He quit, went back to med school and is now an anesthesiologist. He's still a baller, but doing something that is far more fulfilling. That said, it seems to be a good place to spend 2 years and then figure out what you really want to do.

IB and management consulting are both great starter jobs. Few are lifers.

[catchm3ifyoucann]

Originally Posted by imserious

You gave a lot of good advice, but I don't agree on the car comment. Most people go into IB to be a baller. So wearing expensive suits, buying expensive cars and eating expensive food is part of why you are doing IB in the first place.

But, many find that IB isn't for them. The sacrifices they make just to make MORE money don't end up being worth it. I had a friend who went into IB for the heck of it, made a lot of money, but absolutely hated it. He said he worked so much that he didn't have time to spend money! Once he spent nearly an entire day in the room with lawyers arguing about a specific word. He quit, went back to med school and is now an anesthesiologist. He's still a baller, but doing something that is far more fulfilling. That said, it seems to be a good place to spend 2 years and then figure out what you really want to do.

IB and management consulting are both great starter jobs. Few are lifers.

My main reasoning for the car comment was that could have been money spent elsewhere for instance continuing his education, or using it to pay off his student loans. I completely understand people go into IB because they love the lifestyle, but I am a firm believer that everything has its own time and place, and one simply can't skip step A and go straight to C. Maybe I'm different but I don't like to live a lifestyle on credit, thats why people get into situations they never should have to begin with.

The biggest issue people have with IB hence why so many end up leaving is that they just don't understand work that is required. Everyone wants to wear the $3,000 - $5000 suits, $1000+ watches, and drive $100,000 cars, but they don't understand just how much work is required to get to that point. As cliche as it sounds and I don't want to get preachy, but success doesn't happen overnight.

With that said spending 1-2 years in IB is great as you mentioned to figure out what you want to do, because if you do end up leaving there isn't a single company where you application wouldn't be given serious thought.

[sirdaft1]

Originally Posted by KingOfJericho

You might actually be better served at a buy-side shop.

I'll second that.

OP- What's the reason you want to get into IB? Purely for the pay or something else?