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Investment Banking Forums @ Sidetawk, Where BankersBallers Let it All Hang Out » On the Job / The Industry

1. Ray
   

   new member
   Joined: Nov '08
   Posts: 1

   Hello,
   My name is Ray Murphy. I'm a sophomore student at Emory University in Atlanta, working towards a major in Finance and International Business (typically a secondary major) and a minor in Statistics (if I can finish - I'm not so sure).

   I was hoping to go into the Investment Banking. Many of my ex-Senior friends from last year and 2- years ago were swallowed up by various eager banks upon graduation. Their employers were mostly Bear, Wachovia, Suntrust, JP Morgan, Goldman, etc - with a few more other regional employers such as Coca-Cola, record companies, etc. Those who went to Wall Street, and even those who went to Suntrust, Wachovia, etc. all got sweet jobs - mostly as analysts. Some of 2nd years claimed to be well north of $150K - with no end in sight. Needless to say, many of them got laid off. To tell you the truth, I have lost contact with most of them (abandoned FaceBooks, emails unreturned, phone numbers have become "this phone number does not exist..."). Those who kept their jobs complain of being totally ragged out, of a horrible CYA work environment, and are not so assured of their "no-end-in-sight" salaries anymore. In fact they seem to have adopted more of an "I hope I keep this salary" type of attitude.

   I have to say, Investment Banking looked quite glorious - until the financial sector collapse. Anyone from a top-tier school could be assured of making $1M+ after 10 or so years. Sure the hours were long, but that was glorified. Tough, rich, affluent, intelligent, and indefatigable - who would not want to be like that? But now we are entering an era of regulation and restrictions. Everything is being socialized. President George Bush claimed these measures will be "temporary" to "restore" the previous harmony - but with the failing bailout and increasingly drastic measures - it looks like these changes are here to stay.

   What is going to happen to those salaries and positions now? Will someone entering as an analyst, trader, etc. still be able to make $1M+ after 10 or so years? Will there be good opportunity to get these jobs? BusinessWeek, NYT, etc. are all full of stories of students who wanted to be investment bankers - now switching to engineering, science, mathematics, consulting, etc. In other words, they seem to have dropped their desire to become investment bankers.
   Perhaps more favorable conditions will be restored upon an economic expansion? That shouldn't be more than 4-6 years from now - possibly 8 depending how bad this recession is.

   I would greatly appreciate any direction in this.

   Thanks is advance,
   -Ray Murphy

   Posted 1 year ago #

2. kasdsa
   

   new member
   Joined: May '09
   Posts: 1

   What is going to happen to those salaries and positions now? Will someone entering as an analyst, trader, etc. still be able to make $1M+ after 10 or so years? Will there be good opportunity to get these jobs? BusinessWeek, NYT, etc. are all full of stories of students who wanted to ottawa asian escort be investment bankers - now ottawa asian escorts switching to engineering, science, mathematics, consulting, etc. In ottawa escort other words, they seem to have dropped their desire to become investment bankers.
   Perhaps more favorable conditions will be ottawa escorts restored upon an economic expansion? That shouldn't be more than 4-6 years from now - possibly 8 depending how bad this recession is.

   Posted 1 year ago #

3. MichaelB
   

   new member
   Joined: Aug '09
   Posts: 1

   Hi Ray. You see, the thing is, you're stuck like many of us who (used to) have ambitions in finance or in the financial sector in general. You're heading to your 3rd university year - so maybe you can try and stress the statistics, marketing, or even IT-related subjects in your curriculum.

   I'm a student in Europe, I don't really know what the system in the US is like. The crisis has hit hardest in the States - over on this side of the Atlantic things aren't so bad - but then again, things weren't ever as good either. Demand for young graduates is still healthy though, if you have talent and are motivated. Starting salaries for bankers/fin.analysts/back office/.. are about 36k€/yr., after about 3 years the average Joe in banking makes about 60k€/yr. The numbers seem small compared to the US, but on the flip side we get (virtually) free health care, insurance, pensions are guaranteed by the state, and high quality education for the kids is virtually free until university. After, depending on where in Europe you live, university tuitions range from 100% free to 25k/yr. max, but the average is probably about 1.500€/yr. The point I'm trying to make is that, although income is (much) less on paper, we keep (much) more in our accounts - and because the EU has enormous regulatory power, it's easier to weather through the crisis.

   If you can't find a job where you live, try Europe, but avoid the UK - the situation there is probably worse than in the US. Current 'hot spots' are most of continental Europe's larger cities (Amsterdam, Brussels, Paris, Frankfurt, Berlin, Stockholm, Moscow ...) - but avoid Spain, Italy, or Portugal: they're struggling with the crisis. There are still pockets of high growth with amazing potential in Eastern Europe as well.

   Take my advice and don't give up on your dreams of making it big. Just try and excel in a few fields next to finance as well, so generalize instead of specialize. Finance is a key component of many, many industries. You won't be out of a job.

   Cheers

   Posted 1 year ago #

4. leeejanson
   

   new member
   Joined: Aug '09
   Posts: 1

   Michael B - even as a student, that is the most idiotic thing I have ever heard of. As an american living in London, I can categorically say that the fundamental flaw in your analysis is while europe does have a very generous welfare supported "State" in general, it only contines to exist (for the time being anyway) as a result of crippling levels of taxation. While the services you mention are provided by the "State", very few upwardly mobile people (those who aspire to work in or have their children work in high calibre fields like finance) actually send their children to govt (non-private) schools, rely solely on government healthcare and european universities while usually free are some of the worst performers in the world. So take the UK, you make say £50k for example - pay £20 in tax (will be 50% next year) pay £6k in national healthcare tax then 17.5% VAT (value added) on everything that you buy...everything - the most regressive tax imaginable. Let's be conservative and say that of the remaining £24k, you pay another £4k in VAT leaving a princely £20k or roughly US$30k. Plus the cost of living is sky high - london 1 beds at min £1k per month (say £25o per week). that leaves a grand total of almost £150 a week to eat, entertain and pay for miscellaneous. Oh and those government guaranteed pensions? ha - european social services (health, pensions, etc) are for the most part "pay as you go" systems which is a nice way of saying that current benefits are paid to beneficiaries from the taxes of current taxpayers - there is no concept of individual accounts accruing over time. This is fine if the pool of taxpayers (workers) is growing faster than payouts to beneficiaries (retirees) but a major issue when its declining (as it is in Europe as a result of demographics). Now replace "taxpayer" with "investor" and you have what we refer to in the states as a Ponzi scheme. For those who believe that government or the State can provide all with minimal downsides live in a fantasy world which is guaranteed to not to survive another generation

   Posted 1 year ago #

5. GreenWorld
   

   new member
   Joined: Dec '09
   Posts: 2

   Hi Ray,

   May I suggest that you can start now in exploring how to take advantage of a down market by looking at the great opportunities it affords. Yes, for many, this is a very serious situation. But with the depressed market comes great value to be gained. There are two ways we are looking for opportunities in this market- REOs and green building technology. We see commercial REO market to be the next big wave of opportunity to explore, coupled this with strong energy savings technology; the added value you can gain over the next 3-5 years will be outstanding. I would certainly be interested in going into more detail with you.

   Posted 8 months ago #

6. kangyu
   

   junior member
   Joined: Jan '10
   Posts: 7

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   Posted 7 months ago #

7. REOGREEN
   

   new member
   Joined: Feb '10
   Posts: 1

   Kangyu - you're right on point. That's exactly what I'm doing after 5 years of CRE experience. I've built all the fundamentals in operations and finance and also had the experience of distressed debt over the past 24 months. Furthermore, I've developed expertise in LEED and involved myself with green initiatives. What is your background?

   Posted 6 months ago #

8. sesuna
   

   junior member
   Joined: Mar '10
   Posts: 7

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   Posted 6 months ago #

9. Alok
   

   new member
   Joined: Sep '10
   Posts: 4

   seems to be a plausible answer!!

   IMO A. The same managers who are responsible for raising capital(Positive work) are also recommending the analyst who inturn write off unfavourable reports to other clients who are going to make "probable" investments in the X company.

   In the short term, analyst can bring in some fortune for the "services" they make to the "investors. But in Long term based on analyst reports the "futuristic/potential" investors will shun off becox of negative feedback.

   SO rewaring them(based on biased data) will dampen/hinder the Ibanks prospects!

   IMO A

   Plz post OA!!

   Posted 2 days ago #

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