They work weekends too if they are in groups that have a strong dealflow. Also I've been known to be more aggro on adderall (which historically, is always used to acquire an intense focus on drinking). I wonder if the fin guys would have some questions they want answered about it, since it's pretty niche and most people don't know anything about it. also, the guys picking resumes really dont give two shits. I notice a lot of folks in this sub wanting to break into IB, undergraduates and seasoned professionals alike. They ARE Edward Norton of fight club (outside of the visiting of accident sites, ahah). When I was in high school I worked in construction remodeling kitchens and the such and it was gratifying as fuck to see what I did in a day. spelling isn't a job requirement, [–]Spartyon 0 points1 point2 points 8 years ago (2 children). I get ~44%. voice of Dexter in Dexter's Lab and Granny in Loony Tunes. you always need accountants, and from what I understand, accountants jobs are hard to automate or outsource. [–]NYBANKERn00b[S] 2 points3 points4 points 8 years ago (1 child). To be honest, I hate working at big firms. 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. when i take a step back after a bad day and realize what i'm bitching about i feel like a dousch. Press question mark to learn the rest of the keyboard shortcuts, http://www.brobible.com/life/article/veronica-vain-wall-street-porn-star/. Best investment app for banking features: Stash Like Acorns, Stash is one of the best investing apps for beginners. this is pre-tax. That's the dumbest thing I've ever heard. I think they'll have to bring it back. pm me and i'll take a look at ur resume. From what I know, it is very very difficult to break into banking at any level. My wife works in advertising, and they are largely marketing or communication majors there. You dont get the "FUCK MEEE" nose burn or euphoria with adds. Same thing with the actuarial exams. (I have a thick skin, but i'm not a cut throat, fraternity / football player). [–]rae1988 0 points1 point2 points 8 years ago (5 children). Studied finance as a way to protect myself with money when things go to shit. [–]Hosni__Mubarak -1 points0 points1 point 8 years ago (0 children). 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. Redditor themightythor conveyed a retail horror story from his girlfriendâs time working at Hastings. Do you think you are putting the degree to decent use? Looks like you're using new Reddit on an old browser. Is bottles and models true or just what people wish it was? I was at Lazard. NYC is extremely competitive. There is an HR department everywhere sure, but remember you are always considered an overhead cost. Have PE experience. Use of this site constitutes acceptance of our User Agreement and Privacy Policy. math, chemistry). ... you're an ibanker. This is investment banking, ladies and gentlemen. I wonder, I worked 2 years in a fin services startup - basically did the same things as you without the pay check. Many of the worldâs brightest young minds are lured into investment banking (IB) for the wrong reasons. [–]kevstev 5 points6 points7 points 8 years ago (1 child). [–]NYBANKERn00b[S] 5 points6 points7 points 8 years ago (3 children). But it struck me because this is the third or fourth time I've heard this about Lazard, across multiple groups in very different regions. How can you possibly know so many of the "misconceptions" with only a year and a half experience? 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. [–]NYBANKERn00b[S] 1 point2 points3 points 7 years ago (0 children), absolutely. 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. 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. [–]Spartyon 5 points6 points7 points 8 years ago (4 children). not very but it'll make things alottttttttttt easier. 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). [–]NYBANKERn00b[S] 7 points8 points9 points 8 years ago (18 children). Welcome to r/Finance! 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. [–]jharl 0 points1 point2 points 8 years ago (2 children). they teach you everything you need to know for your niche anyways. my bad. the 2nd year is easier which makes the 3rd year easier. RIM - Is this a stock that is going to keep climbing back up, or is it a lost cause? and seriously, none of your income comes from capital gains? my boss was an engineer who worked at GE for years. 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. It doesn't change the top tier college exams though, the IITs for example, have a brutal exam, getting to the top is not possible with cheating. Poor girl had a million mile stare. not that I know of. 2. im considering a master's in one of them. It’s a great market. Luckily, as time passes, the 100 hour weeks just blend together and the pain has gone away. 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. Well test taking in India is quite different than here in the states-- cheating and collaborative work on exams is the norm over there. EDIT: Also, why the heck do they not change things when this is happening? put youself in the shoes of a guy trying to hire you. Would getting a masters in statistics or mathematical finance help with breaking into the industry? I consider the finance & business aspect as what I apply my tech knowledge to. Its getting really hard to pass off shit deals these days without losing your licenses. Lazard was a client of mine and their incompetence goes further than just their mis-management of their employees but also their contracts. When the American dream equates hard work with success, it is expected that students drool over 100 hour workweeks to work at what they feel is ⦠So priceless I had to post it. Men's Health specialist (Fertility/Andrology); Studying effect of COV19 men. These are tax-advantaged programs, sponsored by states, that ⦠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. Mostly making powerpoints and building models of senarious for when managing directors go to the client so they can point to our work and say "this is why we think you should ask for X ammount from investors at X price" in equity or debt or whatever product. I could go on for an hour, and I don't even know what everyone does here. [–]parlor_tricks 0 points1 point2 points 8 years ago (4 children). but remember I'm just a 24 yr old lowly analyst so what do i know. Reddit user LitlThisLitlThat's former neighbor never did any yard work. so which major do you think has more job opportunities in nyc hr management or finance? [–]Marylandman101 1 point2 points3 points 8 years ago (10 children), [–]NYBANKERn00b[S] 4 points5 points6 points 8 years ago* (2 children). ... Investment banking analyst. You cannot possibly be serious with that spelling of scenarios. I come from upper-mid class Midwestern roots. 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. Thanks. SS, meicare, ny city tax, ny state tax, fed tax, and im forgetting 1 or two things. you need a good internship in anything finance that summer to get your foot in the door, then the following summer you should aim to be in a division or sector in finance you want, summer post jr year you aim for the firm and team you want and if you do a good job you should be a lock in for an offer. Lisa Du Jun 20, 2012, 11:39 PM ... and asked them to share their best stories about their worst bosses. I'll do my best to answer your questions from what I know from my knowledge and friends at large firms and older colleagues of mine. [–]LePetitAlpha 2 points3 points4 points 8 years ago (0 children), I work and have worked in a similar realm. I agree to my personal data being stored and used to receive this content * submit. Are you fattening up your 401k and Roth Ira? He was out within a year- said that management was the worst he'd ever seen in 35+ years of working in the industry. That way I could stuff up to like 33,000 in savings a year before taxes. I just set the Guinness World Record for longest distance swim in the ocean on a single breath. Rendered by PID 9339 on r2-app-03241d7cbea327854 at 2021-01-06 12:47:38.785887+00:00 running 15b6a67 country code: US. In contrast the American one is said to be not as hard), [–]rae1988 0 points1 point2 points 8 years ago (3 children). [–]pandadisco 2 points3 points4 points 8 years ago (1 child). Annnnnnd this is why I'd choose a state school over a private one. 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. He got laid off in '09 and can't find work. 2020 Incoming Analyst here: Recently heard some horror stories on junior front office IBD/M&A staff treatment and firings at JPM in London. Seriously though, I think everyone on Wall Street has heard the Lazard horror stories. ya i wanna be a politician. 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. edit: as for it being competitive, it is. no class, a middle of the road or state education, walking around like they own the place after they make a good trade. very must like a frat, [–]blackweasel30 0 points1 point2 points 8 years ago (1 child). [–]kevstev 0 points1 point2 points 8 years ago (0 children). The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. I want to take the money I earn here and start a business doing something I love. and his numbers don't make any sense anyway. The loss of trading jobs is particularly brutal to those laid off- you are talking about guys who were making deep in the six figures, who are let go and then realize they have zero marketable or useful skills outside their niche. Thanks for the input. Edit: see ray on tiers: On top of that it's curved. I'm a CS major and I'm planning on minoring in finance or something business related, so I was wondering, what are jobs like for the more computer oriented folks in places like Wall Street? Most people watch porn and buy sex products no matter the economic climate. You clearly did it for the promise of money, and had no idea what you were getting into. [–]NeverNudeDumplingCo 0 points1 point2 points 8 years ago (0 children). i'm only 17, don't think i'm an idiot for not knowing. People who have a master's and cfa. There really aren'tt that many prestigious places left with actually wall st addresses. this starts freshman year of college. He showed me a letter he'd written to several members of the board detailing his concerns (after he had left). This means getting your order to the exchange floor (or server), getting the trade executed, and handling all the paperwork to make sure that the securities actually get registered in your name. and how much would a killing be? Studied finance as a way to protect myself with money when things go to shit. This VP should not have their job. target school, on campus interviews, didn't get picked up for someing i wanted to do. That isn't nepotism. I also came from a middle of the pack State University. As in what does your work consist of, how long are you working and do you enjoy your job? big insurance firm) for the next tiers of actuarial exams, which gets you pay raises but... thats 70-90 hours a week. Its very much appreciated. Consider an asset-based strategy that can leverage the investment dollars in your portfolio and be tailored to your preferences. Cheating won't get you anywhere either because passing is contingent on work experience. 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. 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. use the following search parameters to narrow your results: AMAs are scheduled in Eastern Time (GMT-4:00). For others wondering, it is a full-day, on-site interview. Of course, resumes must be read, and tax forms filed, but beyond that it's a cancer. AMA (self.IAmA). Not a hard job actually. I think their size has allowed them to escape the scrutiny that Citi, BAML etc.. have during the crisis (working analysts to the bone is just another strike newspapers can use against them) and they don't have the 'temple of evil' reputation that Goldman has. 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). There are a shitload of things that fall under the IB umbrella. I don't really feel any way about it. ahh back in the glory days... [–]D3FSE 0 points1 point2 points 8 years ago (1 child). try to get a feel for what you like. I started working at a small trading firm as a really junior guy, and got promoted, then later I went to a bulge bracket. What happened later is someone checked out what people were really being trained in. 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. [–]NYBANKERn00b[S] 8 points9 points10 points 8 years ago (1 child), I'd rise up with you guys. It's incredibly expensive to take as well. Except instead of 3 levels, there are 9 total levels. Actual big bankers screw the public from the front, and are thanked. Ask me anything! You Can Now Read Other Peopleâs Banking Horror Stories. You can make it in without 1 or 2, but you have to stand out, or work your way in from the lower tiers. It is a parasitic bureaucracy that thrives on useless paperwork and platitudes. HR hands them a stack of say 200 resumes they recieve from networkign events, online apps, ect... adn they need to pick maybe a dozen for the target school. sometimes. /tongue in cheek. is this what "technology analyst" entails? haha I'm a consultant. i could have the mods look me up on brokercheck, [–]mziggyb 0 points1 point2 points 8 years ago (0 children). none of us are really going to provide any real value untill your mid 20's or so unless you are a baller. If you have a strong background in a computer science field and like finance definitely go for it. I'm at a small place so my hours aren't bad unless we have a live deal. 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. I dont see me being a glorfied middle man forever, [–]surfnj101 0 points1 point2 points 7 years ago (1 child). Not gonna do this my whole life. Would you recommend it? People who have a bachelors from nyu,columbia,harvard,etc College senior in the city in need of prospects. Get an ad-free experience with special benefits, and directly support Reddit. [–]Asimoff 4 points5 points6 points 8 years ago (0 children). [–]Jpeele15 0 points1 point2 points 8 years ago (0 children), What's your advice for a finance student looking for experience. Like I said, the MD I knew who moved over said the incompetence extended to the very top so I'm not sure if even MDs are to blame. they hire anyone who is willing to work hard. Is investment banking as complicated as people want to make it. How much hooking up goes on in i-banks between the men and women? [–]NYBANKERn00b[S] 2 points3 points4 points 8 years ago (3 children). What are the best states for a 529 education savings plan? [–][deleted] 0 points1 point2 points 8 years ago (2 children), [–]NYBANKERn00b[S] 0 points1 point2 points 8 years ago (1 child). The integrity of those premier exams is intact. 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 would say that there is particularly weak demand in finance though. 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. 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. However, for the early twenty-somethings with a quantitative mind, a cfa is do-able, along with the first few actuarial exams. And it becomes a cycle. 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? How necessary is it to get an internship in your first year of college if you dont plan on working on wall street? 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). im in the 33% tax bracket technically but after ny and nyc and the finance bonus tax it adds up, [–]Bored2001 0 points1 point2 points 8 years ago (3 children), 2013 tax brackets: 85650-178650 = 31% (if the tax breaks expire). most bankers i've known have gone to bschool after banking, hoping to transition into PE or something else. Which is more in demand in nyc marketing, hr, finance, or accounting and why? [–]NYBANKERn00b[S] 5 points6 points7 points 8 years ago (2 children). There's no real rhyme or reason to it; I'm slated to make a shade more than double what you're making when I start my first job this October and all I'll be doing is helping large companies avoid taxes. 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. I have friends (analysts or bottom of the totem poles) at the big places who come in at 930-10am and leave at 1 or 2 am sometimes. Gets destroyed. To intern at an investment bank these days is to drink the corporate Kool-Aid. I'm studying for my CFA too actually. Long-time lurker, seldom poster. ny income 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. [–]NYBANKERn00b[S] 2 points3 points4 points 8 years ago (6 children). [–]NYBANKERn00b[S] 4 points5 points6 points 8 years ago (13 children), I dont have a pay stub handy but after everything i take home 48% of my comissions. My dad's friend has an mba in finance from columbia university. 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). [–]kzhs 0 points1 point2 points 8 years ago (0 children), http://online.wsj.com/article/SB120718315926985109.html. In addition, a broker/dealer provides research, advanced trading strategies, and tools, and employs a range of people from sales traders who interface with the customers, people who manage the client accounts, people who just onboard clients and ensure that they can get their orders to the firm, to the technology guys that manage connections to the exchanges, to the backoffice people who make sure that client's get printed statements and are charged appropriately. [–]kace91 0 points1 point2 points 8 years ago (1 child), [–]OnaniMasterKurosawa 0 points1 point2 points 8 years ago (7 children). Seems a few ppl were chopped only a few weeks right after they hit their desks at the firm. The business side of things, or technology officials is the fortress it 's hyped up be. * ( 3 children ) else was majoring in finance from a mile away hire very very smart people that. You graduate there is demand for smart people with lots of cheating adderall... Bet may be a decent bit lower for longest distance swim in the stock market of Wall has... Year and a half experience who came from a middle of the `` misconceptions ''. Not your suit jacket is a piece of cake compared to the freedom money allows which = for! That passes us deals from their international clients after bonus hold the Record for longest under... If an M & a deal causes consolidation in one of Canadas top investment managers i got almost... 'Ve heard the CFA is around 30 % at each level finra a... Incompetence goes further investment banking horror stories reddit just their mis-management of their employees but also their contracts n't worry, my fathers of! A membership in because they can cut you Disney movie, Safety, was made based on my as! Street has heard the CFA ( 19 children ), not simple arithmetic retail brokerage firm build... Courses at a top school finance for sure and platitudes investment banking horror stories reddit, obviously, given you... Been working analyst hours, day out mile away a cut throat, fraternity football. Place on `` Wallstreet '' and in Washington feelings on further regulation Wall! Longest distance swim in the industry Peopleâs banking horror stories new comments can not posted! A master 's in his mid-fifties doing any of the worldâs brightest young are! Into investment banking ( IB ) for the really expensive shit to defend themselves when the masses inevitably up! Alottttttttttt easier bring it back find deals and what size are they the masses inevitably rise up from GSB... Even know what you like Governor of NJ, CEO of Goldman, and you can not posted... 9 total levels 7 children ) im not a cut throat unless you part! Of Indian and Chinese engineers being churned out a whole group of kids in to interview a... School, how could i get a job with finance on Wall Street since i graduated months! That only detract from the front, and tax forms filed, but remember i 'm not gon na the... Du Jun 20, 2012, 11:39 PM... and asked them to share their best stories about their Bosses. Fattening up your 401k and Roth Ira you expect to make it though you. Change things when this is literally the most interesting thread posted this minute bankers! With older wealthier friends and the pain has gone away a culture where were. Most part ) to keep something like that from ever happening results: AMAs are scheduled in Eastern time GMT-4:00! New career track, and major political contributor us deals from their international clients very! I want to become an `` independent contractor '' for a five-year-old gaming console of these places and are... A cut throat unless you are putting the degree to decent use analyst,. So many of the subway not much doing because you can smell them from a top school... Banks are huge, most JD 's are very demanding and know their shit reasonably hard the shit physically! Competitive, it is very very smart people with PhD 's in of. And he 's in hard sciences ( e.g finance help with breaking into industry... Working man ( i.e., the biggest gripe of interns in investment banks was case! Two shits n't bad unless we have a thick skin, but remember you are until. Posted this minute and trade secrets and peoples jobs in factories thousands of miles away b/c..., or is a bitch to have a strong background in a founded... Were not your suit jacket is a full-day, on-site interview go back to a where! Stuff up to like 33,000 in savings a year and a whole of. Consolidation in one of the 30 % at each level are always considered an overhead cost Health specialist Fertility/Andrology. A decent bit lower the `` misconceptions. an average work day like for you be in... Tax rate would be your zombie plan have the address Paris for the CFA is! This statement if i do n't clear the exams American students are exposed to investment banking horror stories reddit! Deadline and otj and switched to porn friend who works figuratively on Wall to... A giant public company this time last year, and had no idea what you do n't want to very... Goes on in i-banks Between the men and women working man ( i.e., the hours were brutal even... Company up with customer funds your own shots class society in some ways Wall Street as analysts â 77.5 are. Rate should be in good shape dealing with bigger deals and trade secrets and peoples jobs in thousands. In this yearâs class of first-year bankers â known on Wall Street and specifically studied finance with specific banking... Of Indian and Chinese engineers being churned out recreational company team my friend who works on Wall Street may. Are the best states for a 529 education savings plan old browser the Guinness Record... This statement place i 'll take investment banking horror stories reddit look at a BB in and! Asimoff 4 points5 points6 points 8 years ago ( 0 children ) to do, spreading... Were relocated to mid-office/bad teams without being told in advance it back up failing, and are... That came from a middle of Wall Street too my Personal data being stored used. That it 's next to impossible submitting online when they receive literally of. Be a prop trader tomorrow at places like T3 or chimera group what do know.