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Money, Business & Finance Ground >> Financial analyst job?


8/19/09 2:17 AM
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LetsTalkItOut
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Hopefully I can get some help

My plan is to land an analyst spot in an investment bank. Spoke briefly to a guy who told me a few things about the job and what recruiters look for in an analyst. From what I gather it will be insane work load for 4 year, but once that's over I'm set.

Told me if I didn't come from a name school like UPenn, I had no chance. How do UC Berkely, UCLA, or USC econ students fare when looking for "Wall Street" jobs?

Just started community college and plan on transferring to Cal because from I understand they have a killer econ program. Any advice on what I should be doing now for that analyst position?
8/21/09 2:18 AM
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BruceWayne23
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Guy I know has his Master's in Econ from a good school and works at a RETAIL bank. Best of luck to you.
8/21/09 3:26 AM
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LetsTalkItOut
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BruceWayne23 - Guy I know has his Master's in Econ from a good school and works at a RETAIL bank.


From what I understand schools are a big deal to those guys. If you don't mind, what universities did he attend?

Best of luck to you.


Thanks!
8/21/09 4:06 AM
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BruceWayne23
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retail bank as in he works at the Chase where I deposit my money. As in, FAIL.
8/21/09 4:18 AM
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LetsTalkItOut
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I get you on the retail part, but I was asking where did he get his degrees from. But even at a retail is he making bank?
8/21/09 5:07 AM
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BruceWayne23
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SMU...and nobody makes money working inside a retail bank.
8/22/09 5:41 PM
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Hank Scorpio
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Ibanking ain't wait it used to be, and never will be again.
8/23/09 2:10 AM
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Hank Scorpio - Ibanking ain't wait it used to be, and never will be again.


I understand what you might be getting at, with the media painting these guys as thieves and stuff. Whenever I tell someone what my major is, they just scoff, no matter what they study. But the guy I had a quick talk with didn't seem that concerned about. He is a manager at a hedge fund in LA and told me that their titles might change but they will still be doing what they're doing or something like that.

Hank, you think there will be less jobs available for me when I'm done with school or no jobs period? Haven't put much thought or research into it.
8/23/09 8:04 AM
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Hank Scorpio
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Well there are plenty of unemployed experienced analysts looking for work, but though you're still years out from that. The point of my post wasn't the social stigma now associated with the banks so much as the sustainability of growth that ibanks saw in the 90s and 00s.
8/25/09 1:11 PM
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StillNoTop10wins
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 Analyst programs are generally 2 years long.  Exect to work 90-100 hrs a week.  They recruit the top schools, generally regardess of major (ie Harvard, Princeton, Stanford, Wharton, etc).  I do know a guy that got in the program from Texas A&M but that is a huge exception to the rule.

If still around in a few years, this is a great way to build experience and your resume.  If you can't get an Ibanking job, you can return for your MBA in a few years.  If you go to a top 20 MBA program you can get into a NYC Ibank.  From a program ranked 15th-20th Ibanking opportunities will be among the top finance positiions offered.  From a top 5 university, these will be far less desireable than the private equity, venture capital, and hedge fund opportunities that many students take.
8/25/09 1:11 PM
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StillNoTop10wins
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 But what do I know. I can't even get a job working the front desk of a hotel.
8/25/09 3:01 PM
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LetsTalkItOut
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Where I'm at right now is I have to work, so going to a CC because it fits the schedule. Finished my first semester with a 4.0 12 units, and will start another semester next week.

For sure I'll be trying to get to Marriot, McIntire, Mendoza, Cornell, Goizuetta, Ross etc. but even with a 4.0 most likely I won't make it. My best chances for a good school would be CAL because I'm a Cali resident. Standford and CIT most likely not. I've also read a bit back some top 10 schools don't accept transfer students.

StillNoTop10wins -  I do know a guy that got in the program from Texas A&M but that is a huge exception to the rule.


turducken - Go to Wharton, Kellogg or Harvard


How do UC Berkely, UCLA, or USC econ students fare when looking for "Wall Street" jobs?

Really appreciate the info guys
8/25/09 8:11 PM
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salyer36
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What is the situation on transferring from law into the ibanking field?

Like say I get tired of practicing law, is it possible to get an MBA at say NYU and then get into the field as a 30-something? Or do they only hire young people?

I am about to graduate law school and already have a job at a law firm lined up, but I really have to admit that I have a huge interest in banking/finance and could see myself doing that in a few years.

Is something like that even an option?
8/26/09 5:09 AM
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From what I've read the recruiters at Ibanks tend to hire younger guys from the stack of resumes they get. The manager I talked to told me that these guys have stacks and stacks of extremely intelligent people. Ivy league is a given and the guys that get picked do so by being a competitive athlete, former military, or have some good story. Since the hours of an analyst is real crazy they like younger grads because they have less thing they would worry about like a wife and kids. Also they use the analyst position as like a boot camp. Once the boot camp is over they promote you to associate which you get paid more and work a bit less hours. But they promote you because now that you've proven that you can handle the hours and work, private equities and hedge funds will now be interested in you and recruit you.

I've read that if you come from a top school they don't really care about the degree, so I would assume law wouldn't be an issue. But I've also read most analyst are former interns. Not only would the guy have to impress, he would have to land the internship which I heard was super hard to do. If you were to be trying to get a job as a quant, I think they have a bit more emphasis on degree and tend to hire guys with a degree in math, science, engineering, or econometrics.

If you couldn't get on as an analyst and decide to get an MBA, the position you would be trying to land would be an associate and skip analyst altogether. I would assume the best places to try to get an interview would be career services at your school or network with the alumni that are in banking.

I've been looking up some of the guys that are in these type of jobs. http://www.blackstone.com/team/default.asp, is pretty cool because it gives info on position in company, degree, and what school they came from. I've read a few have petroleum engineering, accounting, business admin, also a chick is a ranked bridge player.

Hopefully that's pretty much the gist of it, but I have no experience in it and probably is bullshit. Hoping someone can shed some light and slap some real knowledge on my post.
8/28/09 4:52 PM
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acm5060
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there's really no set formula out there. the best thing you can hope to do is network with some of these people. otherwise, you just have to get into a good MBA program that has connections with these types of jobs. start strengthening your profile now because you already have the CC thing working against you.
8/28/09 6:01 PM
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acm5060 - start strengthening your profile now because you already have the CC thing working against you.


I hear ya, starting from cc is a bit of a stretch but I'm going to at least try. Can you give me some examples of what you mean by strengthening my profile?

Volunteer work and stuff like that?
8/28/09 6:04 PM
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BruceWayne23
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Are you a ninja with Excel?
8/28/09 7:01 PM
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I bet you I'm going to have to be, and I better pickup a Blackberry on the way home!
8/30/09 11:08 PM
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acm5060
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it means that you have to get good internships, score well on your GMAT when you take it, you have to have a solid undergrad GPA, and start participating in extra-curriculars (this doesn't have to be volunteer work, but you should become the president of some business oriented club if possible). since you are going to CC now, you should be getting solid A's across the board.

i'm in the process of applying to grad schools, so i'm just going on what i know for now.

the book by richard montauk, 'how to get into the best MBA programs' is very helpful. it's good to read it now to see what you should do to strengthen your profile.

also, investment banking sounds great, but you have to be a different kind of human being to actually be able to do that. i'm not necessarily talking about intelligence, but just expect not much of a life outside of work. read the book "monkey business" for a pretty decent description of what ibanking is like.
8/31/09 1:40 AM
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LetsTalkItOut
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I'm going to pick up Monkey Business now.

Getting good grades and good test scores are a must, I have a 4.0 so far. And from what I was told about the lifestyle as an analyst by that manager, is something I'm down for. After becoming an associate, he realized he should have went a different path, but he said it was not too hard just expect to have no life.

Meals were payed by the firm, delivered to the office, among other things I forget he said. The firm did what they needed to do to keep the guys in the office. Sounds pretty hardcore.
8/31/09 12:05 PM
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acm5060
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yea, i hear ya. it's just different when you're actually living it.

i work for a Big 4 accounting firm right now and i consider our hours to be pretty brutal at times. ibanking is like Big 4 accounting on steroids, so i just don't think i could live that lifestyle.

i have a friend who's going to cornell and his concentration was ibanking. it took him about 3 weeks into his first semester after some visits by ibanking associates until he realized he wouldn't be able to do it. now he's doing asset management, but that's a tough industry to break into as well.

i'm just saying that it's easy to get lured in by the money and simply think that the rest of your life will be sweet because of that cash flow.

maybe smaller ibanking firms are different (boutique firms). but i'm just telling you my thought process. if you know ibanking people, go by what they say, because i haven't worked in ibanking and i don't even know anyone who works in that biz.

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