5 ways a career on WS is not what it used to be

In the old days many people perceived joining Wall Street was a golden ticket. They figured if you put your head down and work hard your career can be whatever you want it to be.
Some thought they would make their money and be done in their thirties or forties. Others imagined they would keep ascending to masters of the universe. Some figured they'd do a couple of years in banking, then the buy-side, then start their own fund. Today, many Wall Streeters are beaten down. Slaving away every day, they no longer see how their careers are working for them.

Here's five ways your Wall Street career has changed and what you can do about it.

1. A job on Wall Street used to be well-respected

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2015 Investment Banking Interview Prep Pack PLUS ...New updated version just released!

We are excited to announce a brand new new and improved 2015 investment banking interview Prep Pack, just in time for recruiting season!

As always, we keep improving our resources at least once a year to make sure we are staying on top of current trends. This version includes countless more investment banking related webinars in the WSO Video Library and thousands of more interview insights in the WSO Company Database...curious what's included in our new full "PLUS" package that can give you an edge?


...as always, if you are a previous customer, to get the new version free all you have to do is e-mail [email protected] and she'll send it your way :-)

Good luck this recruiting season!
Patrick Curtis
Chief Monkey & Founder, WallStreetOasis.com

Corners and other strategies

Anyone have any good history for me to read? I like to read about financial engineering, so market corners and other strategies are good topics. Recent examples include Porsche trying to takeover Volkswagen, old examples include Gould and Fisk trying to corner the gold market. Anyone know any others that maybe I'm missing?

BIG NEWS: 2014 WSO Compensation Report is OUT!

Dear WSO Community,

I'm pleased to announce the release of the 2014 WSO Compensation Report! We had another great year with even MORE entries than last year (over 5,000)! It took many months of hard work and finally, it's here ...and it's still free :-)

Yes, that's right, access to the FULL 155 page 2014 WSO Compensation Report is 100% free. (up from 108 pages last year). This report contains thousands of data points across investment banking, private equity, hedge funds and management consulting.

The report cuts the data numerous ways including division, city, AUM and company type and can help you know if you are getting paid enough. In the 2014 version, we even have data on target vs. non-target schools, race, GPA and major. Where else can you find interesting insights like that?

Or if you are an employer, this report will give you an idea of what range you should be paying your employees.


Here's how you get access to the full 155 page report:

AMA - Corp Dev (F500) with a non-traditional background and b school

AMA - I work in corporate development at a professional services company (Fortune 500) in NYC. My career path to corp dev is non-traditional and didn't involve IB but may be of some help to a couple people.

My summary background:
- graduated from a liberal arts college in 2006
- took a back office job in financial services
- left that company and took a new job in operations consulting at a major BB
- while at the BB, moved into a new role that focused on M&A integration
- left the BB to attend a top 25 MBA with the goal of getting into finance
- interned at and accepted a full time offer to work in corp dev at my current employer

Feel free to ask questions about going from a non-traditional background into finance, business school, corporate development, etc.

Point72 Academy’s Summer Analyst program

Steve Cohen's hedge fund Point72 Asset Management is looking for rising college seniors for their summer analyst program. This is a new initiative that is an attractive alternative for traditional summer analyst programs that Wall Street banks offer. Applicants can apply for the program via Point72's website: https://www.point72.com/careers/campus-point72-aca.... Here is the job description of the program:

Through a rigorous 10-week training program in the Point72 Academy, the Firm's highly selective program to prepare college graduates for jobs as analysts on the Firm's investment teams, you will develop skills that are fundamental to the Firm's investment process. You will receive training in financial modeling and analysis, research methods, information synthesis and effective communication strategies. Point72 investment professionals and external subject matter experts will teach and develop Summer Analysts to create and refine financial models, conduct primary research, and prepare stock recommendations and complete projects.

NY Times Article - "Deaths Draw Attention to Wall Street’s Grueling Pace"

Interesting article in the NY Times today about the workload in Investment Banking and recent suicides (link inside the post).

Deaths Draw Attention to Wall Street's Grueling Pace
In retrospect, it was around Easter that John Hughes began to think something unusual was going on with his middle son, Thomas, a 29-year-old investment banker.

John's former wife, Marypat, had arranged for brunch at the Yale Club, in Manhattan, with her three sons: Thomas, who worked at the Wall Street advisory firm Moelis & Company; John III, a young lawyer at Sullivan & Cromwell; and Joseph, an undergraduate at Fordham. The Yale Club, near Grand Central Terminal, was an easy enough trip on the train from her home in Westchester County, and an even easier one for her sons. But Thomas couldn't make it. "There's some big deal cooking at Moelis or whatever," John recalls his son telling him. "He had to work through that whole stretch."


Tesla Model X

It's basically a minivan that goes from zero to sixty in 3.2 seconds. Who is ordering one?

WallStreet Prep Master Financial Modeling