The Intern Turns 21: Getting Drunk With Your Superiors

Weird situation:

I turn 21 (in America) the Monday of the second week of my internship. My 21st birthday will likely come up in conversation, etc... but anyway, should I expect to go out and drink with people in my office or is that not a thing?

I'm clueless and curious. It's a boutique in Chicago.

Sorry if this is too stupid.

21 Short Videos Worth More Than an MBA

I just saw this posted from Inc Magazine. These are definitely worth watching. Enjoy! (link inside post)

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Summer 2015: Keeping Busy

Now that July 4th is right around the corner, summer has kicked into gear. By nature, the office has started to get a bit slow. Starting a thread in hopes of getting some suggestions for ways to keep busy either via hobbies/trips/etc. this summer. Feel free to share your plans.

For reference, I'm in the Mid-Atlantic/New England area.

What investment banking is in simple words and my story

Mod Note (Andy): #TBT Throwback Thursday - this was originally posted on 4/9/13

There are a couple different paths that you can take as a finance major:

  1. Commercial Banking
  2. corporate finance
  3. Financial Planning
  4. Hedge Funds
  5. Insurance
  6. Investment Banking
  7. Money Management
  8. Private Equity
  9. Real Estate
  10. Other

I picked investment banking...

Wearing ties to business casual workplaces

What are your thoughts on wearing ties to a business casual workplace, the exception being leadership, who always wear ties. Does it make sense to dress up to match MDs, or would you just stick out like a douchebag?

Thoughts on Goldman vs Lending Club

The NY Times had a report last week that Goldman Sachs (GS) is exploring an entrance into the consumer lending market.  Comparisons have been made between what Goldman has in mind for consumer lending and the company Lending Club (LC) that went public last year.

To understand Lending Club and Goldman's vision of consumer lending we need to discussion traditional lending first.

Traditional Lending

In a traditional banking model, a bank funds a loan through customer deposits.  A bank's source of funding is their customer's deposits.  Traditionally banks pay a small amount on deposits to compensate depositors for access to their money.  Deposit funding costs are low.  In the first quarter of 2015 banks paid an average of .44% in funding costs.

Learning some basic coding on your own?

I have been quite interested in learning some coding on my own, specifically thinking about VBA to further enhance my excel skills. Although I do not necessarily need to know programming in my job, I thought knowing VBA might give me more ideas as to how certain processes can be improved. Also, I think it's a great way to give my brain some intellectual stimulation and will likely benefit my career down the road.

Which MS finance?

I'm going into my senior year and studying for the GMAT in preparation to apply for some MS Finance programs.

Conversation with an Equities Sales Trader

Update: I was speaking to a guy in Australia on the cash equities desk at a BB. Just edited the post for the US/global audience, cut out slangs about kangaroos and shit.

Hey guys, I think it's about time to post something since I have been a member for couple years now. The following is from my blog that I recently started (link at the bottom of the post)

At 22 years old, my goal after my studies is to pursue Sales and Trading, Note: this is not a post about the day to day role of a salesperson/trader at a bank, what the banks do, etc, that's something if you are new to S&T can easily google or find answers in this forum, I am going to write what more interesting dot points I took away from this conversation and hope they may help you :)

1. Which role is more quantitative - Sales, Sales Trading or Trading?

All of these are quite similar in the amount of quantitative ability required. You need to be able to run a few models and use the calculator but you don't need to be a math genius. I know Black Scholes, but I don't use it often (cash equities desk). Clients would ask you about it and that's why it's worth knowing.

F*&King Analysts

So, apparently I haven't been on this site in while, and it'd be a shame to make a return to just complain, but I've emptied the beers from the minibar and it's still way too early to sleep, my body now evading anything approaching a circadian rhythm. Instead of sleeping, thought I'd throw in some comments on the industry, then as I started writing, I realised I only wanted to talk about one thing: F*&King Analysts:

1) Make sure you do what you've asked for:

As an associate, I spend my days in a bind between the MDs that want stuff done, and the analysts that either don't want to, or can't do it. My particular favourite is when analysts come and tell me they want more exposure to oil and gas deals, and ask me to get them into some books/deal. This is great, I love oil and gas, so I want everyone to love it too. However, what I didn't realise, is that said analyst has gone to every other team and begged for work too. Resulting in the poor bastard being too overstaffed to manage any of the work they owe me. This is infuriating and I will do everything I can with my limited remaining capacity to ruin your next review if you do this. Net effect, if you find someone who isn't burnt-out and cynical enough to help you out, then do the fucking work you've asked for, or they will hurt you worse than the people that don't care.

Need Quality Suits ASAP

So I just landed a job at a firm in NYC and am in need of some quality suits within a couple weeks time. I have seen recommendations for Jos A Bank as a decent starter outlet, but I am more interested in custom features like lapel stitching and functional button holes. Are there any outlets or stores in the Philly/NYC area where these suits are already on racks and I can just get them tailored?

2nd PE Associate Gig

Background - rounding out my 1st year of an associate gig at a MM PE firm (non-NYC), with a looming end in sight for my contract next summer. Not terribly interested in getting my MBA, but would like to stay in PE.