What requires a sturdy head, quick-thinking skills, and a never-back-down attitude? Working in a high pressure financial job ........and boxing. In Hong Kong there is a charity event that pits financial professionals against each other in a series of bouts for charity. It is no joke and volunteers do some serious training:
The 14 finalists trained at Jab Mixed Martial Arts Studio in the heart of the business district twice a week for five months. In addition to the sessions of sparring, punching bag work, crunches and rope-skipping, most trained four to five times a week, and in some cases twice a day. The finalists were culled from 70 hopefuls and were paired off for seven bouts of three two-minute rounds each.
Would you ever participate in this event? What would be your dream financial boxing match-up?
Jonathan Weil of Bloomberg wrote an interesting piece where he argues that CAMELs ratings should be made public. He argues the secrecy of the ratings allows the institutions to act recklessly, which hurts the economy, and ultimately hurts investors and public confidence in the markets. His solution is to treat the banks like restaurants and make their health grades public information:
Regulators haven’t shown themselves to be any better than the markets are when it comes to uncovering big problems at federally insured banks. We might as well make all their examination findings open records. That way, the public can see when the regulators are failing at their jobs. Depositors can make fully informed choices about where to keep their money. And banks will be under much greater pressure to fix their problems.
Andy note: This post was recommended by the author as a good one to repost to homepage - "Since it is recruiting season I think this post might be a good one to bump, VFA will be recruiting at all the top campuses around the U.S."
Every year a large amount of the best and brightest U.S. students head off to finance or consulting jobs. Seeing the success of programs like Teach For America led Andrew Yang to realize that the best and brightest were looking for more options, specifically options where they could "give back." He decided to create Venture for America a program that recruits those students and places them in roles in fast-growing young companies. The students work for the company for two years and learn entrepreneurship and how to build a company in a hands-on experience. Yang's goal is that VFA Fellows and the companies they help will create 100,000 new jobs by 2025.
“Our best and brightest are being absorbed by what I call ‘the meta economy.’ They’re heading into professional services and transactions and optimizing but not into direct value creation. If you can imagine a country where the equivalent wave of talent currently heading to professional services was heading to fast-growing companies, think about what that would do for job creation.”
Would/Will you consider applying to VFA? Will VFA be successful?
Vontropnats had an awesome post last week on the beginning of the recruitment season. The fact remains, however, that this could be one of the worst recruitment seasons ever. Layoffs are increasing and compensation is decreasing.
At the end of the day we can whine about the situation and circumstance of our job hunt all we want, but this just means that we need to have extra determination and effort to get our desired job. All the negatives mean one simple thing: The competition to get a job in banking and finance is tougher than ever. In addition to the extra work we may need to compromise on a few things: Will this be another horrible recruiting season? What are you doing to set yourself apart from the masses? Will things get better after the election?
We have all seen "Am I Too Old" threads for IB, B-School, etc. on the fora. Just like your weight, height, and physical appearance, your age is a factor that affects your employment. Its not just a factor affecting those trying to "break in." Its a factor that could affect you in the middle of your career. Its frequent in finance, the technology fields, and like most things, its worse for women.
You're only as good as your last job. Someone who's 45 and has been out of work for a while has it so much harder. There's just a ton of choice for employers out there. Age discrimination is a huge thing out there. . . . it's not discussed ever, and it's not just a problem in finance.
It seems that many people on WSO are young (30's and below), but are you guys worried about age discrimination in the future? Would you discriminate by age when hiring someone? And is there anything you can do about it?
It seems like many people on WSO (and elsewhere) spend more time with their coworkers than their family or friends. Even though nowadays we are all hooked up to electronic devices and generally try to stay away from personal contact as much as possible, some people feel the need to share their lives and there are occasionally horror stories:
Some people simply don’t have a privacy filter; they’re telling you about their enema because they’ll tell anyone about their enema. Others share overly personal stories because they’ve developed a false sense of intimacy with you.
While you don't want to be surrounded by "oversharers," it seems like most people would like to work in an open atmosphere where they are able to make some personal connection with their fellow employees. Many people form strong friendships in the workplace.
So I have two questions: Have you ever had a coworker (or classmate) overshare to the point of absurdity? How important is it to work in an environment where you don't have to be an emotional drone?
This has NBC feeling fantastic that they locked up the contract to show the Olympics through 2020. In addition, millions have seen promos for their new shows, shows that need help (Today), and new networks (NBC Sports). Could the Olympics be the jump-start NBC needed?
Although most people on WSO shoot for Front Office jobs the majority of "Wall Street" works in the Middle Office and Back Office. These jobs are quickly moving away from Financial centers like NYC and London, and other cities and states are offering incentives (like ca$h) to get them there. This is called "near-shoring," the movement of jobs away from a major center to a location in the same region for cheaper costs. But movement of finance jobs offshore is happening also:
“Places like New York or London will remain financial centers, but most of the players are taking a much harder look and asking whether they can move large numbers of jobs." The erosion of middle-tier jobs in the financial sector is not limited to New York. The president of Goldman Sachs described what he called the firm’s “high-value location strategy.” By looking outside hubs like New York, London, Tokyo and Hong Kong, he said, the firm could save 40 percent to 75 percent on job-related expenses.
Is this beginning of the outsourcing of U.S. financial jobs? Are you worried about your future prospects in this industry?
There are certain types of people who will fail in the business world. While many of these types of people will not get through the hiring process, I'm sure you all have plenty of examples of coworkers who have had strange personality disorders that affected their performance. These people may have the intelligence required to do the job, but they have other issues that will cause them to fail. Here is my list, feel free to add anything I may have missed:
This person is the worst when you have to interact with clients. Imagine you are selling an idea, product, etc to a client or group of clients and you have them sold......but this person won't stop talking. Many times you will have a client need some time to consider their interest in a product or idea, but this over-seller is calling them several times a day to continuously attempt to sell them on it. Coming on too strong can creep out a client just like it can creep out a girl at the bar. On that topic, do not let this person be a wingman for you because he will still be telling the girl how awesome you are while she has her tongue down your throat.
In 1983, almost 30 years ago, a report from Pres. Reagan's commission on education titled A Nation At Risk stated that the educational system in the U.S. was "a rising tide of mediocrity that threatens our very future as a nation and a people." In 2008 Eric Hanushek,a Stanford Economist, linked academic test scores to the future GDP of a country.
McKinsey & Company has estimated that if the U.S. had closed the education achievement gap with better-performing nations, GDP in 2010 could have been 8% to 14%—$1.2 trillion to $2.1 trillion—higher. The report’s authors called this gap “the economic equivalent of a permanent national recession.”
Even noted investor Wilbur Ross joined in on the discussion earlier this year by stating that high unemployment is here to stay and is a symptom of the greater issue: "a failure in education." Do you believe the education "issue" is a long term economic problem for the United States? Why does this major economic problem receive no attention from political candidates, political parties, and the media?
I'm on a 4 hour flight back from my last final round <span class='keyword_link'><a href="http://www.wallstreetoasis.com/guide/consulting-case-interviews">consulting interview</a></span>, so feel like it's a great time to write this. I have...
<em>Mod Note: Throwback Thursday: this post originally went up on 8/1/13.</em>
For a lot of you, the very title of this article probably has you choking on your silver spoon. Shame on you. One of the most important realizations I have come upon since I began my career is it is...
Hey everyone. The ink has just barely dried on my accepted offer to join a boutique private equity firm as an analyst, but I think now is a better time than any to tell you how I made the jump to private equity from a VERY non-target background.
The topic of getting hired at a hedge fund directly out of undergraduate compels many students. The response to the question: “Is it possible to get hired at a hedge fund directly out of undergraduate?” typically goes along the lines of “it’s a shot in the dark, but yes [insert cliché...
Someone sent me this a list of 100 lessons learned by a former <span class='keyword_link'><a href="http://www.wallstreetoasis.com/company/goldman-sachs">GS</a></span> Analyst.
1. First impressions last a long time
2. Never be late
3. Know your...
Inspired by a few of the other people (@"OpsDude", @"TheGrind", etc) who have posted AMAs on their b-school experience, I'm going to write about my experience at Cornell's Johnson School. If you're only interested in M7 MBAs, or you're HSW or bust, feel...
Comp season has passed in my firm. I know it's ongoing at the big banks and happens at various times throughout the year for the big funds. A few observations based on my experiences and conversations with people who work in the industry.
If you've been working for 5 years or less,...
There’s been a couple of threads that have popped up lately about the CPA exam and whether it would be worth it for the authors try and pass it in lieu of other things, or in their spare time. Some of the comments by other posters lead me to believe there’s a lot of misinformation or...
Given that we have built up relationships with hundreds of companies and finance recruiters, we thought instead of just a simple job board (which you can find <a href="http://www.wallstreetoasis.com/finance-jobs">right here</a>), we would also create a WSO Applicant...
So I recently got asked if I would do an AMA in a thread I posted on but declined due to having a unique background and not wanting to be found off-line. But the recent thread by @Nefarious- reminded me of the people that have helped me get to where I am at.
So as I mentioned above Im not...
Ok so I am a little tipsy but had a few interactions / thoughts about this today so will give this a go on WSO now. Sorry for having become the guy that asks more and more questions regarding what goes on OUTSIDE of the office but that's maybe because everything that happens at the workplace...
I am so glad I discovered WSO and would like to introduce myself.
I am currently a Freshman double majoring in finance and computer science at Pace University. My senior year of HS my parents didn't let me apply for any reach schools, including NYU. I had a 4.0, 1990 on my SAT, and a...
Hello fellow monkeys,
A story for you all.
I work for a satellite HQ office (instead of the global HQ) for a multinational F500.
I recently interviewed for a position that I was really interested and eager in getting.
So the timeline was like this,
Send thank you...
I have a first round with a sub-$50 million <span class='keyword_link'><a href="http://www.wallstreetoasis.com/finance-dictionary/what-is-a-hedge-fund-HF" rel="nofollow">HF</a></span> for a <span class='keyword_link'><a...
Your heart is pounding, palms are sweaty, you’re weak at the knees, and you are nervous as you can be. Anxiety starts to set in, you start to have thoughts about what they think about you and you try to <span class='keyword_link'><a href="http://www.jdoasis.com/"...
I've seen a few posts regarding how commuting isn't possible for IB analysts. How do people in <span class='keyword_link'><a href="http://www.wallstreetoasis.com/finance-dictionary/equity-research-overview">ER</a></span> feel about living in...
Hey all, I've been a lurker for a while and have learned so much from the forums. Looking for one piece of information. What are salary expectations for S&T associates in NYC these days? Apologies if this has been asked, but I feel like analyst salaries are more often quoted because of the...
Inspired by a few of the other people (@"OpsDude", @"TheGrind", etc) who have posted AMAs on their b-school experience, I'm going to write about my experience at Cornell's Johnson School. If you're only interested in M7 MBAs, or you're HSW or bust, feel free...
I currently work as an <span class='keyword_link'><a href="http://www.wallstreetoasis.com/finance-dictionary/equity-research-overview">equity research</a></span> associate covering the consumer sector at a small firm, and have an offer for another...