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Wall Street Oasis » Blogs » bankerella's blog
< previous | next >

What banker careers really look like: real private data
 

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bankerella's picture
bankerella
      IB
 
 
(King Kong, 1,863
 
Points)
 on 9/6/12 at 12:00pm
Success-in-Career.jpg

The most common arguments on WSO are about what it really takes to make it to Wall Street... and then what your options are if you get there. Working professionals come here to engage in witty banter and relax, only to spend half our time here debunking bullshit and writing advice based on our (limited) personal experiences.

How can we cut to the chase and give these kids hard data on which to base their life decisions, as well as save ourselves some time so we can get back to important things like ass and titties?

The answer came to me as I was googling a few ex-coworkers from a long time ago, just to see how they’ve been doing and whether I’ve done better or worse (something people do far more than they’d like to admit). The data is out there.

Yeah, anyone with enough connections could throw a data set together from LinkedIn. But let’s face it: there are a lot of losers out there who did some shitty back-office role at GS five years ago and are now answering phones at Ameriprise. We don’t want them in the data set. We want certified ballers only, right?

Let’s just say that, thanks to some HR friends and a truly brilliant data miner, I now have a high-quality data set that contains details of education and career path (over the past 5-10 years) of hundreds of bulge-bracket investment bankers at every level from analyst to MD. (Yes, it has names and such as well, but obviously I’m not sharing those.) It is longitudinal, meaning that it follows these bankers from a certain point in their careers up until today. It also gives a sense as to comparative compensation levels, though no dollar figures there.

Just looking at the initial cut of the data, I see lots of surprises. (The last 10-15% of the data is still being compiled, so I’ll throw hard numbers behind these statements when I have them.)

  • A lot of these people did their undergrad at good state schools. Far more than I expected, at every level. Maybe I shouldn’t worship quite so intently at the HYPS altar.
  • Far more analysts got a direct promotion to associate than I expected.
  • Canadians are everywhere. Some kind of secret fucking society. (Hey Canadians, if you love socialism so much, why did you cross the border to fuel the capitalist juggernaut? How’s that Visa status looking, by the way? Better keep your nose clean or you’ll be back in fucking Saskatchewan cutting lumber with your six brothers before you can say “Tim Hortons”.)
  • Late career is more brutal than it looks. People who leave the firm over 50 almost always take a big step down. People who stay are either the 1/1000 who can ride that bull all the way to the top... or they gradually get put out to pasture. From what I can tell in the data set, it doesn’t look voluntary (i.e., comp/dealflow starts to wane, then two years later they’re either playing poker or they start a boutique shop with two buddies and an analyst and have no dealflow).
  • More associates than I thought come from nontraditional paths (i.e., not straight from the analyst program or b-school.
  • The concept of a two-year analyst program is just that: a concept. The actual tenure of people hired into traditional two-year programs varies from that ideal by quite a bit.

There are more surprises here, but I’ll get to them. Let me ask you: what sort of queries should we run on this to answer some of the eternal debates here?
Some examples of questions we could answer:

  • Average/max age upon entering business school?
  • Is business school necessary?
  • What percent of people who start a two-year analyst program actually finish it?
  • What percent of analysts actually accomplish a 2+2 banking/PE combo?
  • Which b-schools will get you there? (So far, this looks pretty traditional. I think the point may go to Brady on this one.)
  • How many chicks make it to MD, and is comp similar to males?
  • How many chicks make it past analyst? Associate?
  • Ditto Asians/Indians (would take some doing since I don't have ethnicity data in the set, but could be done).
  • On average, how many Wall Street firms do people work for over their careers?

Thoughts?

EDIT: By the way, don't bother asking a question if you're not ready for the answer. This hasn't happened yet, but I fully expect someone to start dissing the data if the answer isn't what they want/expect to hear. (This ain't my first time at that particular rodeo, kids.)

Going deep into sampling methodology would risk burning my source, not to mention myself. So folks will have to take me at my word that the sampling method is sufficiently strong. If you don't take me at my word, don't ask the question.

The entire point of statistical sampling is to cut through existing bias, not confirm it. So if you just want some stats to confirm your belief, it's probably easier to just play senior banker (or WSO monkey) and make up some stats that sound right to you.

See my other WSO blog posts
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Tags:
  • Undergrad
  • Ivy League
  • business school
  • banker
  • 2 year analyst program

Comments

melvvvar's picture

by 30, 90% washout rate.

melvvvar
     
 
(King Kong, 1,693
 
Points)
 on 8/22/12 at 1:03pm

by 30, 90% washout rate. among 20 personal IBD acquaintances, 2 made it to MD, 9 washed out at VP/associate level, the rest left as analysts. two left before their first year was up. VP GS salary, around 500K at the peak in '07. asians and indians don't do well in the long run. biggest successes skipped bschool.

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Beretta's picture

- Racial make up of bankers

Beretta
      ST
 
(Orangutan, 358
 
Points)
 on 8/22/12 at 1:02pm

- Racial make up of bankers vs demographics of the country
- Where bankers live (do they all migrate to Greenwich?)

If you can do those two, that'll be great.

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Neighbor's picture

An insightful bankerella

Neighbor
      IB
 
(King Kong, 1,236
 
Points)
 on 8/22/12 at 1:08pm

An insightful bankerella post........................what's happening here

I didn't say it was your fault, I said I was blaming you.

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monyet's picture

There is an urban myth at

monyet
      O
 
(Senior Orangutan, 496
 
Points)
 on 8/22/12 at 1:22pm

There is an urban myth at Wharton that you don't beed an MBA after Wharton undergrad, does your data back that up ? Also, I have a sneaking suspicion that there isn't much point in going to an undergrad business school. How do Wharton undergrands compare to hyps grads (especially the HYPS grads that went back from an MBA) ?

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ladubs111's picture

Pie chart of Target,

ladubs111
      IA
 
(Senior Orangutan, 432
 
Points)
 on 8/22/12 at 1:29pm

Pie chart of Target, non-target, semi-target so that shit can be finally buried deep for another year. As well as MBA tier break down % so that shit can be buried for 6 months. And maybe for fun # of marriages on average per each level for shits and giggles plz (guessing MD would be like 2, 1st year analyst would be 0)

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Ben Shalom Bernanke's picture

bankerella: Better keep your

Ben Shalom Bernanke
      AM
 
 
(King Kong, 1,423
 
Points)
 on 8/22/12 at 1:37pm
bankerella:

Better keep your nose clean or you’ll be back in fucking Saskatchewan cutting lumber with your six brothers before you can say “Tim Hortons”.)

haha

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bankerella's picture

monyet: There is an urban

bankerella
      IB
 
 
(King Kong, 1,863
 
Points)
 on 8/22/12 at 1:46pm
monyet:

There is an urban myth at Wharton that you don't beed an MBA after Wharton undergrad, does your data back that up ? Also, I have a sneaking suspicion that there isn't much point in going to an undergrad business school. How do Wharton undergrands compare to hyps grads (especially the HYPS grads that went back from an MBA) ?

Now there's a very good set of questions. I'm aware of that myth on the street as well.

My hunch from personal experience is that Wharton undergrads do become direct-promotes at higher rates but peter out in mid-career. (However, one thing that this exercise has shown me is that years of personal observations are still nowhere near as accurate as a real data set, because we tend to observe and remember things that confirm the beliefs we started with.)

There is a substantial subset of Wharton undergrads in this sample, so I'll look at 'em and tell you guys what I find.

See my other WSO blog posts

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bankerella's picture

ladubs111: Pie chart of

bankerella
      IB
 
 
(King Kong, 1,863
 
Points)
 on 8/22/12 at 2:02pm
ladubs111:

Pie chart of Target, non-target, semi-target so that shit can be finally buried deep for another year. As well as MBA tier break down % so that shit can be buried for 6 months. And maybe for fun # of marriages on average per each level for shits and giggles plz (guessing MD would be like 2, 1st year analyst would be 0)

I like the pie chart idea. Do you guys care about the whole population or just the analysts? I ask because it looks like analysts are more likely to be from a target than MDs. This could be a function of the fact that recruiting standards (and percent/number of Americans going to college) have changed a lot over the last twenty years.

Also, please, somebody throw me a clue on semi-targets. WTF is a semi-target? I've been peripherally involved with recruiting in one way or another for my whole fucking career, and I still don't comprehend the semi-target distinction.

Target school: has a team of alumni working at the firm who go back to recruit. We do EISs and talks, conduct first rounds on campus, and generally try to get as many of our people in the door as possible, whether summer or full-time.

Non-target school: Maybe a resume drop, maybe nothing. We don't go there, we don't have an alumni team, etc.

Semi-target school: Everything in between? Or we might go do first-rounds there in order to round out our full-time program?

Someone break it down for me in a way my miniscule reptilian brain can comprehend. Or upload a list. Or just admit that nobody really knows how to define semi-target, and that the whole population of colleges is a spectrum with HYPS on one end and DeVry on the other.

See my other WSO blog posts

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Tommy Too-toned's picture

Riddle me this...how many

Tommy Too-toned
     
 
(Gorilla, 505
 
Points)
 on 8/22/12 at 2:04pm

Riddle me this...how many people leave the biz to open places like Double or Muffin?

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GS's picture

bankerella: Now there's a

GS
      ST
 
(Senior Gorilla, 902
 
Points)
 on 8/22/12 at 2:04pm
bankerella:

Now there's a very good set of questions. I'm aware of that myth on the street as well.

My hunch from personal experience is that Wharton undergrads do become direct-promotes at higher rates but peter out in mid-career. (However, one thing that this exercise has shown me is that years of personal observations are still nowhere near as accurate as a real data set, because we tend to observe and remember things that confirm the beliefs we started with.)

There is a substantial subset of Wharton undergrads in this sample, so I'll look at 'em and tell you guys what I find.

Thx. Pls do

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couchy's picture

would be awesome if the pie

couchy
     
 
(King Kong, 1,365
 
Points)
 on 8/22/12 at 2:07pm

would be awesome if the pie chart is just analyst level. Most people here don't even want to make it up to MD on the sell-side.

S&T, ER pie charts would be cool also if you had the data

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SirTradesaLot's picture

Are you only looking at IBD

SirTradesaLot
     
 
 
(Senior Neanderthal, 4,514
 
Points)
 on 8/22/12 at 2:16pm

Are you only looking at IBD or does it include other areas of the bank? If including other areas, I would love to see if Quants have lower career ceilings than others. Most people believe this to be true.

Turbo leverage for capital explosion -- BD Capital

My WSO Blog

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capitalizeddisinterest's picture

you got some balls dropping

capitalizeddisi...
     
 
(Monkey, 55
 
Points)
 on 8/22/12 at 2:09pm

you got some balls dropping the gloves at canadians like that. of all the different groups trying to get visas, youre gunna chirp canadians? word to the wise if i wanted to keep my nose clean and i met someone with 6 lumberjack brothers i would probably shut up. dont ever again let me catch you speaking the words tim hortons... we have people everywhere, now you know

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HarvardOrBust's picture

Would be interesting to

HarvardOrBust
      PE
 
(Senior Gorilla, 977
 
Points)
 on 8/22/12 at 2:09pm

Would be interesting to see:
1. School break down
2. Number of analysts who make it to PE, then differentiate between megafund, large MM, MM, lower MM
3. Number of analysts who make it to HF

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harvardgrad08's picture

great post bankerella...this

harvardgrad08
      CD
 
 
(Gorilla, 606
 
Points)
 on 8/22/12 at 2:09pm

great post bankerella...this is the type of thread that is extremely valuable for the WSO community.

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BTbanker's picture

bankerella: Semi-target

BTbanker
      IB
 
(Senior Neanderthal, 5,336
 
Points)
 on 8/22/12 at 2:18pm
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"A man generally has two reasons for doing anything. One that sounds good, and the real one." - J.P. Morgan

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happypantsmcgee's picture

Best post in months, really

happypantsmcgee
      O
 
 
(Almost Human, 9,621
 
Points)
 on 8/22/12 at 2:24pm

If I had asked people what they wanted, they would have said faster horses - Henry Ford

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ladubs111's picture

bankerella: ladubs111: Pie

ladubs111
      IA
 
(Senior Orangutan, 432
 
Points)
 on 8/22/12 at 2:43pm
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bankerella's picture

capitalizeddisinterest: you

bankerella
      IB
 
 
(King Kong, 1,863
 
Points)
 on 8/22/12 at 2:55pm

See my other WSO blog posts

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Bonus's picture

Hey, great thread! What about

Bonus
     
 
(Monkey, 61
 
Points)
 on 8/22/12 at 3:14pm

Colourful TV, colourless Life.

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ladubs111's picture

Now most of them Canadians

ladubs111
      IA
 
(Senior Orangutan, 432
 
Points)
 on 8/22/12 at 3:17pm
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Unforseen's picture

I going to assume the CDN

Unforseen
     
 
 
(King Kong, 1,099
 
Points)
 on 8/22/12 at 3:25pm

Check out my Blog

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duffmt6's picture

Bravo. Would love to see an

duffmt6
      IB
 
 
(Neanderthal, 2,325
 
Points)
 on 8/22/12 at 3:34pm

"Social cohesion and puritanical morality place roughly on my list of concerns between whether I'll pick up jock itch at the gym this week (not likely, since I don't go the gym) and whether it'll rain in Christchurch, New Zealand next Tuesday."
-Eddie

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Going Concern's picture

area chart showing percentage

Going Concern
     
 
 
(King Kong, 1,696
 
Points)
 on 8/22/12 at 3:34pm

And I think it's gonna be a long, long, time

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bankerella's picture

duffmt6: Bravo. Would love

bankerella
      IB
 
 
(King Kong, 1,863
 
Points)
 on 8/22/12 at 3:45pm

See my other WSO blog posts

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UFOinsider's picture

bankerella: Thoughts? bank

UFOinsider
      O
 
(Human, 10,347
 
Points)
 on 8/22/12 at 3:55pm

YOU JUST GOT TROLLED
http://www.troll.me/images/red-foreman322/dont-you...

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bankerella's picture

UFOinsider: bankerella: Tho

bankerella
      IB
 
 
(King Kong, 1,863
 
Points)
 on 8/22/12 at 4:05pm

See my other WSO blog posts

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UFOinsider's picture

bankerella: UFOinsider: b

UFOinsider
      O
 
(Human, 10,347
 
Points)
 on 8/22/12 at 4:13pm

YOU JUST GOT TROLLED
http://www.troll.me/images/red-foreman322/dont-you...

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BigMac14's picture

You clearly know nothing

BigMac14
     
 
(Chimp, 7
 
Points)
 on 8/22/12 at 4:09pm
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bankerella's picture

UFOinsider: Ok, so fairly

bankerella
      IB
 
 
(King Kong, 1,863
 
Points)
 on 8/22/12 at 4:34pm

See my other WSO blog posts

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monyet's picture

double

monyet
      O
 
(Senior Orangutan, 496
 
Points)
 on 8/28/12 at 10:21am
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UFOinsider's picture

bankerella: UFOinsider: Ok,

UFOinsider
      O
 
(Human, 10,347
 
Points)
 on 8/22/12 at 4:57pm

YOU JUST GOT TROLLED
http://www.troll.me/images/red-foreman322/dont-you...

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bankerella's picture

UFOinsider: bankerella: U

bankerella
      IB
 
 
(King Kong, 1,863
 
Points)
 on 8/22/12 at 5:19pm

See my other WSO blog posts

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sayandarula's picture

bankerella: Edit: Sorry, I

sayandarula
      O
 
 
(King Kong, 1,811
 
Points)
 on 8/22/12 at 5:43pm

Money Never Sleeps? More like Money Never SUCKS amirite?!?!?!?

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Firefox's picture

bankerella: capitalizeddisi

Firefox
      HF
 
(Orangutan, 274
 
Points)
 on 8/22/12 at 6:00pm
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Firefox's picture

double

Firefox
      HF
 
(Orangutan, 274
 
Points)
 on 8/22/12 at 6:04pm
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monyet's picture

Pancakes: bankerella: cap

monyet
      O
 
(Senior Orangutan, 496
 
Points)
 on 8/22/12 at 6:05pm
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bankerella's picture

Pancakes: Clearly, you have

bankerella
      IB
 
 
(King Kong, 1,863
 
Points)
 on 8/22/12 at 6:08pm

See my other WSO blog posts

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Going Concern's picture

monyet: Pancakes: bankere

Going Concern
     
 
 
(King Kong, 1,696
 
Points)
 on 8/22/12 at 6:08pm

And I think it's gonna be a long, long, time

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SirTradesaLot's picture

bankerella: Pancakes: Clea

SirTradesaLot
     
 
 
(Senior Neanderthal, 4,514
 
Points)
 on 8/22/12 at 6:10pm

Turbo leverage for capital explosion -- BD Capital

My WSO Blog

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monyet's picture

double post.

monyet
      O
 
(Senior Orangutan, 496
 
Points)
 on 8/22/12 at 6:15pm
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monyet's picture

All Whartonites have access

monyet
      O
 
(Senior Orangutan, 496
 
Points)
 on 8/22/12 at 6:22pm
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TechBanking's picture

bankerella: capitalizeddisi

TechBanking
      EN
 
 
(King Kong, 1,107
 
Points)
 on 8/22/12 at 6:30pm
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watersign's picture

how many have no college at

watersign
     
 
(Baboon, 130
 
Points)
 on 8/22/12 at 6:24pm

alpha currency trader wanna-be

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watersign's picture

how many have no college at

watersign
     
 
(Baboon, 130
 
Points)
 on 8/22/12 at 6:24pm

alpha currency trader wanna-be

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bankerella's picture

watersign: how many have no

bankerella
      IB
 
 
(King Kong, 1,863
 
Points)
 on 8/22/12 at 6:29pm

See my other WSO blog posts

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UFOinsider's picture

Going

UFOinsider
      O
 
(Human, 10,347
 
Points)
 on 8/22/12 at 6:46pm

YOU JUST GOT TROLLED
http://www.troll.me/images/red-foreman322/dont-you...

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El_Mono's picture

Well, what a nice post,

El_Mono
      IB
 
(Senior Orangutan, 491
 
Points)
 on 8/22/12 at 6:47pm

Valor is of no service, chance rules all, and the bravest often fall by the hands of cowards. - Tacitus

Dr. Nick Riviera: Hey, don't worry. You don't have to make up stories here. Save that for court!

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Going Concern's picture

UFOinsider: Going

Going Concern
     
 
 
(King Kong, 1,696
 
Points)
 on 8/22/12 at 6:51pm

And I think it's gonna be a long, long, time

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illiniPride's picture

Correlation between comp and

illiniPride
      IB
 
 
(King Kong, 1,099
 
Points)
 on 8/22/12 at 7:06pm

Leadership can be defined in two words: "Follow Me"

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The contents of this Web Site, such as text, graphics, images, logos, button icons, software and other items (collectively, "Material"), are protected under both United States and foreign copyright, trademark and other laws. All Material is the property of the Company or its content suppliers or clients. The compilation (meaning the collection, arrangement and assembly) of all content on this Web Site is the exclusive property of the Company and protected by U.S. and international copyright laws. Unauthorized use of the Material may violate copyright, trademark, and other laws. You must retain all copyright, trademark, service-mark and other proprietary notices contained in the original Material on any copy you make of the Material. You may not sell or modify the Material or reproduce, display, publicly perform, distribute, or otherwise use the Material in any way for any public or commercial purpose. The use of the Material on any other web site or in a networked computer environment for any purpose is prohibited.

You shall not copy or adapt the HTML code that the Company creates to generate its pages. It is also protected by the Company?s copyright.

Acceptable Site Use.

General Rules: Users may not use the Web Site in order to transmit, distribute, store or destroy material (a) in violation of any applicable law or regulation, (b) in a manner that will infringe the copyright, trademark, trade secret or other intellectual property rights of others or violate the privacy, publicity or other personal rights of others, or (c) that is defamatory, obscene, threatening, abusive or hateful.

Web Site Security Rules. Users are prohibited from violating or attempting to violate the security of the Web Site, including, without limitation, (a) accessing data not intended for such user or logging into a server or account which the user is not authorized to access, (b) attempting to probe, scan or test the vulnerability of a system or network or to breach security or authentication measures without proper authorization, (c) attempting to interfere with service to any user, host or network, including, without limitation, via means of submitting a virus to the Web Site, overloading, "flooding", "spamming", "mailbombing" or "crashing", (d) sending unsolicited e-mail, including promotions and/or advertising of products or services, or (e) forging any TCP/IP packet header or any part of the header information in any e-mail. Violations of system or network security may result in civil or criminal liability. The Company will investigate occurrences which may involve such violations and may involve, and cooperate with, law enforcement authorities in prosecuting users who are involved in such violations.

Specific Prohibited Uses.

The Company specifically prohibits any use of the Web Site, and all users agree not to use the Web Site, for any of the following:

  • Posting any incomplete, false or inaccurate biographical information or information which is not your own accurate resume
  • Using any device, software or routine to interfere or attempt to interfere with the proper working of this Web Site or any activity being conducted on this site.
  • Taking any action which imposes an unreasonable or disproportionately large load on this Web Site?s infrastructure.
  • If you have a password allowing access to a non-public area of this Web Site, disclosing to or sharing your password with any third parties or using your password for any unauthorized purpose.
  • Notwithstanding anything to the contrary contained herein, using or attempting to use any engine, software, tool, agent or other device or mechanism (including without limitation browsers, spiders, robots, avatars or intelligent agents) to navigate or search this Web Site other than the search engine and search agents available from the Company on this Web Site and other than generally available third party web browsers (e.g., Netscape Navigator, Microsoft Explorer).
  • Attempting to decipher, decompile, disassemble or reverse engineer any of the software comprising or in any way making up a part of the Web Site.
  • Aggregating, copying or duplicating in any manner any of the materials or information available from the Web Site.
  • Framing of or linking to any of the materials or information available from the Web Site.

User Information.

When you register for the Web Site, you will be asked to provide the Company with certain information including, without limitation, a valid email address (your "Information"). In addition to the terms and conditions that may be set forth in any privacy policy on this Web Site, you understand and agree that the Company may disclose to third parties, on an anonymous basis, certain aggregate information contained in your registration application. The Company reserves the right to offer third party services and products to you based on the preferences that you identify in your registration and at any time thereafter; such offers may be made by the Company or by third parties. Please see the Company's Privacy Policy below for further details regarding your Information.

Registration and Password.

You are responsible for maintaining the confidentiality of your information and password. You shall be responsible for all uses of your registration, whether or not authorized by you. You agree to immediately notify the Company of any unauthorized use of your registration or password.

The Company's Liability.

As a condition to your use of this site, you release the Company (and our agents and employees) from claims, demands and damages (actual and consequential, direct and indirect) of every kind and nature, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way connected with such disputes. If you are a California resident, you waive California Civil Code d1542, which says: "A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor."

We are under no legal obligation to, and generally do not, control the information provided by other users which is made available through the Web Site. By its very nature, other people?s information may be offensive, harmful or inaccurate, and in some cases will be mislabeled or deceptively labeled. We expect that you will use caution and common sense when using this Web Site.

The Material may contain inaccuracies or typographical errors. The Company makes no representations about the accuracy, reliability, completeness, or timeliness of the Web Site or the Material. The use of the Web Site and the Material is at your own risk. Changes are periodically made to the Web Site and may be made at any time.

You acknowledge and agree that you are solely responsible for the content and accuracy of any resume or material contained therein placed by you on the Web Site and you agree to let any users that are identified as recruiters (designated in the sole discretion of the Company) to have access to your resume.

The Company is not to be considered to be an employer with respect to your use of the Web Site and the Company shall not be responsible for any employment decisions, for whatever reason made, made by any entity posting jobs on the Web Site.

THE COMPANY DOES NOT WARRANT THAT THE WEB SITE WILL OPERATE ERROR-FREE OR THAT THE WEB SITE AND ITS SERVER ARE FREE OF COMPUTER VIRUSES OR OTHER HARMFUL MECHANISMS. IF YOUR USE OF THE WEB SITE OR THE MATERIAL RESULTS IN THE NEED FOR SERVICING OR REPLACING EQUIPMENT OR DATA, THE COMPANY IS NOT RESPONSIBLE FOR THOSE COSTS.

THE WEB SITE AND MATERIAL ARE PROVIDED ON AN "AS IS" BASIS WITHOUT ANY WARRANTIES OF ANY KIND. THE COMPANY, TO THE FULLEST EXTENT PERMITTED BY LAW, DISCLAIMS ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING THE WARRANTY OF MERCHANTABILITY, FITNESS FOR PARTICULAR PURPOSE AND NON-INFRINGEMENT. THE COMPANY MAKES NO WARRANTIES ABOUT THE ACCURACY, RELIABILITY, COMPLETENESS, OR TIMELINESS OF THE MATERIAL, SERVICES, SOFTWARE, TEXT, GRAPHICS, AND LINKS.

Disclaimer of Consequential Damages.

IN NO EVENT SHALL THE COMPANY, ITS SUPPLIERS, OR ANY THIRD PARTIES MENTIONED ON THE WEB SITE BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, INCIDENTAL AND CONSEQUENTIAL DAMAGES, LOST PROFITS, OR DAMAGES RESULTING FROM LOST DATA OR BUSINESS INTERRUPTION) RESULTING FROM THE USE OR INABILITY TO USE THE WEB SITE AND THE MATERIAL, WHETHER BASED ON WARRANTY, CONTRACT, TORT, OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT THE COMPANY IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

Links to Other Sites.

The Web Site may contain links to third party web sites. These links are provided solely as a convenience to you and not as an endorsement by the Company of the contents on such third-party Web sites. The Company is not responsible for the content of linked third-party sites and does not make any representations regarding the content or accuracy of materials on such third party Web sites. If you decide to access linked third party Web sites, you do so at your own risk.

No Resale or Unauthorized Commercial Use.

You agree not to resell or assign your rights or obligations under these Term of Use. You also agree not to make any unauthorized commercial use of the Web Site.

Limitation of Liability.

The aggregate liability for the Company to you for all claims arising from the use of the Materials is limited to $1.

Termination.

The Company reserves the right, at its sole discretion, to pursue all of its legal remedies, including but not limited to immediate termination of your registration with or ability to access the Web Site and/or any other service provided to you by the Company, upon any breach by you of these Terms and Conditions or if the Company is unable to verify or authenticate any information you submit to the Web Site registration with or ability to access the Web Site.

Indemnity.

You agree to defend, indemnify, and hold harmless the Company, its officers, directors, employees and agents, from and against any claims, actions or demands, including without limitation reasonable legal and accounting fees, alleging or resulting from your use of the Material or your breach of the terms of these Terms and Conditions. The Company shall provide notice to you promptly of any such claim, suit, or proceeding and shall assist you, at your expense, in defending any such claim, suit or proceeding.

General.

The Company makes no claims that the Materials may be lawfully viewed or downloaded outside of the United States. Access to the Materials may not be legal by certain persons or in certain countries. If you access the Web Site from outside of the United States, you do so at your own risk and are responsible for compliance with the laws of your jurisdiction. These Terms and conditions are governed by the internal substantive laws of the State of New York, without respect to its conflict of laws principles. Jurisdiction for any claims arising under this agreement shall lie exclusively with the state or federal courts within New York, New York. If any provision of these Terms and Conditions are found to be invalid by any court having competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any term of these Terms and Conditions shall be deemed a further or continuing waiver of such term or any other term. Except as expressly provided in additional terms of use for areas of the Web Site a particular "Legal Notice," or Software License or Material on particular Web pages, these Terms and Conditions constitute the entire agreement between you and the Company with respect to the use of Web Site. No changes to these Terms and Conditions shall be made except by a revised posting on this page.

PRIVACY POLICY

The Company recognizes that you are concerned about privacy. We are committed to preserving your privacy and safeguarding your sensitive information. The following statement describes the general information-gathering and usage practices of our sites.

Our staff, contractors, Internet service providers and others involved in this site follow this policy or similarly strict policies regarding your Information.

Disclosure

The Company is committed to fully disclosing our policies regarding the collection, use, maintenance, disclosure and security of personal information obtained from users of our site. The term "personal information" includes a name, address, email address, or any other information which could be used to contact you directly or to identify you personally.

Use and Disclosure Limitations

The Company only uses personal information about its Web site users for specific purposes. We do not share user information with third parties except when we have told users about the disclosures, when we have prior consent, or when required by law.

Use Policy: When the Company gathers personal information from users, we ask for permission first. We also disclose, at the time of collection, how the information will be used by us. Personal information is used for activities such as auto-completion of commonly-used forms and helping us contact you when you solicit information from us.

Disclosure Policy: We do not normally disclose personal information to anyone outside of the Company unless we have previously informed users about the disclosures. However, some data may be used from time to time by outside contractors, including auditors or consultants, to assist us in carrying out necessary financial or operational activities. These uses will be consistent with this privacy policy and all contractors using this potential personal information must agree to safeguard it, to use it only for the authorized purpose, and to return it or destroy it upon completion of the activity.

The Company might be required to disclose personal information in response to a valid legal process such as a subpoena, search warrant or court order.

Although unlikely, it is possible that we may have to make certain disclosures to ensure the security of our Web site, to protect its integrity, or to take precautions against potential liability. In any of these situations, we will take any reasonable steps to limit the scope of the data disclosed.

Web Logs: The Company maintains standard Web logs that record basic information about visitors to our Web site. These logs contain: * The Internet domain from which you came to our Web site. * Your IP address. An IP address is a series of numbers which uniquely identifies your connection to the Internet. Although it is possible in some instances, certain types of IP addresses may be used by interested persons to identify users but we do not attempt to identify users in this way. * The type of browser (e.g., Internet Explorer or Netscape) and operating system (e.g., Windows 98) you use. * The date and time you visited the site, and the pages you saw.

We use Web log information to design our Web site, identify popular features, and in similar ways. We do not try to identify individuals from Web logs or to link Web logs to other user information. However, if someone tries to damage our Web site or use it in an unauthorized or illegal way, we may share Web log information with law enforcement agencies. The Company may provide aggregate information such as the number of users who visit particular pages of the site, or the number of people who link to certain external sites from our site, to other parties.

Changes to Privacy Policy

The Company's features and services will change over time and our information-gathering practices and policies may also change.

While our philosophy of protecting user information from inappropriate uses and disclosures will not change, this policy will be updated occasionally to include any change that materially affects the collection, maintenance, use, or disclosure of personal information.

Forum Topics

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  • Background: Semi-target finance major, 3.2 gpa (terrible freshman/sophomore, excellent junior/senior years), previous IB internship at boutique I just graduated and I was unable to leverage my IB internship into a FT offer at a big bank. No return offer either because the bank I interned at...
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    Suing for career help?
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    Corporate Banking Question
  • Hello hello A bit of a narrow question, but would love to get the community's opinion. Helping a friend with their application strategy. She's looking to head to B-School from a Wall Street background and wants to use B-School as a transition route to brand management in the beauty...
    Kellogg (marketing reputation) vs. Columbia (NYC location) for CPG?
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This is the reaction any analyst who has ever worked in banking has when you say you want to leave banking for business school then come back as a post b school associate... <img src="http://epicpinterestfail.com/wp-content/uploads/2012/11/how-i-met-your-mother-barney-why.gif"...
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