How to become MD?
I'm only 18 and will be attending Duke in the fall. My goal is to become the MD of a respectable firm and ultimately make ridiculous amounts of money (ie 25+mil/yr).
Basically I want to take advantage of the fact that I am still relatively young by getting ahead. What should I do starting now and during the course of the next 4/5 yrs to ultimately achieve my goal?
Obviously I know the basics, like get good grades and network etc, but is there any other advice that will genuinely help me?
Well for starters, you can try crawling before walking. Seriously, take it one step at a time. Yes, get good grades and network as much as possible. Try to get good internships while in shcool and just see where things go from there. If you are seriously going to worry about being an (not "the" as there are many) MD and making obsurd amounts of money then you will only be distracted from the things going on at the moment that really do matter and can impact whether or not you are succesful. Geez you're only 18, enjoy college while it lasts.
No one would ever suspect a kid from Duke.
Alphaholic: No, I don't think so. It was a good attempt at being funny though.
You can't do anything to accelerate your path to md at this point (except plan to graduate college early). Just worry about getting into the industry and once you're there, work your tail off. Being MD isn't impossible, though of course there's nothing you can do (besides, once again, just making it into the industry) that will significantly improve your chances of ever making $25MM/yr.
If you want to make $25mm/year, you chose the wrong profession. Go work for a hedge fund...
Most MDs make $1-$5mm / year
Can someone please enlighten me as to how the heck a simple MD at an i-bank can make $25MM per/year?
Obviously if one sits on the board of a bank or is CEO etc [e.g Blankfein pulled down a shitload of cash last year, ditto Wasserstein) the rewards are massive, but I really didn't that standard MDs made as much as 25 mil per annum...
They don't. Maybe if they are partners, but even then the salary isn't quite up to $25mm. Maybe senior partners, I don't know. There was an article a while back that said senior partners at Goldman could expect some bonuses of $20 million. But that's not an MD. Well, not a regular MD.
start your own investment bank. presto, you're an MD.
about the 25 mill--purchase a minting press off of the black mark. You won't be disappointed, trust me.
Ok, well lets include partners and senior partners. How does one rise up to these positions in a firm? Is is simple hard work and impressing your superiors? I feel as though a lot of it is just connections.
What were you hoping to learn from this post? The ingredients for success are the same no matter what your goals. Do well in school, adopt an attitude that nothing comes to you without you working to get it, and remember that in the real world people only care about results, not whether or not the lack of good results was your fault. You want a road map to being MD?
High School --> Target Undergrad College-->analyst stint in IB (or some other notable work experience that shows leadership ability i.e. military)-->Top MBA, MBA business schools ">M7 School-->Summer Associate-->FT Associate-->Work Ass Off for 3 Years and don't get fired from Market conditions-->Make VP, continue working ass off-->Make senior VP, work ass semi-off-->Make MD
And all this time you keep your eyes on the prize, don't get married and decide the finance industry is too stressful and lose your passion for big money.
GordonGecko: Can you give me the pay structure for each position you listed? Can you give me the average salary for each of the positions (summer associate, analyst, FT associate, VP, senior VP, MD)
thriving...do you even have an interest in finance/trading/banking or are you just in it for the money because that's the impression you're giving here. I know it sounds corny and over used, but without a real "passion for the markets" I promise you won't have to worry about the salaries for anything above the analyst level. Who cares what the average salaries are for each level, it's a lot and that should be more than enough for someone who hasn't even stepped inside a college classroom yet.
Thriving for one that is SO interested in being an MD you do not seem to know shit about investment banking. I think you just want to be rich, which if anyone here knew the surefire path they would not share it, for it would no longer be unique.
I will answer your question and share some insight. To be come an MD (the ages are the quickest succession:
18-22: Work your ass off at school and network with professors who have connections and get some good internships and get hired at a BB IB.
22-24: Be the star by working hard, eliminating mistakes, adding value, and being a good person to work with
24-26: Go to an MBA business schools ">M7 for an MBA
26-29: Associate here you are a glorified fact checker and ass kisser
29-32: VP here you will have to execute well and try and start sourcing business and making your network work for you
32-34: Director here if you rock out some deals you will get a faster promotion
34+: MD here you will have to close some top deals and you can make the cash flow rain
Quickest way to $25M a year:
18-22: Same
22-24: Same
24-26: Same
26+: Kick ass at a top HF or PE firm, namely a HF. Here you can be making $25M by 34
Let me say there is NO easy way to $25M. There are quick ways, and even these are tough, to $5-10M a year.
Next you wanted salaries I will give you BB numbers and these vary on the economy, production and performance. This is the average you will make at these positions and follow the form salary + bonus.
Analyst: $60,000 + $80,000 Associate: $120,000 + $300,000 Vice President: $150,000 + $650,000 Director: $200,000 + $950,000 Managing Director: $250,000 + $3,000,000
Lastly, you seem like someone who does not know much and all you want is the money and this is usually the characteristics of an OK analyst who goes to an OK b-school and has OK exit opportunities and ends up with OK money ranging from $400,000 - $800,000 a year. All I am saying is shape up the attitude because when it starts to become solely about money you will be weeded out quickly.
If all you're asking about is the money, then you really don't get it. The world of high finance inherently includes good pay relative to most other professions. The people that are in it do it for other reasons: some good, some sad, some outright strange. That's great that you think you know what you want to do, but you're setting yourself up to become one of those cog-types: the kind who tweak and tailor their resume with fancy names and BS, never learning anything, but just getting by enough that the crap they spew to people is believable.
Briefly: think about what you want, perhaps come off as a little more intelligent, start talking with every alumni you can possible get in contact with, and shaddap.
The top 25 percent of the MD's will ever see 3million plus. The average md takes home 1-2 million on average, the really good ones will ever see anything north of 5 million.
25 million a year is extremely rare. Ceo's at fortune 500 companies dont even make that except for a few. You can make that much if ur one of the best traders or as a top money manager, again extremely rare but it can be done.
You're all forgetting that top traders can be MDs too...
Lets cut this kid a little slack. He basically wants to make some coin and admits he doesn't really know much. I am sure the amounts bankers make is something we all didn't know at one point and wanted to ask.
tbroker, is it 'easy' to get 400k to 800k a year.. I would be darn happy to get that amount when I'm 35.. what does it take to get 500-600k a year?
What does easy mean? You have to dedicate your life to making it, is that easy? If so then yes. If not then no.
By my calculations you can find when you make $500-600K a year, which puts you at the very end of your associate gig and the very beginning of your VP gig, therefore 7 years.
Given the current market conditions:
Join top 5 consultancy during the analyst years
or
Join 2nd tier commercial bank 's IBD durings analyst years and lateral later
Thriving, just keep in mind that being an MD is not out of reach and u dont have to be a rocket scientist to become one. As in any job or profession, the cream will rise(most of the time).
just remember, it will be 90 hr work weeks and lots of traveling for an unforseable number of years, IBanking is like a weeding out process as years go by, people get terminated, quit, layed off as in any other job and a small number of usually very dedicated people become MD. Once u 'make it' there is NO guarentee of making millions continuously year after year. In other words dont just do this solely for the dough even though its a huge factor.You will make a few mil a year in normal times if all goes well, but remember u also live only once so it better be something u really want cuz u will eat,sleep,shit and breath banking.Go 4 it but dont give up ur youth chasing after money. what good is it being 55 and having millions if u turn out being alone and miserable, which happens more than anyone will admit to.Im not saying for u to go out and become a loser, all im saying is that enjoy the journey of life, im just offering some brotherly advice, take it or leave it, thats 4 u to decide, good luck in ur endeavors
Well many people to suggest that the become MD is easy. But without the knowledge and intelligent we cannot become MD. The education is main important to become MD. The post graduation is necessary to become a MD. You read all the articles about the becoming MD. Search in the net.
rose76
http://www.mydebtconsolidation.name
It is a tough road to become MD. To make at least $5 million a year in IBD you either have to be a very senior MD, group head, or Head of the Americas/Global Head (S&T). The MDs that make $5 million a year are most certainly extremely talented, intelligent and hardworking individuals who more than likely have shown enormous dedication to their careers.
If you are looking to make at least $25 million per year, try to become a Vice-Chairman or CEO of an Investment Bank, a star trader at an ibank, rockstar portfolio manager or be the star at, or founder of a hedge fund.
Remember also that more senior positions have more performance-based compensation, and that when an MD makes a large bonus one year, (s)he may be wiping out value for the next year (consider that exploiting market inefficiencies necessarily increases efficiency, or conversely, that MD pay is highly correlated with the market, perhaps oppositely so in restructuring). Remember too that MD isn't a single hierarchical level; there are senior MDs, partners - heck, even the COO of an investment bank can be an MD.
As others have pointed out, don't get too ahead of yourself. Analysts and associates have a very different job from even "junior bankers" (which I use to describe, say, rising VPs). I was told of VP who transferred to a different department as an analyst, and he often made the mistake of focusing on VP-related responsibilities to the detriment of his job as an analyst. Point is, just take it one step at a time.
http://ibankinglife.blogspot.com
Most Managing Directors make anywhere between $1-2.75 million
Very few MDs make over $3 million per year and an even smaller amount make $5 million or more.
The Trader monthly post should clarify any compensation questions. The only Managing Directors that make in the $5 million range and above for sales & trading are Managing Directors of commodities trading. Even then, when you look at their compensation change compared to the previous year, the commodities Managing Directors weren't making as much.
All other people making $5 million and above are either Head of the Americas or Global Heads of trading desks...certainly an extremely senior title of which most will not ascend to.
Just work hard and hope for the best.
So...is that the case even today?
Please tell me you're being sarcastic?
So...how was Duke?
Confused: How to become MD or VP? (Originally Posted: 03/07/2007)
I am just a freshman in college, so dont bash on my ignorance.
ok... it seems like you do ibanking for 2 years, and after that run the hell away with your money.
So how do you guys become MD or VP. Do you go into private equity or whatever after your 2 year ibanking stint, and then come back to ibanking applying as a VP or MD?
Or do you actually have to work at the place for like 10 years and slowly progress up.
Because, if its the second way, i might as well kiss that goal goodbye, considering noone here can stand their job for 2 years, let alone lose all social life for eternity.
Thanks.
Its more or less working for 10yrs and progressing upward(and getting an MBA).
What's wrong with a proper career - look up the bios of the top bankers (hard to do for BB but all the boutiques post bios of partners) - they all got there from 10-15 yrs working at the same place. Tried and true, nothing wrong with that
I understand in the end its really good rewards... but at the same time do you want to give up one of the best 15 years of your life slaved behind a desk taking shit from other people nonstop.
2 years should be enough. After that you should be getting laid and hammered. and enjoy shit with other friends.
Well, what career will enable you to do that? You will run out of money pretty quickly
Sounds like it may not be the career for you, then.
Those are the sacrifices people choose to make for money. It's upto you, time to enjoy your youth or money to enjoy your middle years. Most analysts do 2 or 3 years, the good ones get into PE if they want, they then go to B-School and try to get back into PE or Banking. Some others do 3 years as analysts, are direct promotes as associates and become bankers for life. Some others do 2 or 3 years of banking, go to b-school, come back as associates and become b4l's. The rest change fields after two years.
All in all, I feel like if you join a Bank at 22 as an analyst with the intention of becoming an MD, and are directly promoted to associate, then you will become a VP at 29/30 but will have practically no life during those years. Then you will become an MD at 34-35 and will hopefully in a position to retire at in your mid-40's. Add a couple of years for those B4L's that choose to go to B-School obviously.
So basically:
22-25: 100-120 hour work weeks 25-29/30: 80-100 hour work weeks 30-35: 60 hour work week ? (not too sure about this figure)
Not too sure if I wrote that out for you or for myself :)
Associates work 80hrs a week?....I'm pretty sure you can have a life on 80hrs/wk, im not going to say its easy but with proper time management skills its definately possible.
why dont one get good grades in years 1 and 2....then get an internship...then land at a BB then get an offer...then complete at least 18 months as an analyst....maybe you can decide whats important to you....just deal with the decisions when the time comes....im pretty sure no one wishes when they were 6 or 18 to be a career banker...but some ppl just fall in love with the lifestyle and job after a while
Noone falls in love with the lifestyle, once you become an associate, the potential payoffs of being a career banker versus starting out doing something else at that age make it a near certainty that associates will choose to be B4Ls.
You really have to decide whether you like doing this kind of stuff, I've spent two summers in Banking and I'll be honest, I'm pretty sure I don't want to do it for more than 2 years. I'm out at 23/24.
Once you reach the associate level (post or pre-MBA) people have the intention of banking for life. Very few people become associates and leave willingly (unless they hate it or have better opportunities). In terms of hours, as bad as they are, people get used to it. At the non-analyst level, its more about responsibility than it is about hours.
what are B4Ls?
B4L = BFL = Banker For Life.
How many IBs become MDs? (Originally Posted: 11/23/2012)
How many Associates become VPs and how many VPs survive to become Senior VPs and MDs?
Where do the ones who exit go to and why do they exit?
Is it true that as the associate and VP level you have the technical skills and at the SVP and MD stage, you need to execute by bringing in business?
Bankerella (username) has written posts about this, search it up
Thanks Saxman. I did find the post by Bankerella. Wow only 1% of Bankers end up becoming MDs. Is it really an up or out culture? Can one chose to stay as a VP for long if they want to and are not able to go up to a Senior VP or MD level?
Becoming an MD? (Originally Posted: 04/23/2013)
So, for people in the know, how often to people stick it out in IB and become an MD? There's good money high up and I'm curious if is more of a time based thing, you know, Analyst for 3, Associate for 3.5 etc. Any comments?
Not often. Less than 3% I would say.
It's pretty rare, mainly because of the hours, but also, if you think about it, because people don't want to do the same thing their entire career, no matter what job/industry.
I talked to a CS MD, he was the only one who stuck around out of his 100+ analyst class
about 2%
If you're talking about moving up all the way from analyst to MD with no MBA the percentage is incredibly tiny since something like 90% of analysts either voluntarily leave to do something else after their 2-3 year stint or do not get offered the 3rd year analyst/associate promotion. If you want to talk about how many first year associates eventually get to MD the percentage is probably well under 10%. Many people get fed up with the work/hours and jump ship for the buy side or a lower paying but easier job along the way. Many associates underperform and don't get to VP. Many solid VPs and associates get laid off during downturns and can't lateral that late into their career so they do something else. Most VPs are not able to drum up enough business and bring in clients well enough to make MD. The percentage of associates who get to MD is less than 5% for the combined voluntary and involuntary churn.
The interesting statistic would be how many start off as (analysts, associates, VP's) and end up as MD's. I'm wondering if the more successful MD's come from a 'random' background first and join banking later on in their lives (which seems to be a common trend I see on LinkedIn)?
What about S&T? Is it radically different? It seems like more people hang out until they make MD, but I could be wrong.
100% of the MDs that I know have not been an IB analyst
Just for a slightly different perspective, out of my group of ~7 MDs, 3 were analysts and another was an associate. The others came from corporate or law at a higher level
This is actually pretty interesting. Where did they come from?
Same with you, 3 out of 7 guy
One of my schools alums, who is an MD at GS, started at GS as an analyst, after two years, went to HBS for MBA, came back to GS as an Associate, then VP, now he is an MD.
That's some serious fucking dedication to a job that takes 90+ hours a week.
It really does seem to me that people only care about being an analyst for exit ops. Maybe it's just getting my info from this forum, but all I ever hear is buy side. Don't get me wrong, the hours blow in IB, but it seems like a pretty decent carrot that they hang in front of you taunting you with (much) more pay and less hours as you move up. Traveling often to meet clients can get old, but it seems like it'd be a nice change from all that time you spent in the office.
Becoming MD (Originally Posted: 04/11/2007)
What are the odds of somebody joining banking as an analyst/associate knowing that they want to stay in banking and become an MD? Disregard the people that do banking for a few years and move on.
I was wondering the same thing. If you start off thinking that your goal after 3 years is not PE but a direct to associate promotion, then what are the chances of you making an MD?
Your odds of reaching MD are not very high even if you intend to continue doing ibanking as your career and disregard all those that just do banking for a few years and move on.
Right now most people do banking for the exit opps. With that being said there are still not very many MDs. I'd say your odds are in the 10% range.
Remember to reach Managing Director and to be able to make $1.5 - 3 million a year in total compensation is not easy. If it was then everyone on Wall Street would be multimillionaires living in mansions, driving exotic cars, etc...
becoming an MD really has nothing to do with odds or chance.
it is purely based on your performance. if you are excellent at what you do (generating revenue), you will become an MD, nothing will hold you back.
having said that, it is very hard to excel in this business and there is a high-burn out rate.
Also just for the record, at most BBs you will be very hard pressed to find any MD that does not have some sort of elite degree either coming from an ivy or target undergraduate school or a top 10 MBA program.
The cream rises to the top. You will find most Managing Directors have at least one elite degree.
Dude, you need to shut the fuck up. A few days ago you were asking the dumbest questions; now you're going on and on about exactly how tough it is to make MD. You have no idea what you're talking about, but you're trying to sound like you do. Not to mention you have written more than anybody else on this thread while contributing less than anybody else.
People here are not that desperate for answers. There are posters on here who actually work on wall street; let them answer.
Amount of bullshit people feed each other here is ridiculous.
Depends how much you want it and how long you will stick it out for. tooo many new analysts are looking for results overnight. It can take some years but if you can learn the business and prove your worth it is possible.
Whats up with everyone wanting to join PE all of a sudden. In PE only a few will make it to the top otherwise it pays similar to banking.
as far as i know, i think hours in PE shops are better than banking..but i may be wrong..
Does anyone else believe that this number is a little low? To be totally honest I don't know many established MDs making only 1.5mil a year. In fact I would be hard pressed to find an MD making only 3mil.
The average annual total compensation for Managing Directors at Bulge Bracket banks is between $1.5-3 million.
The average pay for group heads is between $3-4 million per year.
See these links below for further references. I had posted one earlier and someone had said that they agree these numbers are in line.
http://www.nypost.com/seven/12112006/photos/biz037a.jpg
http://tickersense.typepad.com/ticker_sense/2005/11/goldman_sachs_b.html
http://www.nytimes.com/2006/11/07/business/07wall.html?ex=1320555600&en…
http://www.businessweek.com/1999/99_44/b3653005.htm
I think it is fairly safe to say that your average MD at a top Bulge Bracket bank makes between $1.5-3 million per year.
Is it only PE? Also check this out for group heads it says you can make up to 70 as group head:
http://www.careers-in-finance.com/ibsal.htm
Someone had a post that had senior associate at PE made up to 4mil +$238...this just does not make sense to me. how can a younge buck out of MBA make more than an MD. Can someone please explain. Am I missing something.
Jamba your references do support your claim. I apologize for my original doubts. I must simply know “rainmakers†as it appears some of my higher level contacts bring home substantially more than the average MDs.
California you know some of these "rainmakers"? I highly suggest you contact them and network with them because they have some huge pull and power within the firm.
$1.5 - 3 million per year is certainly a pretty damn good salary that will allow you to live a very good lifestyle.
A lot of these figures include numbers for guys working in trading and not just flow trading but prop trading. Most respectable banks have a small amount of guys in prop nailing 50 to 50 mm in a good year.
flow desks can make plenty too, much more than prop.
Can a lousy analyst become a rain-making MD? (Originally Posted: 03/17/2011)
A recent post mentioned that even if you're a lousy analyst, you might make a great MD.
Is this really possible? If so, what would be the career path?
Analyst = number crunching slave MD = salesman
Totally possible. I know lots of MDs who probably were average analysts, and lots of stellar analysts who would make terrible MDs. As UFOinsider said, it's really a totally different job. Now is also an interesting time, because the guys that are sitting in the corner offices as MDs today often rose to the top in a different Wall Street environment that didn't value the same gold plated educations and mindless excel cranking that's important today. I'd be willing to bet that the MDs of 20 years from now are a totally different type of folks than the guys that rule the roost today.
I spoke with an MD the other day and asked what the key to his longevity was or for anyone else who has made it to that point. He said it was his "street smarts" (common sense if you will) and his own brute mental self-discipiline. Basically, he values those two things above everything else regardless of what one's background may be.
So CaptK, I just wanted to ask (given that MDs today rose in a different Wall Street environment) in what ways will MDs of 20 years from now be different? Perhaps more narcissistic/prestige whores...
They'll be dorkier...way too many people with good street smarts not getting in because of a preference for number crunching slaves. So, that makes for a lot of people with not the best skill set for being an MD, on a career path headed for MD...
^ Funny you say this. During the interview for my first ER internship, the lead analyst said point blank, "I already have a bunch of guys that can crunch numbers, but I need someone who can network efficiently. I want someone who can go in, build a relationship and get information," and I got the offer because I bartended for almost a decade. Granted, the quantitative jobs REQUIRE highly developed technical skills and I think that many CEOs probably had no ability to understand some of the products that caused the recession.
I like to point out the fact that the Carlyle Group was founded by political types who bring on the analysts to do their number crunching....much like I hire an accountant to do my taxes.
People (esp. the smart ones) learn and grow. True there are salesmen and there are salesmen. To some it comes naturally, and for some they have to work on an approach that works for them. Not all good MDs I have met are natural charmers - they are hard working, smart and know their shit. As an anecdote, I am very good friends with a guy who has MD offers from a non BB, but is sticking to a D position at the BB he is in and will make MD next year - he said he was a nerd, a number cruncher, but over time and esp. in the last 3 years has developed into his current role and has gradually become better at it. And going by his bonus number and the job offers he keeps getting, he probably knows what he is talking about
So basically you have to be strong at sales to be a successful MD?
you are the salesman and the after sales service rolled into one. In short, you have to know your shit as well. if the analyst is running numbrs, you still need to have the feel for numbers. And know how to strategise (it is an under appreciated skill)
probably with enough work experience.
yes...sometimes the mediocre analysts are the best MDs because they know how to talk the talk to work their way out of bad situations (aka have assignments dropped off on your desk at 6 PM friday night)
How do I become an MD? (Originally Posted: 08/10/2011)
So I was having a conversation with some bankers and they said you have to be fucking crazy.
Do you know any normal MD's? Or are they all fucking crazy.
I'm a dude with long hair. Would I be able to be an MD?
You have to make it rain
Ive worked closely with a handful of MDs and heads of divisions over the years and they all seem relatively normal both from a professional perspective and a personal perspective (spending time outside of the office). Most are very down to earth, very outgoing, self-deprecating, etc. Exactly the opposite of what I expected before joining the industry. My perspective could be partially skewed by the fact that I have been in a client role for the past number of years but it is hard to fake who you are when you work closely with someone over a number of years.
There are at least 2 MDs that I work with that are overly persistent, annoying, pompous, etc. Their saving grace is that they are also charismatic and good at what they do.
Most people and especially Type A highly driven people are "crazy" some just hide it better than others.
.
Thanks for the input. Do you mid sharing what region or city? I would imagine the midwest and westcoast are generally more relaxed then New York*
My experience is based on NYC only
First, you are going to want to clarify whether you would like to work on the sell side for a few years or pursue a career in investment banking. The skills that you will need to get started in investment banking are different than those that you will need to have a long and successful career in investment banking. The role in investment banking transforms from one that is research, financial modeling & valuation based into one focused on origination and facilitating the M&A process. M&A (Mergers & Acquisitions) is the core product of investment banking, and the other products, advisory & capital-raising, simply support this. In short, WSO, WSP, and IBI are good for getting the financial modeling & valuation side of things, but if you are interested in reaching VP level and above I would check out IBU which focuses on M&A origination, coverage, mandate/target matching and deal structuring.
Best, Michael Herlache MBA VP, M&A
Is it reasonable to go into this industry with the expectation of becoming an MD or Group Head? (Originally Posted: 07/16/2007)
Although obviously most people stall out at the V.P. level or below (if they leave or just aren't that good, or don't want to rise up for family reasons etc...) would it be reasonable for people to go into the industry fully expecting to becoming an MD or Group Head considering the number of people that leave the industry after their 2 year analyst gig?
We all know majority of the people don't come into iBanking for the long haul entire career deal, which explains all the Private Equity, Hedge Fund and Venture Capital dreamers on here constantly asking about exit opps after their analyst stint comes to an end.
People say you can make MD without much hassle if you decide that iBanking is what you want to do for the rest of your career.
Anybody care to comment or analyze?
it is very very tough to get to that level, I wouldn't bank on it..unless you are truly exceptional.
One thing many people forget about is that the role of an MD is much different than an analyst. The best analyst might be able to quickly build financial models, write offering memos, and meticulously assembly pitch books. An MD is more of a relationship manager and a salesperson. Essentially the job goes from being very analytical to something that relies much more on soft skills. You might think you are very likable, but there are probably eight other BB banks out there with possibly even more likable people pitching the same deals. MDs need to bring in their own business, whereas analysts, associates, and maybe even VPs just have it fed to them. This great difference in responsibilities suggests that while one should always aim for the top, simply assuming they can reach this level of success just by sticking around remains greatly misguided.
I think you'll find that quite often, some of the most successful MD's within a firm are usually people who may have never "planned" to attain their MD status early within their careers. Sometimes being too fixated on a goal that's further on the horizon, can drive it further away. Focus on being the best all around analyst you can be. The Associate level is next. Not MD.
I agree with everything posted above and would add that a lot of it depends on the market. And secondly being a group head is a really big deal and very far from automatic, even for MDs.
To rise up to be a Managing Director in Trading, what qualifications are needed? (Originally Posted: 07/20/2012)
I noticed that in M&A or deal making in IB, most Managing Directors have MBAs. How about for the trading side?
They probably just have MBAs because the guys who come in pre-MBA (analysts) all go to the buyside instead
so people with MBA dun go to the buyside???
Make lots and lots of money
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