Career options in finance

Alright, so I am interested in finance as a career and was wondering what the options of jobs out there are? I know the obvious, become an investment banker, I am not totally sold on the awful long hours though. What are some realistic opportunities for jobs in the finance sector. I'm all ears. If you want to try to get me to understand some more reasons to become an investment banker then go ahead. Thanks!

 

Dude - there is a lot of information on this board. You can do sales. Like sell stocks, bonds, fx, hedge funds, pe funds, mutual funds, other products. You can also be a trader, so like trade the above. You can also do like internal finance or internal strategy consulting within finance. You can be a reseacher and research said stocks bonds, etc.

Take a good look around and you should find plenty of information.

Good Luck

I used to do Asia-Pacific PE (kind of like FoF). Now I do something else but happy to try and answer questions on that stuff.
 

I've looked into it, but I'm getting a B in friggin intro financial accounting (this is before the curve, but I doubt the curve will be enough to get me an A- or A), so I'm not sure how good I am at accounting. I really enjoy accounting though, so I'm considering it majoring in it anyway, but I'd still like to be in high finance if possible. I wouldn't mind being in the audit department at a Goldman or something like that

Non-target person with high finance dreams
 
brick:
Financial Accounting is a weed out class in my school. If its the same case in yours, I'd not give up all hopes right away for merely a B/B+.

Yeah but still. If I want to do well, I have to be one of the best in the weed out classes when it's supposed to be the toughest since that is the makings of a true champion in my mind (sorry for the sports-esque metaphor, but you get my drift). If I want to be the best, I have to step it up and excel when there is adversity and not just use the fact that the class is a weed out as an excuse for not doing well.

I do still have a final though, and I'm somewhat confident that I did decently above the average, so who knows, maybe I can turn it around, but accounting definitely hasn't been as easy as I thought it would be even coming from a science/math background. Finance has been quite straightforward though for some reason...

Non-target person with high finance dreams
 

F* the pedigree bullsh*t. There are tons of people that made their mark on society without having a proper "family crest." If you think you've got talent, then do yourself a favor and start paddling. You can't plan out every single thing in life; you're not some epic novel. Of course you need goals, but you've got to learn how to live with the current. Rant done.

Now back on topic: If you can't make it in the bulge brackets, then be contrarian and find another place. Whats so bad about corporate finance? If done right you could be an executive someday. The doorway is clogged when trying to get into the "best" place; why don't you blindside them and help grow an overlooked company.

 
juklano:
F* the pedigree bullsh*t. There are tons of people that made their mark on society without having a proper "family crest." If you think you've got talent, then do yourself a favor and start paddling. You can't plan out every single thing in life; you're not some epic novel. Of course you need goals, but you've got to learn how to live with the current. Rant done.

Now back on topic: If you can't make it in the bulge brackets, then be contrarian and find another place. Whats so bad about corporate finance? If done right you could be an executive someday. The doorway is clogged when trying to get into the "best" place; why don't you blindside them and help grow an overlooked company.

First off, I'm sorry that I annoyed you/caused you to rant. I'm just really worried about my future, and I know how hard it is to get into banking even if you go to the target. Since I'm not at a target, I know that while it's possible, I'm clearly on the outside looking in and that I should look for something else in case that doesn't work out.

With that said, I'm not looking down upon corporate finance (if by that you mean being a financial analyst of a F500 or something) or any other career in finance. While I have dreams of being in high finance/living the fast life, I want to be involved in business however I can because I enjoy it, so that's why I'm wondering what else is out there. I think commercial banking (credit analyst more specifically) would be interesting, as well as coporate finance (although I heard a CPA is great for moving up the ladder in corporate finance), but what else is out there that are more readily available for someone in my position?

Non-target person with high finance dreams
 

Ovechkin: I actually did well in calc (I got an A in integral without going to class and just going to a couple of discussions before the test). I like math, but I'm not sure how good I'd be beyond integral. I'm not good at proofs and ish like that. I do like stats though.

Yact_man: ....not sure if serious

1styearbanker: Yeah, I don't think I'd mind operations. If I understand correctly, ops is more like accounting (i.e. internal audit/managing processes within the firm) and not supply chain management correct? But yeah, I don't mind, as long as there is some chance to either have a good career or there are good exit opps.

Brick: Yeah, I'm not the smartest guy around, which will probably hurt me at some point, but we're not talking about quantitative finance at Blackstone or something that PHDs from the best institutions handle here. This is financial accounting at a state school. If I'm really meant to be in i-banking, I should be able to get through something this elementary through sheer hard work/effort.

Juklano: That definitely sounds like something right up my alley. What GPAs/work experience does a program that prestigious generally require? Are there other programs similar to it for other companies, or is this the only one that's worth it?

Non-target person with high finance dreams
 

Def. not as competitive as an entry level position at an IB or PE, but you do want to put your best foot forward. Get internships, get involved in clubs, and focus on your highest gpa.

The FMP program is hired out of undergrad and from then on, their focus is to retain you. Auditing is done at every company, but GE CAS is used as a catapult internally. As far as I know, this is the only one like it.

 
juklano:
Def. not as competitive as an entry level position at an IB or PE, but you do want to put your best foot forward. Get internships, get involved in clubs, and focus on your highest gpa.

The FMP program is hired out of undergrad and from then on, their focus is to retain you. Auditing is done at every company, but GE CAS is used as a catapult internally. As far as I know, this is the only one like it.

Alright, I'll look into FMP, but does anyone have a comment about other things? What about commercial banking, I've heard of something called corporate banking, corporate finance in-house at F500s? Anyone know anything about those? I've tried checking vault, but most of that requires a subscription to get any info, and google is basically dedicated towards i-banking and management consulting. So any info on that stuff would be great.

Non-target person with high finance dreams
 

In regards to GE, do they only take business majors? It sounds like a good gig (assuming the exit opportunities are as solid as you guys say), but I didn't major in business (I majored in econ, minored in math, currently a grad student in econ) and am wondering if they'd take someone like me.

To the OP, I've been asking a similar question lately: If someone can't get a desirable finance job immediately after graduation, how do they set themselves up to be competitive for that job a few years after graduation? Unfortunately, I don't get many answers, so I'm assuming the people on WSO don't know how it's done. Don't take that to mean there isn't a way, just that people on here don't seem to know exactly how it's done. I'm not putting down the users of this forum, since they've helped me tremendously in the past month. Rather I'm saying that maybe they don't know because a lot of them are students, or maybe because a lot of them broke into finance right after graduation, or maybe it's a rare path so they don't know anyone who's done it, etc. I truly believe there has to be ways for us to get the jobs we desire (IB in your case, AM in mine). That doesn't mean you'll necessarily get to work at Bear Stearns, but I believe there has to be a way for you to break into IB at a small regional firm. I don't know exactly how you'll do it (since I'm largely in the same boat you are, that is, confused and seeking questions) but there has to be a way. What is the way? I don't know, but I'll take a couple stabs at it. First, you should try to get an internship. If that means you have to transfer schools, or live in another city for the summer, so be it. Second, begin trying to build a network early. The more people you know in the industry, the more likely you are to get a job. Third, find out what less competitive jobs will give you the chance at breaking in a few years after graduation, in case you can't find a job right away. There has to be jobs that are useful for a career in IB. There have to be cases in which IBs take analysts who already worked for a few years and let them start at the same position and pay as people fresh out of school. There has to be cases where 2-3 years of experience in accounting, finance, or valuation put you in the same pile as people from targets.

 
econ:
In regards to GE, do they only take business majors? It sounds like a good gig (assuming the exit opportunities are as solid as you guys say), but I didn't major in business (I majored in econ, minored in math, currently a grad student in econ) and am wondering if they'd take someone like me.

To the OP, I've been asking a similar question lately: If someone can't get a desirable finance job immediately after graduation, how do they set themselves up to be competitive for that job a few years after graduation? Unfortunately, I don't get many answers, so I'm assuming the people on WSO don't know how it's done. Don't take that to mean there isn't a way, just that people on here don't seem to know exactly how it's done. I'm not putting down the users of this forum, since they've helped me tremendously in the past month. Rather I'm saying that maybe they don't know because a lot of them are students, or maybe because a lot of them broke into finance right after graduation, or maybe it's a rare path so they don't know anyone who's done it, etc. I truly believe there has to be ways for us to get the jobs we desire (IB in your case, AM in mine). That doesn't mean you'll necessarily get to work at Bear Stearns, but I believe there has to be a way for you to break into IB at a small regional firm. I don't know exactly how you'll do it (since I'm largely in the same boat you are, that is, confused and seeking questions) but there has to be a way. What is the way? I don't know, but I'll take a couple stabs at it. First, you should try to get an internship. If that means you have to transfer schools, or live in another city for the summer, so be it. Second, begin trying to build a network early. The more people you know in the industry, the more likely you are to get a job. Third, find out what less competitive jobs will give you the chance at breaking in a few years after graduation, in case you can't find a job right away. There has to be jobs that are useful for a career in IB. There have to be cases in which IBs take analysts who already worked for a few years and let them start at the same position and pay as people fresh out of school. There has to be cases where 2-3 years of experience in accounting, finance, or valuation put you in the same pile as people from targets.

Sorry about the lengthy post.....worth reading for non targets and please disregard spelling errors, its getting late.....

I've been following this site for a while now and it has helped me tremendously throughout the years. There is a lot of great info, as many are more than willing to help out if you're sincere about it. When I read your post, I felt my experiences could benefit you, so take it with a grain of salt.....

I graduated from a no name, non-target university amidst obviously a terrible job market. Believe me when I say this, "wall street" firms weren't recruiting at my school. My network was non existent (didn't have family, friends, neighbors, etc whom are VPs/MD at firms). I too got a B in financial accounting, but that didn't stop me from graduating with a Finance degree with a 3.9+ gpa. Yes, grades are important, but its not the end of the world. Sometimes, you must make the most of your opportunities. My advice.....BUILD YOUR NETWORK....here is how:

  1. Join a fraternity - first and foremost, it's a good time. Second, don't forget about the alumni network. I found that most of my fraternity's alumni were quite successful in their fields and more than willing to help out. First, identify them (attend alumni golf outings, linkedin, etc) then reach out. If you have a number, call them and leave a vm. "I'm so and so, graduating in so and so and looking for career advice and to learn about your career, etc." You can send an email, but ONLY if you don't have a phone #. You'll find that successful people will appreciate persistence because they've probably been in your shoes, they'll give you a shot. I ended up having lunch with several alumni, whom reviewed my resume, offered advice, and provided other contacts to reach out to.

  2. In school, focus on your studies, but also be very active on campus. You can join a finance/investment club, habitat for humanity, whatever, just join and strive for a leadership position. As for myself, i joined the finance club and a group that managed a part of the school's money....I learned a lot, but also met alumni in IM/PWM and various other fields. Sure bet, go ahead and contact them for advice as well.

  3. Professors - When alumni come to campus to recruit or if there is an opening, they often ask professors for referrals. Identify those professors connected to alumni or those with previous industry experience and build a relationship. If you have a good reputation, perhaps your name will get passed along.

  4. Internships - Start early, try to focus on fields you're interested in or want to test out. I started in real estate, then commercial banking of a F30 company. Great experience, leadership opportunities, great recommendations, but learned that commercial banking was not what I wanted to do and decided not to go full time upon graduation. The experience gave me something to talk about during future interviews...

  5. Prep for interviews - I'd highly encourage purchasing the WSO guides on interviews, both behavioral and technical. Good investment if your career center isn't up to par.

  6. Get CREATIVE in building your network - I felt I had done everything in my power to help my cause, including studying for CFA level 1 but unfortunately it wasn't enough. After graduating, I decided to get creative. On the internet, I found an unpaid opportunity for a political campaign. The candidate was a top 10 MBA, I figured if I busted my a$$ it could lead into a networking opportunity. It did and I ended up working as an interim strategy analyst at a consulting firm. Keep in mind, it wasn't at MBB, but you got to remember that it doesn't have to be. I did not have an interest in consulting, but figured itd be a great learning experience, a resume builder, and an opportunity to network. It was, my manager was able to open up his network.....Nearly 6 months post graduation... countless HR hiring freeze stories, no offers, not enough experience, etc, an opportunity did fall in my lap...

The general theme I'm trying to convey is that the process is a numbers game. Of course, id be nice to come out of H/W/S and work at GS, but you can't dwell on the past. Make the most of your opportunities and pursue your "ideal" finance job. You can always give other fields a try... rotational programs at F500, commercial banks, RE, consulting, bus devp....if you aspire to IB/S&T/Corp Finance/Consulting, you can always go get your MBA, CFA and transition later on.

"Our greatest glory is not in never falling, but in rising every time we fall."

 

Definitely work your alumni to start networking. http://managementconsulted.com/core-content/ Scroll down to networking basics and you'll find a podcast for part1-2

Focus on boutique IBs basically anything other than the brand names. Use this: http://www.linkedin.com/directory/companies/

  1. You can try cold calling to find an internship, but I started doing this in September and the best response I received was "Call back in April for summer internships." Sometimes they just don't have a position or they are so small that they can't take any in. I am aiming for asset management too, but I'm really focused on finding a value-oriented firm. I'm in Chicago and there are only a handful here that truly do it. For me this is both good and bad: good in that they don't have formal recruiting so I could keep trying without having too much competition; bad in that they could be very selective and hire only experienced folks.

  2. This winter, I'm shifting focus and will start to network with alumn. I'm using the school's alumni mentor network program first. Then I will shift to random people who I found on google. For this, I am going out of my "target" firms and casting the net to even institutional brokerage firms- just anything that will expose me to finance. (I'm planning on taking an msc in finance after senior year, so I don't have to stress out as much on getting the "perfect entry-level job." )

  3. Take some type of finance internship anywhere. This is so that you will have something to put on your resume and something to talk about in your interview.

 

Not sure what is funny MonkeyKingdom, Cornelius is right. Generally, the Investment Management division of a BB is broken into two groups- PWM and Asset Management. The asset management division houses the firm's hedge funds, mutual funds, PE funds, etc.

 

If you want do job in the financial field and get want a better internship in this field so you can join any best consulting firms, institutes and company. You can search on the internet and direct meet with them.

 

Yea, a really great career path in finance is: Operations.

You analyze cash flow between big financial counter-parties, you key in highly critical data, you don't have to work 100hours a week, and you get lots of praise without lots of pressure, and decent job security.

The job listings should say Operations somewhere in the title or early in the job description.

 
ranjan:
Can any one suggest me a good career in finance ?

Actually recently i completing my B.com And MBA is too expensive . can any one suggest me any new courses with all the reliant details

waiting for response...!!!

Thank You Ranjan

 

I agree with Deepak, CMA(IMA, USA) is a time saver, globally accepted professional management accounting certificate and gives real value of investment than other 4.5 & 5.5 years CA or MBAs, simple on-line test make it easy to get from any part of the country.

 

As I am also interested in the options available perhaps we could list entry level positions (post undergrad), as well as post MBA,and what the career paths intail.

 

hedge fund jobs can be hit or miss. There are some great quant funds out there but there are plenty of crap ones, and even great ones can blow up in any given bad year. So the $ is not consistent or reliable, and also they're not usually looking for entry-level applicants. If you have an advanced mathematical degree you could get a job on a derivatives desk, and then you'd make big bucks with low hours. If you have a bachelors in math, you might be able to become a high school math teacher....

 

I have had people recruited from my campus working now at UBS as quants with Undergraduate Math Degrees (Actuarial Science if you really want to get specific).

Its true that you do need masters (or technically the employers 'prefer' masters) but from what I know from some of the people in the industry working as quants, undergrad math degree gives you sufficient skills to do the work they are actually doing right now.

 

Aut totam eos dolore exercitationem. Omnis vero libero maiores asperiores eos velit.

Aliquid ea quae at fuga rerum nobis. Vitae illo placeat aut consequatur accusamus.

Animi aperiam sit ipsam reiciendis. Blanditiis pariatur reprehenderit nihil aut alias nobis. Eaque et alias et sit voluptates eum est. Quia molestias sint voluptatem illo. Voluptatem aliquam aut nesciunt illum nostrum saepe et ipsum.

 

Pariatur consequuntur et doloremque at ad aut ut. Veritatis vitae illo voluptatum eos dolor. Temporibus nemo veniam velit dignissimos qui.

Ad eius beatae ab perspiciatis. Eveniet maiores molestiae neque. Neque commodi suscipit sit esse. Nisi ut dolores vitae harum blanditiis debitis iusto consequatur. Accusamus corrupti aliquam soluta eum nostrum enim. A in inventore aliquam voluptatum iusto et maxime.

 

Repellat sunt et amet officia veritatis harum adipisci error. Nisi voluptatem aut autem rerum.

Officia ea rerum blanditiis eaque. Quod libero velit nam assumenda soluta cum unde alias. Cupiditate consequatur quis modi magni. Nisi fugiat cumque soluta nihil. Laudantium repellendus voluptatem id hic vel quae. Inventore voluptatem dignissimos minus.

Dolorem dolorem et voluptate eos expedita culpa aut. Unde cumque in aspernatur dolores non nobis. Voluptatem et aperiam qui qui.

Accusantium beatae accusamus enim esse. Deleniti fuga aut eligendi et. Ea cum nemo blanditiis saepe et omnis. Eius in rerum ducimus nemo recusandae. Vel reiciendis est ut eum sunt aut. Magnam vel inventore dolor nobis voluptate.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Betsy Massar's picture
Betsy Massar
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Secyh62's picture
Secyh62
99.0
5
dosk17's picture
dosk17
98.9
6
DrApeman's picture
DrApeman
98.9
7
GameTheory's picture
GameTheory
98.9
8
kanon's picture
kanon
98.9
9
CompBanker's picture
CompBanker
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”