Ok guys, I need a serious reality check about pursuing a career in IB
Hi everyone. I am currently a high school student who is interested in pursuing IB. I just wanted some honest, realistic input regarding a potential career in IB. To be frank, I haven't looked too much into it as of yet, but I figure this forum would be a good kickstart to get me thinking on the right track.
One particular thing I'm wondering is this: how likely or easy is it, really, to get into IB and make millions? Looking around the internet there is a lot of information on how awesome IB, and many of them talk about how hard you have to work (such as putting in 80-100 weeks), but rarely (if ever) about how competitive this career really is. It's always portrayed that you'll just have to get an initial job as an analyst, just survive a couple of years of 80-100 hour work weeks, then you automatically move onto an associate, then so on and so forth until you get to be an MD. I just want an idea of how much competitive is it to get that first job? How many analysts actually make it to the associate stage? How many associates actually move up? And most of all, how many years does it take until you can make a good sum of money? How much guarantee is there? For every person that makes $250-500,000, how many IB keener with the same goals don't make it?
One of my relatives is an Ophthalmologist in Canada. He works in BC as an oculoplastic surgeon and billed OHIP for close to a mil last year. I reckon he took home 600k or so after overhead. Medicine is another career I'm considering. Competition for medical school is very fierce in Canada (only 5% of people get in). However, once you're IN medical school, you're pretty much guaranteed a good, secure living.
How many people pursuing investment banking can make it to a comparable level?
If you're doing it solely for the money, stop, save yourself the time and go find something else. Bankers don't make that much until the VP+ level (utilizing your $600k+ medical friend as a comparison) despite what you hear or read on the internet and TV. Do some more research if you want, but if you want to make money, find something you're good at and be the best in your area and money will come - just like your friend. Those who aim to make vast amounts of money usually never reach their goal and are miserable trying to reach it.
Okay, you're definitely beginning to gain the right kind of knowledge. However, you're also looking at this in a way that guarantees you'll encounter a gigantic moment of letdown, and very early on.
Getting into a career for the money is a good way to hate your life.
This a million times. Be honest with yourself about what you want and try reaching out to people to learn if their role matches the profile. IBD ain't exactly cakes and fucking rainbows. Life is a long and personal thing, do yourself a favor and think about yours.
Not if you have a wife, 3 kids, and 2 divorces behind you.
Your priority is clearly to make money. If so, DO NOT FUCKING BECOME A DOCTOR. Fierce competition is one thing, but think about the time and financial investment (not to mention being in fucking school through med school and residency, which is basically still med school v2.0).
Someone above said to not do finance if your sole interest is money, which is very understandable. But, this statement is far more applicable to medicine.
...and I'm not playing with you on this, I'm a former pre med guy who was honest with themself
Money is everything.
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