Should I switch my major?
Bear Stearns is no more. Lehman Brothers went belly up(although Barclays bought their Capital Markets unit). Now Morgan Stanley is in merger talks with fucking Wachovia. I'm a sophomore finance major at a non-target with a decent gpa, a decent internship under my belt, and substantial leadership positions on campus. I've always wanted to be a trader for as long as I can remember. Prior to this debacle, I've always thought I had a decent shot at landing an internship with one of these banks but now I'm not even sure I'll be qualified to get a job with Wachovia when I graduate in 2011. Pols are quick to capitalize on any significant event for personal gain. Look at the opinion section of the WashingtonPost and the NYT, they're all calling this the end of the "investment banking model."
Coming from a non-target, it was already competitive enough now it seems even more compounded. Is this really the end or should I still stick with my major?
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go for it
You might want to think about it... finance major is a joke, and an engineering or a hardcore cs/math/physics degree will do you better for trading anyway. Plus you have something practical to fall back on in the case of engineering or cs...
what are you going to switch
what are you going to switch to? is there anything else that truly interests you?
everyones calling this an
everyones calling this an end to the 'independant' investment banking MODEL, not investment banking itself. The current crisis was not caused because people didnt want IBs, they just went too far and made bad decisons. Demand for ibankers will continue, and now that the IB/CB model comes into place, they will be more stable and less vulnerable to common economics problems. I think that by the time the banks cosolidate and the economy comes back on track, demand for ibankers may just be back to normal if not greater. When will the economy hit boom time again? I dunno (hopefully its 2012)
Personally, im double majoring in in finance and accounting, so I have something solid to fall back on.
Do what you enjoy. Can you
Do what you enjoy. Can you still become a trader- yes, of course. If you work hard and enjoy what you do, you'll be fine.
If you don't know much
If you don't know much quantitive methods/Math/Stat than make sure you know alot of accounting. Everyone knows finance. the finance is the easy fun part.
just fyi.