The Truth about Investment Banking
Hello everyone,
I'm currently a sophomore in high school. I know most of you are already going to say that I'm too young to even be posting on here, and I understand that completely. I've been snooping around on here reading posts for quite some time actually. This site has been very helpful in teaching me the ins and outs of investment banking. I just have a few questions that have been on my mind for some time.
I've wanted to be an investment banker since the seventh grade, and the reason for this decision wasn't because of the money or the prestige, it was simply because this job is never the same repetitive thing every day. Sure, you have extremely long hours for the first couple of years, but at least, there's always something different each day. The world of finance seems like it's always in motion, and that's exactly what gives me the drive and motivation. Today, though, my perspective has changed. My mother told me that Cooperate America is nothing more than a game in which people, "dangle a carrot above you all and sees who's going to jump the highest." She also claims that you can work your tail off for years on end, and then another individual with less qualification than you can move through the ranks faster than you. She believes it's all subjective, and my question to you all, is it true? Is it true that you are never guaranteed your job, and that you can get fired any given day? Can you go to college with hopes and dreams to go into investment banking, go through graduate school and triumph through all of the rigorous courses just to hopefully get accepted to a job that's guaranteed once you get it? I know my mother isn't a reliable source, but her statements did intrigue me. Basically, in a nutshell, all I am asking is that is it what you do that gets you the job or who you are? Is it the intelligence or what the interviewer thinks of you? I don't want to work so hard for something that can be derailed simply because they didn't like me. I want my education to show that I'm qualified, and I understand that personality is a factor, but I wouldn't want everything I try to achieve in life be subjective in the eyes of someone that may already have a predilection for something I have no control over, social-economic status, background, etc. To summarize, I just want to make it, and I'm willing to work hard to make it. But I have to know if you do make it, is it because you legitimately earned the job to become an investment banker, was it by chance, or was it because someone liked you and chose you over the people that may have been more qualified and worked their tails off for years? If there really is a way, what are some good advice or tips I should take in my journey?
I apologize in advance to anyway I could have or may have offended already. I'm simply just curious and wanted to learn from the best. This is my first post, so forgive me.
Thank you for everyone who even took the time to read this.
This job is repetitive. The numbers might be different, but it's the same shit. People who are great bankers are usually great salesmen. The kind of people that have an innate desire to sell. Of course you need to understand the fundamentals, and learn the technicals, but it's not rocket science. And the more senior positions obviously involve politics to some degree.
The only advice I can give you is to have a very open mindset. There is NO job that is perfect (aside from a desk govt job), just find something you can do that interests you to some degree, and allows room for growth. Not really going to bother answering other questions.
P.S- The interviewer is just as retarded as you are most of the time.
First, you are too young to worry about this, and I'm probably pretty close to your mother's age (I'm slightly over 40). Your mom's views are somewhat correct-there are definitely subjective thing that are out of your hands that will let you advance or not advance in any career, IB included. Someone senior (or interviewing you) likes you or the other person more. You may have something in common with a more senior person that gives you a common bond that will let you advance. Personality and likability counts. There are office politics that one person plays better than the other and the former advances more quickly. I think IB and finance are a little more meritocratic but those factors exist. And they exist in any field: finance, corporate, government, non-profit, everything. So it doesn't matter if you want to be in IB, tech, marketing in a Fortune 500 or a small mom and pop, a social worker or if you want to work your way up at a grocery store. The factors you have concerns about exist in any occupation.
My advice is to work your ass off to get the best grades and test scores possible, do the extracurriculars you need and like (it's not a bad idea to do things that actually interest you rather than only the things that will help you) that can get you into the best college possible. Have some fun in between. Get some personal interests beyond academics. Play sports. Make friends and learn how to relate to people. Go out with girls or boys or both, whatever your preference. Learn to code (important) and try to get some sales skills. And most importantly, to reiterate, get into the best college you possibly can. That will open up as many doors as possible.
Going back to your concerns about hitting a wall because someone may not like you, your background, have some predilection or whatever: it's not a binary path where you work your ass off for years and you have one rejection along the way and your entire career is gone. That happened in a lot of '80's movies but it's not real life. That includes when you're applying for college, interviewing for internships, first or second jobs, bschool, or talking to people about new positions when you have 20 years of experience. You build a career by first setting the base of getting into the best undergrad possible. Kicking ass there. Getting the internships along the way that will best position you for the career you want. And that doesn't matter if you still want to get into IB or another field, and it's totally ok to change your mind on IB (by the way, it's mind numbingly repetitive for a few years) and want to get into tech, marketing or F500 finance, or become an English lit prof, a social worker or move to Costa Rica and be a surfing bartender. Then when you get that first job, kick ass in it and learn every single skill you can. Then do the same in the next job. You build a career by having a solid base so that you don't have one person reject you and all the sudden everything's over and you're a busboy at Olive Garden. It doesn't happen like that.
But you need to concentrate on your current situation and set yourself up for the best possible future by doing what you currently have control over: getting into the best college you can. Don't overthink 7-10 years down the road. Best of luck.
You need to learn how to break up lumps of text into reader-friendly paragraphs if you want to get into banking.
Absolutely. So here's what you do, be the best you can at everything you pursue. From making your bed to extra credit to tutoring to anything else that gets you ahead in life. Listen more and talk less. There's no secret formula for success, its built on a solid foundation that you build each day, preparation, hard work and learning from failure (which can be anything you arent succeeding at the level you want).
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