Top 5 Things I’ve Learned From WSO
Joining the oasis has been a real eye opener. As I complete schooling, try to land a desirable job, and pursue the CFA path, I have used WSO as the main reference for guidance and advice. I know you monkeys tell things how they are and these are the main points you all have helped me to learn:
- This industry is competitive. I now see why people view accounting as a more stable career choice. Finance takes sweat, blood and a relentless work ethic to succeed. An accounting undergrad with decent grades can get a job in the big 4 upon graduation. In finance, only the top students from top schools their way into BB firms. A great gpa alone does not get you very far in the field.
- Competition comes from all backgrounds. I would have never thought that I would be competing against mechanical engineers, chemical engineers, computer science and math majors when applying for BB positions. A measly finance degree from a non-target simply cannot compare. I feel that other industries require a background and experience in their respective industry, where as in finance, well rounded intellects are welcomed from all backgrounds.
- You need to hit the ground running, early. If you don’t start to build up your resume with experience (SA type of positions) starting as early as your freshman year you are at an extreme disadvantage. These positions serve as pre-reqs to other top internships and entry level positions and you can quickly fall behind. Get your stuff together early, youngsters!
- WSO makes it easy to learn different aspects of the field. The forums separate IBD, AM, hedge funds, PE, VC, etc. This gives everyone, including myself, the opportunity to learn from experienced users about detailed positions and field in which they work. I quickly learned that I was not cut out for a position in IB and would be a better fit for AM.
- Success is dependant on your efforts. I also had no clue of the work ethic required for IB positions. After reading various reviews on WSO, I quickly realized that this was not the path for me and cut my losses. There are also a number of great success posts from the underdogs that made their way up from non-targets to the show, solely because of their drive for success.
Please correct me if I am wrong in any regard. I joined this site to learn.
It's a bingo on all five.
!
Congrats, you must have gotten at least 400 on your reading comprehension SAT
Haha daaaaamn.
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-,/...-,___,,-~....,-......|...`-,..................Damn, what an unnecessarily rough crowd.
One thing that concerns me about WSO is the emphasis placed on "BB" firms. The OP mentioned twice that what he has learned applies to BBs -- though I'm sure he's not intending to exclude boutiques and the middle-market, all of these points apply to those firms as well. True, when "applying for BBs", you will face stiff competition -- that competition is likely to be just as harsh, if not more so, at boutiques and some MMs. Not trying to nitpick or cry "boutiques r better guise!1!!!1!", but just observing.
Awesome post!
Re #4, I feel a lot of people read about the tough lifestyle of IB yet still think to themselves they could do it. Not a lot of people are willing to be honest and admit they probably can't handle it.
"This industry is competitive. I now see why people view accounting as a more stable career choice. Finance takes sweat, blood and a relentless work ethic to succeed. An accounting undergrad with decent grades can get a job in the big 4 upon graduation. In finance, only the top students from top schools their way into BB firms. A great gpa alone does not get you very far in the field."
This is insultingly stupid to accounting majors. While getting a job may be easier, advancing is extremely difficult and quite competitive. Also, it's not that hard to get a job in "finance".
"Competition comes from all backgrounds. I would have never thought that I would be competing against mechanical engineers, chemical engineers, computer science and math majors when applying for BB positions. A measly finance degree from a non-target simply cannot compare. I feel that other industries require a background and experience in their respective industry, where as in finance, well rounded intellects are welcomed from all backgrounds."
You "feel" this - why don't you do the research to discover if that's true?
"You need to hit the ground running, early. If you don’t start to build up your resume with experience (SA type of positions) starting as early as your freshman year you are at an extreme disadvantage. These positions serve as pre-reqs to other top internships and entry level positions and you can quickly fall behind. Get your stuff together early, youngsters!"
Not true - I didn't get an internship freshman year and got a HF job from a non-target out of undergrad.
"Success is dependant on your efforts. I also had no clue of the work ethic required for IB positions. After reading various reviews on WSO, I quickly realized that this was not the path for me and cut my losses. There are also a number of great success posts from the underdogs that made their way up from non-targets to the show, solely because of their drive for success."
Success is a function of a variety of factors, some outside your control. You should recognize this. Hard work is required for success, but hard work does not necessitate success.
"Hard work is required for success, but hard work does not necessitate success." Oww
Also, definitely agree with the guy above that good grades is in no way a guarantee of a Big 4 job. Just finished my first semester at a top MAcc with a 3.9+, and no job yet. Pray for me, douchebags with whom I never want to work.
Yeah, I obviously agree. And I'm not denying my weaknesses, because I know they are true. Maybe I'll retake an english class as I have a light semester coming up. I'm still young with plenty of time to work on myself. I will be fine.
Lots of trolls on this site. I'm guessing the majority of the userbase comes from people who frequent other forums and wanted a career in investment banking so they googled investment banking forum and found this site. Hence why there are a bunch of delusional losers from the misc and other garbage forums who compensate for their low self-esteem by belittling others.
It's good to know that the IB industry weeds out these delusional douchebags.
The number one thing I've learned from being on this site is this:
Be skeptical of everything you read on here; take it with a grain of salt.
-Find out who knows what they're talking about (genuine people that have been in the industry a while). -A lot of people come on here, with anonymity, and talk about things they have no experience in. -Finally, realize that there will always be somebody smarter or luckier than you (sometimes both); they will absolutely make more money in their 20's. However, your career (and salary) is a marathon not a sprint. Maintain a hard work ethic, be aware, and be patient. Good things will happen.
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