6 Free Financial Modeling Lessons...and More.

(King Kong, 1,914

Points)

on 9/22/12 at 4:26pm

Man speaks the truth. Must remember that WSO =/= reality.

"An intellectual is a man who takes more words than necessary to tell more than he knows."
- Dwight D. Eisenhower

INTERVIEW GUIDES -- Technical, Fit and Networking... The Biz School Bible and More...

Art.Vandelay: When I entered

24837

(Orangutan, 276

Points)

on 9/22/12 at 4:32pm

Art.Vandelay:

When I entered college, I was excited about doing Big 4 accounting

Whatever you did before WSO, THAT's what ruined you.

This is too true. Most people

Onetwobit

(Orangutan, 252

Points)

on 9/22/12 at 4:34pm

This is too true. Most people just giggle and then realize why people shouldn't talk about money.

Art.Vandelay: When I entered

Going Concern

(King Kong, 1,694

Points)

on 9/22/12 at 4:40pm

Art.Vandelay:

WSO, you have ru-eened (Stewie voice) my concept of what a cushy salary and lifestyle is!

If you need anything, I'll be in my room sulking about my $50k starting salary.

-Art Vandelay

Chin up, brosky. So many people spend their health gaining wealth, and then have to spend their wealth to regain their health.

And I think it's gonna be a long, long, time

But now you're aware of this

Xepa

(Senior Orangutan, 480

Points)

on 9/22/12 at 4:55pm

But now you're aware of this world of potential. I'd rather be aware and know where my ambition can go than to stay in a naive world. There's a reason why a lot of ambitious people are unhappy; they see what they can change in a tangible way. It becomes tougher the higher up you go, but eventually you reach the point when you realize you can literally change the world.

And that potential, that promise, is worth the unhappiness.

True story. Fact of the

Beretta

(Orangutan, 358

Points)

on 9/22/12 at 4:56pm

True story. Fact of the matter is 95% of WSO users will never crack the $250,000 line.

I know people who own Subway

MogulintheMaking

(Baboon, 109

Points)

on 9/22/12 at 5:11pm

I know people who own Subway Sandwich shops that make more than 150k a year.

If you work Big 4 accounting, yes you will never make a lot of money. If you do it for 5 years and then go start a successful practice then you will end up a millionaire. Its all about risk/reward. The sad thing is that people on Wall Street are rewarded for taking risks with other people's money and not their own. They earn entrepreneurial level income on a salary+bonus structure, always knowing that they will be able to eat because of a cushy paycheque every two weeks. This world makes me sick.

WSO is just a whole different

notaspammer

(Gorilla, 607

Points)

on 9/22/12 at 5:26pm

WSO is just a whole different world. The worst is when people tak about networking. NOBODY I know at school networks outside of very accessible sources (like fraternity alumni or friends/family). Don't get me wrong, networking is extremely valuable and I wouldn't be going anywhere without it, but it bugs me how people on this site imply that you're going to be on food stamps if you don't network. You probably won't get an IBD job, but there are plenty of respectable jobs between IBD and the unemployment line.

This thread is pretty much a microcosm of what I'm talking about:(http://www.wallstreetoasis.com/forums/what-are-kid...)

You need to realize that

Billy Ray Valentine

(King Kong, 1,122

Points)

on 9/22/12 at 7:03pm

You need to realize that finance in NYC/WSO is a bubble and will distort your sense of reality. My peers in other industries are literally making fractions of what I am making. And I am not sitting here saying that in a negative way, I am just saying that you will always be able to find someone that is making more than you. You need to not let it affect you and keep in mind how well you may have it compared to the vast majority of people around you.

For example, my roommate is in finance as well and is one of the very few people who has been more successful than myself both in career progression and compensation since we graduated. I am constantly comparing myself to him and keeping myself motivated to go farther and push harder and not get complacent. But, at the same time I still force myself to step back every day and be grateful for the fact that I have been lucky and worked hard to get to the place that I am today, and that I am "doing better" (financially) than probably 99% of those my age.

So, use the bubble to your advantage. Use it to keep yourself motivated and to keep pushing yourself, but always step back and appreciate what you have and don't always be caught up in what you don't have. If you are happy and healthy, that's what matters.

Hope that helps.

Going

Nefarious-

(Neanderthal, 2,213

Points)

on 9/22/12 at 7:28pm

Going Concern:

Art.Vandelay:

WSO, you have ru-eened (Stewie voice) my concept of what a cushy salary and lifestyle is!

If you need anything, I'll be in my room sulking about my $50k starting salary.

-Art Vandelay

Chin up, brosky. So many people spend their health gaining wealth, and then have to spend their wealth to regain their health.

Pusha T said it best: "Ask Steve Jobs, wealth don't buy health"

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.

Nefarious-: Going

Falcon

(Gorilla, 512

Points)

on 9/22/12 at 8:38pm

Nefarious-:

Going Concern:

Art.Vandelay:

WSO, you have ru-eened (Stewie voice) my concept of what a cushy salary and lifestyle is!

If you need anything, I'll be in my room sulking about my $50k starting salary.

-Art Vandelay

Chin up, brosky. So many people spend their health gaining wealth, and then have to spend their wealth to regain their health.

Pusha T said it best: "Ask Steve Jobs, wealth don't buy health"

I'm glad someone else on this website listens to rap other than me.

Just a sophomore looking for an opportunity to start up this dream of mine.

24837: Art.Vandelay: When I

Points)

on 9/22/12 at 10:28pm

24837:

Art.Vandelay:

When I entered college, I was excited about doing Big 4 accounting

Whatever you did before WSO, THAT's what ruined you.

You took that out of context. I'm not SUPER DUPER excited about being in Big 4 audit. I'm excited about the fact that I'll have (or at least compared to the vast majority of people) a comfortable salary after I put in my time with the Big 4.

Beretta:

True story. Fact of the matter is 95% of WSO users will never crack the $250,000 line.

Very true. The problem that I'm having is, everyone makes that out to be a bad thing. Before I started spending time on his site the thought of a $200k salary was awesome. Now that I realize that $200k would probably be my absolute upper limit, I think, "ehhh, its an ok salary I guess"

Billy Ray Valentine:

Hope that helps.

I definitely am not one to lack motivation in anything I do, and motivation to do well in your career by seeing others doing better is a great thing. I'm just trying to get back to the frame of mind I had before I started reading things like "I got a DECENT 400k base+bonuses offer from X."

Realistically, even if most of us don't end up at the megafund of our dreams, or being millionaire entrepreneurs, or are just guys like me looking to go into Big 4 accounting --> corporate finance or something, those of us who work hard and aren't unmotivated idiots will end up in the top 5% of earners in the country, and I am trying to get myself back to realizing that.

Keep this in mind: even if

http://www.forbes.com/forbes-400/

(Senior Neanderthal, 4,509

Points)

on 9/22/12 at 10:20pm

Keep this in mind: even if you are the most successful hedge fund or private equity manager in the world, the guy who sells you your market data still has a higher net worth than you do. There will always be someone who makes/has more than you.

(it's Mike Bloomberg, by the way)

Turbo leverage for capital explosion -- BD Capital

http://www.wallstreetoasis.com/group/big-4-accounting
http://www.wallstreetoasis.com/group/entrepreneur

WSO is a source that gives

808

(Gorilla, 615

Points)

on 9/22/12 at 10:46pm

WSO is a source that gives great information, but a very narrow perspective. People who are driven will always shoot for the best, and society prods us into a certain path. Generally, top achievers will want to go into BB IBD or MBB because that's what is seen as paying the most, providing the best exit ops, and holding the most prestige. WSO is useful in giving perspective (e.g. to those accountants who complain about their 3 month busy seasons of 80 hour weeks), but it can also mess with your perspective. What you'll find is that those who succeed and follow the idealized GS IBD --> HBS MBA --> KKR PE also end up being dissatisfied in the end. What most of them always really wanted to be (whether they realized it or not) was an entrepreneur. The grass is always greener...

I think there are three things you have to balance in life: health, wealth, and relationships. Devoting all your resources to obtaining any one of your assets will leave you deficient in the others and very, very unhappy. Sometimes it's OK to forego the pursuit of one or two in favor of the other(s) for some limited period of time; this is what the investment bankers and management consultants are doing. The philosophy is to spend your twenties working hard, making money, and getting all the things you want, then settling down to have a relationship and a healthy lifestyle. On WSO you hear about the dreams of 7-figure salaries and bonuses on the buy-side, but you don't hear about all the people who took this route but forgot to ever rebalance their lives, then ended up divorced and miserable.

You have got to decide what is important to you, then don't back down from what you believe when others challenge you with their beliefs. If you believe that killing yourself in investment banking is what you need to do for a while to achieve your goals, don't back down when people tell you that you work too much. On the other side, if you don't think investment banking is worth the necessary sacrifices, don't let someone else make you dissatisfied with the choice you've made.

My faith and my family are the most important things in the world to me, so I prioritize my career accordingly. I respect the BB IBDers and how hard they work, but it's not for me. I'd be lying if I said I don't sometimes envy those who have chosen that route, but at the end of the day, I know what I want, and I know I've made the right decisions in my life. I would highly recommend reading this HBS commencement address from Clay Christensen - http://hbr.org/2010/07/how-will-you-measure-your-l....

TL;DR read this: http://hbr.org/2010/07/how-will-you-measure-your-l...

I feel the same as OP. WSO

Cries

(Senior Gorilla, 862

Points)

on 9/22/12 at 11:19pm

I feel the same as OP. WSO also made me a shit-ton more competitive when it comes to progressing my career.

I wouldnt be where I am today without WSO and I'd probably have a completely different value system. At the same time, I absolutely know that my sense of reality is currently warped.

Looks like money is

Bearearns

(Orangutan, 275

Points)

on 9/22/12 at 11:36pm

Bearearns: Looks like money

Points)

on 9/22/12 at 11:48pm

808: WSO is a source that

Points)

on 9/22/12 at 11:57pm

Art.Vandelay: Bearearns: Lo

Bearearns

(Orangutan, 275

Points)

on 9/23/12 at 1:21pm

Bearearns: Art.Vandelay:

Points)

on 9/23/12 at 7:29pm

Art.Vandelay: Bearearns:

Bearearns

(Orangutan, 275

Points)

on 9/23/12 at 9:47pm

Go make $75-90K. Ask

(King Kong, 1,914

Points)

on 9/23/12 at 9:56pm

"An intellectual is a man who takes more words than necessary to tell more than he knows."
- Dwight D. Eisenhower

DonVon: Go make $75-90K. Ask

MogulintheMaking

(Baboon, 109

Points)

on 9/23/12 at 10:17pm

MogulintheMaking: DonVon: G

(King Kong, 1,914

Points)

on 9/23/12 at 10:33pm

"An intellectual is a man who takes more words than necessary to tell more than he knows."
- Dwight D. Eisenhower

OP, I feel for you. Once I

huanleshalemei

(Gorilla, 518

Points)

on 9/23/12 at 11:44pm

The Auto Show

huanleshalemei: OP, I feel

Points)

on 9/24/12 at 9:54pm

Beretta: True story. Fact of

Extensity

(Chimp, -51,374

Points)

on 9/25/12 at 8:34am

I love WSO but I definitely

Points)

on 9/25/12 at 9:58am

GBS

DonVon: Go make $75-90K. Ask

hungaroe

(Baboon, 126

Points)

on 9/25/12 at 12:11pm

3-400k isn't rich at all.

(Gorilla, 530

Points)

on 9/25/12 at 2:43pm

"I'm the luckiest guy in the world, and when I die I want to come back as me."
-Mark Cuban

-6

ChrisHansen: 3-400k isn't

(King Kong, 1,914

Points)

on 9/25/12 at 5:36pm

"An intellectual is a man who takes more words than necessary to tell more than he knows."
- Dwight D. Eisenhower

DonVon: ChrisHansen: 3-400k

(Gorilla, 530

Points)

on 9/25/12 at 6:21pm

"I'm the luckiest guy in the world, and when I die I want to come back as me."
-Mark Cuban

-1

ChrisHansen: 3-400k isn't

westcoaster12

(Monkey, 41

Points)

on 9/25/12 at 6:39pm

I wasn't aware the yard stick

Points)

on 9/25/12 at 7:48pm

GBS

westcoaster12: ChrisHansen:

(Gorilla, 530

Points)

on 9/25/12 at 8:22pm

"I'm the luckiest guy in the world, and when I die I want to come back as me."
-Mark Cuban

ChrisHansen: westcoaster12:

(King Kong, 1,914

Points)

on 9/25/12 at 9:02pm

"An intellectual is a man who takes more words than necessary to tell more than he knows."
- Dwight D. Eisenhower

Two Biggie quotes: I rob and

syntheticshit

(Senior Orangutan, 412

Points)

on 9/25/12 at 9:20pm

DonVon: ChrisHansen: west

(Gorilla, 530

Points)

on 9/25/12 at 10:04pm

"I'm the luckiest guy in the world, and when I die I want to come back as me."
-Mark Cuban

ChrisHansen: DonVon: Chri

(Senior Neanderthal, 4,509

Points)

on 9/26/12 at 7:24am

Turbo leverage for capital explosion -- BD Capital

ChrisHansen, chill. A lot of

(Orangutan, 305

Points)

on 9/26/12 at 8:51am

Money is important, sure. It

hungaroe

(Baboon, 126

Points)

on 9/26/12 at 9:14am

Am I seriously the only one

BlackHat

(Senior Neanderthal, 4,948

Points)

on 9/26/12 at 9:21am

I hate victims who respect their executioners

Follow BH & Co. on Twitter: @DumbLuckCapital
twitter.com/DumbLuckCapital

BH -- I think what people are

(Senior Neanderthal, 4,509

Points)

on 9/26/12 at 9:45am

Turbo leverage for capital explosion -- BD Capital

BlackHat: Not saying that

(Gorilla, 530

Points)

on 9/26/12 at 11:41am

"I'm the luckiest guy in the world, and when I die I want to come back as me."
-Mark Cuban

BlackHat: Given the $250k I

hungaroe

(Baboon, 126

Points)

on 9/26/12 at 12:31pm

Hansen, make your 400k THEN

Points)

on 9/26/12 at 2:05pm

GBS

GoldmanBallSachs: Hansen,

BlackHat

(Senior Neanderthal, 4,948

Points)

on 9/26/12 at 2:47pm

I hate victims who respect their executioners

Follow BH & Co. on Twitter: @DumbLuckCapital
twitter.com/DumbLuckCapital

This I agree with.^^

(Senior Neanderthal, 4,509

Points)

on 9/26/12 at 2:49pm

Turbo leverage for capital explosion -- BD Capital

Completely agree. I just

Points)

on 10/15/12 at 7:03pm

GBS

GoldmanBallSachs: No shit