finance

American Express has won the Fed's approval to convert into a commercial bank. America's largest credit card company will be allowed to waive the normal 30 day waiting period on its application so that it can have immediate access to the Fed's discount window.

The company has been beset by rising credit-card defaults fueled by the sagging economy and rising unemployment. October also marked the first time the company, which has posted four straight quarters of losses, was unable to sell bonds backed by customer payments.

On Tuesday, the American people voted for the most liberal and inexperienced president in modern U.S. history. The current financial crisis and Bush's unpopularity were too much to overcome for the McCain/Palin ticket.

A lot of well-educated professionals voted for Obama because he's smart, articulate, thoughtful, and calm. And of course, in cities like Chicago and NYC, which are liberal bastions of political correctness, there was the pressure to vote for the black guy because it will be historical and transformational.

With increasing government regulation of the financial sector, which will only intensify with a democratic congress and President Obama, is the era of big bonuses offically over? Will we ever see finance guys making more than $5 million in a given year?

I've recently accepted an Operations Analyst position for a top BB (GS/MS). This is what I wanted as I enjoy process improvement and project management, though I know the knee-jurk reaction on this site is opposite.

I was a SA and not to sound pompous, believe I was the top one or two analyst and will be placed in a consulting/project role vs. a documentation/data-entry. Background: Semi-Target, 3.6, 3 internships, diversity candidate, excellent leadership ECs, etc.

Long term, the idea of strategic management consulting is appealing...

- Is it possible to lateral as a Business Analyst at a BB to a BA at Mckinsey/Bain?

- What's the best way or route to position myself?

Any advice, thoughts, or knowledge of other's experience would be appreciated...Thanks!

So as full time recruiting is winding down, and the prospects of landing that elusive IB job seems to be passing partially due to the miserable job market... what are people in the class of 2009 looking to for other job options? Most of us who managed to make it through part of the IB interview process are well qualified. Our resumes should be solid for many other jobs. Where are people applying, what types of positions, and how are you going about applying?

I'm in a bit of an offer quandry.

1. I currently have an offer with JPMorgan in their Finance Analyst Development Program in Delaware (ugh).
2. I'm 90% sure I have a 2nd round interview with Citi for their operations program.
3. I'm waiting to hear back, interview-wise, from BlackRock for their trading and analytics analyst position in their Solutions Center.

How would you rank the above positions in terms of salary, ability to advance not only within the division, but to a more prestigious role in the company (Not all the way to IBD, but maybe trading.)? Also, if I took the JPM position, I'd be looking to get out of Delaware ASAP.

Any insight would be greatly appreciated!

Does getting an MSc in Finance immediately following undergrad hurt your chances at a top MBA ~5 years down the road?

I will be graduating after 3 years and would like to learn more about finance before I enter the job market. I'm considering applying to the top MSc programs (LSE, Oxford, Cass) to increase my understanding of finance, cure an itch to get out of middle America (currently a senior at ~100 ranked non-target), and to hopefully increase job prospects.

Also, a secondary question: what are my chances at these top programs?

GPA: 3.95
ECs: Pres of the largest student organization on campus, some tutoring, etc..
Awards: Named 1 of top 5 finance majors in the business college, National Merit, etc..
Recs: Two really good recs. One from head of Finance division and the other from an Econ prof.
GMAT: Haven't taken it yet but 700+ shouldn't be an issue. They're not directly equivalent but I managed a 33 ACT and 1440 SAT with no preparation.