How did investment banking culture end up this way?

In general, I've always blindly accepted investment banking culture. The rules, the interview process, the face time, the mistreatment of younger employees. It never really bothered me...

That said, I am currently reading a fantastic book called "In the Plex: How Google Thinks, Works, and Shapes Our Lives" by Steven Levy. If you read this book, you will find out that Google has a similar elite culture associated with its workforce. Google only hires individuals from top schools with outstanding GPAs. As well, Google is notorious for extremely difficult interview questions. The company brags that it hires the best of the best... does that sound familiar?

Beating the stock market

Any new investor is quickly exposed to the concept of beating the market. It seems the industry is obsessed with this goal. Fund managers are paid their bonuses on relative performance to the market. Individual stocks are often displayed on a graph in comparison to the general market... It is backbone of the investment industry!

Why the industry is obsessed with beating the market: Consider the fact that without beating the market, a fund manager provides NO VALUE ADD. Why would I pay someone 2% management fee to "match" the market. Hence the industry designed this rule to help sell their investment services. However, it is important to understand that the market is comprised of a collection of stocks which in aggregate make up the broader economy.

The 10 ways to know your boss likes you

The following are 10 giveaways that you are in good standing at the firm:

1. Your boss doesn't clock you in and out: If you are performing very well, you will eventually...

Make the most out of your MBA... Because you only get one shot

Eminem was onto something when he sang "because opportunity comes once in a lifetime"... I doubt he realized that his advice is extremely relevant to MBA students!


5 Rules of Getting a Job from a Non-Target School

I've been in the industry for several years and I've come across every type of situation. I've met guys from top schools who work in bulge bracket firms, but I've also met...

The Harsh Truth about Why You May Not Get Promoted!

When you join a large organization, you tend to hear HR buzz words like: career development, career progression, succession planning, growth opportunities, etc. Essentially,...

The 10 commandments for surviving your summer internship

Moderator Note (Andy): DM123 completed an engineering degree and an MBA. He has work experience as an investment banking analyst, mid-market lending analyst, and is currently a corporate banking associate at a global investment bank . He also has co-op experience in management consulting , and in institutional fixed income money management.

When I look back to those days as a summer intern, I can't help but recall the "rookie mistakes" that either I or my fellow summer analysts made at our first Wall Street job. Follow these 10 steps and you'll be sure to have a successful summer placement: