Learning Finance/Banking Basics
Hey WSO. I'm a high school junior hoping to work in the finance industry, specifically banking. With the free time I have due to coronavirus, I want to get a headstart on finance coursework, as well as learn some of the lingo financial professionals use. I don't have access to college textbooks, and I doubt my parents would get me some anyway. Do you guys recommend any video series / websites (other than WSO) where I could learn this? Thanks.
“linkedin learning” has pretty cheap courses, Udemy is very affordable, investopedia website has definitional help that does a good job at explaining. if the curiosity is there you will have no trouble getting a good leg up on talent. if you are able to take the SIE (Securities Industry Essentials) exam and study for that it’ll give you a head start, force you to study topics since you will be examined, and you don’t need a firm to sponsor the SIE compared to a series 63,7,79 etc.
Hey man - sorry to say you're a little behind. I started memorizing technicals freshman year HS. Definitely spend your senior year constructing LBOs by hand instead of enjoying your last time to hang with all your HS friends, going to parties, and just being a regular kid.
Some people really enjoy learning about finance, and they find it fun. I personally find it fun and I love reading about everything. Don’t make fun of the kid because he’s exploring his interests.
Have a good middle-ground OP. Explore your interests; if you like finance, read some books like Barbarians at the Gate, watch movies like The Big Short, start reading Investopedia. Listen to this guy to a point though, too - make sure you don’t miss out on childhood because you’re stressed about getting a job. I wouldn’t trade my high school experiences for GS FIG or EVR, and you’ll do better in recruiting without becoming a finance hardo. Explore stuff unsystematically until you’re a freshman, then hit the ground running by getting finance internships, getting the best grades you can, and trying to do stuff like the WSO prep course.
I'm not going to dedicate much time to this. I'm just fascinated by finance, and during this virus, I have nothing better to do.
Some good books to get your feet wet:
I'd leave more intense stuff alone until maybe the middle of your senior year. You don't want to get burned out on everything and stressed that you can't figure it out. Cultivate the interest by reading cool stuff until you become unstoppable, then hit the ground running. I wish I was in your place when I was in high school - I didn't even know what IB was. I spent my time just hanging out with friends and playing sports, but I wish I was slightly more serious about my future at the time.
There's some good youtube videos where they walk through basic finance examples and explain things similar to how they would in a college course (most of the time better honestly), the below video on DCFs is a good start
Follow the markets every day. Read up on major headlines. When you're confused with terminology then do some googling. Find friends that are interested in finance and discuss topics with them.
Also, it's good to know basic economics, so don't overlook that and try to include some econ learning into the mix.
That's a good step to getting started before diving in full-force during college. No need to overcomplicate things for yourself now.
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