What out of undergrad you choose to do consulting or even accounting for 2-3 years then go get your MBA. Would you start as a associate? and would this limit your chances of climbing to VP just as fast as someone who was a analyst first? and yes I know a associate is still doing analyst work.
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MBA gets you an associate-level position, and analysts don't learn shit, so I don't think skipping the analyst years really matters.
yes, getting an MBA will let you start as an associate.
If you mean is it possible to skip analyst out of undergrad outright, I've never heard of it in banking.
In S&T though, there is one person from Wharton(undergrad) who was suppossed to get hired as a VP by Bear, but after the buyout is now going to be an associate.
know a guy who was engineering undergrad, worked part time at a non finance firm and went to Langone PT for TWO years. started as an M&A Associate w. 130k base.
analysts don't learn shit, associates don't do shit, and VPs tend to uniformally be morons. what an industry we work in.
comment that analysts don't learn shit is itself just shit. A good 2nd year analyst can easily be as competent as a an mba hire and a 3rd year better. Also one thing I have definately noticed is that all nearly all the top performing d's and md's I know of at my firm are guys who started as analysts. S&T is a completely different story as titles really don't mean too much.
Anything that comes out of PUA's mouth is garbage...
I can assure you that almost every BB analyst that I've worked with over the course of the past 3 years has been competent, hard-working, and extremely helpful. The sheer number of hours worked and the significant deal exposure over 2 years almost guarantees that you will learn something as an analyst. If analysts didnt learn anything during their 2 year stint then why would PE/HF shops pay them a decent amount of cash?
I know a kid that was an econ/math double major at a non-ivy, did wealth management with ML, then some prop trading. Has no MBA and is a senior associate at a MM IB in Chicago.
I know a kid who IPOd his lemonade stand, went to a semi-target and got hired as a 2nd year associate at Goldman, straight out of undergrad.
ideating is awesome
"The government's view of the economy can be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it."
"skip being an analyst"
sorry, had to
Analysts learn a lot without a doubt, however, the bulk of the learning, 90% of it, is done in the first 6 months.
Out of Undergrad, go to business school, and get a MBA. I don't think it (MBA) is worth two or three years of analyst salary. Or, an easier way, Become a math genius, compete in the Intel Competition and pray to the banking gods.
The musings and antics of a Hedgie living in The Rotten Apple http://modernyuppie.blogspot.com/
Out of Undergrad, go to business school, and get a MBA. I don't think it (MBA) is worth two or three years of analyst salary. Or, an easier way, Become a math genius, compete in the Intel Competition and pray to the banking gods.
The musings and antics of a Hedgie living in The Rotten Apple http://modernyuppie.blogspot.com/
Sorry for double posting.
Jumping Banks and skipping an analyst year (Originally Posted: 06/07/2009)
I'm starting as an analyst at a BB this year and I understand it was quite common during the boom times for (the best) analysts jumping to a competitor bank to be given the incentive of an option to skip a year. Obviously it isn't happenning at all the moment, but I was wondering whether you believe it may start occuring again when dealflow, and hence hiring, begin to really pick up once again?
I would assume that it will be happening internally due to all of the layoffs. Top analysts might become associates quicker or 3 years from now when times are really good and you finish your 1st year as an associate you might get bumped to a VP. I am also starting at a BB in a few weeks so I am hoping I am right obviously
This may happen in the future... obviously when the markets pick up again (assuming they will.... hopefully!) I believe there will probably be a shortfall in certain positions that will be fullfilled by internal super stars, like the example you gave above.
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