So everyone knows the ibanking ladder. Everyone fights early on in college to get in the door. Analysts battle for the top bonus and eventually a seat in the next tier, associate. Consistent with most professions, there is a continual weeding out of the lower talent, a trimming of the fat. Those who climb the pyramid are rewarded.
Analysts sprint through their two or three years of banking and jump off to MBAs and PE. The cream of the crop are invited to stay. Is this the optimal position? Do these guys skip the need for an MBA? Is their prestige only of value internally or do they carry it with them when they leave the firm?
Depends, you are talking about the chosen people aka being Jewish right? Jewish helps but isn't the golden key it used to be and some do require MBAs.
I thought he was talking about the Chosen People as in working at Goldman. So actually, yes, I guess you're right about what he was talking about.
Too freaking funny. lol.
-N.
You were waaaay off, lol.
I second the post about your network playing to your benefit because the workers in the industry move between firms. If you are a rockstar, people are going to know, especially the higher you ascend the ladder. So an MBA isn't always needed, but often due to 'burn-out' it is much wanted.
Regards
Can't speak specifically to IBD, but a lot of areas in finance- like trading and research- have a lot of turnover. If somebody's been at the firm for more than five years, that's a long time in a lot of places.
If you are a really strong employee (we're talking top two deciles), people you work with will leave the firm and then want you to join their groups at other firms. For the first two or three years, group and college matter, but as time goes on, it's all about your reputation. First with your old coworkers at other firms at the early levels as an associate and then your general reputation in your field once you get to be a more experienced VP or SVP.
If you're in the top decile or two as a VP, people you've never heard of will know about you and want you on their team. It's because they heard about you from X who heard about you from Y whom you worked with- as well as Q who heard about you from Z who worked with you, as well as three other people. You were the guy who figured out R or the guy who bailed out BB XYZ on this issue.
After eight years in industry, your resume matters much less than your old coworkers and (if applicable), your reputation/brand. If you get asked to stay on as an associate, that's a REALLY good indication that the people you've worked with who've left will recognize you as a competent guy and it might be a good indication that if you continue performing really well you'll develop your own brand in industry, but it doesn't help you in and of itself.
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