Here's a posting of the position I am applying for.
"Summer analysts are placed within department of the Finance Division. Placement decisions are made based on business needs and skill sets demonstrated during the interview process.
Placements are made into the following groups:
• Accounting & External Reporting • Equity Product Control • Fixed Income Product Control • Global Interest Control • Investment Management Finance • Tax Compliance • Treasury Management"
Is the Finance division considered FO, MO, or BO? I know its less prestigious than ibanking or S&T, but is it better than Operations? I'm coming from a big state school so ibanking and S&T are offlimits. (not at mich/uva/cali/unc)
The position is in NYC. Any idea of pay? B-school chances? Exit options?
And it is considered part of operations. Basepay is similar to IB to begin with, but bonus is like 5% or something low like that.
There are a some furstrated of people in lehman finance (probably true for all firms) who want to get into the business side but can't because its really hard to make a transition. However, you can always work there for 3-4 years, take full advantage of Lehmans tuition reimb program , get a stellar GMAT, go to a top B school and join the business side if you are motivated.
Overall I would say if you dont have any direct busines side options, go for it. Lehman looks good on your resume wherever you go.
I know for a fact that in general ops jobs are safer and less riskier than IB etc. I've heard even if you are mediocre, as long as you r not a complete F up, you are kept, and if you are good, you can rise through the ranks. A VP in finance doesn't make peanuts, and has a very good lifestyle. Hope this helps. I know a few top guys in Lehman finance, who've told me this stuff.
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