Introducing my kids to IB (in advance)
I am a first gen immigrant to US and working in CIB (CB) side but was transferred from a different country (did not go to school in US). My kids are growing here and about to go to college. Need to make a decision whether to put him in Medicine (field he likes but will take 10 long years after his senior yr in school) or introduce him to banking (IB) so he can decide for himself. So wish to know:
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Is it critical for kids to attend IVY
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Which colleges BB banks recruit from for IB
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Any majors that are really required
_Is it critical to do MBA before BB banks hire? (In my prior country, that will be a pre-requisite if not CA/CFA / FRM)
Will be really helpful if recent undergrads / grads give their comment
this is fucking insane. get help
This kind of approach would be a sure track for your kid to detest the job you want to push him towards (possibly detest yourself as well lol)
I am just trying to introduce them to various fields. no pressure to join anything...not knowing is not bliss in my view. When I was in my prior country, the only two things i was given was to be either an engineer or an administrator. Finally i went through a lot of things: logistics sales, masters in software, Government job- including regulatory/central banking and finally got to the best B school in India, worked for a mutual fund and then again got to banking. Having clarity is difficult at a young age (I am sure you guys are gods of fin born to do high finance! but not everyone is that laser focused from diaper days!)
As a parent, i am trying to make him see various segments: if I wanted to put my wishes on my kids, i would not send them to finance but in research - not a lot of pay but a decent one, at least in US and a more purposeful life.
Anyway, just wanted to let eveyone know that I am not trying to PUSH kids in a certain field.
Again, thanks for your comment though. Of course as a parent, would want kids to do well, I am mindful of not being overbearing on my kids.
In fact once my cousing's kid wanted to come to US for being a lawyer and I put him in touch with lawyers in my firm (one was kind enough to talk to him). Finally my cousin's kid decided not to pursue law and is choosing Economics. But I am at least happy that the kid is choosing something after he was already introduced to other fields (at least he will never have a regret that he did not have a top lawyer to talk to!).
This is some loser shit
Not sure why introducing kids to multiple areas is a loser stuff!
While I don't necessarily agree with this guy's approach, cut him a little slack. He's an immigrant looking to improve his kid's life. Yes, his son should have some input in this decision, but part of me appreciates that he's trying to find a good career for him.
some input?? His son should have all the input. It should be 100% his sons choice what he wants to do with his life his dads opinion means jack shit, while his son is rotting away in the career that his dad wanted for him his dad will be 6 feet under
I mean I agree his son should make the final call. Parents are supposed to help their kids live better lives than they did. I am not saying this guy should force his kid to pursue a career in banking (and I don't even think that's what he's getting at) but it's not detrimental if he can outline banking as one of a handful of potential career options (the way he presented it, I didn't agree with how it looked like he was planning to execute on this). Trust fund kids whose parents are rainmaker bankers get steered into banking all the time by their parents (they might know from when they're born they're going to work in that industry) and they don't get as much heat on a relative basis.
All the people on here saying how horrible this post is don’t understand they were probably raised by wealthy parents and subconsciously steered into this direction. Ignorance is bliss I guess!!!!
indian
OP as an immigrant myself do not listen to the others who are throwing shade at you for wanting a better life for your kids. Its funny because most of them probably come from rich and connected families that "introduced" them to IB at a young age.
I'm sure many of the people in IB today were grandfathered in in one way or the other and I don't know why they are salty you want to do the same thing for your kids, how often do meet a kid saying they want to be work at Blackstone without any outside influence. Jamie Dimon has literally come from 3 generations of bankers, and people here are pretending he became a banker with no help from his family and they just let him find his way.
To answer your questions:
- Is it critical for kids to attend IVY: I would say its not critical to have an ivy league education, but they should be trained from young to have good grades so when its time for college admissions Ivies would not be a long shot or at the very least they could go to semi targets. From a young age you should let them know Community college is not an option.
- Any majors that are really required- The better the school they go to the less what they study matters, a Philosophy and History graduate from Harvard or Oxford would find it way easier to get a job in banking than a finance grad from Texas Tech or London Metropolitan.
_Is it critical to do MBA before BB banks hire? (In my prior country, that will be a pre-requisite if not CA/CFA / FRM) - In america and the UK, MBA's are not needed anymore especially if they went to a good school for undergrad, an MBA is mostly used by people who couldn't get in had to work in another field for a few years before trying again.
Let me know if you have any questions
Guess OP is from India? CA/CFA/FRM/MBA kinda gave it away. Sucks though - will be working in IB out of undergrad in US and if I have to go back wonder if I can break into IB in India with Tier 1 US experience.
Also, agree with this person. For those that don't understand - OP is not trying to force his kids into IB - he is trying to get answers so that his kids have a clear idea of what to do if they do decide IB is what they want to pursue. I know I found out about finance through my dad - he didn't force me at all (in fact if anything he was like if I were you I would pursue CS but he gladly supported my pursuit of a finance degree). Immigrant parents want to be there for their children throughout in case any help is needed. They take pride in helping their kids through life instead of "letting them figure it out". This is not done by forcing one path over another, but instead by providing them with all the information needed to make a successful decision.
OP, I am glad you are taking the steps right now to expose your children to potential career paths - it's a lot more helpful instead of entering your senior year of IB and realizing that you want to pursue IB but then also realizing that boat has sailed until graduate business school.
- Is it critical for kids to attend IVY
It is not critical but definitely helpful. Usually, target schools (where most banks will come on-campus and hire kids) make your life easier than the rest - target schools usually have a lot of alums that can help you network and break-in. They usually have very solid pipelines where if you follow the steps you are almost guaranteed to break in. Semi-targets have solid pipelines to some groups - for other groups they are not targets. Better to be at a semi-target than a non-target. Non-targets have almost no pipelines, and (holding everything else constant) the chances of breaking in from here are the lowest.
- Which colleges BB banks recruit from for IB
Easiest to search for a list of target / semi-target schools on WSO.
- Any majors that are really required
Finance is usually the easiest because you have to prep less given you already know the concepts but you can essentially break-in from any major. A lot of the target schools don't have finance and are instead liberal arts-focused. Most of those who break in from a non-target usually has a finance major.
_Is it critical to do MBA before BB banks hire? (In my prior country, that will be a pre-requisite if not CA/CFA / FRM)
MBA is not a requirement in US - most people break in through undergrad as an analyst. THere's also an MBA pipeline where people come in as associates (just above analysts) but the no. of spots are much less. In my group we have 10 analysts in this year's batch and 2 associates.
The knee jerk reaction from most on this thread is insane and, let’s be honest, it’s because the conclusion has been reached that OP is Indian.
Not once did he say he’s forcing anything on his kid. Borderline racist shit here from entitled people without any perspective-getting.