Is Banking Soulless or Truly a Strong Educational Job?
I've been doing a lot of research over the past year and have pretty much determined that I will be going into investment banking (assuming my studies pay off and I get the job). I do not, however, view banking as a long term gig. I hope to one day transition into PE or Corporate Strategy for further development as a professional. I see the first 5-10 years out of college as being extremely important to my growth as a professional and not compensation-based. I ultimately hope to pursue entrepreneurial interests.
This is why I sometimes question the experiences I hear from professionals in the industry. I always hear one of two things. "It is soulless menial work" and "the learning curve is steep." So my question is whether or not the skills gained from banking are applicable to truly understanding the foundation of businesses. I understand the grunt work involved in Excel and PPT are not growth oriented, but for those who are in/have left banking, do you feel like you have grown a lot as a professional? Do you feel the interest PE firms have for you is warranted?
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Both can be true, I feel. You definitely can't be a weakling to survive in IB. At the same time you can't be an idiot either.
thanks for the input, prospective monkey
No need to act like you are on top of the world as an intern...
if you want to learn the ins and outs of businesses, start your own or work at a startup where you have to wear multiple hats.
if you want to learn the ins and outs of finance, m&a, valuation, then yeah do IB
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It's great prep and provides a strong environment to cultivate your basic professional skills - writing, effective communication, public speaking, driving conversations, PowerPoint, Excel / modeling, etc. You also work through diligence on deals with buyers - enabling you to see what the other side focuses on for investment committee and underwriting a thesis.
Any "first job" is going to have menial work - regardless of industry.
This is kind of what I figured. It's weird to me that PE firms are so selective of IB kids if their experience is actually so limited.
It's not that limited at the end of 2-3 years. When you think about working 80-90 hours per week, you are getting the equivalent of 4 years work experience in 2 years - you learn quite a bit.
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