The pro to getting into banking (assuming you can even land a job in these markets) is that you can ride out the rough times and when the market turns, you will be in a great position to benefit from the upswing.
I wonder about this as this recession is already shaping up to be one of the worst that we have ever seen and it seems as though there is more bad news to come and plenty of uncertainty.
There will be limited deal flow unless you work in restructuring and companies/banks that are going bust need to help or need to merge.
Downsides of going into banking now the way I see it are:
1. shitty bonuses (if any at all)
2. total lack of job stability (there still seem to be “toxic” assets on banks’ books and there are definitely more bank failures/mergers to come)
3. lack of deal flow (volatile equity markets and inability to raise debt finance together mean that less deals will be done and you will be spending more time pitching and getting less transaction experience)
Furthermore, no one can really predict when the market will pick up. It may happen in 2010 (as it has almost universally been acknowledged that 2009 will be another shitty year) or 2011 or who can really predict if we are going to end up like another Japan, in which case it could be a VERY long time.Thus, going into banking now may just mean endlessly waiting for the market to turn without having a clue as to when this will happen
I worked in banking and am now debating whether it is worth trying to get back in for the above reasons. I am now considering strategy/ops consulting (even if its not the big MBBBM), corporate development or other types of roles where I can still learn a lot, find the work interesting and work that may potentially offer a better lifestyle.
Looking for everyone's thoughts.
there have been tons of these kinds of threads over the past couple months, just search for them.
if you're not excited by the prospect of going into banking, then don't do it.
I feel that you didn't list any positives in what you wrote and because of that alone I would say don't jump back in. I could be really misreading what you wrote, but I don't think I'm too far off.
i guess ur a fair weather banker.
We're about to enter a Great Depression. Don't you want a president who's already dressed for it?
What is MBBBM? I've heard of MBB...McKinsey, Bain, BCG...I'm guessing the next B is Booz? and I have no idea about the second M...
Mercer probably
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