Is Investment Banking a Rat Race?
I hear investment banking is competitive. I don't think it is smart to mix ambitious people together, who also want to prove themselves. Are friends made between co-workers?
Some of my closest friends are from my time from IB. There is something about being in the IB trenches together that brings people together. Yes, we were competitive, but most of us also knew how to do so with some measure of dignity.
Were there some people who were competitive to the point that they convinced themselves that we were all enemies? Yes. But in my opinion, it didn't help them when it came to bonus time and they lost out on one of the most valuable things you can get out of IB, which is the camaraderie and lifelong friendships. My point is that there are ways to prove yourself while still being friends.
Depends on firm, Goldman probably not a good idea to think as your coworker as a friend as most are gunning for partner.
Ok robert duvall partner by 30 track
deMaestro
You love Robert DuVal hey? Man everytime I read that I crack up. That man is a moron
Totally disagree regarding GS. I started my career there, and three groomsmen in my wedding ~10 years later were guys I worked with at GS.
One of those guys later married one of my wife's best friends. The two others were significant early investors in my company. I have numerous other people from there who I keep in touch with, despite the fact I only stayed 2 years. My boss two companies later was a GS guy who initially pushed for me to join due to some similar aspects of our GS experiences. GS was a great experience for me, and my colleagues were the primary reason.
To a certain extent and dependent on groups. Have worked in groups where it's analysts (and associates that were direct promos) vs. everyone else and also some juniors that are trying to outgun each other to get a top bucket bonus. Friends can be made between co-workers but I think some true friends are where direct competition does not exist (i.e. still living within the bullpen but different groups so it's not direct competition or at an entirely different level)
It depends on firm culture. At the EB I was, yes.
Some places are cutthroat and some aren't. Only way to truly figure out if it's the kind of place you'll want to work is to talk to people at the groups you're considering. Hopefully you can find a place where you can make friends with your co-workers. In general the type of people that go into banking are fairly competitive.
Mixing ambitious people together can actually be extremely awesome
Ya, only when they are put together in a team to achieve a common goal. Not in some rat race, especially in finance it's more like ambitious dickheads with severe insecurity issues.
"I don't think it is smart to mix ambitious people together, who also want to prove themselves."
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My 2cents: Honestly it all depends on culture. And I think culture starts at the top. A minority number of firms' leaders see culture as a way of attracting and retaining top talent, so they invest heavily in recruitment and putting fit above all else.
However, most investment banks see culture as a fluff word thrown around to attract more googly-eyed students. Individuals at these firms place their entire focus about bottom line and will not stop at anything to maximize their compensation. It does not help that senior bankers get paid more in stock bonus, now they are incentivized to hold a profit-driven view instead of a talent-driven one.
The world is competitive buddy. Believe me!
Sorry but the real world is competitive. You can't advance in any industry/profession with out being better than peers.
Want to be a banker, well you better work harder and smarter than peers. You are competing with every other firm to win a deal so you have to be better to win the business.
Investor? Well you better come up with better ideas and drive more alpha than everyone else.
Equity Research? Well you better be able to process information better and get a high quality report out faster than the rest of the street.
Want to be an actor? Well you better be more talented than the 1000 other people rehearsing for the same role.
Own a business? Provide better goods and services to consumers than competing businesses.
Bottomline:
This isn't college where everyone is equal and you get A's for showing up and doing your homework. Life is a rat race so you better hustle.
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