Is it stupid to get into investment banking when I don't need the money?
To put it bluntly, I don't need the money from a job. Please understand I'm not bragging when I say that my parents are rich. The thing is, I'm not doing anything right now, and I feel very, very bored. I know some people will just laugh at me and tell me to enjoy life or whatever, but I feel satisfaction at earning money. That's why I did summer jobs as a kid.
I think I can get in, because I had a 3.7 at a top target.
And, if I should,should I buy cheaper suits? I do wear suits quite often, but they're all bespoke. I know there's a dressing hierarchy, so will I be make fun of for eating bespoke?
Why IB versus any other job? Why not be an artist? Pick up an instrument and start a band? Start-up a company with friends. Design an app.....do literally anything because as you noted you are looking for a job just for job's sake....
I'm thinking IB for the same reason I took a finance major: I like finance. I'm doing it less as a job for a job's sake and more because I'm a generally ambitious guy looking for a job that keeps me interested.
There are more interesting jobs for sure.
I'd have a hard time hiring you. Fuck you money doesn't make for a good employee.
But more importantly, your ambition just seems a bit low. You should ve giving back by doing a startup and creating jobs or anything interesting. You're rich, so why would you want to be what amounts to coattailing on the success of other rich people?
a 3.7 at a target with no relevant experience is not a competitive candidate for IB recruiting. Target schools are targets because they have structured on campus recruiting by all the top firms that hire directly from the junior pool. Those who miss the SA recruiting in their junior year are already put at an extreme disadvantage going into FT recruiting in senior year. If you really want to do IB, you would have to work pretty hard to bump up your resume in terms of work experience. But who knows, if you are rich and well connected anything can happen
To the OP, this is actually how I ended up doing my own thing.
Right out of college, I didn't need a job per se. Had enough money to live for 4-5 years comfortably (again, I wasn't filty rich, just had some extra money).
I gave interviewing a shot, figured I have nothing to lose. But never got an offer. I pushed a few interviewees on some "honest feedback", and it was unanimously "you're too abrasive". Essentially, I sounded like a huge douschebag / someone who didn't "want" it badly enough.
Not sure of your personality type, but remember, corporate types don't like type-A, super aggresive people --- especially not at the entry level/junior level.
Only do IB if you want to. There are plenty of other jobs where you can earn honest pay.
This guy sounds like all the guys who broke into BB. He's got a good shot.
If I were you, I'd try to get into IB to gain the experience. Afterwards, I'd probably move to Cali and start a VC fund. Living the dream
Most of my friends who are rich aren't planning on going into banking, but are doing something actually interesting, like trying their hand at filmmaking, start ups, writing novels, working in journalism or media, etc. Being rich gives you the ability to go for your passion, doing something creative or more meaningful than working in finance, while still living the same lifestyle that people in the finance world aspire to. There's a reason that the majority of rich kids (i.e. not upper-middle class) at target schools don't end up trying to get a job on Wall Street. Most know that banking isn't the shit it's made out to be, even if it is a great, or at least risk-averse, path for those who haven't yet made a lot of money.
Owing to the low quality of the original post, let's say that I'm answering this question in the generic sense.
Short answer: yes.
Longer answer: If you don't know what you want to do and still have cash, I would highly suggest starting out in a generalist, services job. Investment Banking is great if you're interested in finance as a whole. If you have even less of a clue than that working a management LDP, consulting, or even being a military officer is a great way to get good, generalist, management experience that won't close any doors and will give you the management experience you need to successfully run whatever venture you use your inheritence for, or better yet to run a family business without destroying it.
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