The obvious answer is no, but assuming you can manage to land a job in investment banking at a decent shop, is this a pretty good time to start your career? Lets assume that you'll be starting in July. You do your 2-3 years as an analyst and then try to move onto something else. Obviously you won't be able to gain as much experience because deal flow is down, but that should be equal across all analysts. After you finish your analyst program in 2 years, that will be 4 years since the whole financial crisis began. Do you think all those hedge funds and p/e shops will start hiring again? I realize we'll probably never get back to those glory days, but we can only go down so far before we have to go up. Would also be fair to assume you will have less competition because banks will have hired less analysts?
Obviously no one can possibly know the answer to this question. Just looking for some peoples' opinions and input on this topic.
Obviously you like to use "obviously" a lot :P
I still think i-banking is still a great path to take considering the exit opportunities will still be there, although bonuses will be lower.
The experience right now will not be as good.
You will spend more time making pitchbooks, and less time doing live deals. Not much to put on your resume :\
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I think dosk at M&I puts it well: it's not such a bad idea to get in at the bottom (or that's your story, anyways).
Assuming a recession follows the path of market downturns of around 18 months (big assumption perhaps, considering this isn't just any bear market...though that's what everyone says when the market turns down too...), you're in a decent position, assuming you're going to be there for two years and not start until July.
I agree with you pb&j, but consider that the market will be flooded with deal-lite resumes when these bankers are exiting and looking for PE/HF. Not to mention, there are plenty of other outstanding exit opportunities. I say, under the big assumptions that you get a solid offer that likely won't melt away within a year, boom, go for it.
I think this is actually a really good time to enter Investment Banking. Assuming that you can make it in and survive, there will be relatively few analysts of your vintage. That means that once the economy gets better 2-3 years down the road, there will be less people competing for a greater amount of jobs. If the economy ever does get better, that is.
I agree with the other posters here. All this talk of a rough market will not discourage me from pursuing a career in I-banking. It looks like the economy will be picking up by the time next year's SAs start looking at other opportunities.
dont even think about it
http://modernyuppie.blogspot.com/ The musings and antics of a Meathead college wrestler turned asset backed securities trader.
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