Owning a side business in IB kosher with bank?
Background for this post, I work at an IB as an analyst. I created a prototype for a business that’s not even remotely close to my work (not finance related at all; software business). I have committed contracts once I finish the product. Is this kosher for IB, can I own a company on the side if it’s completely unrelated to my work and it’s not taking significant time away from my work? Would I need to talk to compliance or something? Would they have any legal right to the business?
Thanks
Hello Mr. theshire ,
Great to connect with you! As a seasoned entrepreneur, thought leader, technological disrupter, and brand manager - I can relate to your hustle!
No one works harder than us CEO entrepreneurs. Owning my own business has been the most rewarding experience of my life. Not only have I learned more about myself, but also I have honed my technical skills and my abilities as a leader of others.
If you have your 63 and 79 you have to disclose it to FINRA or you’ll end up getting in trouble. Shouldn’t be a big deal, just call compliance and disclose. And for future reference, any other business interests have to be disclosed. I almost got axed myself over the very same issue. Also, NEVER open an away account with contacting compliance (away accounts are a big fuckin deal because FINRA sucks).
IB view on running your own business? (Originally Posted: 10/23/2008)
How is the experience of running your own business viewed upon in IB?
People who run their own business are generally very independent and entrepreneurial, which goes against the very essence of IB where your primary purpose is to serve as an unquestioning automaton for 2 years.
However, wouldn't this show leadership? Which is a must in IB?
it's a great talking point. But again, spin is everything. You'll want to focus on how you loved the pressure, the excitement, etc. but you found it hard to learn on your own, you didn't like the lack of structure, etc. Focus on the quantitative aspects (if there are any). If it's on your resume, it should be part of your woven story to how you found banking and why it's the right thing for you.
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