Having interned at a top bank for the summer (4 months) and having started full-time, I still have yet to comprehend why so many people want to get into banking. Sure the money is good, but is that the only thing attractive?
Hard to imagine 1000s of people who want to be in my position, stuck in a cubicle (I am in M&A) for 15 hours a day doing powerpoint/excel all day?
Do people have a real interest? or is it all prestige?
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i think the stuff can get quite sexy if you are senior enough. but i have started to find comps less interesting :).
I dont see where the prestige factor comes in although bankers are well-compensated for their advisory services, which is one motivating factor. There is nothing sexy or prestigious about constantly trying to appease your clients although I guess that is what it is all about in a service/salesmanship industry.
A lot of the bankers that I deal with daily do seem to enjoy their work despite the long hours and high level of stress. After b-school (if I attend) I would consider an associate position at a bank but would love to hop back to the buyside.
At the end of the day it really is more than just money. The money might get you through to a point but if there is no light at the end of the tunnel then it is not worth exit. Enter exit opps...
The exit opportunities.
..but opps at the pre-MBA level is better, not as good at the post MBA level.
I don't understand why you kids are obsessed with exit opps... 2 years as an IB analyst does not a guarantee that your life is made.
strong fit with my personality, and i get paid well too. can't ask for more. been generally raised/educated in an elitist environment and don't deny banking isn't elitist.
I think it also comes down to what else would give you the opportunity to make what you make coming right out of 4 years undergrad. Not sure what exactly you all are comparing ibanking to. I suppose when compared to hedge fund/private equity/maybe venture capital it may fall behind (which you would expect), but the ability for you to get one of those positions out of 4 years undergrad is pretty hard. Besides for those positions, consulting might be the other opportunity, but you usually are stuck on one case for months which limits overall exposure in some cases and you take away half the bonus at the end of the year. Accounting is quite a bit less pay and personally I find less interesting.... doctors in private practice are making less and less due to insurance and you have to go to school for much longer... do residency.... jump through a lot more hoops to get to where you want to be.... law only pays out really well if you go straight into corporate law or after years of doing law and again requires a bit more education at a much greater cost.....
Again its a personal decision but when you look at the alternatives banking has I think quite a few more positives than a lot of other areas..... it depends a lot on you and what you enjoy and what you want out of it.... Business is always about customer and client services so on some level your going to be doing that where ever you work...
Aside from the $, I just find it interesting.
Ever ask a glass-blower why he does his job? If he doesn't say he finds it itneresting then there's something really wrong.
Strangest comment of the day.
But I think that being part of big transactions and involved in deals that change the buisness enviorment for good is attactive too...
But I think that being part of big transactions and involved in deals that change the buisness enviorment for good is attactive too...
But I think that being part of big transactions and involved in deals that change the buisness enviorment for good is attactive too...
But I think that being part of big transactions and involved in deals that change the buisness enviorment for good is attactive too...
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