Would it be retarded of me to do IB?
Just some context: Currently a student at a t50 university that's a non target (somewhat of a semi target for Houston). I came in wanting to do International Relations but didn't want to deal with government bullshit so I started looking into Finance and really enjoy learning about it. I'm also a semi observant Muslim. Because of that a lot of finance careers are off limits. In Islam we can't pay or charge interest, short, can't use derivatives, etc. In terms of banking products M&A and ECM is allowed but DCM and Levfin would be off the table entirely. Also credit, PE and HFs are also off limits.With all the limits within IB and limits on exit opportunities I think it wouldn't be that beneficial for me to go into banking. It would also be really hard for me to progress. It's because of all of this I'm leaning towards recruiting for consulting. With consulting I'd have similar exit opps available and would be able to progress with a career in consulting if I end up enjoying it. I also have the option of picking up my fathers construction business which he's ran for about 25 years. Would like to get some thoughts and opinions on what to do in my situation.
Hi Prospect in IB - Restr, hope I can help. Do any of these links cover what you're looking for:
More suggestions...
Fingers crossed that one of those helps you.
I thought you personally, as a Muslim, cannot charge interest; however, you can work in a job where the bank charges interest. Is my understanding incorrect?
Personally charging and paying interest is not allowed and any jobs where you would be involved in that process would also be prohibited. The company you’re working under doesn’t really matter it more counts for what your role entails. Basically working back office doing IT for GS would be fine but being on Levfin wouldn’t be allowed.
Interesting, thanks for clarifying. Maybe OP should look to do banking in boutique firms that don't offer balance sheet products. Even in a BB coverage group, you could be on a live deal where your bank provides financing.
Why not do IB focused on Industrials, then a PE firm that focuses on Industrials, and then take over the family business when you're older (30ish) and have solid experience. Then you'd have the knowledge, and deal expertise to scale it and potentially sell down the line.
I’ve been considering a similar path but instead of IB jumping into RE Development or REPE so that I learn and build contacts. Eventually I’d move over to my dads company and continue with the construction aspect while also picking up a RE Development line of business too. The only issue is that my dad is very conservative with risk these days and doesn’t have a desire to scale the business anymore. I can’t really blame him construction is risky and he has a good thing going where he barely goes to the job site and still rakes in low 6 figures.
So your god doesn’t want you charging interest on loans, but is cool with you working for a bank that does, as long as your role doesn’t directly handle the interest?
If finance is still of interest, Islamic finance is a thing, especially in the Middle East + Muslim Asia. Lending is often done in the form of sukuk, which I understand to be very similar to a bond...
I struggle to understand. You are willing to potentially throw away millions in earnings… for your religion? My parents left the church when I was 7 to dodge the ~1% tax you had to pay annually, so I didn’t grow up to be very religious myself.
10% tax annually
I just wish that more people diligently follow religious 'rules' such that it weeds out competition for the jobs I want.
This guy thinks charging interest is bad but is fine walking a children's hospital through a massively overleveraged buyout just to collect fees then walk away when they inevitably trip fixed charged coverage covenants two quarters later and are liquidated so the private creditors can recover 35c on the dollar? My mannnnn
Yes, but but religion says one is okay and the other isn't so we can blindly follow it and go to heaven.
Woah dude my dad is retarded...
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