I'm a bit confused... is it possible to work your way up the banks to a BB?
Assuming a "BB" is what I think it is (the iconic investment banks, ie: Sachs) do people get jobs at smaller less prestigious banks (What I seem to gather are Botiques, middle market, etc) and eventually work their way up to the BB's?
I'm trying to figure out if investment banking is a legitimate career goal, or more like a 13 year old deciding he wants to be a rockstar. I'm in a good academic situation, but I just can't live with the idea that there is no "plan B" for any given career path that I want to put all of my time and energy into pursuing.
Thanks
- Jas
I'm currently with a boutique in my first year as an analyst and hope to use this experience in order to move to a BB or at least a larger IB. I can't really comment on the success rate, but I'm sure that it's been done.
What kind of compensation do the smaller banks provide?
Comp is about the same for me from what I have heard on this site. Some boutiques, however, will pay considerably less.
2 issues i want to bring up.
1) why do u want to WORK your way up when you can network or leverage a certification (CFA, CFP, CPA) or go to a top 10 graduate school and then join a BB firm as an associate?
2) which banks are considered boutiques? (in my case, in the new york region)
It's not that I want to - it's about having all the options and methods to attain my goals on the table when I'm assessing a plan of action, so to speak.
it can be a legit career goal...i.e. for me its hopefully to break into a boutique, then afterwards go to a good MBA program, and then break into a BB...another option is to try to get into a BB after 1-2 years of boutique. We'll see how it works out, personally I already have 5 different paths that I can take to go where I want to end up.
As far as career, I think its a good career if you don't want to have a family, and if you do want to have a family its still a good option. Work in IB until your mid 30s, then start a family.
Personally starting a family is not something I see myself doing. Which is why I want to do IB as a long-term career
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Disclaimer: The post above has been made by someone who is not currently employed in IBD...follow the advice at your own risk
If you saty in IBd though, the best you'll ace is to become an MD, right? Isn't Life as an MD still demanding enough? Like at least 10 hours a day?
ER... yes?
10 hours is better than the 15 analysts work...+ you can bet they get paid a pretty penny at that stage
Disclaimer: The post above has been made by someone who is not currently employed in IBD...follow the advice at your own risk
If you do well and excel in the boutiques, yes the headhunters will come for you.
If they don't, go do your MBA and use the past experience and try to get in as an associate.
This begs the question of "How hard is it to get into the botiques?"
I'm at a middle market bank and several analyst from my class have jumped to BB. If your an analyst basically anywhere and get into a top 5 MBA you can be a BB associate without much worry
easier than BBs if you are good, but still no walk in a park.
Ratio wise its just as bad as BB...example lets say there are 100 spots at a BB, for those 100 spots, you have 2000 people --> 20/1 ratio
at a Boutique, they'll have 10 spots, for which 300 people apply ---30/1 ratio
Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...
Why would you want to go to a BB? Usually people from BBs (with some minor exceptions) end up at boutiques. Boutiques are less rigid and you have an opportunity to advance faster.
Is the pay as good?
who goes from a BB to a boutique? Unless of course you mean the BB -->PE transfer
Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...
You can certainly get from MM to BB, though there is no conventional path. Networking helps, otherwise like the person previously said, you can go get your MBA and go from there.
Yes
Is it easy to get admitted to a top 5 biz school from a boutique?
That you may absolutely hate banking? The hours worked cannot be overstated.
definetly not
Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...
You have considered that, or you just know you're gonna love it.
I know that I'm going to love it. But at the analyst level it'll be a love hate relationship because you sell yourself into slavery for minimal pay
Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...
It's still going to suck as an associate, except you'll have a few analysts to kick around. The hours are still going to be terrible.
Reason people become analysts in the first place is to hopefully jump into other alternatives (PE,VC, etc.) earlier on in their lives so that they don't have to slave away when they're older as associates.
But caveat emptor
Fill me in
And the long hours, lack of social life etc doesn't deter you? There are other jobs where you can value companies. Go into equity research.
long hours and lack of social life really aren't that big of a concern.
I'll still have my network of friends...all of whom are from the area(one of the advantages from not coming to NYC from cali). So whenever I'll have free time I'll have someone to spend it with.
As far as long hours, you gotta pay to play. But yes its one of my major concerns...but we'll see how that plays out
Yes there are other jobs where you can value a company, but in 9 out of 10 cases, they want you to have IB experience.
Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...
Good luck on finding a job...but don't get obsessed to the point where you ignore the possibility of prefering other careers.
Let me ask this...if the job paid only 60k, with a minimal bonus, would you still do it?
yes
Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...
but keep your options open
will do
Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...
right, I agree
What's the office atmosphere like?
Is it possible to go straight to graduate school after I finish my undergraduate, then try to get a position as an analyst in a BB?
As far as I understand, if you are a super-student who also amassed lots of meaningful work experience during your college years, you might almost maybe possibly have a slim chance.
It's not really like law school/med school where you usually go straight from ugrad.
depends on your school. I am currently in a program that at the end of 5 years i will get both my Bachelors and an MBA. It is for accounting majors which i am but has a finance track. u could also do a one year masters program in accounting or finance.
Read up other posts on business-school. It should be used more as a career builder or career changer. Why would you want to do an analyst position with an MBA. Perhaps it would be better to work a few years, get an MBA, then continue as an analyst. The opportunity cost of you getting an MBA and only being an analyst would be very high.
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