At the Crossroads - Graduating Out of School
Hello all, I am new here. I was looking for some input of what to do. My story is as follows:
Started university in engineering, but did pathetic in my courses, ruining my GPA, and switched to Economics/Finance, Did much better, and got interested in the world of investment banking. So I applied to some summer internships this summer, but sadly couldn't get past the phone/video interview stage.
This got me thinking about what I wanted to do with my life. Do I really want to work in investment banking? Do I really feel I can perform at my job 80 hours every week? How much of a salary do I really need? I thought about these things and realized that while I do have a strong work ethic, I feel like I might need a career with a little more work-life balance (compared with a career in IB). Also, my school is not well known for its business program outside of Canada, so that could very much hurt my chances as well (that doesn't mean I'm out of the game, it would just be a whole lot harder).
So since many of you have much more experience than me, I would like some advice on where to go from here. I graduate next year, and want to have a job in the financial sector that has a decent salary, with good exit options and some work-life balance thrown in, but don't know much more than that. Is PWM the way to go? Should I become an actuary? How about working in financial analysis? Where should I start? What starting jobs should I apply / not apply for?
Any advice is appreciated, and if you require a bit more information, I will be happy to provide it.
Hey, I would look into corporate finance, business valuations/transaction services, commercial banking, and other roles like that. Those seem to offer more work life balance, but it depends on the job/firm.
It seems as though you are unsure what to do, network with alumni from your school and ask them about their jobs. Through networking maybe you can find an area or a certain role you enjoy and want to pursue.
Thanks for the advice camerashy. I am interested in some corporate finance / valuation careers, as they have a bit of overlap with some IB jobs, as well as giving me some exit options in related industries. As for alumni, I will try and reach out to them over my last year, and hopefully can make a good connection or two.
As an addendum, I understand my work-life balance request is very relative. For most if not all in IB, working 50-60 hours a week seems like a breeze, but compared to many of those outside the industry it may seem like a huge commitment to work. In all honesty, I am more concerned about getting overwhelmed with stress than the actual number of hours I work.
If you find a role you are interested in you should try interning for it, reach out to a lot of people in different jobs and try to ask them about the stress levels and the hours they work. I'm sure if you cast a wide net you will find something that is a fit for you.
You said you are from Canada, is your goal to work in Canada or the United States? I think I pm'd you about that already, Here are some other posts that may help (these are just a few you should search for more):
https://www.wallstreetoasis.com/forums/msf-big-4-valuation-ama
https://www.wallstreetoasis.com/forums/day-in-the-life-middle-office-ri…
https://www.wallstreetoasis.com/forums/amazing-jobs-with-good-work-life…
Sorry I didn't answer your pm, since I am a new user, I am required to wait two days in order to reply.
My goal is likely to start out in Canada (likely Toronto) and see where to go from there. I wouldn't mind working in the US, it's just much less likely for me to intern/start my career there (tough domestic competition, stresses of a different environment, etc) and I would likely go there (or elsewhere) later in my career. I'll definitely check out the links you posted, and hope I get a better grasp of the full range of jobs available to me.
Why not S&T?
I'll look into Sales and Trading, but from what I heard, while the money is decent and there is some work-life balance, it seems very stressful during the hours you are working versus a bit more of a hands-off approach in IB. Also, I worry a bit about the potential career options I could do down the road in other areas of finance (i.e. the different exit options available 5, 10, 20 years from now).
I mean, personally I think S&T has better exit opps than PWM but that also depends on what you want to do. It is very stressful but thats the difference between S&T and the other divisions. 12 hour day (+-) at 100% intensity and then very little (if ever) work on the weekends. Also, in terms of pay dude, we all started at around the same. You need to look at bonuses on a "by desk basis" rather than by division, most people on this website are reasonable enough to realize that not all IB out pays all S&T. My humble opinion on the matter.
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