Hey, I’m considering work in IB primarily because I think it’s a really cool field that works as the backbone of the global economy. But, my parents constantly try to push me away from it because they say it’s unethical, and hurts others. My question is, when working in IB, is it a lot like the sex/drugs/white collar crime culture seen in fiction, or is it much more ethical, and actually centered around helping people and buisness?
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My parents tried pushing me away as well, but in the end, you should just do what you want. Banking life is not really like the movies, though I don't know why you would complain about sex and drugs
>my parents constantly try to push me away from it because they say it's unethical, and hurts others.
sorry that you were raised by hippies
>is it a lot like the sex/drugs/white collar crime culture seen in fiction
i don't intend for this to be mean but are you 16 or something? of course it isn't. in your first years you'll be doing basic algebra on excel and pushing logos around on powerpoint. even if investment banking was a 24/7 eyes wide shut party do you think we would openly say so?
>is it much more ethical, and actually centered around helping people and buisness?
the purpose of investment banking is to provide capital raising and advisory services to corporations. bankers have to walk the fine line between being rabid fee-chasers and trusted advisors.
at the end of the day, what's cool about banking is that it's the only job that coming straight out of college you are able to work on huge sexy corporate transactions that can greatly affect an industry and the work only gets more interesting the more senior you become. if you are interested in what is beyond banking the skillset you gain as a junior banker in financial analysis and work ethic is unmatched and the exit opportunities are untouchable
As a matter of fact, I am 16 lol. I just needed someone to tell me objectively what I was hoping. You did, so much appreciated :)
the best advice i can give you now is to think about getting into the best possible college you can. worry about banking and whatnot when you graduate high school.
enjoy high school and just focus on getting into a great college (and talking to girls and playing sports)
It is a profession completely overblown by the media. Do you want to know the most realistic scene approximating banking in real life? Margin Call, the below link:
Here's what's accurate: * Working late at night * Some people finishing, and trying to salvage a night by going out * Most people still at desk working * Camaraderie amongst juniors, at least outwardly * Desks look exactly like this including the snacks everywhere * Listening to music on headphones while cranking * Putting your head in your hands while frustrated and checking your watch in disbelief * Writing in notepad (a lot) and typing (a lot) * Finally noticing what's wrong and fixing it (20% of the time will produce 80% of the value in your work) * Calling people up when they're busy doing something else, even after they've gone home/out (alternative: being home or out late at night and getting a call from your boss) * Three people standing around a computer debating what's going on, and more importantly, how to message it up the chain * VP goes off and calls MD to deliver the bad news
Here is what's not accurate: * You will never have such a big impact / find anything so interesting in your entire career
Oh, I miss these stupid threads. Refreshing to see this after the million "I'm in high school. Should I network with banks? I've already taken the WSP and BIWS courses two times." threads on this forum
Investment banking is not the devil. IB helps companies merge and launch IPO's.
Just like courtroom movies, movies about investment bankers and stock brokers are embellished for ratings and good entertainment. The most accurate IB movie is Trading Places.
Since the Financial Crisis, there has been so much regulation, it is difficult to "play dirty" like Keating and Milken.
all the above
Banking’s bad representation in pop culture/media is because no one has a clue what the hell banking even is. Investment banking is not “investing” and is not what most people think of when they hear the word “banking.” Most people just think of the wolf of Wall Street and “stock people” or “stock brokers” which have little to nothing in common with banking. You should think of it rather, as Houlihan lokey does, as “corporate transaction financial advising.” It’s nothing like the movies, no one has time for the lavish lifestyle.
OP, I came from a background similar to yours so I understand your concerns and fully empathize with you. My parents didn't know anything about finance and thought everyone on Wall Street was a fraud because that is what is in the news. You must remember that many americans may have never fully recovered from the 2008 crisis so the general population doesn't view Wall Street in a positive way. I can't stress this enough but 99% of people don't know what an investment bank does let alone the difference between a bank teller and an investment banker despite how many hardos you see on this site.
No this is fiction, bankers are cranking out excel, ppt and working long hours that in no way will let them live a fast life filled with sex and outlandish spending. Those days are far behind us, will never come back and most bankers are usually just mellow normal hardworking people just trying to make it in life. That's it, no gimmicks or glorification of conspicuous consumption.
I did receive backlash for wanting to go into IB so I gave up on trying to please my parents and use WSO as the only source of motivation, education and encouragement. There are many like me who have done the same and that's what you need to be aware of, that if you genuinely want to go into IB for the pay, exit opps or because of another interest don't be afraid to go for it and become the person you see yourself as in the future.
I hope this helps you, I was a very insecure person and still am but have no feelings of regret for choosing this path.
Realtors sell houses. Companies need realtors too. Those are investment bankers. Simple as that. Ask your parents to explain why that’s unethical.
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