Confused about future path in finance -interested in sell-side
Ok, so here's the deal. Non-target undergrad interested in finance. After looking at the various divisions of finance in detail (AM, ER, S&T, IB, CB, CF), I know that IB interests me the most. But certain aspects of the work are making me question what to do. I do not mind working hard and working 75/80 hours but the way the hours are structured is what is bugging me. Having no clue when you are needed (with at least some time in advance) is really akin to working 168 hours since there is no advance notice on when you are needed. If I pursued such a path, the stress would be too much for me and deteriorate my health. Let's just say in hs and early college I did not take care of my health more concerned about grinding/ getting best achievements etc and it had a very detrimental impact on my health. Only now am I started to regain my health. Like I wouldn't mind working say 9-12 M-F. That's 75 hours but its predictable compared to having absolutely no clue on when I am working. Like If I knew on Monday that the whole week would be a deal week then things would be better.
Having said all this let me just say what exactly I am looking for: Compensation: Def care about money and being a guy I know I need to build a solid career so I won't have to worry about money. That said as a 22 year old I will just want to cover living expenses and have a litlte left over cash to do some stuff on weekends. Def don't care about bonuses or such Hours: I get everyone has to pay their dues and considering my other option of grad school the hours aren't too relevant. That said I want at least some predictability on what my schedule is Prestige: Don't care at all. Doesn't bother me what firm I work for as long as I'm making a living. Finance Interest: The sell-side interests me without a question and I would want to preferably do something on that side
Needless to say I am completely lost. I feel like I will end up as a bank teller out of UG (which is not livable wage btw). Any recommendations on departments of finance I should target for internships or banks with a better culture would be GREATLY appreciated.
If you've read this entire post, it really means a lot to me.
I think you should look towards corporate banking , typically 60 hours and all in pay for first years is between 60-80 k. CB generally has a better work/life balance but it is different from IB and isn't a substitute for it however based on your personal preferences i would suggest CB.
Corporate banking is providing financing for corporations right?
Just looked at some SA positions for 2020 and some are listed as "Corporate & Investment Banking Summer Analyst"
What does this even mean? 2 positions in 1?
in some banks, the line between corporate and investment banking can be blurred, depending on the organizational structure. quite often, coverage bankers are put on the corporate banking side. the corporate and institutional banking SA position sounds like something Stanchart does, where you apply for the position and get asked about your specific interests later in the process.
yep agreed , see ^
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Can you describe a little more detail? I haven't heard about this before.
"next best thing to IB" sounds like bs. sales/relationship management work in AM/brokerage houses has almost nothing in common with investment banking.
what I would suggest is finding out what sort of work you think you may be more interested in, with what you know now. Some guiding questions: - client facing or non-client facing work? - for sales jobs: a more Hunter or Farmer type of work? - do you prefer financial modeling type of work, or would you prefer following the financial markets? - do you want to shy away completely from technical finance work or much rather the opposite? - what are some of your non-negotiables in life? for example, I knew from the start that I didn't want the entirety of my weekdays to be eaten up cos I like to have time for my own interests after work, hence dropping IB as an option.
feel free to pm.
The only reason you would wind up as a bank teller is because of your piss-poor attitude and self deprecation
... no its because I'm lost as to which department of finance to join.
Definitely don't do IB. I had similar thoughts as you before my Summer Analyst internship and I thought I could just plow through but definitely realized that I would absolutely hate doing it for 2 years. I was a top performer and really liked the people from my group; it really was just the hours and the nature of the work that I didn't enjoy.
For alternatives, I did a summer internship in Asset Management and it was super chill. Full timers make like 60K in a super low cost of living city, you work ~55 hours and you actually learn to think and act like an investor and not just waste time on useless pitchbooks. Would highly recommend it.
agree with what was said above completely. however OP seems super sure that he's only interested in the sell-side.
I don’t mind doing an AM internship but correct me if i’m wrong but you have to show a passion for investing in interviews to get a spot. Like they want to know that you might be an asset manager later on. Tbh idk how I could fake a passion like that . Like how do I know what I am going to do 5 years down the line as a UG lol . In a lot of sell side roles most people are doing it for exit opps so just showing a passion to learn and willing to grind is usually enough.
you will be asked similar questions for investment banking interviews, my friend. stock pitches, future career goals "where do you see yourself in 5 years" type of questions, and talking about recent financial news. if you are getting into sell-side for "exit ops", what ops are you even thinking about?
you will be asked similar questions for investment banking interviews, my friend. stock pitches, future career goals "where do you see yourself in 5 years" type of questions, and talking about recent financial news. if you are getting into sell-side for "exit ops", what ops are you even thinking about?
What do you actually like within finance? What interests you the most in school? Is it markets? Analyzing companies? Maybe you'd be open to some type of support role such as Finance/Ops? Or even MO stuff like Risk, which involves modeling, predictable hours, interesting work, decent wage, exit opps, etc.
Analyzing companies, Can you describe what finance/ops is? What exactly are the hours/pay/ exit opps ?
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