Many people who were aiming for BB i-banking, trading, whatever had to - or will have to - settle for something less...either boutique or mid-back office work. Also traditionally it has been hard to move from these positions to front office BB, there are two things to think about
1) Most banks have analyst classes half the size or smaller than usual. If things recover, they will need to find people from somewhere. future analyst classes will take a lot of these positions, but if things recover dramatically during your first few years in back office, expect more phone calls up to front office than usual. When there was a million front office analysts, and a million bankers from MM office trying to make the jump, this was obviously much harder.
2) If things don't recover front office compensation will suck balls anyways, so its not worth the stress and wasted youth. Expecially if you managed to get a shitty (but decent paying jobs) in city. Having lived in NYC during college, I can tell you that city is amazing. Early 20's are the best time to experience it, and your 60k + 10k is honestly enough to get a nice place in stuytown and go out for happy hour every night and nice places.
I mean it wont be easy to transition to front office, but it should be easier than the last few years, so don't think your life is up. Even if yuo don't get direct promoted, expect it to be a lot easier coming out of business school to get into front office associate position with shitty experience....they just wont have enough with decent experience.
"Food for thoughT"!
keep at it. hopefully u can make that transition
i don't think people who didnt get into ibanking or trading should focus on finance (especially the back office). people have still been accepted into GS, ms, csfb banking and trading. when it comes time to get into pe, hf, top business schools, there will be enough of these types of people where the back office people wont get a single glance. it is unfortunate (not unfair), because many backoffice people would have ended up at a bb in different times. start looking into medicine, military, ngo work etc.
3 things
1) medicine or military... How are you going to get into med school with a finance degree. Why would you do military when you went to a target school?
2) Prior to about 10 years ago ops to front office was a very frequent movement. Half the traders at deutsche NY started in operations (my friends a VP trader there).
3) obviously you aren't going to go from ops to Citadel (edit: haha maybe according to your previous post), I was talking about transitioning to front office work at a BB. Even during boom times with a million front office jobs B-schools take back office people, and back-office gets to direct trading. I've met plenty of people that have done it in the last few years, which was arguably harder than it will be for current people if things get better due to smaller analyst classes.
edit: I found this post while trying to get salary information on ops
"Good exit opps surprisingly. by nathanielpowers (Senior Monkey, 67 Banana Points Points) on 9/19/08 at 4:17pm
Good exit opps surprisingly. i know somebody from Citi opps who did product control and got an associate position at Citadel group front office"
or was that a joke post.
You're a fucking tool. How are you going to give "food for thought" when you're just another fucking college kid?
You can go to med school with any degree as long as you have a strong GPA, come from a top school, and spank the MCATs.
Why the military? Maybe because they're proud of our country and want to protect our freedom, dipshit.
The rest of your posts are stupid. Get your head out of your ass, kid.
Sorry but your 1st point is stupid. If an individual came to college with the intent of pursuing finance, then they would not have focused on the pre-reqs for medical school. So now they are a senior and cannot get into investment banking, how in God's name would they just take the MCAT and go?
You need to take: 1 Year of Calculus 1 Year of Biology 1 Year of Chemistry 1 Year of Organic Chemistry 1 Year of Physics
How many people pursuing finance do you know have taken the last 4? Right.
to those other than the OP, your all fucking idiots.
you do realize there are numerous classes you MUST take to get into med school, and at this point in a seniors college career its too late to do so...right?
patriotism? what? thats the biggest strawman argument in the world.
but im guessing this is a troll post...
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