Have you lost interest in pursuing a career in Investment Banking?
Hey monkeys,
Over the past year or so(currently a sophomore in college), it seems my interest in the industry has really declined. As a preface, I've never worked in investment banking, so keep in mind my post has nothing to do with direct experience.
As a freshman, I was a keener and tried to learn as much as I can about investment banking and how to best set myself up for a career in the industry after graduation. However, after talking with more and more people currently working in IB, it seems like the day to day work doesn't interest me whatsoever, and most seemed to dislike what they do/are looking for a way out.
Personally, I find direct investing much more appealing(whether it be in private/public markets), however I understand that my best shot at a career on the buy-side involves paying my dues as an analyst in IBD.
For those that graduated, have any of you LOST interest in investment banking in college?
Not directly applicable, but if you want to be managing investments well......IB doesn't really do that. It's more relevant to PE because you gain a skillset in analyzing deals, NOT managing portfolios of publicly traded securities.
Just talk to your career center or your school's. There's a ton of asset management firms out there which will train you in portfolio management. Good news: a lot of them are shifting towards hiring right out of school because it's easier to train people from scratch than it is to de-program them from their previous job, then re-train them to your firm's expectations. Better yet if you have a specific question in mind, that's a great way to kill two birds with one stone: ask alumni who work as portfolio managers.
IB Analyst here, everyone is more interested in direct investing and Investment Banking is not the same as direct investing. Some of us make the decision to be miserable for a few years in IB to get there, but it's not the right choice for everyone
Also still in college, but I've gotten the thoughts too. I've read a lot about case interviews for consulting jobs, and what a lot of honest case coachers and wise old consultants claim is that if you're just not 'good' or really 'enjoying' doing cases after a certain amount of studying and practice, you probably aren't cut for the job (and I mean consulting/business as a career, before some idiot points out you don't need critical thinking skills to edit a powerpooint or some other monkey shit grunt work like that).
I'm beginning to wonder if the same applies about banking. A lot of my friends have really bought into their interview stories and have taken their 'why investment banking' answers as the real key to the soul. I, on the other hand, feel like I relate more to Michael Lewis in his books when he talks about his Salomon Bros interview responses as BS and just staged.
Point is, I don't know how much of the recruiting process I'm finding so shitty and annoying is just a temporary hurdle and how much of it is something that reflects your long term potential. I can't help but feel BSing interview questions isn't too far off from BSing around with a dumbass client/investor as an MD.
But shit, every time I rehearse a 'why bank X' question or what my weaknesses are, I start envying my premed friends that much more (but not too much; fuck the MCATs).
I have done banking internships, and found the process to be pretty horrible to be honest. That said, I think the whole interview process for almost any job feels like a circus act. I can't imagine that rehearsing "what are your weaknesses" will ever feel fulfilling, even if you're applying for the position of Master Space Explorer BSD of the Universe.
I am now interviewing with some tech firms for internships, and while the positions and products now really do interest me, the preparation stage feels almost as arbitrary as banking. Just realise that interviewing is a skill, and that rehearsing that skill does not need to be fun. I hated many of my rowing trainings, but LOVED to race. Don't get too discouraged if you don't like the interview process.
Dude, you're a sophomore. Stop worrying and go get wasted.
I'm not in IB, but I will say that I think it's important for you to prioritize what means most to you in your career. Is it money, work/life balance, exit opportunities, opportunities to move up in the firm, etc. etc. IB is a first step for some into the world of finance with great pay and exit opportunities but shitty hours and day to day work.
I recommend sitting down and going through what you really look for in a job. This will not only help you focus your job search but a job interview now becomes valuable to you because you can the right questions with genuine interest and walk away not only of your employer's impression of you but your impression of your employer. I think too often we come out of interviews thinking "I hope they like me" and we rarely ask ourselves "Do I like them?"
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