To your friends, or girls in the club, or random people you meet? Are they impressed if you say you are a M&A investment banker with Goldman, Morgan, Merrills, JPMoran, etc.? What reactions have you received?
| +95 | Are you “less ambitious” for having long term goals outside of NYC | 24 | 7m | |
| +40 | WSO Ranking On Resume??? | 10 | 2d | |
| +37 | Interviews Are So Fake | 24 | 37m | |
| +33 | 2024 UK Election - Tories finished? | 20 | 12h | |
| +29 | Being Christian in investment banking | 14 | 6h | |
| +26 | Is my boss gaslighting me? | 3 | 6d | |
| +24 | What's going on at Columbia? | 21 | 4s | |
| +23 | Non-Competes Banned | 14 | 44m | |
| +22 | Ideas for things to do with a free semester before starting ft? | 9 | 1d | |
| +20 | Sabotaging Peers to Get Ahead? | 34 | 3d |
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come on dude
because I went to las vegas and was playing poker and one guy started having a go at me about being responsible for the subprime, etc. and this happened at another place too...Seems like it might be better keeping your profession to yourself at certain times.
chilloutman-- it says you're a prospective on your profile. how.. did the guy at vegas get into it?
you kinda answered the question yourself. it really depends on what and how much the person knows about the industry.
once upon a time, an analyst from a top BB once pulled out his business card to an acquaintance and I at a club. I had no idea what I wanted to do or what to major in then, so I did not know much about the BB and therefore did not swoon immediately. the acquaintance (who I later found out was majoring in finance or some other prospective-monkey-major at a target), on the other hand, grabbed the card and squealed, as if the card were some sort of precious metal. of course I was pretty confused at that time.
That's because it was a precious metal. I don't know about any of you guys, but my business cards are made of solid gold (sometimes platinum).
Most common reaction I get when I tell people I am interviewing with an investment bank is, "Oh, what's that?" or "So you want to work for the stock market?"... *I do not live on the East Coast, and most people here in the midwest have never heard of I-banking.
One conversation I had with a girl that was cutting my hair before an interview went something like this:
"So where are you interviewing at?" "Chicago" "What company?" "FirmXXX, its an investment bank" "So you want to be a banker?" "Yes" "Would you have to start off as a teller first?"
I just laughed and said no. I knew it was pointless to go into it with her.
I'm also originally from the midwest, and most of my friends and family have never even heard of investment banking, let alone know what it is. It's kind of annoying, but it's also nice in a way because you don't have to talk about finance news because they could care less.
Some common responses I've gotten:
"So, what stocks should I buy?"
"Can you give me investment advice?" (Sure, for a 2 and 20 fee I say with glee in my eye :)
In New York it's a bit different as everyone, or at least most people, know what bankers and financial services people do and who they are. But in other parts of the country, no one really cares.
So don't expect special treatment and certainly don't expect models/bottles.
The best is when people (e.g., family members) ask for your thoughts on some individual stock that you know absolutely nothing about.
A colleague at my PE fund gave up on trying to explain to family members what he does for a living, and now simply tells them he's a stock broker.
A partner at a VC firm I worked for just told people he sold life insurance. It was pretty genius if you ask me.
why don't you guys just tell people that can't seem to understand what you do that you are basically a real estate agent but replace houses with companies..that should work.
If one more person thinks I'm a stock broker I'll go nuts, haha
i'm a girl, so i've got a very diff perspective on this - when i was summering at a BB last year, my girlfriends and i would go out to the bars and inevitably some guy would come up to one of us, ask us if we wanted a drink and then start going on about how he was a banker at an MM or worked in "finance." we worked at one of the top BB's, unfortunately, and when the dude found out what we did - he'd sort of visibly deflate and literally run the other way. our weekends improved considerably when we started being pointedly evasive about our professions...
sad but true, even if you're cute and get picked up at bars/parties the minute you tell the dude you work at a BB ... your attractiveness seems to immediately decline.
Personally, I think it's hot for an attractive girl to be ambitious and intelligent. That's one reason why I left Southern California. After a while, a pretty face and nice body seems like they are a dime a dozen. Ditsyness is cute at first, but it wears out fast.
Haha coming from a guy, don't sweat it...if a guy wants to pick u up and talks about work at all during the process he probably has no idea how to please you in the first place. The fact he offered to buy you a drink before even talking to you reflects that.
Funny thing is I know many guys who works at BB's are straight up pussies when it comes to talking to girls.
This is true. Been there.
Wait until you experience meeting new girlfriends and then realize that your new girlfriend really only befriended you to climb the social ladder and so you could introduce her to your male IB coworkers. These women out there... they are uber competitive and they are determined to marry well!!
Anyways, so that's happened as often as meeting guys, telling them you work at X bank and then watching them deflate. Now, when I'm asking the "what do you do?" question, I simply shrug my shoulders and dismissively say "I'm in finance". When you first meet someone that's plenty information. There are other things to talk about socially other than what we do for a living. Shallow.
Anyways, so that's happened as often as meeting guys, telling them you work at X bank and then watching them deflate. Now, when I'm asking the "what do you do?" question, I simply shrug my shoulders and dismissively say "I'm in finance". When you first meet someone that's plenty information. There are other things to talk about socially other than what we do for a living. Shallow.
100% agree with you on that.
"A colleague at my PE fund gave up on trying to explain to family members what he does for a living, and now simply tells them he's a stock broker."
hilarious!
For real, no one knows the difference between a stock broker and IB, operations, trading or whatever. The reaction you'll usually get is... "oh, I've seen the stock market on the news, so do you sell stocks?" Going into an in-depth explanation is useless. It's easier to just say you work on wall street, and let people draw their own conclusions... unless of course you were planning on using work prestige to pick up.
As for my business cards, I just picked up a batch from the printer's yesterday. Bone color, and the lettering is something called Silian Rail.
But I digress, I've gotta return some video tapes.
srr, unfortunately i agree with this. the perception is that all female bankers are super type A and will grab you by the balls which is a scary thought. i suppose the fact that your male suitor worked at a MM gave him an inferiority complex. i wouldnt run the other way though, if the girl was attractive and witty, could work in her favor. isnt always a bad thing when a girl can hold her own
ive found some people dont have a clue (think you are a stock broker etc) while some are impressed, really depends.
ive told people i work in distressed debt and ive gotten the reaction "oh so you call people who dont pay their credit card bills and try to collect" to whcih i respond "no not exactly"
"Raised lettering, pale nimbus... white. "
i have a banker friend who tells girls he repairs disposable lighters and keeps it going for a while then eventually tells them hes a banker. if the girl gets all excited he gives them sht for being superficial, pretty funny and has worked for him a few times ive seen
oh and also i hate it when a kid goes around bragging how he works for Goldman Sachs acting all tough then find out later hes in operations..
that's pretty funny srr636
in response to the original question I find it kind of funny when analysts call themselves "investment bankers." I suppose its not inaccurate, but still pretty ridiculous. I feel like most of the guys bringing in fees think of you as raw meat, not a fellow "investment banker." On a broader note, I find sentences that connect people to their profession with the verb "to be" uncomfortable. I'm happy to say what I do, but less comfortable saying that what I do is what I am. Unfortunately when you're in the office 80-100 hrs a week, it's not such a big leap.
For those of you working in private equity, what do you tell new acquaintances regarding your job description? Are you a PE professional, investor, "PE guy," etc.? As for myself, I just say that I work in private equity. I find that this type of response seems to evoke less disdainful emotions than those associated with bankers as described above, but it's hard to tell. I feel like the reactions I get sometimes suggest that they don't know what private equity is, and sometimes they just don't care to ask. But I guess that's OK because I don't really talk shop when I'm outside the office anyway.
I've found that most people couldn't care less about what I do (which I like). Some people, however, become intensely annoying when they find out you work for a PE fund, especially if it's a fund they've heard of and think they want to work for.
I've learned not to really say anything about my job when meeting new people. If I do say something, I tell them I work at a mutual fund and just leave it at that.
Best reaction of saying I work in venture capital
Dad: So venture capital...you guys make investments in companies that banks won't go near right? VCMonkey: Right, usually we invest in companies with no hard assets. Hence they have trouble attracting typical financing. Dad: I get it, so you're a loan shark!
from the terms of some deals, that's not exactly far from the truth...
i just remembered a funny story along these lines. idk if you guys have ever been to ulysses on stone street, but the place is virtually a meet market, teeming with gold digging women and male bankers, or banker wannabes. one of the guys i summered with liked to drop the name of our bank to the women hitting on him - the name was synonymous with money, but the vast majority of the girls had no idea what the firm actually did, which was why he liked to tell him he worked at ____, the law firm. it was hilarious watching the girls fall all over themselves to ask him which esteemed law school he'd attended.
They bow down.... (j/k)
Haha, I tried to explain what I'm gonna be doing after graduation to my grandma (IBD) and her reaction was "Well, at least you got that if nothing better worked out for you." I was like, that's right grandma, I'm happy even with this...
Me: I am majoring in Finance, I have a job lined up after graduation Woman from my town: Ohh so are you going to be an accountant or a real estate broker? Me: Umm I am going to work on Wall Street Woman: So a stock broker Me: Yeah similar to a stock broker....
haha.. that picture is hilarious
No one has any idea.
I tell my friends I'm in sales. They say "So you're a trader." I say no - trader is in front of screens, sales is on the phone all day (my simplification). "umm...what.?"
I give up.
As far as guys, I tell them I work at a bank and then let it go from there. I find that male bankers I meet assume I am in back office and then try to "catch me in a lie" by asking probing questions. That behavior is not attractive by the way - note to the guys out here.
Well if you work in sales you might as well be in back office. Bet you work in straight vanilla equities sales to institutional investors too. That's where they tend to stick the blonde airheads...
As for the op's question, in general there aren't many times when you end up telling people what you do. Well maybe I'm just a loser who hangs out mainly with other bankers so most new ppl I meet are through a friend and I'm introduced as their colleague / guy from same bank. As for chicks in clubs I just say I work in a bank and leave it at that unless they ask more. In general posh chicks seem to like it, guess you fit their profile of suitable boyfriend to show the parents. At the end of the day unless you make a massive effort (and I can't think of a single person who does) then you will end up in circles where banking is a pretty common thing and doesn't raise any eyebrows.
Ouch.
Remember, you will always be a salesman, no matter how fancy your title is. - My ex girlfriend
lol actually I did get the job I wanted check my posting history if you don't believe it, and yes I know what the technical meaning of front office is, but we don't have to stick to everything literally all the time. Plus notice how I said might as well not is so stop trying to be a boring lameass. As for fp175 if you delve far enough back all she was interested in was getting into private members clubs in London etc so anybody like that deserves to be attacked.
If you use your job to get a girl then well poor you...
I worked at Merrill Lynch and I never went around looking to tell people what I did or where I worked. Sometimes I would just stick to the firm when someone asked because 95% of the time they won't know more than the firm's name.
But if people wanted to know what I did I would tell them I was an investment banker. This would lead to a lot of blank stares so I would make up a job description to give myself a laugh.
Random person: "So what are you doing after your masters?" Me: "I'll be an investment banker doing sales" --blank stare-- Me: "Well have you heard of Jerome Kerviel the guy who lost 5 billions?" RP: "Oh yes!" Me: "Well I'll be kind of doing what he does, except I don't run the risk of losing that much money, and I don't trade" RP: "oh ok"
Good thing is that in London most people know what IB is, I just need to explain to people in other countries usually.
When wooing a girl (I go for peace corp type of girls, so banking is really NOT attractive) Girl: Oh so you are going to be a banker exploiting the poor. Me: Hell no! I'll be helping the poors. Thanks to me I help companies get money from investors. I am an intermediary between benevolent benefactors and selfless companies looking to hire the unemployed. Girl: you are an idiot (but if you keep on telling me crappy jokes like this I might actually end up in your bed)
Remember, you will always be a salesman, no matter how fancy your title is. - My ex girlfriend
Best. Response. Ever.
An investment banker is just a salesman who wears nice shoes, and oftentimes has no idea what he is selling. I will be working in a top BB after graduation, but honestly apart from the money, I really think there's nothing challenging about the job. I look at some of my friends who are going into PhD programs in MIT/Caltech/Harvard and they are literally exploring the secrets of the universe. I know that in the bigger scheme of things, what they do matters more and if they do well, their names will live down in history. As an investment banker, you are just another digit and no one remembers you the day you pass away (apart from your family, if they haven't left you already).
That's really where bankers/PE guys etc. stand in the larger scheme of things.
"The very stone one kicks with one's boot will outlast Shakespeare."
"An investment banker is just a salesman who wears nice shoes, and oftentimes has no idea what he is selling."
just like all salesmen.
but man those shoes can shine.
i went to new york for new years and tried wooing hipster girls by telling them that i'm a big time investment banker (i'll be an sa this summer...i'm not above lying to have my way). the reactions i got ranged from utter confusion to the full brunt of their hippie, socialist rage against all things capitalist. just a miserable night all around.
CheleasFC85, have you ever considered it's because you don't look like a big-time investment banker and therefore can't pull it off? Not all chicks are stupid you know...a 20 year old kid claiming to be a "big-time banker". ROFL.
I am from a big city, not New York though, so most people know what Investment Banking is. When my friends' parents ask what I am going to do after graduation and I tell them IB, I get one of three responses
People think that I am ...
a. A bank teller
b. Stock broker or
c. When I worked I interned at GS, some people thought I worked at a high end clothing retailer
Unless you live in NYC, chances are nobody will understand what you do. But don't feel to special their are lots of jobs that other people do and if they tried to explain them to you, you also would be clueless. My Dad has worked as an engineer for Boeing my whole life and I am still absolutely clueless as to what he actually does
haha some of my friends also thought lehman brothers was neiman marcus
My friends (who are all going into accounting) haven't stopped confusing Lehman Brothers with Neiman Marcus since I interviewed there!!! That's crazy!
So my dad finally caved in one day and asked what the hell the graphs on my computer screen that were constantly changing all day. I replied im watching the market. He later has a conversation with a colleague and they asked what I was doing.
dad: he looks at lines. colleague: oh so hes in drafting? dad: no he looks at the lines as they change. colleague: oh hes an engineer? dad: hes a day trader colleague: oh.
But of course the best explantion has to be below
(Mortimor) We are commodities brokers, William. Now, what are commodities? Commodities are agricultural products. Like coffee, that you had for breakfast. Wheat, which is used to make bread. Pork bellies, which is used to make bacon, which you might find in a bacon, lettuce and tomato sandwich. Then there are other commodities like... frozen orange juice...and gold. Though, of course, gold doesn't grow on trees like oranges. Clear so far?
(William) Yeah.
(Mortimor) Good, William. Now, some of our clients are speculating
that the price of gold will rise in the future. We have other clients who are speculating that the price of gold is going to fall.
They've placed their orders with us and we buy or sell their gold for them.
(Randolph) Tell him the good part.
(Mortimor) The good part is that no matter whether our clients make money,
or lose money, Duke & Duke get the commissions. Well, what do you think, Valentine?
(William) Sounds to me like you guys are a couple of bookies.
Sorry i just couldnt resist. Best explanation EVERRRRRRRRRRRRRRRRRRRRRRRRR.
My MD (IBD) told me a story one time of how his mother, even after X years, still didn't understand what he did. He said that she was talking to one of her friends down in the Carolinas whose son had just become the store manager of the local Wal-Mart. She then proceeded to ask my MD why couldn't he have become as successful as her friend's son.
Parents: "Yes, our son is an investment banker." Family Friends: "Wow, really? After doing that for a few years he might have enough money saved up to do what he actually wants to do."
I wasn't present, but I think that's my favorite reaction so far.
So I was looking for housing in Hoboken when I responded to some guy on CL who said he worked in finance. From work phone number which he called me on, I found out that he works at Moodys by googling the phone number.
I go and check the room out and he proceeds to tell me he's an investment banker at Credit Suisse. So I said "really, do you know my friend so and so who went to Caltech and works in the LA office". His expression went from cool to "oh shit, I think he's gonna call me out" apprehensive. I asked him about his hours, and he said he's usually in at 7am and out by 6pm which is why he's able to show the place. Since I knew he was 27, I asked him how long has he been in banking and he said "about 2 years". I then questioned if he's an analyst/associate how does he get out of work so early? His face was definitely blanking at this time and since he has no MBA he can't be an associate because that's the level they are hired into and he can't be one also because he hasn't worked in banking for more than 2 years to be at that level (if he's good). At this point, he knows that I know he's not a banker and that tells me he has to get back to work in order to end the room viewing. He was extremely defensive when I asked him what school he went to and snapped that it "doesn't matter in banking" if you're good like me. Right buddy!I'm sure his gig works on the dumb fashion girls, but if you're going to lie...at least do some research first.
guess you didnt end up buying the place huh? lol. Good story, personally im not one to rub it in unless they deserve it.
It's funny how young children can be a voice of reason on occasion.
I was talking with my Godson (6 yrs. old) at a family birthday party the other day, and he asked if he could visit me in New York (we are pretty close). Though I'm only going to be SA, I responded with, well, probably not, I'll be working a lot of hours, but maybe we can go after I'm done working.
In typical, childish fashion, he proceeded with more questions, the first being, "How many hours will you work?"
I responded, "Well, probably like 100 per week."
He came back with, "Why would you want to do that?"
It definitely made me laugh. My dad was sitting nearby and both of us looked at each other and made a face as to say, "good question?"
I realize this doesn't deal with the OP's question, but it was somewhat related and kind of funny too.
My friends have no idea what exactly it is that I do. They usually ask something like "Give me some stock tips" or "So when are you going to start managing my money ha ha".
i have friends at UBS who people constantly think are UPS drivers
to the S&T guys out there, what do you tell non finance people, that you're a banker or a trader? what about people in sales?
I just tell these hos that Imma BAUSSSSSS
After that, they proceed to bend over the table and I blow their backs out.
In NYC, people (sans the really clueless) know what investment banking is. I usually just say "I work in finance" and if they know what they're talking about they will press further, and if they don't they just assume it brings home the bacon. I was with my girlfriend once (an ivy alum in med school) and was at a college reunion party in the city and she asked an old guy friend where he works now. He responded with "leveraged finance" she said "what is that?" and then he went on to explain LevFin for about 2 or 3 minutes. In the end, he said "I work in finance". Bottom line, even the smartest non-finance girls are generally pretty clueless about any of the details and I would keep the description as simple as possible.
agree, say you work in finance and leave it at that, if the chick presses further, she wants a piece
Girl: So what do you do? Me: I work for an investment banking firm. Girl: Oh okay; you are like my brother, he works for Edward Jones. Me: No, a college degree is required in my profession
I'm in b-school now. Now the question is "Are you going to a part-time or evening program?" or an "online program?" and then they start listing terrible schools. My grandparents think I'm loser as well...one of those academic losers that can't get a real job so they go back to school.
I've given up as well...
I've found that general perceptions of bschool are pretty entertaining.
I'm not applying until next fall, but many people (including family members) have asked whether I plan to work "part-time" while in school.
If you think that explaining investment banking to someone is tough, consulting is much worse... at least "banker" carries the connotation of wealth. When most people hear I'm a consultant, they generally assume I couldn't get a real job and that I get paid by the hour. I've literally spent 10 min. explaining my job to someone, walking them through my most recent project etc. and am usually met by blank stares.
When I did consulting, most clueless people would hear management consultant and respond with "Oh, like Bob and Bob!".
Good times.
i'm going into trading and i've definately heard the "oh so you're going to be a broker?"
people usually know enough about it that it doesn't need too much explaining though not everyone approves.
my grandfather, a retired engineer in the same field as my degree, feels like i won't be contributing anything to the world because i'll "be gambling."
but then again, he lived 80% of his life in communism so i wouldn't expect him to understand that just because i don't help make a physical product does not mean i don't contribute to society
------
"its the running joke now, we now have fair trade with china so they send us poisoned sea food and we send them fraudulent securities."
P.S. I don't buy half the stories on this thread. Lehman Brothers = Neiman Marcus from all your accounting friends?? What the hell is going on?
accountants are dumb but come on they're not that dumb
Lehman Brothers sounds like "Neiman Marcus" lol
I'd say "I figure out how much companies are worth" to people I have never met.
sad but true. to many people, Goldman Sachs seems to be synonymous with "saks fifth avenue." one of my friends was from the south and anytime her dad told people in her small southern town that she had moved to new york to work at Goldman Sachs - they immediately asked him what her discount was at "saks." idk about accountants confusing neiman marcus w/lehman bros though - that takes a special kind of stupidity.
this thread is hilarious yea.. i have friends outside the industry thinking Credit Suisse is working with Credit Cards.. and that I'm going to be calling up peeps to make sure they have their payments on time
when i was younger i used to confuse lehman brothers with brooks brothers
------
"its the running joke now, we now have fair trade with china so they send us poisoned sea food and we send them fraudulent securities."
had this conversation with more than one person while at my first internship.
girl: so where are you interning me: Legg Mason girl: really i didnt think construction had internships thought you were doing finance me: I am girl: oh....
I can attest to the statement about consulting. It is much harder to explain what you do compared to banking. When I start my consulting job up in NY, I am just going to tell girls that I am a garbage man in the city. I heard they make about $80,000 a year. Girls love a guy with a passion for the outdoors.....and the willingness to clean up everyone else's shit. haha
I'm a non-business major and after having interviews with several BB's the past few months, I get nothing but blank expressions from people in my major after telling them who I interviewed with.
It always shocks me to hear people tell me they have never even heard of the likes of Merrill Lynch, Goldman Sachs or Bear Stearns (even recently, I guess if they don't know of Bear now they never will).
The few that do know of these usually have some ties to the NYC metro area. To the rest, I suggest watching the news, let alone CNBC, or reading a real newspaper (not just the school paper) once in a while.
I'm at a nontarget and yeah, I can say that most people have no idea what ib really is. Luckily I've met a couple of other students that really understand what ib is.
But like my family is just like "stock tips?" or like "wealth management?" And I'm like.. "no..."
When I tell people I work in Pharma consulting they think I drive around to see doctors with viagra samples.
I too have gotten the response of "Oh, so you're going to be like Bob from Office Space!"
You can't bother with some people.
Because yesterday my Mom flew into town to help me move and we were at a retail store and they cashier asked my mom if I was an Attorney or Doctor. She smiled at me and I said, I am in Banking. She gave me a encouraging look as if life "might" get better for me. She then asked if I was "frugal" and "good with saving money." This ended with "at least you look like a Doctor."
I love that so far in my city (Chicago) the bums ask which firm I work for when I leave the building and most common people know nothing in regards to our industry. Just walking out of my building a bum approachment goes as follows:
Bum: Hey brotha, I dig your tie and ya got shiny ass shoes Me: Gotta keep em G'd up from the feet up Bum: What firm you work at (he then proceeds to list the IBs in the building), you got any change to spare? Me: Not today man Bum: Damn, we all in a recezzion. (Moral of the story is accurate though convo could be skewed)
g'd up from the feet up, haha nice
------
"its the running joke now, we now have fair trade with china so they send us poisoned sea food and we send them fraudulent securities."
lol...nice one, d52
An MD whose mother thought that they were not as successful as a Walmart manager? Wouldn't she know how successful he is from the money he brings in?
It used to be impressive. These days people ask, "So, how much longer are you going to be employed for?"
the best line i ever heard was "so u want to be an inventory banker?"
So maybe I am an asshole, but this real estate agent just had the balls to ask me if I would be able to have my parents gurantee payments on the monthly rent. I told her I was an investment banker and the payments should not be a problem. I'll let you know what she responds with. I feel like an asshole for writing that e-mail...
Don't worry - you're not an asshole, just a bit naive.
Pro forma income doesn't pay the bills if and when you're out of the job.
slickmac - hate to burst your bubble - but that's standard procedure for rentals in nyc. you have to be able to demonstrate 40 x the monthly rent from your base salary ALONE. (sometimes your signing bonus can be used as well, but def not your bonus). so unless you're making more than 60 base...the most rent you can be responsible for without your parents is 1500 a month...anything more than that and you need a guarantor in nyc...
I work in energy trading. People have no fucking clue what it is and they are not impressed by it unless they perceive that you make a lot of money. Get over yourselves... the job is not sexy to the outside world.
Would you really rather be a doctor?
Slave away for 10 years, and maybe, just maybe, start making 300k after you turn 30?
i know seriously... Neurosurgeons are required to have 9 years of specialized training before they can officially practice on their own. Do the math... 22 by the time you finish undergrad, 26 after med school, 2-3 years residency, 27 to 28, which puts you north of 35 after 9 years of specialization; when you start making money... given it is SERIOUS money... but after 9 years, it better be.
Sure theres not much job security in finance, but then again you dont have to worry about getting sued for malpractice for any complication associated with something you do.
Come on, this one's too easy to pass up "I'm in , well murders and executions mostly"
You're a fucking ugly bitch. I want to stab you to death, and then play around with your blood.
Remember, you will always be a salesman, no matter how fancy your title is. - My ex girlfriend
lol. hostility...
American Psycho quote... not actual outright hostility lol
whoosh...totally forgot about that. been a while since i've seen that movie.
When I worked in banking I never felt comfortable calling myself an "investment banker". You don't really become an investment banker until you're a VP or MD. If I thought they knew what investment banking was, I usually told people that I work at an investment bank. If they probably didn't have a clue, I'd just say I work in finance.
Now that I'm in PE, I usually just tell people that I work at an investment firm. If they ask further about the type of investing we do, I tell them we buy, hold and sell private companies.
On a different but related note, what you guys will come to realize is that you don't really want people to be all impressed by what you do and how much money you make (even your family or especially your family). You'll get a lot more mileage out of the money you make if you are modest about it but use it generously. When you get your family members nice Christmas gifts you don't want them to think, "well of course he should spend a lot of money on gifts, he's rich!"
Could not agree more. I can't stand associates at VC/PE funds who call themselves "venture capitalists". You're not a venture capitalist unless you're a partner. I tend to stick with "private investment firm",
VCmonkey
I was an intern at a BB in NYC and lived in the Wall Street area. Non-finance girls would definitely assume I had money ... little did they know that I lived behind a curtain... It definitely helped in that aspect. No one in my family knows the difference between JP Morgan and Morgan Stanley, so I try to avoid that conversation.
It's kind of like telling someone you go to college at CalTech. If they're acquainted with schools of that caliber, they should be floored and respond with "Wow!" because CalTech is one of the hardest schools in the country to get into and is extremely rigorous. But most people aren't familiar with that stuff and would consider it obscure knowledge, and thus the average Joe thinks of you as nothing special.
Hot girl #1: Where did you go to school? Me: MIT Hot girl #2: Oh cool, my brother went to ITT.
Who the hell confuses MIT with ITT? Seriously, no need to invent stories just to say something. If this actually happened I guess it's pretty ridiculous but come on.
What's ITT anyways?
lol... if what mcfadden says is true, which it probably isn't, theres my vote for dumbest chick in the world
T73; you've never heard of ITT Technical Institute? Never seen those commericals on TV? YOU can get a degree in CRIMINAL JUSTICE part time in months and begin a high paying career immediately!!!
True story. You would be surprised to find out that many people in the middle of the country have never heard of Yale or Princeton either.
I actually pitched a post-secondary for profit education company and learned a lot about the industry. Basically, you measure advertising dollars per student. These schools (ITT, DeVry, Apollo, Strayer, etc) pump a ton of money into advertising in order to attract students. There is no cap on students, everyone is admitted, so more is better. Anyways, the reason your average Joe knows all about the places is because these advertisements frequent the radio far more often than your standard university. Sure, us college-educated, career-oriented folk all know about MIT, but I'd place my bets on a random person knowing ITT over MIT anyday. The person confusing the two probably had never heard of MIT.
Guy I used to work w/ in HS: So what are you doing with yourself? Me: I'm in my last semester of college Guy: What are you doing after graduation? Me: I'm going into finance (I assumed he would leave it at that) Guy: What will you be specializing in? Me: (absolutely not sure how to respond this guy, he’s in his 60s) umm Fixed Income (I was going to say trading) Guy: Oh great! You can be my advisor in a few years when I am living off a fixed income, lets hope that it will be later rather than sooner ha-ha Me: yeah...... Guy: Which firm?? Me: XXXXX
Turns out he used to be a cab driver for one of the car services that the firm uses. He had no idea what I was going to be doing but he knew of the ex CEO, a few parners of the firm and the location of the office.
As a side note --- I also hate when people think I will be making a ton of money and I also hate answering the question "what will you be doing after graduation" to people who don't have a clue it makes me feel awkward
Awwwww you poor thing! How AWKWARD that must be, answering such a complex, probing, and downright embarrassing question! I can hardly think of anything more awkward than that! Hell, in conversation I'd rather be notified that my dick is hanging out of my unzipped pants than be asked such an AWKWARD question as "what are you doing after college"!
Awkward because where I grew up most people do not have a college degree, never heard of the firm I will be working at and have no idea what finance actually is let alone trading
well, im a prospective trying to go into banking after college. when people ask what i want to purse, i tell them and idk if they really know what im talking about, but they still just smile and nod and say, that's awesome.
haha, sorry, I didn't grow up in the US and don't have much time to watch TV anyways. But thanks for clarifying that for me. I get it now. I did know what MIT is though :)
After reading numerous responses about how the men "woo" the ladies with their career is just sad. I dont know if you do that with a female who you see as a potential partner rather than a hit and split but I just can't picture any of this! ...Anyways in response to this thread most people just stare at me with dumb looks when I tell them what I do but I prefer to keep it quiet so I dont attract gold digging men :) You guys should do the same ;)
Great thread, Hall of Fame nominee.
Got a couple of quick ones:
Me: "I work at XXX" Person: "Oh, that's nice. Which branch?" Me: (long pause) "20th and XXX; I'm a teller."
The other one was when I had to explain that I provide money for private equity buyouts. "Oh, like Richard Gere in Pretty Woman?" (for some reason I got that a few times). After 5 minutes of explaining this, I'm blamed for every single person that got fired after a buyout and end up looking like the bad guy.
By the way, in LA Finance is not only an alien concept, it's also uninteresting (it's all about being "in the industry"). At a party one time I was talking to an analyst from Fox Studios and he was acting like hot stuff. I asked him how he liked running projections on foreign sales of "Catwoman" DVDs. He got pretty quiet after that.
As someone that hasn't began an SA stint yet (will this summer), I would think that when the question comes up the most effective answer would simply be "I work on Wall Street". I feel like thats a more powerful answer than "finance", and it probably would warrant less prodding into what it is you actually do there.
Unless you're not working in New York... then you look like a fuckin retard =P. Yes, people within the industry will consider working in IBD as "working on Wall Street" but the rest of the world thinks it's just that street in NY that counts!
"Unless you're not working in New York..."
What the fuck does that mean? Try writing complete thoughts without double negatives.
If you are trying to say that people in other parts of the country wouldn't know what it means to "work on Wall Street" then you are completely wrong. In fact, I tell people I want to work in Investment Banking (in California) and half the time they say "So you want to work on Wall Street, huh?" If anything, people who don't know NY will actually think that everyone in finance does work on Wall Street.
Oh, now I think I understand. You were trying to say that you should only claim to work on Wall Street if you work in New York. Well, no shit, thank you for stating the incredibly obvious. Clearly someone doing IBD in Hong Kong wouldn't claim to work on Wall Street. It's fairly safe to assume freeksANDgeeks will be working in NYC.
LOL calm the fuck down! Where's this hostility coming from... Yes, I meant if you're doing banking in say CA I wouldn't say "I'm working on Wall Street." I've definitely heard people here in CA say they're going to "work on Wall Street" when they are definitely doing LA IBD - it sounds stupid! Maybe, just possibly, you haven't come across EVERY monkey or potential monkey to exist outside of NYC.
Again, what's with the hostility? Bad day?
Yeah, bad day last week. Sorry.
v.funny thread. It's hard enough explaining to people who are interested in the industry, never mind those who are just asking out of courtesy. Alot of my friends thought I was working at Goldsmith's (a jewelers) last summer, because they had never heard of the bank.
So yesterday my Uncle said: 'What are you going to do after your degree then?'
Me: (after some hesitation)'Investment Banking'
Uncle: 'Wonderful! You can sort me out with a very good loan then.'
.02 - saying you work on wall street is a toolish answer ... that's like a lobbyist saying he works on K Street. no one does that...esp since virtually no firms, save GS (is DB down there too...?) are really in the financial district anymore anyway....
.
Forgiven! :)
To the OP: No one really cares.
A convo I had earlier with one of my friends.
Me: Guess what? Him: what? Me: I got an offer from Morgan Stanley!!! Him: huh? Me: Erm.. MoooRgan Stanlleyyy. Him: what's that? Me: nothing... just a finance job. Him: OH! Congrats dude...
So.... it's no big deal really.
My mom recently emailed me:
Son, are they going to have you start working 60 hours per week right away or are they going to gradually build up to 60 hours per week?
My parents don't have a clue what it entails...maybe I should fill them in. I also just told them about my base and they were pretty pleased. I told them the job comes with a pretty large bonus, but I didn't tell them any specifics.
Also, my friend recently emailed me:
So, should I put my money into a CD or something? Can you do this for me when you start working at the bank later this summer?
I'm considering two ways of describing the job to my friends. Either I will just say that I work for a "bank" in NYC and let them assume it's a commercial bank, or I will just say I work in "sales" (which is essentially what an investment bank does).
OH YEAH?! I'm a friggin' Asian! my parents want to raise a lawyer or doc! So They yell at me for not going to law or med school, so they "disown" me. So a few months back, 3 years after being disowned, I show up at their two-bit apartment, show them them my salary stubs, and they literally start weeping and apologize like crazy to me.
.
That's nothing. When I flashed my salary stub at my parents, my dad was so impressed by my Values, Ambition, Luxury Midtown Apartment, and Huge Chip on My Shoulder, that he offered to be my indentured servant for $10/hr. Cheap things generally suck, so I doubled his pay. Coz that's how I roll.
You sound ridiculous and how can you talk to your parents like that. Asian parents DO have higher expectations on their children in particular. But aren't your parents care your more? Closer relationship, high allowances. I am an Asian myself so I know. Show some respect to your family. I am wondering how you can survive in the finance world.
If you actually did that with your 'salary stubs', that's really sad, get a life dude
I agree with you parents, you should have become a doctor and done something useful...shame on you!
What do people say when they find out you're a banker? (Originally Posted: 12/27/2009)
What do people who aren't in banking say when they find out your a banker? Could be bland or interesting.
Example:
"so you can give me hot stock tips, right?"
so you're a douchebag?
They say have fun with that.
Its funny... when I used to meet someone randomly and they asked me what I did and I said I was in banking, either they would respond any which way or they'd make a face... part sympathy and part like they reached for a sip of water and actually ingested a gulp of naphtha. The latter reaction always told me that this person was at one time a banking analyst/associate as well. But now, I see that reaction all the time... from corporate lawyers, and med school students, production assistants, PR reps, dental hygienists, plumbers, and Korean deli clerks.
There was a low likelihood that anyone knew what I did when I was a banker, but it happened every now and then. I've yet to come across anyone who has any idea what Private Equity is. It's better that way -- makes for an easier separation of private life and work life.
Most people have no clue what a banker really does.
Once - I was denied a credit card because I used my full employer name (with "securities") and the "credit officer" at this bank thought I was a security guard.
I've given up on trying to explain it to my parents what I do. Keeping work and private life separate is nice
^^agreed
Go up to someone you know and ask them, "what is investment banking?".
The replies are usually something vague about stocks or mortgages.
When I interned at a PE shop one of the partners was a prior DLJ/CSFB banker. He told me that if he was looking for a reaction from a girl, or to tell if she was truly interested, he would tell her that he had some job that clearly is at the low end of the income pole (middle school teacher, ymca counselor, etc). Does anyone ever implement this strategy? I never do because I figured the banking card is a good one to play...
^^ my ex did that to me, or he was just being modest. When we first met, he only said that he worked for a bank, and I thought he was a bank teller, because many ibankers wouldn't fail to name-drop.
When people ask me what I want to be and I tell them I want to get into investment banking they usually inform me of how they like to play the stock market too. : /
yeah, have you watched that movie? I forgot what it was called, but the main character is a doctor, and he fell in love with this girl, but he didn't want her to know that he's rich, so he switched roles with one of his poor friends who's a mechanic and went about as if he were poor
yacht ur pathetic.. "i want to get into ibankin" rofl so prestigious man. even homeless people can want to be president of united states. man ur sad.
LOL you are such a loser.
They don't say anything. They politely step back three steps, and ask if they may blow me.
Seriously, if people ask what I do, I rarely explain exactly what it is. If anything I just say finance, and that's usually enough for most people, who generally are not interested in the specific nature of our work.
Kind of related.. no one at my firm (and the partners at my firm specifically told me) tells people outside of our industry that we are traders. We usually tell people we are bartenders or something, to explain why we have so much cash on us.
what
You're a fucking idiot.
Who talks down about their parents?
Not to mention your parents didn't disown you for not becoming a JD/MD, but most likely for being a huge D-Bag.
No one apologized to you and no one wept when they saw your fuckin $1800 pay stub, you are such a pathetic excuse for life.
they say "no you're not, you don't even have a job" then I'm like "fuck"
No your wrong, I don't want to go into banking because of "prestige" I don't even consider banking a prestigious occupation.
You obviously don't go to a target.
they always ask me the same shit, "what investments should i make".
plus, they think i make a lot of money, and the more live deals i am on, the more money i will make as bonus. yes my friends have little knowledge about IBD. i have stopped explaining primarily because i am tried of it.
hope that helps.
"Should I buy gold?"
My friends think that stock brokers are the only jobs in finance.
You're*
You obviously don't go to a target.
When I tell my friends I work in Banking? I'm confused by this. All of my friends are in Capital Markets... Everyone else quit calling after I spend too many Saturday nights at the office. The only people I speak to now already know what I do, and probably do the same thing I am.
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