Is It Really The End of the World if You Don't Work in I-Banking or White Shoe Consulting?

Everyone here is just going to validate the choices they made or wish they hadn't made... you're not going to get a definitive answer.

That being said:

If you make it in and succeed and love it, great, you'll have money and a good shot for another job which pays very well down the line (but its very likely that you'll have to make real career decisions down the line anyway when you have done your xyz years there in their up-or-out-and-mostly-out structure)

If you make it in and are a middling analyst and hated life and everything about banking, you'll have shaved two years off your life but made some money, its probably not worth it when:

You could've taken a 60 hr job with all of the above requisites you named and potentially ended up in the same place after the experience

It depends on the outcomes and the balance between what you really want, your confidence in your abilities and your tolerance for risk in terms of high volatility of outcomes.

Listen, if you don't want to/aren't willing to work 100 hours a week dont do it. But, without a doubt that there is no better learning environment than IB especially if you want to do corp development.

In before the shit storm.

If you want the honest answer, the truth is that it's not the end of the world. The truth is, people make their own paths to where they want to be. That's just the way the world works and how we are as people. If you are not happy with the life, then don't do it. If you are not content with one aspect, it's not a bad idea to say, having tried it, it's not for me. You have your life to live and no one else can tell you how to live it. Trust me, some times, the greatest blessings come from what seem like the biggest, soul crushing moments.

I will tell you something... at the end of the day, what you do doesn't matter if having a life and a good life balance is higher on your priority list than working on the street. That's the way things are. Who says you need to take the same route that everyone here harps over as true to the world. If you ask me what I could have done differently, I will tell you that I would have found my way into a Middle Markets shop that was private instead of working my ass off to get a job at a Bulge Bracket where I would have flourished more than I did where I work and that would have lead me through another series of paths and decisions to get me to the point I'm at now.

At the end of the day, you can make your own path to do whatever you want. All you need to do is work towards whatever way you feel is best. Go F500 and you'll do fine. Go back and get a masters before entering the work force. Do what you think is right to go and get into corpfin/corpdev. All of the big guys I know that do corpfin started off with a career doing that before transitioning into something else to get experience in actual companies instead of being a Wall Street type.

Everyone here is obsessed and salivates over the top of the top when the reality is that

Does this thread even add anything to this board?

No one cares. Go away.

Not everyone is in it for the money. Some people are genuinely attracted by the nature of work. The initial hard work is a trade-off and hours tend to get lesser as you progress and work becomes more meaningful (client interaction et al).

If you don't even try to get in how do you already know you're not good enough for IB?

Don't ever pursue someone else's dream. Even if you catch it, you will always feel like you are living someone else's life while yours is wasting away. And if you don't catch it, you will be that much further away from your dreams and have no mental, emotional, and/or financial capital to get back to even the square one. Studies show that past 75K a year, additional money doesn't bring more day-to-day happiness. You can make 75 in many other occupations, working half as much as what is required of you in IB.

if you don't feel the need to have a McMansion, stable of sports cars, or your own private island, why would you work for those things? People that work for them feel the need, fulfillment of which would bring them happiness, or at least ease their unhappiness. What would those things do for you?

Man, I have a masters in finance and it isn't that interesting of a subject. You tweak some shit and pop out a price. Finance nerds are the reason the economy blew up. Go read some Nassim Taleb, I love how he shits on finance haha.

I know a guy who was a total f--kup in high school, barely finished college, but is making ridiculous bank (400K+) running a small carpentry business.

Most of the ibd and consulting guys are someone else's employees. Figure out how to make your own moves and it's all yours.

Wow only 1 negative comment I thought you would have been flamed for #3. Thread is still young though give it some time, either that or WSO users are in a joyful mood with the new year.

Anyways to the OP good for you for wanting to separate yourself from the herd, chase your own dreams man, if you ended up doing something you love you won't care what others think.

Yeah.

Why would you want to work in industry.....I'm too good for that shit.

yeah man tons of super successful people who started in industry / big 4 etc. Doing IBanking/consulting just improves your odds at success. That's all.

Same as targets vs non-targets. Tons of people on wall street from non-targets. Target just improves the odds of getting the banking job

@OP

Yes it is the end of the world. If I don't end up in Goldman Sachs IBD after graduation, I will jump off the brooklyn bridge no joke. Its IBD or nothing guys.

Well, if you like corporate finance more, then why aren't you doing it? It seems pretty straightforward to me...

OP, given the way you've laid your preferences out, I wouldn't even do the two-year IB stint. Just work at trying to get into corporate finance right after undergrad. You don't sound too rushed about into those high-up corporate finance positions, so you might as well take your time, enjoy the ride, and put more energy into your health and social life for the first few years.

All roads lead to Rome. So make your own way, be happy and you'll be fine.

Dude, if you're willing to work 60 hour weeks, just put in 20-30 hours more and work at an MM bank. It'll pay off in the long run. If you don't like partying then what the hell do you do on weekends ??

...interesting. Corporate finance is becoming more of a 'shared service.' Bet you didn't know that. And getting into business development and treasury (prestigious fields) is not that easy either. Be sure you do research before you commit to IB or corporate finance. Next thing you know you could be doing account recs and journal entries for the rest of your life. Or, you could get lucky and do sales forecasts.

Point is both professions, IB and CF, have moments that suck and make you want to shoot yourself, while other times you get carried away doing something where 12 hours goes by.

theres freetime activities other than drinking? what? the american college mind does not comprehend ,too limited the scope

There are lots of smart people outside of IB and consulting. There are plenty of interesting things to do that don't require you to spend 80-100 hours a week at work. You can make a comfortable living doing many of them, if that's important to you.

Don't let a bunch of 20 year old nitwits who want to make it rain to impress some bimbo deter you from doing what makes sense for you.

There are few top positions and so many people applying for those positions, especially BB firms. And those are the dreams of many. I'll be honest, I didn't mature in college until my last year. When I found out I'll probably never be able to work in a BB, I said the same thing when I realized I wouldn't be a center in the NBA...

"Meh"

Regardless of whether you break in or not, if you go through the motions and bust your ass trying to break in, you'll still come out of the process a lot tougher and experienced than if you hadn't tried at all. I think the skills you pick up such as networking, interviewing, working in an office environment, all have benefits to what you want to do in life.