Pros/Cons of Ibanking

Hi there, I'm a high school senior and I am doing research into multiple careers that I am considering; medicine, ibanking, law, etc.

I was just wondering what the respective pros and cons of this career (ibanking) are? Just to get an idea of the job and the lifestyle one would lead pursuing this profession.

 

there are thousands of webpages and posts out there on this topic. if u can't find this on ur own, don't bother considering banking as ur career.

 

This is an banking board. There are a lot of shit threads on this board, and while this is a good topic, it has been discussed ad nauseum in the past. Spend an hour doing searches and reading through some threads and you will begin to find that there is a lot of good information on this board.

Not posting repetitive topics will make the board even better, since it (obviously) annoys people when "stupid" questions are asked, and the less annoyed people, the more people will contribute, etc.

 

pros: interesting working with other young ppl working with smart ppl you don't need an advanced degree pays well

cons: lifestyle is horrible may wind up working with people you dont like

 

Go into Computer Science. Banking is a very difficult industry to break into with very crappy hourly pay and poor exit ops.

Major in CS and you might create an app than can make you millions / billions before you even start your career. Or you could get paid 80k a year to work 30 hrs / wk and work from home. Or maybe just a SEO business that rakes in 200k / yr

Let me hear you say, this shit is bananas, B-A-N-A-N-A-S!
 
Best Response

The prospect of getting out...banking's not actually terrible, but the idea of getting my dream job makes me get up everyday.

It is nice not having to worry about money. I can't exactly ball out, but I don't have any desire to. For somebody that grew up poor, just not worrying about ordinary expenses is pretty great. I am a frugal guy, but occasionally buying an overpriced cup of coffee feels really awesome.

On the job, I work with pretty cool people.

Seamlessweb can be nice if you have time to eat something good, and aren't just ordering energy kitchen to choke down quickly because you are so busy.

Car service is less awesome than I thought it would be going in...half the time the subway's faster.

 

What's your dream job West Coast?

If your dreams don't scare you, then they are not big enough. "There are two types of people in this world: People who say they pee in the shower, and dirty fucking liars."-Louis C.K.
 
scottj19x89:
What's your dream job West Coast?

I'll let you know when I find out lol.

In all seriousness though, my dream job would probably be with a buyside, fundamentals-oriented investment manager. It sounds vague, but I care as much about the people I work with as I do whether it is a long-only asset manager vs. hedge fund.

I find mezzanine and PE very interesting, but do not think I ever would want to be responsible for transaction origination. As I would eventually need to start sourcing deals to advance, I am looking more towards the public markets.

As you might guess, I have a strong bias for firms in California, albeit outside of downtown LA. Not having a big focus on getting a MBA is a plus, as well as having a track record of promoting from within. Work-life balance is important too.

That being said, there are certainly exceptions. One of the employers I am most impressed by is a large traditional asset manager in Boston.

 
THE PsYcHoLoGy:
"I'm an investment banker."

that's really sad if true

If your dreams don't scare you, then they are not big enough. "There are two types of people in this world: People who say they pee in the shower, and dirty fucking liars."-Louis C.K.
 

I'd hope so... I'd be pretty pissed off if there's some guy working in IB for the sole reason of saying that he's a banker haha

If your dreams don't scare you, then they are not big enough. "There are two types of people in this world: People who say they pee in the shower, and dirty fucking liars."-Louis C.K.
 
THE PsYcHoLoGy:
Yea me too, but I'm sure there is one out there somewhere. Realistically I'm in it to learn as much as I can as fast as I can to catalyze my career and position myself well for a top business school and beyond! The money isn't terrible either though ;)

Quit with the fucking emoticons.

OP - The endless amouts of pussy that this simple pick up line brings. "I work on the buy side" You have to pay your dues on the sell side first.

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 
  1. Not having to be so damn frugal. I can purchase clothes, accessories, electronics and steak dinners if I feel like it. Of course, I'm not making millions so I don't spend recklessly, but it is very cool not being burdened by guilt after dropping $200+ treating a good friend to dinner.

  2. Meal allowance.

 
Dying's For Fools:
There's never any traffic when you leave the office.
I see what you did there.
"Have you ever tried to use a chain with 3 weak links? I have, and now I no longer own an arctic wolf." -Dwight Schrute
 
non-target <abbr title=bulge bracket><abbr title=bulge bracket>BB</abbr></abbr> Banker:
wondering why no one says "models & bottles"???

p.s. models = financial models....lol

That mostly applies to s&t...apart from eventually going buyside not sure what a banker has to look forward to

 

I love working one-on-one with CEOs of the world's largest and most influential corporations, structuring transactions that add significant value to their companies. My financial and strategic guidance significantly influences these F500 CEOs as they make business decisions that will dramatically change the world and solve the economy's most pressing issues.

I also have a passion for Microsoft Office.

 
swagon:
I love working one-on-one with CEOs of the world's largest and most influential corporations, structuring transactions that add significant value to their companies. My financial and strategic guidance significantly influences these F500 CEOs as they make business decisions that will dramatically change the world and solve the economy's most pressing issues.

I also have a passion for Microsoft Office.

That's exactly what I am hoping for. I feel that if it were simply for the $$$ you'd be either depressed or out of a job. I love your perspective Swagon

 
  1. Knowing you are better than everyone you went to college/HS with
  2. "Dropping" your business card in the club and getting guaranteed pussy
  3. Doing the helicopter dance with your GS key card (the "raising capital" dance is a good substitute)
  4. Spending thousands of dollars in the club on the weekend to make up for the fact you never experienced college and were either eating dirt in China or living w/o love at a boarding school during your pre-college life
  5. Picking up an "important phone call" in the club on your BB to attract bitches
  6. Dropping that you work in fi-nance (not FY-nance) whenever you can
  7. Believing that you actually add value to society
Reality hits you hard, bro...
 
MMBinNC:
1. Knowing you are better than everyone you went to college/HS with 2. "Dropping" your business card in the club and getting guaranteed pussy 3. Doing the helicopter dance with your GS key card (the "raising capital" dance is a good substitute) 4. Spending thousands of dollars in the club on the weekend to make up for the fact you never experienced college and were either eating dirt in China or living w/o love at a boarding school during your pre-college life 5. Picking up an "important phone call" in the club on your BB to attract bitches 6. Dropping that you work in fi-nance (not FY-nance) whenever you can 7. Believing that you actually add value to society
  1. Yes and everyone of them hates you
  2. Real bankers dont have titles on their cards.
  3. Im too busy thinking about work to do that.
  4. The firm or the host at the club pays for that.
  5. Great way to look like an asshole
  6. Bank tellers say that
  7. Everyone hates you; including your driver

9 months into the job and there is nothing cool about working on the sell side.

"The higher up the mountain, the more treacherous the path" -Frank Underwood
 
MMBinNC:
1. Knowing you are better than everyone you went to college/HS with 2. "Dropping" your business card in the club and getting guaranteed pussy 3. Doing the helicopter dance with your GS key card (the "raising capital" dance is a good substitute) 4. Spending thousands of dollars in the club on the weekend to make up for the fact you never experienced college and were either eating dirt in China or living w/o love at a boarding school during your pre-college life 5. Picking up an "important phone call" in the club on your BB to attract bitches 6. Dropping that you work in fi-nance (not FY-nance) whenever you can 7. Believing that you actually add value to society

This is the epitome of perfection. I am an avid believer in #6 :)

 

Oh please have proof that he did.... that would make me very happy.

That guy is such a fucking tool... nothing cooler than having to tell everybody how good of a time you are having, constantly.

If your dreams don't scare you, then they are not big enough. "There are two types of people in this world: People who say they pee in the shower, and dirty fucking liars."-Louis C.K.
 

The ironic thing about banking is that it’s full of overachieving, highly ambitious people who only want to make it to the top of their field but can’t because its full of overachieving, highly ambitious people.

 

after reading this thread i'm picturing a young finance student with an angel/devil speaking in his/her ear. Devil is saying "$$$$", angel is saying "no you should do something good for society, major in non-profit-biz instead, go into the peace corps after school and then become an exec director at Habitat for Humanity" -- hmm i wonder which one will win

WSO Content & Social Media. Follow us: Linkedin, IG, Facebook, Twitter.
 

FAVORITE THING ABOUT IB?!?!?????!???????????????????????????????

the cash. the booze. the reckless spending. dollar billz.

the cash.

the russian pussy. the european cars. the jets. the cash. the shameless indulgence (i once cried because they ran out of $500 silverware and I had to resort to plastic forks for my noodles).

i'm just here to conquer and consume bitches. im all about gettin that paper.

in the words of TI and Rihanna, "i got my mind of ma money, and i ain't goin no where---ay ay"

what.

 
lookatmycock:
(i once cried because they ran out of $500 silverware and I had to resort to plastic forks for my noodles)

ha i once cried because I ran out of plastic forks so had to crack open the case of $500 gorham sterling flatware to eat my scrambled eggs, (i hate washing dishes)

WSO Content & Social Media. Follow us: Linkedin, IG, Facebook, Twitter.
 

My favorite thing about IB life: telling girls you work for an investment bank...

New York Girl: So what do you do? Me: I work for an investment bank Girl: You and everyone else in this town

Los Angeles Girl: So what do you do? Me: I work for an investment bank Girl: So... you're like, a bank teller?

San Francisco Girl: So what do you do? Me: I work for an investment bank Girl: Uuuugh (makes disgusted face and walks away)

 
islandbanker:
My favorite thing about IB life: telling girls you work for an investment bank...

New York Girl: So what do you do? Me: I work for an investment bank Girl: You and everyone else in this town

Los Angeles Girl: So what do you do? Me: I work for an investment bank Girl: So... you're like, a bank teller?

San Francisco Girl: So what do you do? Me: I work for an investment bank Girl: Uuuugh (makes disgusted face and walks away)

This is so true. In NYC, you will probably get the most recognition being in Finance. In LA, no one gives a shit. In SF, they either hate you or don't know what you do since everyone is a developer or working for some Tech company.

Born in hell, forged from suffering, hardened by pain.
 
islandbanker:
My favorite thing about IB life: telling girls you work for an investment bank...

New York Girl: So what do you do? Me: I work for an investment bank Girl: You and everyone else in this town

Los Angeles Girl: So what do you do? Me: I work for an investment bank Girl: So... you're like, a bank teller?

San Francisco Girl: So what do you do? Me: I work for an investment bank Girl: Uuuugh (makes disgusted face and walks away)

This. A thousand time this. Also trying to explain to your family what you do...only to have them relay their experience at the local retail bank branch office.

 

There are a lot of good things if you work in IB

1)You have every right to be arrogant to everyone who is inferior to you

2)You will make a good amount of money and in case you are fucking good ,you will be able to buy everyone and everything

3)You will have prestige and money and you will attract almost every woman you like

 
wallstoccupier96:
Just curious, how many of you guys use your job title to get laid. And if so, does it work? I'm not a banker, but I try to speak about work as little as possible. I'll just say I work in finance and leave it at that, and that is only if the girl asks me.

Back when I was a whee lad, used to have crazy delusions that being an investment banker would get me laid. Boy has reality been humbling. Now I try to avoid the subject during conversation - it has a much bigger impact when they're not expecting that you actually have you're shit together. But that's been me and my experience. I'm sure in NY it's a different story.

 
n1cktm:
I'm not even interested in ibanking was just wondering if thats the case lol.

Models and bottles really refers to financial models and perrier bottles (likely purchased on seamless) as you slave away in your cube.

Those that think that models and bottles actually happens are delusional suckers who piss away money and get little if anything in exchange. Working in finance doesn't get you laid, it provides you financial security at minimum risk... that's about it.

 
Do you really get guaranteed pussy at NYC clubs?

You get a company issued Pussy Card that has 100 Pussy Points (PP). You go to a NYC club that's a member of the Pussy Program (a program that icludes most BBs and clubs in NYC) and can redeem your points there for pussy. A fuck costs 10 PP, a blowjob costs 5 PP, and so on - that's the average price. If the card is issued by GS, one PP is more prestigious and buys more, e.g. a blowjob with a GS card can cost 1 PP. In contrast, if the card is issued by Wells Fargo or something similar, a simple fuck can cost you all your PP. Just find a skank, show her the card and swipe it at the bar to get points deducted before you get laid.

 

Temporibus exercitationem nesciunt officia ea. Unde in et ad id. Quam at inventore impedit et est. Fuga nulla fugiat exercitationem quaerat illo ab recusandae at. Minus debitis iste maxime enim.

Ea eum rem et commodi. Nobis optio eos corrupti ipsum et. Excepturi dolore ut nihil accusamus eaque dignissimos nulla. Esse occaecati quam earum nemo nihil.

 

Dolore praesentium voluptas doloribus omnis. Officia dolorem numquam maxime. Magnam et enim itaque eligendi eum sapiente. Soluta dolor et rem possimus occaecati eos rem.

Neque et ipsam amet necessitatibus. Perferendis rerum ipsum numquam voluptas aut ipsam. Quia ut et molestias repellendus. Sapiente autem enim eligendi nostrum necessitatibus ut. Excepturi quo officiis a enim porro odio. Voluptas et dolores id autem ullam minima.

Aliquam et est animi dolore vel. Eveniet perferendis qui minus non saepe corrupti ex. Quia est saepe labore nam. Aspernatur nulla voluptate tempora quia dolor.

 

Consequatur voluptatem animi et voluptatibus doloremque eligendi nam eum. Nihil doloremque ad dicta amet eaque. Tempora veniam in consectetur. Harum totam animi voluptas. Harum suscipit pariatur ea est. Voluptatem quidem et vel doloribus dolores et. A autem deleniti illo. Et pariatur molestias odit quas.

Provident omnis consequatur nesciunt debitis ratione cum minima. Nemo alias quos ipsam molestiae et suscipit. Rerum architecto fugiat eum quibusdam alias nulla aut recusandae. Dolores repellat maxime eius id ex mollitia sequi. Ab non rem commodi maxime maiores asperiores quam nobis.

Libero quasi eos nihil inventore repellendus eum. Est dolor dolor sit laudantium consequatur facilis omnis. Ut nisi aut molestiae asperiores necessitatibus neque. Eum ipsam culpa atque unde nemo.

Quae non et hic quas quia repellat. Dolore et dolore animi qui qui ex.

If your dreams don't scare you, then they are not big enough. "There are two types of people in this world: People who say they pee in the shower, and dirty fucking liars."-Louis C.K.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Betsy Massar's picture
Betsy Massar
99.0
3
Secyh62's picture
Secyh62
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
DrApeman's picture
DrApeman
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
GameTheory's picture
GameTheory
98.9
9
kanon's picture
kanon
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”