Reasons NOT to work in Ibanking?
To those who have achieved their dream of working in Ibanking:
What reasons would you give for NOT working in this industry?
What you hate about Ibanking? The pay not good enough, the hours, jerks at the office?
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Hate? I hate being stuck in sales instead of ECM. As soon as I can, I'm out of here.
you want to be in the 99%?
Too much prestige?
With the markets where they are the better question is why work in banking at all.
Besides the prestige of course.
mo money mo problems
It can warp your sense of what matters in life if you're not grounded enough, because of the nature of dealing with so much money and with many people who are money obsessed (this applies to all high finance, not just investment banking).
You need to have other interests and a life outside of finance / getting money. You don't want to be the burnt out 45 year old wondering where your youth went and why you are alone, apart from your clients and people you work for/ who work for you... worse still, you don't want to be that guy when he gets laid off.
Apart from that, it's great!
You've hit on the general downsides, but a lot of it comes down to personality. What someone thinks is a great attribute of banking can be miserable for another. If you're the type of person who hates collaborating with others and working in teams, a career in banking is not for you. Travel can be a huge plus or a negative as well. Banking tends to be filled with competitive, type A personalities. Do you respond well to that type of environment, or do you shy away? These are the types of things everyone needs to consider before entering any industry.
I agree CompBanker. There's a lot I love about my finance career. I don't think I would have been able to travel so much and deal with so many older/accomplished people in my sector if I had another career. I have friends in so many different cities now. I also love doing deals and the relationship parts of investing with a mid-long term time horizon (3-7 years)...
I've been fortunate enough to have good friends & family who keep me grounded. Also, I don't know if you have also experienced this, but many of your colleagues become your friends because of the amount of time you spend with them. I've been very lucky in this aspect. I've made some good friends for life.
how much $$$$$ can you really make as a 1st year? do any of you have trouble paying rent with the low starting income living in nyc? it doesn't seem to be that rewarding unless you make it to the big time
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