Why are you doing this?
I had a small but important question, I’m a non target student in the school’s IB track/workshop. Most of the students and alums I meet or network with who want to or are pursuing a Career in IB don’t seem to have a solid reasoning for doing so.
I’m sure money and exit opps are a great motivator but I genuinely thought there’s more to it. I personally just enjoy the competition and would like to be part of possibly the most selective career out of university just to be able to maintain a certain social/financial status. I was wondering, is there more to it?
I'm not sure what is that different between your reasoning on wanting to maintain a certain social / financial status vs. money / exit opps. Obviously I assume you'll need money if you want to maintain whatever 'financial' status you have in mind. And the exit opps that you can get from IB will likely help you achieve that in addition to your 'social' status? If you're waiting for someone to tell you that they pursued IB to save the world, don't think you'll find that here.
You are absolutely right, there’s not much difference in my outlook and theirs and that’s not what I’m trying to say. My question is, is that all that’s necessary to justify 80-100 hours of work, constant stress and uncertainty of outcome?
Seems obvious typing this, but another reason why people pursue IB would probably also be because they have an interest in finance and the type of work you do in banking. Sure, you won't like every aspect of the job but I personally enjoyed my analyst stint as a whole and found it pretty interesting. Being engaged in the work you're doing makes the long hours more bearable and the job more fulfilling (and hopefully you're not pursuing this job without having any interest in the field). There's a sharp learning curve that allows you to build a lot of technical / professional skills fairly quickly right after graduating college, setting you up for a strong range of exit opps, as you mentioned before. And it doesn't take THAT much talent to do the job -- most hard-working people with above-average intelligence can be good analysts. So if you're interested in finance and willing to put in the hours for a (relatively) short period of time early in your career, then IB is a pretty secure path that gives you strong chances of being financially stable and having a variety of career options in the future. This is just my personal take, but others might have more to add.
Fear of being average
The truth is, nobody coming out of the vast majority of Undergrad programs has a clue what they want to do with their lives. The IB/Consulting route is a great way to further put off making that decision with a job that keeps the maximum number of doors open as possible. Do some people end up loving IB/Consulting and choosing that as a career, absolutely, but the vast majority do it for 2-4 years and then realize they aren't passionate about it.
Why do people choose these roles to start off in? Think about the mindset of the 2nd or 3rd year student at Harvard. He was at the top of his class in high school, got into the best college, now has studied hard and maintained one of the best GPAs, and everyone is telling him that these jobs are the "best" and most competitive roles. It's only natural. He'll then go to GS, fall into the same trap of chasing the best next thing without thinking about what he actually enjoys doing or wants to do, go to KKR's PE team, spend 2 years there, get into HBS and then rest.
The sad truth is that most top UG students going down this path end up spending (or wasting) 6-8 years out of school (IB+PE+MBA) to make a decision on what they actually want to do with their lives. It's a great path if you want to keep options open, and it can propel you into a relatively senior role anywhere you want to be after that, but it's also a lot of years (and frankly minimal savings post business school) to decide that. I'm always shocked to see people with IB+PE backgrounds from GSB/HBS go start as a consultant at Bain or as a Product Manager at Amazon (which a huge % end up doing) after completing their MBA, when I'm sure there are much quicker and more direct routes to that same outcome.
This is very insightful. I have spent all my life being hyper competitive, got the best SATs, leadership roles that someone my age could. As an international I couldn’t afford tuition in the prestigious colleges that I got into and chose my non target simply because I don’t have to pay a dime (living/food also free) and as I move further I have realised I’m falling into the same trap of doing what the most prestigious thing is, I don’t know where I’m headed and this often concerns me. Thankyou for sharing your thoughts!
I've been doing this for some time and have found that money does not equal happiness. You have to really enjoy what you are doing or you are not going to be the best at wha you do and are juts giong to chase the next big thing that people say is great. It's a big ego hit to say you want to do marketing when everyone topping is saying they're doing IB but if marketing is your passion, who gives a shit what the other person thinks you should be doing?
I’d agree, I simply cannot accept myself not being in the best of my class. which is great sometimes, but awful other times
i dont know why Im doing it. I have been working so long lately and I try to ask myself why am I sacrificing so many things? but honestly I didn’t choose IB, it chose me. but then again, where else am I going to find that much money?
Yeah, the question I would ask you is do you have someone you can share this with and talk it out? I’ve found it helpful to discuss my doubts in the past!
money is not everything. YOu'll realize that when you start doing thi sjob for a long time.
https://media0.giphy.com/media/82nD1ILuieQyXH5sKd/giphy.gif" alt="Why are you doing this?" />
Part of the reason is that I don't like uncertainty, and investment banking recruiting is very structured. I really like structure. I like the fact that I can do very specific things to ensure I have a good job offer upon graduation. I like how I don't need to worry about anything job related going into my senior year.
That being said, I also just really like finance.
You’re right, the idea that I have a 100k+ job right out of the gates at age 20 secured before graduation is very comforting.
That's great and all and I had the same exact feeling like I was on top of the world! However, you eventually have to realize that money is not everything. There are millionaires out ther who hate their lives because they are so obssessed with being at the top and making money that they don't have the same joy as osmeone else does who just makes 100k+ and is in their 30s.
I am doing this simply out of spite. Although I am actually a pretty sensitive, moody and creative person, I also want to get back at my father and the class mates from my fancy high school who thought of me as some kind of loser weirdo who´d never amount to anything. Fuck all of them, and if I have to get into PE to prove my worth, then hell, so be it.
Hey bud, I am not sure this is gonna work for you in the long run. If it does workout at best you’ll prove them wrong but continue feeling empty because you didn’t do something YOU wanted to, at worst if you don’t get in, you’ll start thinking that they were right.
fuck are you me? I'm on that path as well so i can make sure i'm never seen as a loser or incapable of playing in the big league. Good luck man, we're gonna make it brah
Sapiente laudantium sunt iste. Et a beatae quis beatae est excepturi tenetur. Quae placeat molestias veritatis est nisi et. Assumenda odit molestias quis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...