You can do the society good by working in IB, right?

Prospect in IB - Gen

I'm Econ major and didn't really know what IB is until starting my internship a year ago. I did mostly tech/healthcare projects and liked them a lot, very innovative business models / make people's lives so much better sorts of stuff.
I talked about this to my B school friends & alumni in IB and they all laughed at me, telling me no one went into IB thinking about helping the society.
I mean of course IB like anything else is a business and it's about making money, but hasn't we arrived at a time that you can make money from doing good?

Comments (14)

  • Works at Bank of America Merrill Lynch
Nov 22, 2019

Yes. Be of value to your clients and you will be rewarded.

Nov 22, 2019

Renewable energy banking... I think you are helping society in an attempt not to suffer from 150 degree weather in texas

    • 1
  • Prospect in IB - Gen
Nov 25, 2019

It's funny how I was just talking to an alum who went working for a clean energy only IB shop before seeing your post. Do you know if bigger banks/funds have similar focus groups (accepted an offer to work in Asia where western banks remain in practice are mostly BBs)?

Nov 25, 2019

No clue I just know they exist and it seems like they are doing gods work

Nov 22, 2019

Most likely, no

Nov 22, 2019

If you want to do good, be a Nurse.

Most Helpful
Nov 23, 2019

Someone else will fill your spot if you don't anyways. Earn a shit ton and be generous with it. First to the family, then the community and then the country.

"Truth is like poetry. And most people fucking hate poetry."

    • 6
  • Associate 2 in CorpDev
Nov 23, 2019

On an unrelated note, I've been thinking of joining the church as a priest to make it rain and pull chicks. Told my mates about it and they said no one goes into priesthood expecting to be rich.

I mean of course priesthood is a noble role, but havent we arrived at a time that you can make money from doing good?

Funniest
Nov 23, 2019

If by chicks you mean 13 year old boys then sure

"Truth is like poetry. And most people fucking hate poetry."

    • 4
Nov 23, 2019

IB has consolidate a fragmented sector. This can be good and bad. Bad as the big players like amazon, Disney, Verizon, CVS will acquire everything in its way giving the mom and pop shops a run for their money and eventually dominate and dictate the price we need to pay for their services.

Good on the other hand as IB also consolidates smaller mom and pop shops with each other helping them achieve synergies and reduce costs which should make these relatively smaller platform companies increase cash flow and expand their services and hire more locals thereby helping the community they are in.

So, if I were you and more Conscious of doing good that I would look at smaller investment banks to work at. Hope this helps.

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  • Prospect in IB - Gen
Nov 25, 2019

Thanks a lot for the genuine answer. The firm I did internship with was a boutique and I abosolutely love the culture. The MD / founder there is a devoted conservative and he quit his gig at BB where he was global head of MA to focus on helping SMEs. His ideas definitely made an impact on my thinking. My FT offer is from a BB but would like to work with MM again after spending several years learning more about transactions.

Nov 24, 2019

If someone is a good enough person to worry about whether their work helps the world, then the world is best off with that person maximizing his/her profits and then trusting that person will give it away or do other altruistic things with it.

Unless you think earning a high income will corrupt your brain and turn you into a selfish pig, you'll be able to have the most impact by doing what creates the most value and gets you paid the most.

Nov 25, 2019

I think so. By being a member of a team/bank that provides meaningful advice to a client, thus helping them drive their business forward and grow can benefit society by flowing down to the consumer and translating into things such as lower costs and greater accessibility. There are companies in spaces such as healthcare, energy, tech, etc that genuinely do benefit society, and by helping them you would be too in a way. It has its downsides as well, as do most things, but I think there is definitely good in it.

    • 1
Nov 25, 2019
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