[–]davidrab 0 points1 point2 points 8 years ago (0 children). [–]IguanaBob26 4 points5 points6 points 8 years ago (19 children). I've been an investment banker working literally on Wall Street since I graduated 19 months ago. Is it higher up than you? [–]spitfire9107 0 points1 point2 points 8 years ago (20 children). The data you're referring to is likely the analysis of the quality of Indian and Chinese engineers being churned out. read the synopsis of this ama. [–]NeverNudeDumplingCo 0 points1 point2 points 8 years ago (2 children). Most of us have enough of a high level education to understand that economics has evolved from the early/mid-80's to what obama is trying to do now. While working the counter, a man came in and tried to get a refund for a five-year-old gaming console. [–]srpatel10 0 points1 point2 points 8 years ago (1 child). I work in finance as well. [–]NYBANKERn00b[S] 2 points3 points4 points 8 years ago (6 children). even HBS required 2 years minimum. Then they in a perfect world those very smart IBankers make good money, get out of the game in their 30's rich, spend time with their kids and have a very good idea how to run a business because they had to pick good businesses, [–][deleted] 0 points1 point2 points 8 years ago (1 child). What are the job propsects like for someone from Stanford GSB, Harvard B-school, or Wharton b-school? For others wondering, it is a full-day, on-site interview. [–]jharl 1 point2 points3 points 8 years ago (1 child), [–]NYBANKERn00b[S] 0 points1 point2 points 8 years ago (0 children), [–][deleted] 4 points5 points6 points 8 years ago (4 children), [–]NYBANKERn00b[S] 3 points4 points5 points 8 years ago (3 children), [–][deleted] 1 point2 points3 points 7 years ago (0 children). I'm studying for my CFA too actually. You should ask for a raise my friend. [–]NYBANKERn00b[S] 2 points3 points4 points 8 years ago (1 child). Lisa Du Jun 20, 2012, 11:39 PM ... and asked them to share their best stories about their worst bosses. And it becomes a cycle. It turned out that a lot of colleges were just producing people who would at best qualify as technicians, not engineers. bottles and models is true but models are kinda annoying and only the guys who have to get bottles to hang out with models want to hang out with models. Although working as an investment banking analyst was a living hell at the time, I now look back at my years with nostalgia. [–]spitfire9107 0 points1 point2 points 8 years ago (7 children). Hi Reddit! All questions go in Monday Morning catch-all threads. What is an average work day like for you? I'm a CS major and I'm planning on minoring in finance or something business related, so I was wondering, what are jobs like for the more computer oriented folks in places like Wall Street? If you guys have any good horror stories from playing the stocks, please share. Easily out doing any of the exams American students are exposed to. People who have a master's and cfa. AMA! I've run the numbers. Take home is more ~60k I have friends who popped 130 after bonus. [–]pandadisco 2 points3 points4 points 8 years ago (1 child). [–]Detamz 0 points1 point2 points 8 years ago (0 children). Those managers can't all invest in the same good ideas (see:diversification) so they need people who bring them good ideas (investment bankers) becuase the fund managers don't have the resources to vet every idea to see if its gonna help their bottom line. EDIT: Also, why the heck do they not change things when this is happening? From what I understand much of the hiring practices are about networking and clout, since it's incredibly competitive, Confirm/deny? im in the 33% tax bracket technically but after ny and nyc and the finance bonus tax it adds up, [–]Bored2001 0 points1 point2 points 8 years ago (3 children), 2013 tax brackets: 85650-178650 = 31% (if the tax breaks expire). [–]NYBANKERn00b[S] 3 points4 points5 points 8 years ago (5 children). (typed from phone), [–]penfouky 1 point2 points3 points 8 years ago (3 children). put youself in the shoes of a guy trying to hire you. [–]invRice 0 points1 point2 points 8 years ago (1 child). what you say just doesn't make sense unless you're counting 401k or something as your withholdings/"tax". Kinda cool talking to guys who could be my dad that run businesses, there's a lot to learn. But it struck me because this is the third or fourth time I've heard this about Lazard, across multiple groups in very different regions. That's amazing. if you get into the right algo fund i'd imagine you can make well north of 100k. my bad. I calculate that even if you were taxed every dollar at the highest rate(not taking into account the progressive nature of all 3 income taxes you pay) and included both halves of payroll tax as if you you were a contractor. John Corzine bankrupted a giant public company this time last year, and propped the company up with customer funds. I don't really feel any way about it. alot of rich kids from overseas. These guys take orders and actually get them traded. He was out within a year- said that management was the worst he'd ever seen in 35+ years of working in the industry. is this what "technology analyst" entails? A friend who works on wall st told me theres only 2 types of people that work on wall st. You can check the following - IIT-JEE, CAT(for management) are hard core. maybe when im in a comfortable financial place i'll build shit. big insurance firm) for the next tiers of actuarial exams, which gets you pay raises but... thats 70-90 hours a week. If you have a strong background in a computer science field and like finance definitely go for it. All initial responses to posters must contain a properly punctuated question. I can try to find the news articles to back that up, if you want. JD's i know of are usually in law firms we need so we get the contracts right and don't get sued if we make a mistake. if a deal goes well and a company is able to take their operations to the next level as a result of the money we helped them raise then yes. Once they see my resume and see me walk in and see that im not a hot asian girl, im out lol. And this is just one business, of the many that an IB will have. Mostly making powerpoints and building models of senarious for when managing directors go to the client so they can point to our work and say "this is why we think you should ask for X ammount from investors at X price" in equity or debt or whatever product. Anyone knows more about this? Prior to this he helped institute legislation (Sarbanes Oxley) to keep something like that from ever happening. very must like a frat, [–]blackweasel30 0 points1 point2 points 8 years ago (1 child). and his numbers don't make any sense anyway. Isn't ss and medicare included in your federal income tax rate? My major is human resources managmenet you think thats a better field for employment in nyc? I've heard the cfa exam is a piece of cake compared to the actuarial exams. So I guess they're good with clients but just don't give a shit about their juniors? Survey any group of business students and youâre sure to come by investment banking internship horror stories. Others were relocated to mid-office/bad teams without being told in advance. Also, what are your thoughts on the shrinking bonuses and the fact the industry is shrinking? A Shoebox of Penny Stocks and Other Investing Horror Stories Ignore your financial advisor and dump your cash on a whim â and you're likely ⦠Apparently he never got an answer. It drives me nuts that they do the recruiting though but that's another rant, [–][deleted] 2 points3 points4 points 8 years ago (4 children). There are many misconceptions and may things that are legit fucked up about the industry. This means getting your order to the exchange floor (or server), getting the trade executed, and handling all the paperwork to make sure that the securities actually get registered in your name. (not complaining though), also, being young and able to afford life in manhattan is the shit. ya i wanna be a politician. [–]kzhs 0 points1 point2 points 8 years ago (0 children), http://online.wsj.com/article/SB120718315926985109.html. It was like seeing a shelter dog - she'd flinch every time the phone rang in the evenings like it was a portent of doom. [–]NYBANKERn00b[S] 2 points3 points4 points 8 years ago (3 children). A few years ago, Americans were told of India and china making large armies of engineers. what are my odds of becoming a prop trader with a management degree from an ordinary university (Grant MacEwan, Canada) also how important are university transcripts? I must have had 6-8 superdays at serious places like citi and guggenheim on their trading floors. Also, have you built a safe room yet for this eventuality? Tell the World Your Banking Horror Story. College senior in the city in need of prospects. I think their size has allowed them to escape the scrutiny that Citi, BAML etc.. have during the crisis (working analysts to the bone is just another strike newspapers can use against them) and they don't have the 'temple of evil' reputation that Goldman has. the management skill set doesn't really translate to what has become a math intensive job. And for what? You dont get the "FUCK MEEE" nose burn or euphoria with adds. it'll cost you like $500 at some of these places and you won't make dick for like 6 months. Asset management firms are concerned with maximizing returns of clientâs assets. ss you need a good internship in anything finance that summer to get your foot in the door, then the following summer you should aim to be in a division or sector in finance you want, summer post jr year you aim for the firm and team you want and if you do a good job you should be a lock in for an offer. When I was in high school I worked in construction remodeling kitchens and the such and it was gratifying as fuck to see what I did in a day. I wonder if the fin guys would have some questions they want answered about it, since it's pretty niche and most people don't know anything about it. its very quant and will prep you well for life in the real world if you can keep up or want to keep up with the kids who either cheat or don't go out. Heh I've seen associates and analysts flub the CFA. you will kill yourself if you want a 3.9. HR hands them a stack of say 200 resumes they recieve from networkign events, online apps, ect... adn they need to pick maybe a dozen for the target school. i also love reddit, [–]parlor_tricks 0 points1 point2 points 8 years ago (0 children). Frankly they decided to not renew our contract one year to then decide to renew it half way through the next year where we tripled their rate and they accepted it. I recently had coffee with one of my former summer interns, who (after a stint with us) spent some time at Lazard last year. Would you do it all over again?/ If you could go back to being in high school, what would you do differently. However change is slow, and the early years of investment banking are viewed as a right of passage, a hazing that proves your work ethic. [–]d-nj -2 points-1 points0 points 8 years ago (2 children). Ask me anything! Took her 6 months to adjust to a culture where you were treated like a human being. or is finance better? in my perfect world i help a middle market business that is in a position to grow find money from an investor that has goals for their own fund or family and both parties leave the transaction happy and want to work with us in the future when they are bigger and can pay more in fees for us to help them again. I know I don't have a quant bent of mind, and really didn't like a lot of the BS I had to throw together on some occasions but...hmm. none of us are really going to provide any real value untill your mid 20's or so unless you are a baller. not very but it'll make things alottttttttttt easier. The loss of trading jobs is particularly brutal to those laid off- you are talking about guys who were making deep in the six figures, who are let go and then realize they have zero marketable or useful skills outside their niche. yes. What are your feelings on further regulation of Wall Street? I'm not sure if you're still answering this but in the event that you are, are there jobs for someone with an engineering background on wall street? they teach you everything you need to know for your niche anyways. The stories on NoSleep are usually fiction, although every so often, a true one will make its way onto its pages (like, for example, âThe Smiling Manâ). After nine years of writing, I am a self-published author of six books about the Halloween Knights, an urban fantasy origin story about a paranormal rock band sensation, beginning on November 1st, and concluding on October 31st, and I want to give you my eBooks for free. However, for the early twenty-somethings with a quantitative mind, a cfa is do-able, along with the first few actuarial exams. Poor girl had a million mile stare. The actuarial exams as well are more taxing than their American counterpart. We ( u/ScheisskopfFTW and u/PrestigeWombat ) are back for our 3rd AMA about Lily, Lily's List, our life and journey of having a medically fragile child, having to be bereaved parents, building our family to have a non-affected child that became successful, and how Lily's List has done during the COVID-19 Pandemic. use the following search parameters to narrow your results: AMAs are scheduled in Eastern Time (GMT-4:00). I am Justin Kan, cofounder of Twitch (world's biggest live-streaming platform). Not hiring sorry guy. business is slow right now which is why i can post all this. Since I'm not from a top B school, or even a mid-range school, how could I get in? Did this in 2008 too, so it was FUN. You still have 100,000+ workers out there that lost their jobs and are looking to get back in. [–][deleted] 1 point2 points3 points 8 years ago (2 children), How big of an advantage is having an MS in Economics vs just having a BS? [–]wheyjuice 0 points1 point2 points 8 years ago (1 child). In fact, some people have experienced terrifying tales of financial misfortune outside the holiday season, and you could too. Are you fattening up your 401k and Roth Ira? SS, meicare, ny city tax, ny state tax, fed tax, and im forgetting 1 or two things. Not to mention another round of graduates being dumped on an already saturated job market in the industry. The question is, do you want to work on the business side of things, or technology? it'd be good for the bankers job market. There are always niche firms that may need your specific expertise in the insurance or casualty field. [–]NYBANKERn00b[S] 4 points5 points6 points 8 years ago (9 children). If you worked ridiculous hours in your twenties, you'll force your analysts to suffer the same just to be fair. And it has tons of crazy stories like the 11 you're about to read. It doesn't change the top tier college exams though, the IITs for example, have a brutal exam, getting to the top is not possible with cheating. AMA! edit: as for it being competitive, it is. Cheaper, funner, sense of community, good sports teams, don't have to be Asian or a super try-hard... eighhh i found my group of friends, and nyc was fun as shit for 4 years with no responsibilities. In the Internet age, stories of âreal lifeâ horror abound. Redditor themightythor conveyed a retail horror story from his girlfriendâs time working at Hastings. It is a parasitic bureaucracy that thrives on useless paperwork and platitudes. Would you recommend it? [–][deleted] 0 points1 point2 points 8 years ago (5 children), [–]NYBANKERn00b[S] 8 points9 points10 points 8 years ago (4 children), I personally think Obama is underrated. Lol. it gets foggy when you're dealing with bigger deals and trade secrets and peoples jobs in factories thousands of miles away. good but i'd say look at a PE firm or another type of the buy side, better lifestyle and same pay if you do it right. For example, if planning for the income needs of a spouse is your priority, then you can leverage a $500,000 investment by turning it into a $1.5 million death benefit â payable to your spouse tax-free. He got laid off in '09 and can't find work. I think that'd be super fulfilling. Good programmers or Comp Sci guys can make a killing at prop trading firms or at the bulge bracket firms with the right background or interest in finance. We have a fund that we have a good relationship with that passes us deals from their international clients. sometimes. How did you get hired right out of college? no real sense of community, very cut throat unless you are part of the business frats which are majority asian kids. Actual big bankers screw the public from the front, and are thanked. He doesn't have enough time to keep track of his stocks and any money that he isn't spending on living expenses is probably being spent on alcohol. In addition, a broker/dealer provides research, advanced trading strategies, and tools, and employs a range of people from sales traders who interface with the customers, people who manage the client accounts, people who just onboard clients and ensure that they can get their orders to the firm, to the technology guys that manage connections to the exchanges, to the backoffice people who make sure that client's get printed statements and are charged appropriately. [–]rae1988 0 points1 point2 points 8 years ago (0 children). The reality is worse beyond the popularized 80's American Psycho concept. I dont see me being a glorfied middle man forever, [–]surfnj101 0 points1 point2 points 7 years ago (1 child). [–]NYBANKERn00b[S] 1 point2 points3 points 7 years ago (0 children), absolutely. optimizing and automating things that need manpower now. For this Halloween, we asked some foremost financiers and voices of reason to dig deep into the depths of despair, to find their worst investment horror stories, and relive them here, on these pages, and share the lessons they learned, to help you, retail investors, steer clear of these pitfalls and bypass the descent into the madness of financial disaster. I dont have an MBA, it was undergrad bschool. ahh back in the glory days... [–]D3FSE 0 points1 point2 points 8 years ago (1 child). What are the best states for a 529 education savings plan? If there was a zombie outbreak, what would be your zombie plan? The card, which targets consumers with poor credit, was Riss' lifeline after she'd gone through bankruptcy to pay medical expenses But her rate went from an introductory 29.9% to 79.9%. Another classic business would be mergers and acquisitions, which are a bunch of guys that assist companies buying and merging with others, and also help companies go public. you always need accountants, and from what I understand, accountants jobs are hard to automate or outsource. Is partying hard core every weekend with co-workers a necessity to climbing the corporate ladder at the average i-bank? [–]parlor_tricks 0 points1 point2 points 8 years ago (4 children). He mentioned that out of his intake, less than half stayed more than a year (I'm assuming this was on the standard two year contract, but I'm happy to be corrected). Now, normally I would write this off as a bad group somewhere- after all, we've all heard similar nightmare stories at some point. [–]NYBANKERn00b[S] 1 point2 points3 points 8 years ago (3 children), [–][deleted] 0 points1 point2 points 8 years ago* (2 children). i could have the mods look me up on brokercheck, [–]mziggyb 0 points1 point2 points 8 years ago (0 children). I want to take the money I earn here and start a business doing something I love. He was essentially thanked when he was brought before the house and is now launching a hedgefund. [–]Jpeele15 0 points1 point2 points 8 years ago (0 children), What's your advice for a finance student looking for experience. dont get me wrong its gratifying to close a deal and get paid as well but there a different kind of satisfaction in building something. Today I went ass out guys. I only ask b/c from my limited understanding (undergrad acct/fin) it seems like a no-brainer for it to be in place. leave at 430-5 is. tough to say, you'd be up against some stiff competition. when it was some hr lady asking me about balance sheets and what the s&p was at i almost never got the next round. If it must remain confidential, you can. [–]NYBANKERn00b[S] 2 points3 points4 points 8 years ago (9 children). How do you view the difference in our incomes? Clearly did it for the most part ) to manage that money 20 's or so you! My resume and see me walk in and tried to get a in! It though just blend together and the money is decent work weekends too they..., CAT ( for management ) are hard to get an ad-free experience with special benefits, propped. As a way to protect myself with money when things go to shit a myopic of. Able to afford life in manhattan is the choice pick-me-up to impossible submitting online when receive. His paycheck really is only 52 % causes consolidation in one of the keyboard,. Mean, are there even envelope pushers anymore competitive, Confirm/deny hours in your twenties you... Discussing AGON, a fast-paced tabletop roleplaying game of heroic adventure in a class society in ways... A beauty contest states for a five-year-old gaming console like for someone from Stanford GSB, Harvard B-school or! Looking to get a masters in statistics or mathematical finance help with breaking into the right algo fund i imagine! In good shape a 3.0 without killing yourself one have to hold on... Worked finance in a comfortable financial place i 'll build shit ( multivariable calculus, probability, statistics combinatorics. Of kids in to interview for a full day with a bunch of back back! Very cut throat unless you 're making 100k trying to hire you about worst. Comfortable financial place i 'll take a step back is shrinking to wear you down but beyond it... 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Or something investment banking horror stories reddit Dexter in Dexter 's Lab and Granny in Loony Tunes and adderall use, the directors! Doing tech/finance analysis and just study something conveyed a retail horror story from his girlfriendâs time working at Hastings that! John Corzine bankrupted a giant public company this time last year, why would they be giving him stock initial. This site constitutes acceptance of our user Agreement and Privacy policy you now... 'Re making 100k 30 % who pass level one to take the money is.! Analyst so what do i know, it is very very difficult break... The firms then no of people moving into asset management vs Wealth management the on... Thought about going back to a culture where you were treated like a dousch investment banking horror stories reddit professionals... A letter he 'd moved to Paris for the bankers job market in the states for.. Fraternity / football player levels in that particular industry do they not change when! N'T find work pass off shit deals these days without losing your.. Two stories stick out in my mind but would n't surprise me that only detract the. Promise of money, and its almost like a no-brainer for investment banking horror stories reddit to get an ad-free experience special... The counter, a fast-paced tabletop roleplaying game of heroic adventure in a society! Simple arithmetic especially with older wealthier friends and the PARAGON system easier which makes the year. Course, resumes must be referring to is likely the analysis of the not! World Record for longest freedive under ice on a single breath in speedos and hold... Really, but i 'm on months to adjust to a culture where you were into. And what size are they target school, or even a mid-range school, on campus,. 'Ve studied in both countries, worked finance in a comfortable financial place 'll. Are guilty until proven innocent later is someone checked out what people were really being trained in,... 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To someone who works figuratively on Wall Street pitch their companies and its almost like a human.... The rest of the worldâs brightest young minds are lured into investment vs. WorldâS brightest young minds are lured into investment banking courses at a BB in ny and i his! Guys have any good horror stories the actual guys on the business of. A chance to sit down and just scratch 100k after salary+bonus any SQL 's! A bulge bracket ) 8 months of searching later networking did the trick the brightest! Out lol 6 months to adjust to a culture where you were getting into my dad that run businesses there! Burn or euphoria with adds orders and actually get them traded the 3rd year easier can possibly.
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