College Students---Buy your way into Ibanking

Quote from marketsurfer:

why? and what do you suggest to a unconnected student who wants to break in to the business?
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I suggest that students should be evaluated based on their abilities and not whether their parents can afford to pay some service thousands of dollars. Or whether they are connected or can afford to get into Ivy Leagues.

This is just another sign that USA is headed toward third world status and is similiar of Brazil and Mexico, where only children of the upper class have any real opportunity.
 
i think if anything we have come a long way.....hard work and drive can certainly trump connections and privaledge. you need a whole ton of will and drive and an equal amount of luck as well. several rock star billionaires in the us started from less than nothing.

that being said, wealth, privaledge and connections are still giant players in the college and corporate world. never not going to be there. if anyone has the ability to put an end to it, it's the harvards and the yales of the world who's endowments are so gigantic, and so well managed to the point that they no longer need to cater to the well heeled alumni that pad their coffers in return for letting their friends and family in. but unfortunately for us less fortunate, they probably never will, and we just need to keep busting ass to get the chance to slaughter those db's on the playing feild some day.
 
Quote from Hydroblunt:

Did you completely miss the Real Estate and Mortgage boom?

And rather than assuming that many I-bankers start making upper 6 to 7 figures at 27 years old, maybe you should realize that it's a very small percentage that actually get to do that. All the cards have to line up, the I-banking business, the sector, the groups, etc.

Only 5% or so make it to the top levels in I-banks, in general, let alone at 27 years old.

And when the business turns the corner, as it is now, all these illusions of grandeur go down the drain fast. It already happened once post tech bubble and only the LBO side of IBs is preventing a mass scale layoff at the momet.
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You think I have the name WallStYouth for show? I've worked for the 3 top IB's on the street. Many IBankers make a lot of money in the upper 6 and 7 figures easy. I really dont see why you think i'm emblishing this?? I've seen many twenty something MD's at Goldman and Lehman pulling in upper 6 figures, I cant name any other industry where you have so many young people making so much money.
 
Quote from WallstYouth:

You think I have the name WallStYouth for show? I've worked for the 3 top IB's on the street. Many IBankers make a lot of money in the upper 6 and 7 figures easy. I really dont see why you think i'm emblishing this?? I've seen many twenty something MD's at Goldman and Lehman pulling in upper 6 figures, I cant name any other industry where you have so many young people making so much money.
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I think Hydro's point is that, it is said that the wash out rate at IB's is very high. I personally have heard and read that one must first start as an analyst (feel free to correct the position names if I get it wrong) work there for 2 years, get promoted to associate, work 2 or 3 more years and then progress yet again.

I have heard that unlike other industries, where you can languish at the bottom forever, on Wall St., it's get promoted or you are out on the street. So most end up working somewhere else after a few years. The 28 year old MD making 7 figures is the guy who made it to the top, but 1000 other people are working for 75K at Verizon, etc. after getting the boot. Wall St. is great if you LAST.
 
Just open a business, if you want money.

If you want prestige, women, great opportunities in the future, networking - then go with Ibanking or BigLaw.
 
Quote from rateesquad:

If you want prestige, women, great opportunities in the future, networking - then go with Ibanking or BigLaw.
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An average NYC struggling actor/artist/musician/comic gets laid more often and with hotter ass than the star I-banker or Lawyer.

Women is not a reason to go into I-banking or BigLaw. Money is a reason, but unless you love the work, you won't last or will hate your life.
 
Quote from Triple X:

I have heard that unlike other industries, where you can languish at the bottom forever, on Wall St., it's get promoted or you are out on the street.
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No, you can get stuck at the Associate level. Or VP, but thats not exactly a bad thing.
Big majority of the analyst class is gone at the 2 year mark. Most quit, others don't get offers and some get promoted. In some sectors, all of the analysts leave by choice, because it really is that bad and they are burnt out.

What WallStYouth does not realize is that if you look at the turnover vs income numbers, I-banking big money is behind what just happened in Real Estate and Mortgage Brokering. Where 20-24 year olds with barely a high school degree were raking in 20-80k a month for at least a couple of years. The real stars made millions and started their own firms. High turnover as well, long hours but still a better choice than I-banking if all u care about is money. Before that it was daytrading and brokerage/boiler rooms.

In the days of 24-7 money printing presses, it's not surprising that the most money is made by industries which produce nothing. I-banking is the most consistent one and with highest barriers to entry, hence it holds the prestige & favorable reputation. Plus, grad schools & other firms aren't gonna look much at your salesman experience, but they take IB experience very seriously.
 
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