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Investment Bank career advice
- Thread starter trader99169
- Start date
not true.
talk to JD's at a decent top 15 law school. None of this U texas bullshit being ranked high....thats about as bad as seeing University of Illinois have a "really good engineering and accounting program"
Horseshit.
Accountants and JD's can make the switch to associate. Just don't go to a piece of shit public school outside the top 20. thats for deal making.
if you just want to get into an IB period, there are lots of ways...you just can't be a total piece of shit. Hell, i know a bitch going to Law school just to transition to IB because he'd rather pay more cash and avoid the analyst bs, just jumpt to associate and for him its a sure bet since he's coming from a good place.
Heres my one piece of advice to you. Stop visiting this site because its garbage. Go to wilmott and you'll just be SHOCKED at how intelligent these people are. I'm almost ashamed to write like this here, but then again not...its fucking elite trader...the general sentiment is: eudcation bad, bricks gooooood, talk like me please, make monies is matter most.
and yet so very few do.
talk to JD's at a decent top 15 law school. None of this U texas bullshit being ranked high....thats about as bad as seeing University of Illinois have a "really good engineering and accounting program"
Horseshit.
Accountants and JD's can make the switch to associate. Just don't go to a piece of shit public school outside the top 20. thats for deal making.
if you just want to get into an IB period, there are lots of ways...you just can't be a total piece of shit. Hell, i know a bitch going to Law school just to transition to IB because he'd rather pay more cash and avoid the analyst bs, just jumpt to associate and for him its a sure bet since he's coming from a good place.
Heres my one piece of advice to you. Stop visiting this site because its garbage. Go to wilmott and you'll just be SHOCKED at how intelligent these people are. I'm almost ashamed to write like this here, but then again not...its fucking elite trader...the general sentiment is: eudcation bad, bricks gooooood, talk like me please, make monies is matter most.
and yet so very few do.
Quote from cmk:
Are you kidding me? Where do you think these traders come from? Do they grow them out back in the field? Of course in house analysts and associates grow into the trader positions.
If you are an analyst, go to grad school, come back as an associate, in 5-10 years you are looking at vice president and then onto managing director from there.
This idea that you have that analysts never move up at an IB is so far from the truth. Obviously you have not had any experience working at an IB, and it is unfortunate you would discourage a young person from being interested in the field because you think that he will never move anywhere up the ladder.
first of all i worked for two of the best. Goldman's FICC desk hired one trader a year when i was there, and they interviewed A LOT OF PEOPLE for that spot, all IVY League MBAs that could argue and debate on par with the best lawyers in town.
traders come from analyst and associates hired for the trading desk NOT OPERATIONS. working in ops you will be a VP and maybe MD in OPERATIONS not trading.
you obviously have no idea how the top firms are structured.
there is enough MBA talent going around that for them to be looking at promoting some ops guy it would really have to be an extraordinary event.
Quote from kamdooo:
cmk- I agree.
Copernicus....I JUST HATE IT....i can't stand this site anymore because of all the fucking morons running around that are so proud to not have an education. And then they speak and its just absurd.
bro you are just a piker, so think before you speak.
second of all i have a grad degree so if you are going to call someone a moron think of yourself.
I feel pity for all these i-bankers wannabes who have been brainwashed by the i-banks human resources depts and their college professors.
Truth is, most people who get hired at i-banks do not get a good deal in terms of salary/quality of life.
A few manage to join the millionaire club, the opportunities are there.
But most just manage to survive London/NYC high taxes high cost of living, demanding expectations, demanding social environment and possibly a high maintenance wife/girlfriend, children in private schools...long working hours... ugh... and if you lose your job it's a huge tragedy.
It's not unusual to see guys making 300-400K and deeply in debt.
i've checked the wilmott.com site it's mostly kids fresh out of school looking for a job with no experience whatsoever... here in ET and similar sites you'll find older, more experienced guys who will give you a more realistic view of life, but i've been a kid too, i understand that when kids make their mind up they don't want to hear anyone else.
BTW i have a grad degree too. what people here is trying to tell you is that a good education is invaluable for meeting people, learn the basics (math, english humanities etc) learn marketable skills like engineering and also opens job opportunities.
but it is worthless for trading... you don't go to school to become a top olympic competitor, same thing in trading, you either train yourself or find a mentor to train you.
Truth is, most people who get hired at i-banks do not get a good deal in terms of salary/quality of life.
A few manage to join the millionaire club, the opportunities are there.
But most just manage to survive London/NYC high taxes high cost of living, demanding expectations, demanding social environment and possibly a high maintenance wife/girlfriend, children in private schools...long working hours... ugh... and if you lose your job it's a huge tragedy.
It's not unusual to see guys making 300-400K and deeply in debt.
i've checked the wilmott.com site it's mostly kids fresh out of school looking for a job with no experience whatsoever... here in ET and similar sites you'll find older, more experienced guys who will give you a more realistic view of life, but i've been a kid too, i understand that when kids make their mind up they don't want to hear anyone else.
BTW i have a grad degree too. what people here is trying to tell you is that a good education is invaluable for meeting people, learn the basics (math, english humanities etc) learn marketable skills like engineering and also opens job opportunities.
but it is worthless for trading... you don't go to school to become a top olympic competitor, same thing in trading, you either train yourself or find a mentor to train you.
Quote from buzzy2:
I feel pity for all these i-bankers wannabes who have been brainwashed by the i-banks human resources depts and their college professors.
Truth is, most people who get hired at i-banks do not get a good deal in terms of salary/quality of life.
A few manage to join the millionaire club, the opportunities are there.
But most just manage to survive London/NYC high taxes high cost of living, demanding expectations, demanding social environment and possibly a high maintenance wife/girlfriend, children in private schools...long working hours... ugh... and if you lose your job it's a huge tragedy.
It's not unusual to see guys making 300-400K and deeply in debt.
i've checked the wilmott.com site it's mostly kids fresh out of school looking for a job with no experience whatsoever... here in ET and similar sites you'll find older, more experienced guys who will give you a more realistic view of life, but i've been a kid too, i understand that when kids make their mind up they don't want to hear anyone else.
reality is harsh unfortunately.
IB jobs are fine, you make a living.
but if you think you are going to make your way to the trading desk, than one is in for a surprise.
operations and middle office jobs are the ones where after 6 months, you are bored out of your mind.
to jobseekers just few words of advice
think very hard of what you want to be doing.
dont take the wrong job just because its a top IB bank.
extra month or two of looking for the right fit will pay off in the future so dont jump on the first thing you get, especially if its because you want to because of the name of the firm.
Quote from kamdooo:
not true.
talk to JD's at a decent top 15 law school. None of this U texas bullshit being ranked high....thats about as bad as seeing University of Illinois have a "really good engineering and accounting program"
Horseshit.
Accountants and JD's can make the switch to associate. Just don't go to a piece of shit public school outside the top 20. thats for deal making.
if you just want to get into an IB period, there are lots of ways...you just can't be a total piece of shit. Hell, i know a bitch going to Law school just to transition to IB because he'd rather pay more cash and avoid the analyst bs, just jumpt to associate and for him its a sure bet since he's coming from a good place.
Heres my one piece of advice to you. Stop visiting this site because its garbage. Go to wilmott and you'll just be SHOCKED at how intelligent these people are. I'm almost ashamed to write like this here, but then again not...its fucking elite trader...the general sentiment is: eudcation bad, bricks gooooood, talk like me please, make monies is matter most.
and yet so very few do.
Well, well, well. You show up about a month ago eating loads of humble pie with your please help me with my prop shop search and GHCO interview questions and now you are potential Head Quant material. I quote you from the GHCO Interview thread of yours;
" visited some places that didn't seem right for me. Assent, Echo, and this odd place named LT Trader...wow....don't go to the last one. Had a phone conversation with HLV, but when told I would need to pay for training, I brought the conversation to a close.
All these places are great for a certain type of person. I am young, and need guidance. A place like GHCO/Optiver/SMW/Mako/Wolverine/
SIG/ect. or any salaried/place that pays for your training at least is appropriate for a newbie. "
If you are so talented and belong with the Wimot Quant scene then why would a person of YOUR level even consider prop firms like GHCO and Echo etc. Any TRUE potential Quant would piss themselves with laughter at the thought of a prop job. YOU ARE NOT QUANT MATERIAL, trust me on that. One minute you are talking about some shitty broker job you were offered and wanting to trade prop with a supporting salary and the next you spout off about becoming a REAL trader on a Quant desk and making 1million per year, well I know a mug prop trader who took home that amount last month alone (great prop trader btw). He doesn't have a degree and I have a degree from a world class university and yet he pisses on my P&L.
You should learn one simple fact and that is that all the education in the world doesn't make you a great trader. Good traders with degrees lean to abandon any intellectual pretences that they entered the industry with if they intend on surviving. They call it Harvard MBA syndrome in the pits btw, you seem to forget that world class traders like Harris Brumfield and Tommy Baldwin were not Harvard MBA types and yet a guy like Harris Brumfield was generally making 8-figure per year, pisses on all those snobby quants whose career highlight is to earn 1million in a year. How many quants could afford to spend $12million buying a company like TT with their own self-made cash. I would also bet that a guy like Harris Brumfield knows more about trading the markets than any IB Quant will ever know!!!
And for the record you are NOT even a trader, and have ZERO to contribute to this forum anyway. All you have done here is beg for tips and now you are deciding that the wilmot site is better, and declare that you can learn from it. WELL how the fuck would you know what is good and bad advice when you haven't even traded, all your knowledge is theory and snippets of info picked up from others.
you're right about everything except the theory. I don't even have that. I also got a grad degree; its in street science acquired by life experience. I can count them rocks...so I think i'll start calling myself a proprietary quant.
Actually, since I front some of the risk and put up my own capital, it would be more appropriate to call myself an arcade quant.
Actually, since I front some of the risk and put up my own capital, it would be more appropriate to call myself an arcade quant.
right, they spend more, but they save more too. don't you for a second think that they are poor, these are the guys that will retire at 50 with a few tens of megs. there is a great book by A. Tobias, "Getting by on 100k a year", you should read it. i-bank is a pretty good place to work if you have high ambitions, but aren't willing to take to volatility of working for yourself.Quote from buzzy2:
It's not unusual to see guys making 300-400K and deeply in debt.