Quote from Randek:
So it's funny you claim to have done investment banking work before even though all you've ever done was graphical presentations during college, but then, as you said, you "busted your ass trying to get into Lehman" but failed because you weren't good enough to be there in the first place.
Just hating the entire industry to make yourself feel better?
LOL
First of all I NEVER EVER claimed to have done investment banking and if you really searched my posts you would know that I was trying to get into it and had a great opportunity BEFORE I experienced working with them for a couple months and saw what it was REALLY like, not the BS you get preached in business school. I decided to keep the graphics job cause it pays very good hourly money and proceeded to save up and go for prop trading. BTW, as a side note, several first year bankers would ask us how they could get our job once they found out how much we made per hour.
I worked for a year with the Consumer Products Group at UBS, I worked very closely with all the levels. I sat right next to the office of the MD, he was totally bi-polar. YES sometimes I did do their job simply because they kinda trickle it down to you. Not that I cared much, they paid for my meals everyday and it was interesting & easy for me. At a slightly lower quality, but still big IB, I've had to explain to a banker that a company reports earnings 4 times a year so it's not possible to show earnings graphed every month of the year. Most of them are not too bright, book smarts do not transfer into common sense.
Second of all Lehman TRADING DESK is very different from INVESTMENT BANK. So why don't you learn how it works before you come out trying to put other people down. 2 very separate departments, and only the best contacts or top of the class Ivy league degrees would have gotten you into Lehman trading desk or even most of the top tier trading firms because there was a street wide hiring freeze in 2002.
Third of all, I can go get a job as an IB at Deutsche Bank without a problem since a good old HS friend of mine is a VP there. I made a clear choice not to get into the industry based on my observations, experience and ppl I know in the industry. I felt that I would have done it if I had the exposure earlier because there are a number of skills & preparations you can take that would make the trip a lot easier and move you to the top a lot faster. The younger you are when you start, the easier it will cause the human body cannot handle that type of stress with age.
Everything I say about the industry my friend pretty much agrees with. IB at the core is just Sales, it's just one big game to push nonsensical deals at companies and squeeze out the fees. It's financial engineering and maintenance of contacts. It is in a sense, a scam, and my friend totally agrees. I've asked him why so many first years are not too competent when there are so many applicants and his reply was is that they just hire a lot of first years, use them up and send them off to grad school. He always complains about the idiots under him and how he has to straighten them out. As for himself, he is pretty much burned out and kinda confused if he wants to keep going at it. Always asking me to find him a chick, the guy makes 200-300k a year (plus bonus) and still can't find himself a date.
The ones that make it in the business are smart, workaholics and willing to make huge sacrifices (social, emotional and physical). If you can't handle your MD yelling & cursing at your for smth that is not really your fault, you ain't gonna make it. If you can't stay up for 3 days & nights straight to squeeze out a deal, you won't make it. If you won't cancel your trip back home for Thanksgiving or Chrimstmas because smth just came up, you won't make it. You have to LOVE Investment Banking 24/7 which is exactly why MDs who already made millions and are making a ton of money still come in at 6 AM and leave at 6 PM even though they could have retired years ago. Watching these guys trying to make non IB conversation is hilarious, they are almost empty outside their work.
So before you try to talk sh*t and selectively pick out what I posted, as well as put words in my mouth, you better know WTF it is YOU are talking about since you obviously do not.
