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#181
10-16-2006, 05:31 PM
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Re: Say goodbye to the dream
KKF,
"can someone tell me how or why some of these guys have to work 12hrs/day? how is that productive for the company? why dont they work normal hours?" In general, it's so they can do all the grunt work that lets their bosses not work those crazy hours while making crazy money. And the reason they do it is so they can become the bosses making crazy money while having new guys do all the crap work and crazy hours. Whether it be finance, accounting, law, or consulting, part of the fallacy about these careers is that all the crap at the front end of the career is worth it because once you're there xx years you'll be a partner with a big salary and equity interest or profit participation or whatever and that will more than make up for the crap years. Which is generally true for those that stick around and actually make it to partner. But many people don't make it to that point. 
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#183
10-16-2006, 05:58 PM
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Re: Say goodbye to the dream
[ QUOTE ]
Look at this way, there have to be some private cash poker games on Wall Street that are incredibly juicy. [/ QUOTE ] Loan trading desk at CSFB was rumored to have a weekly PL game. Head of credit arb there is known to be a degenerate gambler.
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#184
10-16-2006, 06:00 PM
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Re: Say goodbye to the dream
[ QUOTE ]
[ QUOTE ] Can you elaborate more on why these jobs will not be available to me later. I have a few ideas why and it definitely motivated me in the job search... But Im curious what you have to say about it. [/ QUOTE ] It sounds to me like you're being hired into an analyst program directly out of undergrad, correct? The talent pool at investment banks like GS, MS, etc, essentially all come out of these programs. As I'm sure you've experienced, getting hired into these programs isn't easy, as the talent pool is much bigger than the number of available positions. If you were however to take a year off after school and play poker (which obviously makes a degree of financial sense), they would IMO be very unlikely to hire you into one of these programs. Because the competition level is so high to get one of these positions, they would much rather hire a fresh face right out of undergrad. The banks are really looking into "moldable" people, i.e. fresh faces who are very excited and eager to work very hard for the next few years for not a heck of a lot of money. If you were to do anything else after school, you lose this status, and the next guy looks like a much more promising candidate. [/ QUOTE ] BvlyHills puts this very succintly and I just want to second his opinion. It will be very difficult to get this job later. As he says, they are looking for someone they can mold in the Goldman way. They are looking for untouched virgins. Jonathan
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#185
10-16-2006, 06:07 PM
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Re: Say goodbye to the dream
[ QUOTE ]
They are looking for untouched virgins. [/ QUOTE ] Somebody should link them to POG
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#186
10-16-2006, 06:11 PM
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Re: Say goodbye to the dream
[ QUOTE ]
[ QUOTE ] DB, "7figures per year > 60-100k per year" How much you want to put down on Strassa having more money than you in 3 years? [/ QUOTE ] fyp. i have so many friends in their 2-3 years of trading who are making somewhere close to 7 figures already, and they don't have close to the poker background jason has, which helps a ton. all you fools thinking you can make more at poker need to open your eyes... for reals. [/ QUOTE ] I find this difficult to believe. I have U.S. News and World Report in front of me right now. The average starting salary of someone with a M.B.A. from Harvard (the #1 business school) is $116,730. In order to get into most M.B.A. programs you have to have worked for atleast 2 years. There is no way people with two years of experience are making this type of money. If it were the case every body in the world would be trying to get into these programs. Whoever said some people are making 8 figures is an idiot. The only way this ever happens is if you are managing a hedge fund that is having a great year.
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#187
10-16-2006, 06:13 PM
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Re: Say goodbye to the dream
diablo, others,
people who don't understand the pyramid nature of such jobs should read the relevent chapter of Freakanomics, and digest it for a bit. it's pretty obvious that certain types of industries (law and trading are two of the most perfect fits) follow the same model as the drug-gangs. citanul
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#189
10-16-2006, 06:19 PM
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Re: Say goodbye to the dream
[ QUOTE ]
The average starting salary of someone with a M.B.A. from Harvard (the #1 business school) is $116,730. [/ QUOTE ] Capital Markets jobs are the most lucrative for people coming out of business school. So these people are making far about the average you qoute, while people working in marketing or corporate finance or various other jobs make less. [ QUOTE ] There is no way people with two years of experience are making this type of money. If it were the case every body in the world would be trying to get into these programs. [/ QUOTE ] I know people who stopped $300k - $400k jobs to go back to business school. I'm sure there are a lot of people out there who quit even more lucrative jobs.
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#190
10-16-2006, 06:27 PM
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Re: Say goodbye to the dream
[ QUOTE ]
I know people who stopped $300k - $400k jobs to go back to business school. I'm sure there are a lot of people out there who quit even more lucrative jobs. [/ QUOTE ] Sure when the market is going up. It's a different story in an economic downturn.
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