Top i-banking firms

[stinkypete]

[ QUOTE ]
dont you need to have a few years working experience before you are allowed to write the CFA (im google lazy, what can say?)

[/ QUOTE ]

no, but you need experience to get the charter after you've passed all 3 exams.

[ahnuld]

yeah, I just read that too. But what is the difference between having the charter and not? I mean, does it make sense for me to get my CFA next year when im probably going to play cards for that entire year and next (with no previous finance work)?

" CFA Charter and Regular Membership Guidelines: Work Experience



Amount

Four years of acceptable professional work experience are required for regular membership. An individual must be a regular member to be eligible for the award of the CFA Charter. This experience may be accrued while the candidate is in the CFA Program, after the candidate has passed all three levels of exams, or from previous positions.



You are required to spend at least 50 percent of your time in these activities to accrue the required professional work experience. Summer, part-time, and internship positions do not qualify.



Type

Acceptable professional work experience as it relates to applicants seeking to become charterholder members, or regular members, includes activities that consist to a majority extent of:

(i) evaluating or applying financial, economic, and/or statistical data as part of the investment decision-making process involving securities or similar investments, which includes, but is not limited to, publicly traded and privately placed stocks, bonds, and mortgages and their derivatives; commodity-based derivatives and mutual funds; and other investment assets, such as real estate and commodities, if these other investment assets are held as part of a diversified, securities-oriented investment portfolio; or

(ii) supervising, directly or indirectly, persons who practice such activities; or

(iii) teaching such activities. "

[petp_the_greek]

IF you can get into a top 10 (maybe top 20) B-school, then go for the MBA....their recruiting will guarantee you a job in banking if thats what u want.
CFA is good AFTER you get in the door.

unfortunately getting into any of those ibanks without experience...and, more importantly, without knowing anyone (the nepotism in those places is ridiculous) is very difficult....though not impossible.

[whyherro]

[ QUOTE ]
forget ibanking and if you can, get into trading....more money, less hours.

[/ QUOTE ]

It's funny how people always say this when vol is high and the market is on fire. The relationship between trading and banking historically is highly cyclically. Don't underestimate the value of job security, the turnover for traders is incredibly high.

[whyherro]

I would probably forget about the CFA unless I was going into research. MBA really isn't necessary these days either, probably only looks interesting if you can get into a top 5-10 program. But then the opportunity cost of the degree is pretty astronomical. Places don't pay you more for having either one of these degrees (assuming you are working at a top level place). MBA is kind of something you get if you want to change job tracks.

[dazraf69]

[ QUOTE ]
I would probably forget about the CFA unless I was going into research. MBA really isn't necessary these days either, probably only looks interesting if you can get into a top 5-10 program. But then the opportunity cost of the degree is pretty astronomical. Places don't pay you more for having either one of these degrees (assuming you are working at a top level place). MBA is kind of something you get if you want to change job tracks .

[/ QUOTE ]

So then you are suggesting that taking the 3 CFA exams would not allow a someone to change job tracks?

[Fitzadooza]

I am glad this topic was introduced, as I was going to start a thread about I-banking in the near future. Currently, I am a high school senior with aspirations to one day be an IB, and I was wondering what the most effective path would be for me to pursue a career in this field. I am applying to Harvard, UPenn, Boston College, Bentley, and Babson, all of which have strong business backgrounds. My chances of being accepted to UPenn are very high due to alumni and family contacts, and thus this is where I see myself next year. What would those with experience in the industry recommend I do to prepare myself for the field, as well as make my self more desirable to perspective companies? Also, if I were to get a great deal more of financial aid and scholarship opportunity from a lesser school such as Bentley or Babson, will this hinder my chances of employment severely? I sincerely appreciate all those who take the time to respond, and offer guidance in this difficult matter.

Thanks
Ryan

[stephenNUTS]

[ QUOTE ]
I am looking to change careers. I have thus far been unsuccessful in landing a job with a corporate bank. I see an MBA and CFA as door openers, simply getting into the field and from their becoming successful based on performance. In other words, I need to get out of teaching and into finance/banking, so what's the best route that is also cost effective. My idea was to get my CFA, get a job with a bank and have them possibly sponsor me in an MBA program. Hope that made more sense.

[/ QUOTE ]

I understand now..you want to get OUT of teaching,moving on to a WS career

Obv. having your MBA and being a Chartered Financial Analyst will only help you.I started at the low-end on the floor the ole' fashioned way after 5 yrs at St.Johns U(dropping out of Law School)and a VERY long story. I dont regret the Law School decision for one bit BTW to this day now obviously

My start :
runner> floor clerk>floor broker> a ZILLION liscences> experience>experience>experience>got an opp to buy 33% of a troubled firm in 1997 that specialized in the DayTrading frenzy pre-NASDAQ boom>HOMERUN>retire!

I did get extremly lucky and am quite fortunate,but I also worked 20 hr days soometimes,weekends,and when I did get bought out....I was BURNT OUT

I dont think my route was unorthodox,as at that time there were,and STILL are some of the sickest traders that never finished HS.
You have NO idea how good they are!
I actually equate them now to some of the GREAT young brilliant poker players today .....that just HAVE it!

In your case I will say this.My younger brother who is a big shot at Lehman now,started out with his BA,then MBA,then passed the CPA getting a job with Arthur Young(remember the Big 8...lol...wow I feel old).

At that time his CPA was critical to his advance in the in the start of these complex trading stratagies/derivitives were starting to arise as the computer world arrived on the street.He actually started at American Express before quickly moving to Lehman in 1993-present

I know that getting into a top tier firm such as a GS or Leh,.....(and according to him),MBA's are commonplace now,with a specific finacial background req.no if ands or buts.The street is SOOO different now and I think your goals are fine
Also... if you know somebody,that will help BIGTIME

Obviously you can start out at the bottom rung and move up as I did,but that is a BS waste of time in this day and age IMO.

Many Investment Banks still sponser MBA programs specializing to their specific needs,but I know they are all looking for "basically" the same starting criteria.But look at Bear Stearns and their recent lay-off fiasco due to their sub-prime mess.A friends wife is in their MBA program,but her job is now jeopardy due this....that sucks!
So it changes everyday

I will make a few calls/contacts,incl. my bro ,and update you in a few days!

~stephen feraca [img]/images/graemlins/cool.gif[/img]

**PM me if you can

[stinkypete]

[ QUOTE ]
What would those with experience in the industry recommend I do to prepare myself for the field, as well as make my self more desirable to perspective companies?

[/ QUOTE ]

you could learn to differentiate between words that sound similar but have completely different meanings

[Jeffmet3]

for those in finance, do you think i'd be shooting myself in the foot for future jobs, by going into trading or financial planning at a big firm rather than ibanking? I know it's different skill sets, but in terms of marketability for other opportunities.

because everyone i know who's an ibanking analyst hates their life, and as i'm a junior in college, this is kind of the summer where i choose what i want to do, as scary as that is.