Betty Said:

The Path to Investment Banking?

We Answered:

its all through connections bro, u need to major in finance, do internships, get recruited and then start off at entry level jobs.


not the right time to be majoring in finance....ive only just realized that after wasting over 200k on school

Dennis Said:

Question about finance career field.?

We Answered:

If you've found something you really enjoy, go for it! If your company will pay for your education--do it! Companies and jobs come and go but no one can ever take education away from you--it will always be a personal asset making you employable in your field. I've seen many high-level managers find themselves unable to get comparable jobs after being downsized because they accepted promotions rather than acquiring higher-level skills and knowledge--while their lower level ex-employees got better jobs because they continued educate themselves.

Talk with some of the people in your company who do the work you think you'd like to do and who have an appropriate background. Ask the happy ones for advice.

Good luck!

Melinda Said:

credit department of proprietary trading department for a career in asset management ??

We Answered:

You are xxxxxing out of your axxx.

Carrie Said:

Question about the financial field?

We Answered:

stop thinking job and start thinking business 1 in every 8 homes now have a homebased business with your education you could make a killing just like 58% of all colledge grads do now call me 407-401-3849 or e-mail me and see what the real world of future finace will be

Rose Said:

WHICH FIELD IS BETTER....MEDICINE OR BUSiNESS?

We Answered:

You are the only one who can make this decision. I know it's tough because I recently went through the same thing. Are you willing to be in business for the next 20-30 years? Do you think you can handle 8 years in school and 4 years residency in order to become a doctor?
There are pluses and minuses to every career. Read through them. If you are interested in becoming a doctor then find a blog of a medical student. Read how is it like.
If you are looking for a certain career just for the money then you're in trouble. You are going to wake up one morning so miserable because you wish you would have chosen a different career, something that you enjoy doing.
Research, read, ask around and don't worry because a lot of college kids either don't know what they want to do in life or they change their major whenever they feel like.
Good luck!

Judy Said:

Accounting vs. Investment Banking?

We Answered:

Great questions.

To answer your first question, I would definitely not go straight into an MBA program from undergrad, even if it save you a year. In terms of material, an MBA is going to be very similar to what you've already been doing, and you won't get much out of it until you have more work experience. Employers won't value that kind of MBA much. In the current economy, I know it's tempting to stay in school a bit longer, but I think you're actually in good shape.

As for your second question, I think you should do both accounting and investment banking. One of the best investment bankers at my old firm majored in finance and accounting, then did a couple years at a Big Five (back then) accounting firm, then got his MBA, then jumped into investment banking. I think that would give you phenomenal experience.

On the whole, investment banking is hands-down better than accounting, though. I wouldn't think of either in terms pay or lifestyle, but rather as a two, three or four-year experience that will open up your career to new possibilities. Both can seem terrible at times. I just hired someone from a big 4 firm who was doing 80 hour weeks with terrible pay, so it's not just investment banking that can suck the life out of you.

When I was doing I-banking, I did have some time to hang out with friends, but it is a big adjustment. It also depends on where you're working. In New York, analysts, associates and even VPs are doing 80 to 100 hour weeks. Outside of New York, the offices are a bit less intense -- probably 60 - 80 hour weeks. If you can make friends with the people you work with, though, investment banking can be very enjoyable. It's like being on a sports team. You complain about the tough workouts. You commiserate about the losses. And you celebrate (with extreme style) the victories.

As for career progression, the progression you described for accountants sounds about right, although it may be faster if you enter a smaller company after Big 4.

As for investment banking, the sky's the limit in terms of what you do afterwards. It's like a catapult. The longer you stay in, the further you get shot in your career. Inside an investment bank, the progression could look like: undergraduate degree, Analyst, MBA, Associate, Vice President, Managing Director. Once you have an MBA, you're likely to enter an I-Bank at the associate level (analysts usually leave after 2 or 3 years to go back for their MBA).

Associates leaving an I-bank might find strategic finance positions at a large corporation (M&A department) or move to a private equity firm. VPs might jump straight to a CFO position depending on the size of the company they move to (and may take a big pay cut doing so!). MDs (Managing Directors) will probably stay with the bank if they've been in I-banking that long (why not? 80% of their job is playing golf and eating fancy dinners!).

Hope this gives you a better feel for things. Good luck!