anyone works in Financial industry?

[FlyLice]

Originally posted by: Fmr12B
ALBIS

It is insanely busy right now due to year end audits as well as 404 certification. Where I work in Silicon Valley only makes things busier. Most people average 55-65hrs a week for 1-2months.

A lot depends on your level of experience. More work for those who have been here longer.

Turnover is iright at 30% or so as people get fed up quick with the demanding nature of the job.


Its tough but I think the payoff comes at the end.


You must realize every office/firm is different.

I have worked 24hrs in a day as deadlines do happen. I have worked 3-weeks straight. I have been asked to cancel my vacation. I have been asked to go to Starbucks and get Coffee for the team.
It's all part of the job.

Take it to PM's if you have more questions.

I'm sorry to hear. That is why i went mid-tier instead of Big Four. Haven't done the 24 hrs yet but I see it coming. My current client has history of giving us everything last week causing us to bust ass week before March 15.

 

[iversonyin]

Originally posted by: cchen

Originally posted by: iversonyin


Ahh, are you in IB?

nope, not interested in it, but EVERY other student here is
i probably might consider an offer for the summer, just as a backup

And you are in Columbia?

 

[FlyLice]

Also if you go mid-tier over Big Four, you will make Senior faster and Manager faster than at Big Four.

 

[SuepaFly]

Originally posted by: cchen

Originally posted by: iversonyin

Originally posted by: FlyLice

Originally posted by: iversonyin
what do you do?

how hard is it to get into your field (field like IB, accounting)?

what do employers usually looks for?

ibank = top 25 school, 3.7 gpa, technically knowledgable, high IQ, extremely aggressive. Key is the interview, they ask you some crazy shvt. Literally live work, 100+ hours/week.

accounting = accounting major, 3.2 gpa. It's a plus to be very boring.

Is IB really that tough to get into? I'm not in Top25 school nor do I have 2.7 GPA. I am looking for an internship in that field.

I'm working part time in accounting dept of an engineering consulting firm....its extrmemly boring

yes, its extremely competitive

My fiancee was in ibanking, it was VERY competitive. Mostly the only recruit at ivy league universities. Very few get into it as a career unless they have some internships in it. In the interviews they'll ask you stuff like "Lets say a company with the revenues of x, net income of y, with market cap of z, class a bonds xx, sells 20% of their bonds at a zz above the rate, what will the stock price do?"

Also, if you have a connection, you can get in slightly easier. Remember, they're all ivy league school grads, so its like getting into an ivy league school.

I think most will tell you that if you didnt know it was hard, you'd better just stay away.

link to good finance/banking career site

 

[FlyLice]

As for your 2.7 gpa, i'm sorry bro but you're not cut out for IB. They ask you crazy questions like:

Typical Goldman Question:
I buy a building for $100MM, sell for $100MM 5 years later. I am very happy. Why?

 

[FlyLice]

Originally posted by: SuepaFly

Originally posted by: cchen

Originally posted by: iversonyin

Originally posted by: FlyLice

Originally posted by: iversonyin
what do you do?

how hard is it to get into your field (field like IB, accounting)?

what do employers usually looks for?

ibank = top 25 school, 3.7 gpa, technically knowledgable, high IQ, extremely aggressive. Key is the interview, they ask you some crazy shvt. Literally live work, 100+ hours/week.

accounting = accounting major, 3.2 gpa. It's a plus to be very boring.

Is IB really that tough to get into? I'm not in Top25 school nor do I have 2.7 GPA. I am looking for an internship in that field.

I'm working part time in accounting dept of an engineering consulting firm....its extrmemly boring

yes, its extremely competitive

My fiancee was in ibanking, it was VERY competitive. Mostly the only recruit at ivy league universities. Very few get into it as a career unless they have some internships in it. In the interviews they'll ask you stuff like "Lets say a company with the revenues of x, net income of y, with market cap of z, class a bonds xx, sells 20% of their bonds at a zz above the rate, what will the stock price do?"

Also, if you have a connection, you can get in slightly easier. Remember, they're all ivy league school grads, so its like getting into an ivy league school.

I think most will tell you that if you didnt know it was hard, you'd better just stay away.

link to good finance/banking career site

Do you mean buys back 20% of their bonds? Or sells 20% more bonds?

 

[cchen]

Originally posted by: iversonyin

Originally posted by: cchen

Originally posted by: iversonyin


Ahh, are you in IB?

nope, not interested in it, but EVERY other student here is
i probably might consider an offer for the summer, just as a backup

And you are in Columbia?

yup.

 

[FlyLice]

Originally posted by: cchen

Originally posted by: iversonyin

Originally posted by: cchen

Originally posted by: iversonyin


Ahh, are you in IB?

nope, not interested in it, but EVERY other student here is
i probably might consider an offer for the summer, just as a backup

And you are in Columbia?

yup.

Damn, yous a gangstar.

 

[iversonyin]

Originally posted by: FlyLice
As for your 2.7 gpa, i'm sorry bro but you're not cut out for IB. They ask you crazy questions like:

Typical Goldman Question:
I buy a building for $100MM, sell for $100MM 5 years later. I am very happy. Why?

I still have 1.5-2 years of college left to finish. Do they ask those knid of questions for internship?

 

[FlyLice]

Originally posted by: iversonyin

Originally posted by: FlyLice
As for your 2.7 gpa, i'm sorry bro but you're not cut out for IB. They ask you crazy questions like:

Typical Goldman Question:
I buy a building for $100MM, sell for $100MM 5 years later. I am very happy. Why?

I still have 1.5-2 years of college left to finish. Do they ask those knid of questions for internship?

ibank internship interviews are practically the same as fulltime. In fact if i recall internships are even harder to get, and much more competitive. If your resume doesn't show minimum 3.7gpa, chances are they won't even look at your resume at all, unless your last name is Trump or Kennedy or Gates.

 

[iversonyin]

Originally posted by: FlyLice

Originally posted by: iversonyin

Originally posted by: FlyLice
As for your 2.7 gpa, i'm sorry bro but you're not cut out for IB. They ask you crazy questions like:

Typical Goldman Question:
I buy a building for $100MM, sell for $100MM 5 years later. I am very happy. Why?

I still have 1.5-2 years of college left to finish. Do they ask those knid of questions for internship?

ibank internship interviews are practically the same as fulltime. In fact if i recall internships are even harder to get, and much more competitive. If your resume doesn't show minimum 3.7gpa, chances are they won't even look at your resume at all, unless your last name is Trump or Kennedy or Gates.

Ahh, you seem to know alot. Been there done that?

 

[Phokus]

Originally posted by: FlyLice
As for your 2.7 gpa, i'm sorry bro but you're not cut out for IB. They ask you crazy questions like:

Typical Goldman Question:
I buy a building for $100MM, sell for $100MM 5 years later. I am very happy. Why?

Is it because the building has depreciated during those 5 years and you basically got to 'rent' the building for 'free' (well, i guess minus interest you could've earned with that 100 million)?

 

[FlyLice]

Originally posted by: iversonyin

Originally posted by: FlyLice

Originally posted by: iversonyin

Originally posted by: FlyLice
As for your 2.7 gpa, i'm sorry bro but you're not cut out for IB. They ask you crazy questions like:

Typical Goldman Question:
I buy a building for $100MM, sell for $100MM 5 years later. I am very happy. Why?

I still have 1.5-2 years of college left to finish. Do they ask those knid of questions for internship?

ibank internship interviews are practically the same as fulltime. In fact if i recall internships are even harder to get, and much more competitive. If your resume doesn't show minimum 3.7gpa, chances are they won't even look at your resume at all, unless your last name is Trump or Kennedy or Gates.

Ahh, you seem to know alot. Been there done that?

Been there. Done that. Rejected. Went into public accounting.

 

[FlyLice]

Originally posted by: Phokus

Originally posted by: FlyLice
As for your 2.7 gpa, i'm sorry bro but you're not cut out for IB. They ask you crazy questions like:

Typical Goldman Question:
I buy a building for $100MM, sell for $100MM 5 years later. I am very happy. Why?

Is it because the building has depreciated during those 5 years and you basically got to 'rent' the building for 'free' (well, i guess minus interest you could've earned with that 100 million)?

Nope. It is not free. Like you said you have to take into consideration the opportunity cost associated with $100MM being locked up for 5 years.

 

[iversonyin]

Ohh, forgot about this in orginal post...

Is education more imporant (GPA)? or experience?

 

[Phokus]

Originally posted by: FlyLice

Originally posted by: Phokus

Originally posted by: FlyLice
As for your 2.7 gpa, i'm sorry bro but you're not cut out for IB. They ask you crazy questions like:

Typical Goldman Question:
I buy a building for $100MM, sell for $100MM 5 years later. I am very happy. Why?

Is it because the building has depreciated during those 5 years and you basically got to 'rent' the building for 'free' (well, i guess minus interest you could've earned with that 100 million)?

Nope. It is not free. Like you said you have to take into consideration the opportunity cost associated with $100MM being locked up for 5 years.

That doesn't make any sense, you depreciated the building, but you got your initial investment back... i'd be very happy.

It'd be like me buying a car brand new for $50,000 and selling it to some sucker five years and 40,000 miles later for $50,000...

 

[FlyLice]

Originally posted by: iversonyin
Ohh, forgot about this in orginal post...

Is education more imporant (GPA)? or experience?

Experience is a big plus, but like I said before, the top banks won't even take a look at your resume if you don't have a 3.7 or above.

I think typical ibank candidate's resume has:

Ivy league + stanford + berkeley + maybe ucla
3.7 gpa
1 or 2 summer internships
clubs, etc
some kind of extracurricular research

 

[FlyLice]

Originally posted by: Phokus

Originally posted by: FlyLice

Originally posted by: Phokus

Originally posted by: FlyLice
As for your 2.7 gpa, i'm sorry bro but you're not cut out for IB. They ask you crazy questions like:

Typical Goldman Question:
I buy a building for $100MM, sell for $100MM 5 years later. I am very happy. Why?

Is it because the building has depreciated during those 5 years and you basically got to 'rent' the building for 'free' (well, i guess minus interest you could've earned with that 100 million)?

Nope. It is not free. Like you said you have to take into consideration the opportunity cost associated with $100MM being locked up for 5 years.

That doesn't make any sense, you depreciated the building, but you got your initial investment back... i'd be very happy.

It'd be like me buying a car brand new for $50,000 and selling it to some sucker five years and 40,000 miles later for $50,000...

$100MM earning 10% > $100MM not earning 10%

It's not the right answer try again. Or if you want the answer just ask.

 

[iversonyin]

Originally posted by: FlyLice

Originally posted by: iversonyin
Ohh, forgot about this in orginal post...

Is education more imporant (GPA)? or experience?

Experience is a big plus, but like I said before, the top banks won't even take a look at your resume if you don't have a 3.7 or above.

I think typical ibank candidate's resume has:

Ivy league + stanford + berkeley + maybe ucla
3.7 gpa
1 or 2 summer internships
clubs, etc
some kind of extracurricular research

not talking about ibank. Finance/Accounting in general.

 

[FlyLice]

Originally posted by: iversonyin

Originally posted by: FlyLice

Originally posted by: iversonyin
Ohh, forgot about this in orginal post...

Is education more imporant (GPA)? or experience?

Experience is a big plus, but like I said before, the top banks won't even take a look at your resume if you don't have a 3.7 or above.

I think typical ibank candidate's resume has:

Ivy league + stanford + berkeley + maybe ucla
3.7 gpa
1 or 2 summer internships
clubs, etc
some kind of extracurricular research

not talking about ibank. Finance/Accounting in general.

Public accounting is not that hard. However, 3.2 gpa is minimum requirement. Experience helps but all you need is a 3.2 gpa and an accounting major from any university. I think key is though to find the right contacts, and understanding the industry before your interview.

 

[Insomnium]

Originally posted by: iversonyin

Originally posted by: FlyLice

Originally posted by: iversonyin
Ohh, forgot about this in orginal post...

Is education more imporant (GPA)? or experience?

Experience is a big plus, but like I said before, the top banks won't even take a look at your resume if you don't have a 3.7 or above.

I think typical ibank candidate's resume has:

Ivy league + stanford + berkeley + maybe ucla
3.7 gpa
1 or 2 summer internships
clubs, etc
some kind of extracurricular research

not talking about ibank. Finance/Accounting in general.

That's a pretty large spectrum. I-Banking is notoriously difficult to get into as are all finance positions at high level, competitive financial firms. But you can do finance/accounting pretty much anywhere and it wouldn't be too difficult to get into, like public accounting or doing financial research of some sort for some tiny tiny firm in the middle of nowhere. But the latter jobs won't be nearly as attractive or high paying as those at large investment banks.

 

[FlyLice]

Originally posted by: Insomnium

Originally posted by: iversonyin

Originally posted by: FlyLice

Originally posted by: iversonyin
Ohh, forgot about this in orginal post...

Is education more imporant (GPA)? or experience?

Experience is a big plus, but like I said before, the top banks won't even take a look at your resume if you don't have a 3.7 or above.

I think typical ibank candidate's resume has:

Ivy league + stanford + berkeley + maybe ucla
3.7 gpa
1 or 2 summer internships
clubs, etc
some kind of extracurricular research

not talking about ibank. Finance/Accounting in general.

That's a pretty large spectrum. I-Banking is notoriously difficult to get into as are all finance positions at high level, competitive financial firms. But you can do finance/accounting pretty much anywhere and it wouldn't be too difficult to get into, like public accounting or doing financial research of some sort for some tiny tiny firm in the middle of nowhere. But the latter jobs won't be nearly as attractive or high paying as those at large investment banks.

Yea, I was thinking bulge bracket firms. But even those small banks are hard to get your foot in the door without experience.

 

[Insomnium]

Originally posted by: FlyLice

Originally posted by: Insomnium

Originally posted by: iversonyin

Originally posted by: FlyLice

Originally posted by: iversonyin
Ohh, forgot about this in orginal post...

Is education more imporant (GPA)? or experience?

Experience is a big plus, but like I said before, the top banks won't even take a look at your resume if you don't have a 3.7 or above.

I think typical ibank candidate's resume has:

Ivy league + stanford + berkeley + maybe ucla
3.7 gpa
1 or 2 summer internships
clubs, etc
some kind of extracurricular research

not talking about ibank. Finance/Accounting in general.

That's a pretty large spectrum. I-Banking is notoriously difficult to get into as are all finance positions at high level, competitive financial firms. But you can do finance/accounting pretty much anywhere and it wouldn't be too difficult to get into, like public accounting or doing financial research of some sort for some tiny tiny firm in the middle of nowhere. But the latter jobs won't be nearly as attractive or high paying as those at large investment banks.

Yea, I was thinking bulge bracket firms. But even those small banks are hard to get your foot in the door without experience.

That might depend on where you're coming from. I attned a "Top 10" school (according to various obnoxious rankings) and the smaller, middle-market investment banks are much easier (relatively speaking) to get into than the large ones like Goldman, Deutsche, Morgan, Bear, etc. They are still hard to get into, but if you don't have any summer experience, you still have a decent shot at some of these middle-market firms.

 

[FlyLice]

Originally posted by: Insomnium

Originally posted by: FlyLice

Originally posted by: Insomnium

Originally posted by: iversonyin

Originally posted by: FlyLice

Originally posted by: iversonyin
Ohh, forgot about this in orginal post...

Is education more imporant (GPA)? or experience?

Experience is a big plus, but like I said before, the top banks won't even take a look at your resume if you don't have a 3.7 or above.

I think typical ibank candidate's resume has:

Ivy league + stanford + berkeley + maybe ucla
3.7 gpa
1 or 2 summer internships
clubs, etc
some kind of extracurricular research

not talking about ibank. Finance/Accounting in general.

That's a pretty large spectrum. I-Banking is notoriously difficult to get into as are all finance positions at high level, competitive financial firms. But you can do finance/accounting pretty much anywhere and it wouldn't be too difficult to get into, like public accounting or doing financial research of some sort for some tiny tiny firm in the middle of nowhere. But the latter jobs won't be nearly as attractive or high paying as those at large investment banks.

Yea, I was thinking bulge bracket firms. But even those small banks are hard to get your foot in the door without experience.

That might depend on where you're coming from. I attned a "Top 10" school (according to various obnoxious rankings) and the smaller, middle-market investment banks are much easier (relatively speaking) to get into than the large ones like Goldman, Deutsche, Morgan, Bear, etc. They are still hard to get into, but if you don't have any summer experience, you still have a decent shot at some of these middle-market firms.

East Coast > West Coast (for banking)

 

[Literati]

Originally posted by: FlyLice
Typical Goldman Question:
I buy a building for $100MM, sell for $100MM 5 years later. I am very happy. Why?

[/quote]


If you spent a 100MM on a building which you sold 5 years later for 100MM...

You have invested in a fixed asset and tied up the liquidity of that 100MM. Not an advantage.

There has to be huge opportunity costs your incurring for taking on the new asset. Not an advantage.

But if your happy then there has to be more.

You are not earning interest, and the only money I can see you making is being used to cover depreceation, which just puts you back at square one with 100MM, and the time-value of money that comes into play I think would be so minute over 5 years that it wouldn't even be close to a deciding factor in purchasing the building.

hmmm agh I feel like I'm in shool.

Ok, the only thing I can come up with is that maybe, just maybe, claiming the fixed asset at 100MM will decrease/minimize taxes somehow over the period of 5 years. But I have no idea how or if it's even applicable.

Please PM the answer.