I want to become an Investment Banker. Please Answer Quick?


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I want to become an investment banker in NY. What salary, work, skills, promoting, etc. should I expect?


Answer (2):

 
AnonAnon

A little background, back in 2008, 2 of the largest investment banks (Goldman Sachs and Morgan Stanley) went to DC for a little private meeting with Bush and former Goldman CEO Hank Paulson and they emerged from the meeting as commercial banks - no longer investment banks and now able to borrow money at the discount window like real commercial banks - they then took huge bailouts and gave all the money to themselves and other executives and you are paying for it in every paycheck you get.

Deregulation has allowed the financial industry to criss cross into areas where there used to be clear lines not to cross. There are still IB sections in the formerly big boy IB that are regular banks now and there are many many small investment banks.

There is no quick answer to becoming an investment banker - which side of investment banking do you want to be on? buy side or sell side? are you interested in M&A, securities, derivatives etc? you'll need an undergraduate and graduate finance/economics degree from a very prestigious university and need to rank very high in your class. You'll have to take licensing exams which are 6 hours to a couple of days long - you have to be able to account for every moment of your life from the time you are 18 basically and have no ethics, criminal, or drug issues on your record. You can make loads of money in investment banking AND you will also have to sell your soul to the devil at different points to get ahead.

You will work non-stop 18-20 hrs a day, 7 days a week, and you will have a lifestyle that usually does not lead to marital health and happiness, the industry is crawling with extremely greedy, drug users, crooks, and adulterers and other sexual deviants. IBs don't really do much but make money from money. It is cut throat.

Make sure you learn everything you can about the industry and the job - make sure you have the personality type and the smarts to do the job and make sure you are going to be able to sleep at night despite the fact that you destroyed someone earlier in the day

 
MoneyMen

You'll work harder than you can imagine and make tons of money.

Start by getting straight A's and going to an Ivy League school.

 

Relevant answer in Stanley, NY