<p>I was going to school for music, then my son was born and I decided to go for a major that would give me a better chance at making money. So I switched majors to accounting at my CC where I found out about investment banking/s&t. I figured my best bet at breaking in would be to go to UMich so I applied and I just started a couple weeks ago. </p>
<p>So far I've completed 3 years of school. I plan on going for comp. sci. now because I figured that I could learn something more challenging than finance and still be able to get the high finance jobs. It's also more versatile than a finance degree. Now I'm being told by some that I may get autodinged if they find out that it's taken so long to graduate. Any comments?</p>
<p>Also, should I just try to keep it off of my resume at all costs and try to explain myself in an interview if it comes up?... I'm looking more towards s&t. I like the exit opps of IB, but I think that that would be the hardest thing to break into considering their obsession with pedigree.</p>
<p>I think recruiters will be impressed if you’ve happened to have a child and keep a family going while simultaneously pushing yourself to pursue a field as difficult as investment banking. That said, attend every possible information session you can and start networking as comprehensively as possible - you’re not at a disadvantage once banks know your story and why you’ve done what you’ve done.</p>
<p>But just as a side note…with a child will you still be willing to pull 100-hour work weeks and travel constantly?</p>
<p>Well that’s why I’m kinda leaning more towards s&t. IB doesn’t seem worth it to me since the eventual goal is PE anyways. PE does seem interesting because of the whole taking a company having some issues and revamp it to make more money thing, but I’ve been hearing that the line between PE and HFs is becoming blurrier so I’d rather learn the markets as a trader for a couple years than make spreadsheets if the end goal could be the same thing.</p>
<p>So you’re leaning towards one of the riskiest most stressful jobs that is more likely to leave you unemployed than with a job in PE because you feel that it will help you provide for your family?</p>
<p>I can’t help but hope this is not a serious question. If it is, college confidential is not at all the right place to be asking. Talk to people actually doing these jobs. </p>
<p>Also, I’m sure you’ve heard this 1,000,000 times but pursuing a slim shot at “high finance” at the inevitable expense of your family just seems wrong. If you’re interested in finance, corporate finance at a F500 is really the best (and realistically only) option for someone in your position.</p>
<p>No one is going to knowingly hire someone with a son for an analyst position in any of these fields. There is really no feasible way to commit both the time and energy into raising the child while performing up to par in this type of job environment.
That’s not to say that if you don’t publicize this fact, you won’t get a job, but in the long run, it won’t be worth it.</p>
<ol>
<li><p>I’m not actually trying to get a job in PE, I just think dealing with distressed companies and making money off of improving them would be pretty cool. From what I’ve heard, some hedge funds are starting to do that. I’m fine with the risk, my wife will be getting a raise soon so, if worse comes to worse, we won’t be completely screwed and even though she won’t be making trading money, it’s enough to keep me happy… which leads me to:</p></li>
<li><p>Providing for my family isn’t the only reason I want to get into trading. I’ve always found Wall Street interesting considering it’s been on the news every time my parents put it on since I was a youngin’ and, growing up around Detroit, it’s been eye opening to see how much of an impact the shortcomings of an industry can have on people that have nothing to do with it… hell, equity research would be pretty cool too. I’m not going all in for s&t and I’m leaving options open. (which is why I’m going for comp. sci… also another career option that has skills applicable to trading while also being recruited by consulting if I feel like that would be better)</p></li>
<li><p>I’ve talked to people that are actually in the industry. Nobody else has been as concerned about my family life if I were to get into trading… I’ve talked about IB and they said it would definitely be hard to raise a family doing that so that’s not a top priority, if one at all, but I’ve actually been recommended to work in s&t instead… just because I have a son doesn’t mean I have to work 40 hours a week and just be satisfied with a typical job.</p></li>
</ol>
<p>I’ve seen an autobiography about the guy who founded Wendy’s and even though he was busy most of the time, he made it out to see his family at specific times no matter what. I think it’s still possible to be a great dad while being great at your job too. I don’t think they’re mutually exclusive and seeing as family comes first, it really shouldn’t be any harder for me than it is for anybody else… I have a hard time believing that every father that trades is below average at being a father.</p>
<p>Eh, for whatever reason, I naively assumed you were a single mom/dad.</p>
<p>If you’re not the sole wage earner for your family, disregard what I said.
You can absolutely be a good father and be in Sales & Trading.
The hours in trading aren’t the issue. Job security can be though.
If the bank gets rid of your desk 6 months in, it can leave you in a pretty ****ty position.</p>
<p>Equity research may present a bigger issue, but it is still doable. From what I’ve seen, 80 hour work weeks are the norm, but you get weekends completely off.</p>
<p>To answer your question, I spent a summer working in trading but I’m not currently. As to the original question you asked, I have no idea whether or not this is something that will affect your chances of employment. This also really isn’t the place to ask legitimate questions.</p>
<p>Yeah, I wasn’t really expecting a really good answer, but I’ve noticed a couple of posts on this site from people that have actually worked on Wall Street so I was hoping they would chime in.</p>
First, S&T also requires “pedigree” at top banks.</p>
<p>
Second, never lie on your resume. Leaving things off will be found out. However, if you are talking about being a parent, you should not put that on your resume.</p>
<p>My D is a second yr analyst in S&T at a top bank in NYC. She is in currencies not equities. Her hours are not as bad as her two apartment mates in IB, but she does need to be at work by 6:30 am and sometimes earlier (4:30 am). She works 60-70 hrs per wk., but no weekends. She does have to go in on many holidays as she is “the most recently hired”-4th of July, Memorial and Labor Day, etc. World markets are open on American holidays.</p>
<p>When she was an intern, her MD told her that they were as much concerned with her fit with the desk as her ability to do the work. They all work together a lot of hours often under a lot of stress. Therefore, they often go out after work. Their brokers (the traders are the brokers “customers”) take the traders out all of the time. My D said she is expected to go-especially as an intern and 1st yr analyst. But her MD often also goes. </p>
<p>Their “going out” consists of (at least my D’s experience this summer alone) box seats at Yankee, Mets and US Open games. Visits to Per Se and Del Posto restaurants. (Per Se ranked #5 restaurant in the world! Del Posto-12 people cost over $5000 for their dinner) Dave Matthew VIP concert tickets, NYC Ballet tickets, etc, etc. All of this paid for by the brokers. So it is not hard work. But it is still time. My D often does not get home until 11:00 or 12:00 at night. </p>
<p>These are not every night, but usually a night or two every week. Your spouse or, if you are not married, the other parent of your son, would have to be very understanding. </p>
<p>This is hard to do if you are a young father just starting out. My D’s MD is a father–but he is an MD. He did his dues. None of the young (under 30 or so) traders are parents. It will be tough IF you can get the job.</p>
<p>For a better understanding of what it’s like to be an investment banker go to [Mergers</a> & Inquisitions](<a href=“http://www.mergersandinquisitions.com%5DMergers”>http://www.mergersandinquisitions.com) - it explains everything. You should really commit to something like this before you even try, and if you do you have to go all the way</p>
<p>“Second, never lie on your resume. Leaving things off will be found out. However, if you are talking about being a parent, you should not put that on your resume.”</p>
<p>I’m just talking about leaving stuff off while not making it look too suspicious… The only thing I’m worried about is my long u-grad career but most people only put “expected 20xx” anyways…</p>
<p>Anybody have any tips on how I should explain my change of major without bringing up my real reason?</p>