<p>very interesting article. wanted to share with CC. This is actually from an Indian website, where I banking is just now starting to become popular.</p>
<p>let me know if you guys agree with his description of the job.</p>
<p>"Basically, we had to sell a company, whether we truly believed in it or not. Often, I found myself pushing deals with clients that I knew would not work. I became a salesman to the core."</p>
<p>Supports my feeling about the industry. Crooks by another name.</p>
<p>Would Boiler Room be a good example of Ibanking? Or is that more just stock brokerage?</p>
<p>All the same. Liar's Poker and Barbarians at the Gate are good WS books.</p>
<p>It really is all about the $...working your ass off with basically no free time. The $ is attractive, but is the ******** that comes with it really worth it?</p>
<p>My cousin is an investment banker for Morgan Stanley...and well he never picks up his phone...never has any vacations except for like maybe 2 weeks in the yr or so. Yes, he is a millionaire at age 29, living in Greenwich, CT and also has a condo in Soho in the city...but when can you really enjoy all the $ you make? It seems like being a Stock Trader is more desireable...better hours and same pay.</p>
<p>While being a good trader who can put in 60 Hours a week and support themselves would be great, getting into Proprietary Trading Desks(trade the money of the firm) at Bulge Brackets is not an easy task. If you can be chosen to work on the prop desk AND know how to make money you should be in good shape. Typically BB's will hand out bonuses 6-10% of P/L depending on your value to the firm. While investment banking is a tough tough occupation having a Goldman or Morgran Stanley or Merrill Lynch on your resume gives you alot of exit opportunities. My guess is that your cousin could at any time step out and have alot of opps at PE Firms, Venture Capital Firms, and maybe even a hedge fund or 2.</p>
<p>bips, great article.</p>
<p>Its funny you mentioned that...my mom just told me he doesn't work for Morgan Stanley anymore, but rather a smaller firm in CT that is paying him more $ with better hours.</p>
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Yes, he is a millionaire at age 29, living in Greenwich, CT and also has a condo in Soho in the city
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<p>Does he mortgage these properties?</p>
<p>311Griff - if he does, it's cuz he has better investments elsewhere. I sincerely doubt he has to.</p>
<p>A stock trader's job is EXTREMELY intense - you have to yell and be yelled at all day. Because so many people wanna do it, there is absolutely NO room for error. Additionally, you're gonna be spending three nights a week with clients. I've seen job descriptions for stock traders that includes "must be willing to eat lots of fatty food" - a very high stress, low nutrition lifestyle, with no job security. Definitely pluses to the job (best per-hour compensation of any job there is), but also definitely minuses.</p>
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if he does, it's cuz he has better investments elsewhere
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<p>And you know this, because.....</p>
<p>Not all people who make a large income are financially intelligent/disciplined. A few recommended books, ofcourse you may have already read them, are by a guy named Thomas J. Stanley. They explain how true wealth is not in your "income", but in your "net worth"... you are not "rich" if all your money is spent on mortgages and leases. Hopefully what you say is true, but often times the true "millionaires" don't buy large, extravegent homes or really expensive toys. The books are called "The Millionaire Next Door" and "The Millionaire Mind" and are based on actual survey statistics of people with high net worth.</p>
<p>Nobody ever talks about Mergers and Acquisitions anymore? IB and Trading are 2 different areas of finance. Personally, I'd take M&A over trading any day of the week. Also, I do believe that it's important to save and invest early on. That way you'll be a better trader than your peers.</p>
<p>people do not like corporate finance and M&A cause as an analyst and associate you'll be spending 90 hours a week making pitch books on excel, not as intense or exciting as trading.</p>