<p>they went from very difficult to get to nearly impossible. Also the days of 160k salaries are gone....it's 90hr weeks for 80k the next year or two :)</p>
<p>Because you can predict the future six months from now, right? One undiversified bank collapse =! complete industry destruction.</p>
<p>^ lol...</p>
<p>Recruiting already happened. Plus the economy isn't going to recover for a good while. The subprime blowup isn't done blowing up yet. Neither is the easy credit blowup. Next on the slate: student loans and credit cards.</p>
<p>
[quote]
Because you can predict the future six months from now, right? One undiversified bank collapse =! complete industry destruction.
[/quote]
You know, I like to lean towards optimism, but it's one undiversified bank collapse, one well diversified bank dive where the end result is still unknown, all banks with multibillion dollar write downs, increased displacement leading to increased crime, a Fed that has done everything it can and the debt markets are still nuts, a massive acceleration in commodities, job losses, presumed stagnation in wage increases, massive losses at the major institutions (this will actually end up being a good thing, banks have been overreaching their bounds in general over the last 10 years), the looming shadow of inflation, one of the largest debt holders in Britain having to be nationalized because of fear of it starting a massive cascade in the Western EU unlike what we have even seen in the US, rising negativity to bailing out EU member states from the interior European countries that are aiding Spain and England, manufacturing at record lows, property values are way down and yet still are nowhere near their proper valuation (boy will it be fun when bank inventories get slashed massively all at once, first time since 01 it'll be worth shorting an index fund since ETFs are exempt) and uh... Probably a bunch of other stuff I'm forgetting since I haven't slept in while.</p>
<p>We are in a recession, we have been in a recession since October. Whether or not we'll see class-specific depression sprout up is another matter, and we are most certainly not at the bottom--especially with Fed bailouts, which are postponing the inevitable and will only make the rampant inflation we see at the back end of this worse. I suspect we'll see some prosecution at the middle/end of this as well, financing of predatory loans was underwritten by major banks, and it will be difficult for any analyst to say they were unaware that properties, even in precon, were being flipped at unheard of levels, prompting an artificial inflation in home prices. Conscious parallelism will be almost impossible to prove, but expect people to scream about it, making this even worse.</p>
<p>Bad time to try and get an entry level job in IB. Probably okay in other fields, but it'll be tough. Really, bad time for everyone but commodities traders.</p>
<p>I think the cherry on the top of this will be the antitrust lawsuits you can expect about 4 years from now.</p>
<p>we're in a recession now and i see what the first poster is saying about wages going down. but that just increases competition. if ib is for you- you'll keep working for it. plus- the decrease in wages will just prove who's just in it for the money or not.</p>
<p>The lawyers and accountants will do well sorting out this mess.</p>
<p>The accountants do well all the time. Sarbanes-Oxley was a bill an accounting firm couldn't have thought of in their wildest dreams.</p>
<p>All you future Ibankers: Don't ask me if I want fries with that. I'll tell you, and yes.</p>
<p>I highly doubt that the people qualified for IB will be going that low. They'll more than likely be taking your jobs and making it more competitive for you.</p>
<p>Yes, and if you actually thought I was serious about a person with the skillset of a finance background going into fast food service, I'm sorry.</p>
<p>In 4 years by the time I graduate, I'm willing to bet conditions will be better. If not, I really don't give a s***, because I'm going to get it.</p>
<p>what do ppl who fail to become ibankers do for a living?</p>
<p>law school.</p>
<p>pwned .</p>
<p>Commodity traders are about to be *****ed too</p>
<p>so, is law a fairly lucrative, recession-proof career?</p>
<p>Having multiple siblings, friends, and extended family in law school and taking a few of the classes myself, I can tell you that if you do not absolutely LOVE law and live and breath it, you will fail quite quickly in law school.</p>
<p>If you read any article in the New York Times or Wall Street Journal about law firms, you’ll see that they aren’t doing so well in this recession. The only recession proof career is to be a tenured professor or teacher. You might have some forced vacation, but you’ll still have your job.</p>
<p>Forced vacation for a tenured professor??? What does that mean? </p>
<p>Professors teach their classes. When class is not in session, they do other things. Professors do not get vacation time.</p>