<p>Hi guys, I am thinking about going into Business. Now, i plan on applying to Wharton (UPENN) and was wondering, what really is Ibanking? Investment banking? What does that job involve and will going to Wharton help me in getting it? I mean, i heard it pays the most out of any other business career. Can someone fill me in on info about such and the effects of going to Wharton?</p>
<p>oh and i am talking about wharton undergrad. Also, will i need an MBA afterward?</p>
<p>IBanking is pretty much the best job you can get. It gives you EVERYTHING, women, money, and status.</p>
<p>lol how much money? and what are the benefits of going to wharton? Plus can someone explain the process? Like, after i graduate from wharton, do i get recruited? Work for a couple of year? How much money do i get then.. then what happens after that? MBA? more money? lol</p>
<p>You make something like mid 1 sixers after you graduate, moves up to mid 2's then you normally get fired and get an MBA. You won't really have a great shot at one of those unless you know people or are a whiz. Wharton is easier said than done, if you don't know what investment banking is when you apply there I'd say you have a less than decent chance of getting in.
IBanking will not make you rich (for the most part), you'll live pretty comfortably though.</p>
<p>As much as I kid about IBanking, it will make you rich.</p>
<p>Wait, what exactly is ibanking?</p>
<p>Does that mean you basically do the investing for a bank?</p>
<p>In short, you help companies raise capital, assist them when they want to merge with or acquire other companies (M+A), etc.</p>
<p>You can go to sites like vault or wetfeet for deeper industry insight.</p>
<p>IBanking is one of the most competitive business field to get into and also one of the most profitable. Analysts will most likely make ~130K in their first year and the rise in income each year grows exponentially (I read somewhere that a 3rd year analyst at a BB made 500K).</p>
<p>You also have to remember that it is also an industry where working 100+ hours a week is the norm and you would lose any sort of social life when you start work. Many people burn out/get fired and choose to go onto even more profitable fields in finance such as Hedge Funds and Private Equity, or just choose to leave the industry alltogether.</p>
<p>Going to Wharton will help you immensely in terms of getting into the IBanking industry. The school is commonly referred to as an "IBanking Factory" and sends the most kids to BB firms with the possible exception of Harvard. Wharton is also known as the best undergrad business school in the world so even if you decide later that your not interested in finance, you could also get into other popular fields such as consulting. Bottom line is, people will respect you if you say you went to Wharton. </p>
<p>Hope that helps!</p>
<p>here's a question. Wharton for Undergrad or for MBA? i mean, should i go elsewhere for undergrad and then Wharton for MBA or.... Wharton for undergrad nd elsewhere for MBA since i heard its really hard for wharton undergrad kids to get into the MBA program. Anyway, yeah, so should i go to wharton for undergrad? or maybe somewhere else and then just go to wharton for MBA?</p>
<p>Wharton Undergrad, and if you must get a MBA, Harvard Business School or Stanford GSB.</p>
<p>You will probably need an MBA to become an associate.</p>
<p>well, if you get into wharton then you may not need to get an MBA.</p>
<p>You definitely do not need an MBA to become an associate. Most people will get an MBA from banking if they want to transfer to another position (PE, HF, VC, etc). Those who would need an MBA to become an associate would be the people who have never done banking before and want to break in.</p>
<p>Are you speaking from experience? Even if you start out as an analyst after undergrad, you will need an MBA to be promoted to an associate unless you are a very stellar analyst and are promoted directly (of course, very few analysts are invited to stay a third year and then accept an associate position). At least this was the way it worked at JP Morgan.</p>
<p>Ibanking = pfft. </p>
<p>Lawyer = Pwnage</p>
<p>Economics Bach. + JD + MBA (Great sign on bonus for MBA's at biglaw firms) = Pwnage</p>
<p>In my experience, the fact that not many analysts became associates was because they were done with banking and wanted to lateral. Those that want to stay, and were what the firm wanted would be promoted.</p>
<p>if you do not know how to use wikipedia and search the words "investment banking", then i highly doubt you are an investment banking material.</p>
<p>All things considered, I'm not so sure that IB is the road to riches it used to be.</p>
<p>More</a> layoffs coming to Wall Street - Sep. 15, 2008</p>
<p>Although, it apparently depends upon your expertise (and I must point out this article came out back in July):</p>
<p>Where</a> the Wall Street jobs are now - Jul. 31, 2008</p>
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then i highly doubt you are an investment banking material.
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<p>You are giving far too much respect for investment bankers.</p>
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I'm not so sure that IB is the road to riches it used to be.
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<p>Obviously it's a horrible time to be in ibanking. However, the ibanks will recover and the road to riches will reopen.</p>
<p>"IBanking is pretty much the best job you can get. It gives you EVERYTHING, women, money, and status"</p>
<p>So true, at 40.</p>
<p>IBanking does NOT GIVE YOU EVERYTHING. Whatever you see right now is only a facade. Just because it is a highly regarded, coveted, and lucrative (money wise) job does not equal HAPPINESS. Talk to anyone that went into IBanking. Most people hated it. Consider carefully whether money that you earn working 100 hours a week is worth it. It is easy to say yes but once you get in, I'll say you'll say otherwise.</p>
<p>Read the "Money Business" by John Rolfe and Peter Troob - ex-IBankers. They detail out what life is like.</p>