<p>Is it likely that a student studying IEOR will be able to work at an IB firm?</p>
<p>It's not likely (statistically) that a graduate from ANY major will work at an IB firm. That's because of all the competition to get into IB. </p>
<p>Basically, getting into IB hinges far less on your major and more on where you went to school. A Harvard Art History major will have a huge advantage over a guy who majored in finance at a no-name school. It also hinges strongly on your social skills. You can be the greatest genius in the history of your school, but if you can't present strong social skills during the interview, you're not going to get the offer.</p>
<p>Basically, it's just the modern day "good ole boys" club.</p>
<p>What's the best ways to improve social skills to the desired level in college?</p>
<p>But do the people that work in Investment Banking like their job or are most drawn in because of the $$$</p>
<p>Mostly they are drawn to the money.</p>
<p>Ahh well that's too bad. Money really can't buy happiness...</p>
<p>It definitely can.</p>
<p>I once heard that money doesn't make you happy, but if you're fundamentally happy, it'll make you happier. Likewise, if you're fundamentally a miserable person, money will make you more miserable.</p>
<p>In my experience, it's completely true.</p>
<p>What's the best ways to improve social skills to the desired level in college??</p>
<p>have friends</p>
<p>Study for the social skills test. Google it and you'll find out all about it.</p>
<p>I would think IBanks (and counsulting firms) would consider IEOR a very desirable major within the engineering field to find new hires. IEOR like the other engineering fields focusses on developing analytical skills and on solving problems ... the difference ... IEOR focusses much more on solving business/management problems versus physical/science problems (which the other fields tend to concentrate on).</p>
<p>I had a cousin who worked as an investment banker and like most prospects he was allured by the big bucks and glamour.</p>
<p>Sure he got paid well but he worked an excess of 100 hours a week, pulled many all nighters, had no social life, was chained to the company via beeper and most statistically made less then minimum wage an hour.</p>
<p>With Ibanking the transition is brutal but if you survive--you'll see the green.</p>
<p>You can pursue Ibanking with any major but the most important aspect is gaining connections and internships--go out in the real world and get some experience and see if Ibanking is what you really want to do.</p>
<p>"was chained to the company via beeper and most statistically made less then minimum wage an hour."</p>
<p>Less than minimum wage? elaboration required.</p>
<p>It could happen.</p>
<p>If you're salaried above a certain amount, minimum wage doesn't apply. You don't get overtime because you're considered "exempt", and in order to keep your job, you've gotta work the hours your boss demands. So while the salary might look really good, divide that by the number of hours you end up working, and you end up with no time or energy to spend all that cash you're raking in.</p>
<p>Seems like a pretty crappy way to spend one's life, in my opinion. Can't take it with you. No point in working yourself to death.</p>
<p>I don't think people spend their whole life as in investment banker, and from what I have gathered on these forums it seems to be a pretty good 2yr stepping stone into other careers.</p>
<p>I dont think I'd try and go IB right after undergrad. Thats when they work you the most for the least amount of money. I think I'd go into something else like consulting or working your way up in engineering. Then go to a top MBA program and get in as an Associate.</p>
<p>The basic idea behind the IB analyst positions is that you are trading your life for 2 years for some pretty good money, but more importantly, for the experience and the resume-building. I agree that the money in IB isn't all that great if you compute the pay on a per-hour basis. But you will develop a strong network and you will have experience that will open doors for you that would otherwise be closed. I also believe it helps you in getting into top B-schools. For example, I know many former IB analysts who have no intention of going back to IB, but instead are getting their MBA's from Harvard, Wharton, or Sloan with the intention of getting into 'higher' finance fields such as private equity, VC, hedge funds, etc. It is far easier to get into these fields if you have prior IB experience. </p>
<p>
[quote]
I dont think I'd try and go IB right after undergrad. Thats when they work you the most for the least amount of money. I think I'd go into something else like consulting or working your way up in engineering. Then go to a top MBA program and get in as an Associate.
[/quote]
</p>
<p>The major issue I see with this strategy is what if you take that IB associate job, and then find out that you don't like IB? It's not like you can then go back and call up McKinsey or Google and have them hire you. B-school recruiting is one of the best times of your life to find a job. That's when you are going to be able to see a wide variety of recruiters, that's when you are going to get lots of interviews, that's when you are going to have multiple offers in your hand, and that's the best time to determine what career you want. Once you're out in the working world, it's much harder to change careers. For example, you can't just work as an IB associate for 6 months, find out you don't like it and quit, and simply expect to be able to get into some other company in some other field. It's not that easy. B-school gives you one golden opportunity to find the job you really want. But you only get one shot. You don't want to waste it on a job that you won't like. </p>
<p>And the fact of the matter is, a lot of people who enter IB find out that they don't like it. It's a tough life that not everybody can take. That's why I think people who are considering IB should take an analyst job (or at least a summer internship) just to be able to confirm to themselves that they really like it. If you find out you don't like it, then quit, and at least now you know, so you know not to waste your B-school shot on IB.</p>
<p>
[quote]
If you're salaried above a certain amount, minimum wage doesn't apply. You don't get overtime because you're considered "exempt", and in order to keep your job, you've gotta work the hours your boss demands. So while the salary might look really good, divide that by the number of hours you end up working, and you end up with no time or energy to spend all that cash you're raking in.
[/quote]
</p>
<p>I doubt you could go below minimum wage though. Let's say you work 52 weeks a year and 100 hours a week. That's a huge, ridiculous number to start with. If you get paid $50,000, which is realistic, your per hour comes to $9.61. So its very hard to believe you could get below minimum wage, there really aren't enough hours in the year.</p>