<p>average Wall Street is $55k plus $30k bonus, sometimes a $30k signing bonus too.</p>
<p>My daughter is a summer intern for an ibank. Know nothing about signing bonuses but the 55000 base is what her firm uses. Bonuses, which came out last week, were 40000-60000 for first years.</p>
<p>nice bonus, must've been a good year!</p>
<p>cmaher: if you were referring to me..i wasn't degrading marines at all. i was degrading kumar...</p>
<p>"Liar's poker is more about traders than about ibankers"</p>
<p>true, i just think its worth reading in general.</p>
<p>Yep its a good book. For the traders though I really suggest the Market Wizards series, Alchemy of Finance, and of course Reminisense of a Stock Operator. Throw in When Genius Failed so people dont get too cocky about their academics ;).</p>
<p>umm should i be checked out if all this turns me on? Like, i'm a premed student right now at U of Rochester, and i'm looking at ibanking as a fallback option..(first is this possible? a bio major going into ibanking?) but like i read monkey business and i saw how crazy their work schedule was, and i read trojanman's post and such ..and i think its fun...to be a workaholic..and at least know ur gonna make $hitloads of cash overall..but even if you were making moderate dough, it still doesnt sseem so bad to sit in an office and slave away. its better than being broke and worthless. Think about how many people out there are unemployed, who would work their ass off for just 50 grand a year....letalone 80/100k (including bonuses)</p>
<p>yeah but overall should i be checked out if this description of an analyst seems interesting and exciting?</p>
<p>I-banking should not really be a "fall-back" option. It's extremely competitive to get hired by the top i-banks. First of all, they do almost all of their recruiting from the top schools (I don't think Rochester's on the list) and they have a grueling series of interviews. It'll be hard for a bio student with no business background to break into i-banking.</p>
<p>Actually his major plays no part at all. Science majors are excellent. What does matter is his school. U of Rochester isnt on the most ibanking recruiting list so you are at a big disadvantage. This is because you will have to try a 100 times as hard to get internships which are really the best method of getting into an ibank. </p>
<p>And dont use ibanks as a fallback option. Percentage wise at the bulge brackets, its easier to get into Harvard than to get one of those jobs.</p>
<p>dammit. Yeah, i'm a bit discouraged because i see a lot of schools in the same ranking and tier as Rochester getting all these recruiters from decent companies, whereas Rochester does not get much. As far as my major, from the research i've been doing so far, for the analyst position, I have heard that major plays a little part, as long as i get some business courses in and some internship experience. </p>
<p>Rochester has a business school attached to it, simon school of business (ranked 23rd by USnews, and then fluctuating in ranking by other rankings from top 20 to top 40 its weird) ......</p>
<p>so are you guys saying i have pretty much no chance at ibanking now? regarding fall back i do NOT agree , well i agree that i need to be 100% goal oriented withit, but the fact that i'm premed makes it so theoreticallly it isnt a fallback option since my gpa will be quite high and that it's just the job i will pursue if medical school does not work out for me. like if i were to not get into medical school i'd still have close to like a 3.4/3.5 gpa....thats still good for any ibanking resume right? It seems like my biggest problem that you guys say that i will not be an ibanker is that I go to a not so well known business oriented school..correct? i dont ahve the slightest chance? lol heeelP!</p>
<p>oh and how does one get internships..it seems like there is no way of breaking into ibanks, because, even if i were to try and intern over a summer, the bulge bracket companies probably wont take me because they'd rather an Ivy versus a URoch kid whose school's reputation is research/science. Am i royally screwed? how can i get into like a good internship (i'm a really crazy workaholic and i think that if i do land an internship i will be noticed as the last one to leave the office in the middle of the night so i just need to get the foot in the proverbial door).</p>
<p>You will have to focus fully on getting into an IBank. Your GPA should be on the upside at least around or above the 3.5 mark. After that you will just have to talk your way into things. Go to your school's alumni office and see if they know anyone working at an ibank. That would be great as you get a direct contact. You dont want to talk to the human resource department as talking to them is the biggest waste of time ever. Be aggressive. Look at boutique investment banks as well as the large ones. To get internships is often the same routine. You will just need to contact a load of places.
Its definately possible to get internships at ibanks even without the recruiting school aura. You will just have to try a 100x harder and be a little lucky.</p>
<p>I repeat again, i-banking should NOT be a fallback option. It is arguably much harder to get into bulge-bracket firms than the top medical schools. Also, med schools and i-banks are looking for completely different things. GPA doesn't matter much for i-banks; what does matter is work ethic and a passion (or the ability to really fake a passion) for finance. You have to be willing to crunch numbers on Excel for 90 hours a week for at least two years straight. Often times, it's not the most qualified people but the most well-connected people who get the best jobs. Don't think of i-banking as a safety option for premeds. It should be the other way around.</p>
<p>How does one portray this passion then? Obviously I love making money...i've set up a branched business with over 4000 dollar quarterly income and all this and more is shown on my resume. But technically doesnt my majoring in neuroscience taint this passion in the eyes of the ibanking interviewers? How can i major in neuroscience but still show that i'm passionate</p>
<p>Become very familiar with business and the economy. Take econ/business courses. If you get an interview, you will be grilled on finance-type questions. You will also be quizzed on your general business knowledge, so read the Wall Street Journal daily. It's easy to convey passion. You have to prove it as well.</p>
<p>On the contrary it will not be a problem that you majored in the sciences. Investment banks just want basic financial education. History majors can easily get positions in investment banks. Just take the basic econ courses and you should be good. His problem is that he goes to a school with no recruiting. That is the biggest factor in getting the interview. Your major (neuroscience) is more than good enough and should not be a problem. </p>
<p>And yes ibanking should NOT be used as a fall back option. You have to decide what to do and have to pursue it with full conviction.</p>
<p>I'm resurrecting this thread so that the "future ibankers" can read it. Look at MrTrojanMan's friend Joe. HAHA. That's all I have to say. Like I said in previous threads, this whole ibanking craze is ridiculous. DO WHAT YOU LOVE TO DO FOLKS! And MrTrojanMan, lemme get in on these clubs. HAHA.</p>
<p>i should write a book about banking. think itll sell?</p>
<p>no u suck.</p>
<p>people who are passionate about making money - need a new passion. because if u are passionate about making money, it just means you're greedy.</p>