<p>I'm considering attending Harvard or Wharton and interested in knowing if it's possible to break into Investment banking, M&A, hedge funds, i.e. Wall Street without having to attend a top business school. I was reading the Goldman Sachs website and it seems like there are plenty of VPs and associates without MBAs, and degrees in many different fields. Some of them did not attend top tier / ivy schools, and obtained their position with a degree in engineering or computer science. </p>
<p>Also, if I attended Emory in Atlanta, could I eventually work on Wall Street and make the big bucks? Do top investment banks recruit at Emory? Is it possible to work in Atlanta or Charlotte and make the huge bonuses, or does this just happen in New York / Wall Steet? </p>
<p>To describe my resume in general terms, I had a high gpa in Chemical Engineering in college, have 3 years work experience in high profile government work, and directly helped net $300 million in contractor work. Any advice from those who are more in tune with the business world is greatly appreciated.</p>
<p>I can't comment on working in banks in the south in order to make money, but obviously with the way bonuses are divided (by group inside offices of the company) then a Charlotte trading group isn't going to compete with the NYC IBD unit in that regard.</p>
<p>It is certainly possible to get these jobs from "lower" schools, but I wouldn't think too little of Emory as it has a good name. As with all jobs, it might be easier to get an interview from Harvard purely because the bank will make so many places available for this (due to past trends and experiences), perceived quality of applicants, etc.) but if you are the right person - and this matters far more than what school if it is reputable enough - then you are always in with a chance. Just work hard for some internships during the MBA!</p>
<p>Do any ibanks even have Atlanta offices? But no, you will not have a key role at any ibank outside of a major world capital. Almost everyone working for a major bank gets trained in NYC, and then they TELL you where you're going. My boss, for example, was just told he's leaving NY for Hong Kong. He has three little kids and needs to be there in 2 weeks! He's from London and still trying to get back there. Bottom line is there's a lot of $$, but a lot of sacrifices for it. </p>
<p>As for schools, the overwhelming majority where I am come from certain ivies (HPD weem most represented) Duke and Stern are big as is Williams and Amherst.</p>
<p>IIRC, Charlotte is the biggest finance center in the US outside of NYC. There are/were a few significant commercial banks that have corporate headquarters and trading operations in Charlotte.</p>
<p>That being said, all the people I know who went there were experienced professionals who cut their teeth in NYC.</p>
<p>Most of the operations I know of in Atlanta are just small branch offices.</p>
<p>The NYC I-Bank I used to work for did not recruit Emory MBAs so far as I know. It wouldn't suprise me if those Charlotte-based banks, and regional I-banks in the South, recruit there though.</p>
<p>So if I understand correctly, the point of going to Harvard / Wharton / top tier, is to land the interview, and hopefully the position, which may or may not happen by going through a lower ranked program like Emory? I assume it's just tougher landing a job without the top tier stamp of approval? But, in some ways, it's the quality of the applicant they are after, and not so much being a top tier school? </p>
<p>Also, are bonuses currently over 100K, or is this more representative of the 90s? Anyone actually know associate investment bankers with a base in the 90-130K range and a usual bonus between 80-150K? Any bankers that can speak from experience?</p>
<p>Thank you for talking the time to respond to my questions.</p>
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My boss, for example, was just told he's leaving NY for Hong Kong. He has three little kids and needs to be there in 2 weeks! He's from London and still trying to get back there. Bottom line is there's a lot of $$, but a lot of sacrifices for it.
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<p>That sucks...is he taking everyone with him? I mean what a pain...</p>
<p>Yup, the whole family goes. The bank pays a fortune to get them a great place to live, private schools for the kids, etc., but it's enough for me to know I don't want to do this long term. Almost everyone seems to get moved around and you really can't say no.</p>
<p>As for schools, if you want ibanking, it is about the school from what I see. You don't see anyone from Emory on the front lines. There are a lot of back office jobs most people would consider good paying jobs, but the M & A types reek ivy.</p>
<p>Analysts make the kind of money you're talking about Joker, people between undergrad and grad. Depending what they work on and how good they are, many make more. Associates make quite a bit more quickly.</p>
<p>Charlotte...what ever happened to chicago. You cant tell me the presence of wachovia and bofa can over power the second financial center we call chicago. </p>
<p>Goldman takes a few people a year and jp morgan and a few other ibanks come to oci. Probably more, just cant remember. Take a look at there website or call career services, that is how i found out in the first place</p>
<p>One more question. Is there an age limit or range for breaking into investment banking? Most of the information I've read suggests an age range of 21-35. Do they hire guys in their early or mid 30s?</p>
<p>Joker, explain more about your experience and I'll ask those in the know. I have not myself met any associates with a government background. I have to say, a huge number worked for ibanks (this one or a competitior) as analysts, went to B school, went back. There are a number who had interesting jobs at technology companies (some dot com millionaires gone bust) pre B school. I know 3 former management consultants. There's a guy who went to med school and then got an MBA, and 2 who worked for Wall St. big name law firms.</p>
<p>What do you mean by $300M in contractor work?</p>
<p>Geez suze...that seems kind of dumb...the whole family has to uproot their entire lives for the one person? That doesn't seem fair to everyone else....I'd go by myself if I were in his position, but my parents kind of did the same thing.</p>
<p>Well future, if you plan to leave your family behind, I'd suggest you not choose ibanking. He'll be there for years! Should his kids grow up without him??</p>
<p>Cbreeze also has a good point. From what I can see these families live large. Once they get used to the big money I think it's hard to switch jobs because nothing else pays that much. These people have 4 kids in $30,000/yr elementary schools, 2 multi million dollar homes......</p>
<p>It's also a good deal when you get sent to another country. The firm pays your rent, school tuition and a bunch of things so you get to keep all your earnings. I know a guy who just got to buy a house in the Hamptons because of that!</p>
<p>"You have to remember every transfer most often than not, means a promotion and more $$$."</p>
<p>Not necessarily. I know people who were asked to start new initiatives outside of the main office. When business was sufering everyplace, these people were easy to cut. Out of sight, out of mind..</p>
<p>Firms make these personnel deployment decisions for their own perceived benefit. Whether it is also to the employee's benefit must be evaluated by the employee, but the answer is not always yes.</p>
<p>But assuming there were some banks left ...</p>
<p>When I interviewed back in the day, one of my interviewers (my fav. actually) was an Emory alumna. Although, admittedly, she did have a story about why she chose Emory over Georgetown (which according to her had accepted her too). So, in a good economy it was possible to make it to a bulge-bracket IB--but don't lie to yourself, the odds are against you.</p>
<p>So, if the economy doesn't fully collapse and we all don't end up fighting for steaks on the street, good luck!</p>
<p>of course investment banks will still be around... who said they were ever going to stop existing? they will just be part of commercial banks now that are backed by deposits instead of money market funds!!</p>