<p>How's the IEOR department for getting a foot into the IB doors... especially at places like Goldman or Morgan. I'm especially interested in the operations research major, but I'm kind of concerned that it is too much math, and too little exposure to an economic background that a econ-math major at CC could provide. And is there anyone here that is in the FE major? Is it really related to and will help prepare for IB? I've looked at some of the courses for the curriculum and it just looks like stuff for quants... IB stuff is more simpler isn't it (if you count out the grueling hours).</p>
<p>actually openingdoors, what den and C02 say gels with what i've heard, i have family members in i-banking, analysts and higher up, first year analysts make like 90,000-110,00 (incl bonus) per year. After tax that might be 60-70, on a good year bonuses might be more, on a bad one might be less than 50%. i assume this is after working for 1 year and 4 months, not just afer 4 months. den and C02 i believe have first hand experience or close to it.</p>
<p>Correct confidentialcoll and no openingdoors,</p>
<p>How it works for the IBD analysts:</p>
<p>The bonuses will typically have a range (low end to high end). For example, 2007 1st year bonuses (paid out in June/July for analysts), reached a record high ranging from -- I may be slightly off -- 60k-90k or 50-70 do not quite remember..</p>
<p>Analysts are ranked into "buckets," so a top bucket analyst will get the high end bonus (90k) (70) and the low end (60k) (50).</p>
<p>So yes, 60k annual+10k signing+60-90k (50-70) end of the year bonus</p>
<p>Where you are correct openingdoors is in regards to the credit crunch, due to the slowing deal flow, bonuses will more than likely be lower for 2008. </p>
<p>Estimates are all over the place as to hwo much lower but many says 15 to 20%. However, it really depends on your division or group, because equity derivatives and commodities still made a killing and bonuses are expected to be higher.</p>
<p>P.S. I did not hear this from a friend of a friend. I was working at a BB over the summer when bonuses were paid out to 1st years.</p>
<p>This year's bankers won't be that jolly though when they see their bonuses. Lots of my friends here see Wall Street as a last resort, most people want to "make something out of their lives." But then junior year comes around, and some people get nervous, apply to banks, get an internship, get a full time offer and there you go: the next two years are determined.</p>
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Lots of my friends here see Wall Street as a last resort, most people want to "make something out of their lives." But then junior year comes around, and some people get nervous, apply to banks, get an internship, get a full time offer and there you go: the next two years are determined.
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<p>I think you got it a bit backwards. Most of these idealist kids are no better than a ditsy Miss America contestant who wants world peace in terms of their efforts to "make something out of their lives." They realize that a life of saving villages in Africa is pretty sh1tty, utterly pointless, and doesn't put food on the table.</p>
<p>No actually, what they mean by "making something out of their lives" is that they want to go into research and invent something that will help everyone. They're not idealists, they just think that going through four years of SEAS makes them overqualified for wall street. This is what they say, whether or not they actually believe this is another question. Most of my SEAS friends are really smart and they think that Wall Street is sort of too common and not special enough. At least, that's what they think when they get here, but it tends to change when recruitment for full-time positions comes around and the safety of a finance job just kinda lures you into a bank or something like that.</p>
<p>god, i hate columbia grads. this whole thread epitomizes how egocentric and arrogant they are. "They realize that a life of saving villages in Africa is pretty sh1tty, utterly pointless, and doesn't put food on the table."
yeah its completely POINTLESS to help out people other than yourselves. what do you want to do with this money anyway? you can't buy out all those years you missed because you were too busy fighting your way to the top of the corporate chain to do anything else.</p>
<p>i suppose you could go join the peace corps and get hated on by the villagers you think you're helping, while having no clue.</p>
<p>as i've spent time in the real world (and I worked for 2 years before school), i've come to realize that the only way to actually make a difference in this world is (A) have money, or access to it, and (B) know what to do with it. i.e. how to make an organization work, or have a strong vision of how the future should be and how you'll shape it. nobody gets anything done without money, and you can either acquire it, or be a slave to someone else's.</p>
<p>it's also true that if you do what you truly love, there will always be enough money. My old piano teacher had 3 jobs teaching piano or performing, and managed to buy a small house in a lower-middle-class town and manage to raise 2 kids. Was he happy? Sure. There was <em>enough</em> money. Maybe not a ton of money, but doing what you love you'll find a way to make ends meet. The problem is when what you want to do is greater than what one person can create. You need an organization, you need employees, you need sales, you need to bring your vision to the people.</p>
<p>i've come to realize that the kind of company I want to start will require a couple million to get off the ground, so I'm prepared to think long-term enough to do what it takes to get there. what, exactly, about that is a poor use of a life? Have you MET many bankers? I'm not a banker, but most whom I know end up doing things like working for the red cross for a few years, or starting a business to advocate for children's education. my attitude is noblesse oblige - from those to whom much is given, much is expected. if your complaint is that columbia grads think big, then fine, i'll take that criticism.</p>
<p>Denzera, I was gonna post something along the same lines as you...but its 12pm and I just had an international flight :/ </p>
<p>Overall, I couldn't have said it better myself. People shouldn't assume that just because you're working in a job that makes a lot money that it automatically transform you into that stereotypical money-loving corporate jerk that we see all too often in movies.</p>
<p>"cornell and columbia would be the two that would be the most heavily recruited"</p>
<p>That isn't true at all. Dartmouth, I would argue, does better than any school outside of HYP, with Columbia right up there due to location. Cornell is about on par with Brown for IB recruiting (lower than Columbia/Dart), WashU isn't on the radar. Dartmouth has 5/7 elite banks placing it as a core recruiting school and has one of the best alumni networks on the street. But the real reason Dartmouth does so well is a little known secret. Dartmouth is on the quarter system so many take off fall, winter, or spring to do internships while most schools that all have to compete for summer positions. That allows Dartmouth students to literally walk into school year positions with no competition with students from other Ivies. Its a BIG advantage. That coupled with Dartmouth's incredibly loyal alumni and large presence on the street give it recruiting advantages that are often overlooked.</p>