<p>It's really a glorified secretarial position. As an Analyst, you just run Microsoft Office all day -- how is that so challenging? (And if you're an Associate, you're just a glorified proofreader.)</p>
<p>Further, (as an Analyst) you quit after two years (most of the time) and move on to something else.</p>
<p>Seems like there are much more influential/worthwhile jobs on which to focus.</p>
<p>100k/year secretary. That’s why.</p>
<p>Also includes trading, which is much cooler :-)</p>
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<p>Doesn’t sound like you have any experience in IB.</p>
<p>It has its own forum because it’s one of the most popular jobs for a college graduate. If being a secretary was as popular, I’m sure that would have its own forum too :-)</p>
<p>Even if you just look in industry, a lot of the execs have a solid grounding in corp fin that comes from working as an analyst. It’s a really useful skill. My friend’s tech start up just created a corp fin department and they hired an ex-M&A guy to run it. </p>
<p>Short of being an entrepreneurial genius, it’s really the most lucrative ability you can have. Maybe that reflects a flaw in our current system, but that’s a different discussion.</p>
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<p>Although I do not have any IB experience (yet), I have done my homework and networked sufficiently. Just because someone has no experience does not mean they know nothing. I think you’re in denial…</p>
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<p>[How</a> hard is it as an investment bank analyst? - Business, Finances and Investing Forum](<a href=“http://forumserver.twoplustwo.com/30/business-finance-investing/how-hard-investment-bank-analyst-94274/]How”>How hard is it as an investment bank analyst? - Business, Finances and Investing Forum)</p>
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<p>[A</a> Belated Introduction to Investment Banking](<a href=“http://theallnighter.blogspot.com/2007/04/belated-introduction-to-investment.html]A”>A Belated Introduction to Investment Banking)</p>
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<p>[capital</a> markets vs ECM | WallStreetOasis.com](<a href=“capital markets vs ECM | Wall Street Oasis”>capital markets vs ECM | Wall Street Oasis)</p>
<p>Would you like some more? lol</p>
<p>I’m not maliciously attacking investment banking – I will be eventually entering the field. Rather, I’m just poking some fun because I think it’s funny that a job that isn’t really that interesting is put up on such a high pedestal.</p>
<p>Pretty much every entry-level job is 90% grunt work - that isn’t unique to banking. What you learn from the other 10% is what really matters, and you will learn a ton from doing banking.</p>
<p>My son spent 3.5 years at a BB bank, first as an analyst, then promoted to an associate after 2 years. He has never been asked to get coffee or do secretarial work for anyone, grunt work, yes, research yes, and he had the availability of several admin assistants to do secretarial work for him. Not all analysts’ experience are alike, depends on your group and your ability.
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<p>The value of that experience is the exit opportunities. Once again, it is entirely dependent on your ability.</p>
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<p>Yes – it is the reason I am entering the field.</p>
<p>Investment banking is not that bad, but there is a lot of meaningless work involved. But that’s like any other job. It is still a great learning experience!! </p>
<p>Some funny hihglights:</p>
<p>On how to dodge all the grunt work as an analyst</p>
<p>[AskIvy.Net</a> | Finance Interviews, Career advice](<a href=“http://www.askivy.net/content/8-tips-how-avoid-work-analyst]AskIvy.Net”>http://www.askivy.net/content/8-tips-how-avoid-work-analyst)</p>
<p>And the infamous investment banking analyst survival guide!!!</p>
<p>[AskIvy.Net</a> | Finance Interviews, Career advice](<a href=“http://www.askivy.net/content/investment-banking-analysts-rules]AskIvy.Net”>http://www.askivy.net/content/investment-banking-analysts-rules)</p>
<p>^That works if you’re a private in the Army too.</p>
<p>So the reason your entering the field is because of the exit opps yet you think the job is a glorified secretary position? Kind of contradicting methodology no? IB is not a secretary job in any way shape or form. You learn more in IB in two years then most others do in 6-8. That’s why the exit opps are the best.</p>
<p>As a former banker at two bulge bracket banks, I can say with confidence that part of being an analyst does include grunt work and “secretarial-type” work (i.e. flipping pitchbooks to make sure they’re binded correctly, editing and re-editing powerpoint presentations, printing or photocopying documents for managing directors, etc), but I don’t know many secretaries who put together pitchbooks to present to management teams and executive boards of multi-billion dollar corporations or build financial models to project future cash flows of said corporations. </p>
<p>Sure, the 1st or 2nd year analyst won’t understand why they’re putting this table into the pitchbook or why they’re putting these set of assumptions into the financial model, but everyone has to start somewhere and that base set of skills will help you several years down the road to learn how to evaluate companies and different opportunties, both from an M&A and financing standpoint. More importantly, the analyst will know how to build a financial model that will show quantitatively what the company will look like 1 or 2 or 5 years down the road, after this M&A transaction or that capital raise.</p>
<p>This skill, among others learned in banking (such as learning how the debt and equity markets work, what the different components of deal structures are, learning about the immense legal work that goes into completing a transaction, etc) , are highly valued in multiple industries and can be leveraged to pursue opportunities in corporate finance, private equity (where i have been for several years now), hedge funds, etc.</p>
<p>Like someone said above, it’s all about the end game. Not many people do banking to do banking - they do it with the goal of completing their 2 years and moving on to something better. I’ll admit that my analyst years were probably some of the worst years of my life, but in the end, they were well worth it… </p>
<p>Of course getting paid ~$150K right out of college isn’t too bad of a sweetener.</p>
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Nothing quite like marketing those CDOs to small European towns backed by great financial models to show how they’ll perform.</p>
<p>Huh? How is this relevant to this thread…</p>
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<p>Yes, I am entering the field for the exit opps and yes, I think the job is largely a glorified secretarial position. I think there is enough evidence on this thread already that the latter statement is true. As I said above, I am not attacking the position – you certainly learn a good amount as an Analyst. However, what you do as an Analyst is quite dull most of the time.</p>
<p>Not entirely related, but I figured I’d add a Mergers & Inquisitions quote to my post: </p>
<p>“Everything in banking is last-minute, inaccurate, and is based 100% on what the MD wants to see not on what you learned in your finance class.”</p>
<p>With your attitude, not recognizing the learning opportunities inherent with banking,but instead seeing it as glorified secretarial work, I seriously doubt you’d be able to enter the field. Interviews are grueling and fakes are weeded out.</p>
<p>Show’s how much you know – already in.</p>
<p>I never said I do not realize that there will be great learning opportunities – I simply said that job of an Analyst is largely glorified secretarial work. Don’t worry, I will fully utilize the opportunities that come my way to optimize my exit ops.</p>
<p>Interviews aren’t so bad – also not too hard to fake things.</p>
<p>You’re already in? As in FT BB IBD in NYC or just an SA at a MM bank? There’s a big diff. And you’re not really “in” until you get your FT offer. I really hope you don’t bring this type of attitude to work… I would not want to work with someone like that.</p>