<p>So basically, I don't go to a super prestigious school, and a lot of my friends are at ivy leagues/stanford/etc and are all chasing investment banking. I am personally more interested in the corporate finance or auditing stuff since I'm more interested in how a business works than the stock market and all that stuff that investment banking deals with. The problem is, all my friends keep bragging about how I'll never be as rich as them, how after going to PE, HF, etc. they'll earn more money than I can dream of while working 40-50 hr work weeks (is it true btw that HF and all those guys work that little?), so help me come up with some reasons why one shouldn't do investment banking lol.</p>
<p>The only one I got so far is that I don't want to work 80-100 weeks just for the money.</p>
<p>They are actually really nice people and have gone out of their way to help me through much of my life. It’s just that they worked really hard to get into the top schools, and understandably, they are proud of their soon to be ivy league pedigree. But yeah, it kinda ****es me off at times that they think they are better just because they should make more money in the future.</p>
<p>As quag_mire said, your friends are tools. Find friends who aren’t jerks. Going to an Ivy League school doesn’t entitle them to be jerks.</p>
<p>Considering money has next to no effect on happiness if you’re above to poverty line, does it really matter how much you make? You’ll be happier doing a job you’re interested in rather than wasting away your youthful years working for a bigger paycheck. You already know you shouldn’t do investment banking. That’s reason enough. Go for the aspect of business you like and tell your “friends” to **** off.</p>
<p>Yeah but after those 2 years (which sin’t even that long) you seem to have a pretty stress-free life in the higher industries. Although I can’t help but feel that there is something fishy about what they’re saying. Making 500k+ while only working 40-50 hrs/week doesn’t seem right, even if it is at HFs and whatnot</p>
<p>I’m sure plenty of people will disagree with me as this is a personal opinion but I would much rather work less hours per week and not feel stressed out all the time even if it means making 100K versus 500K+. You sound like you have a genuine interest in how businesses work, as do I, which is why I find myself fascinated with finance yet have no interest in the IB jobs most people seem to chase after on this message board.</p>
<p>No, and when they are not working, many are losing sleep because of market positions. they are also in for a lot of regulation and how much they make in the future remains to be seen.</p>
<p>hmom i’m just curious, many analysts in IBD i know wan’t to move on to PE etc and are aiming for the big megafunds, so I was wondering why you decided to stay in IBD and not make the switch</p>
<p>It does to some extent. I mean, I’m pretty ambitious and I’d like to eventually earn somewhere between 150-200k if possible, but at the same time, I’m not like some of the people who go to ivy leagues that would be suicidal if they didn’t make >500k a year lol. I definitely want to earn a living that’s well above average, but I’m not too concerned about being crazy rich if that makes sense. To give a very poor analogy, I don’t want to be someone who drives a Honda, but at the same time, I don’t need to drive a Porsche to be happy either. I’d be a person that drives an entry-level Lexus since it’s a good car/above average, not overly showy, and not super expensive. Again, bad comparison, but that’s my philosophy on how much money I’d need to earn to be happy, and frankly, I don’t think to earn that much money I HAVE to do investment banking. I’m sure if I work hard in many other industries, my goals are very attainable, especially if I enjoy it.</p>
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<p>Yeah, I really don’t even think i-banking fits my skill-set. I’ve read that a lot of banking is about selling your ideas in order to make deals, and your promotion is based a lot on the number of these deals that you make (i.e. M&A, restructuring, etc.). I’m a horrible salesman, and am not one of those super outgoing/aggressive salespeople, so I’m not going to be any good at that stuff. As I mentioned before, I’m more into seeing how a business runs, forecasting revenues, budgeting, etc., so I think corporate finance is more up my alley</p>
<p>Plus, I’ve heard that there is very high attrition in the industry and that only a fraction make it to associate even, and then after that, very few go on to become MD.</p>
<p>I’d much rather be on the buy side of the financial industry. I did not go to a prestigious school, nor will I. I am attempting to leverage what I do have, a great education and a creative predisposition, to prove myself worthy of entrance to the boardroom.</p>
<p>Ivy League kids/graduates are very full of themselves and sure, this over confidence can be their downfall. However, many who clawed to get into these positions will claw to get into other great positions. They will compromise their morals, ethics, and lives to get what they want. Meh, I say let them. I don’t measure my life with coffee spoons and neither should you. Stop comparing yourself to them and benchmark off yourself. </p>
<p>I don’t need another reason not to go into investment banking than the long hours. Opportunity cost is a beitch.</p>
<p>Hmom the only reason I said that is because I still remember your infamous comment about how you think most average school students will get jobs as waiters, etc.
And the fact that you still think only ivy league kids can get lucrative jobs. You still keep on promoting this.</p>
<p>Face it, not all of us are dumb. We can compete with the students from top schools.
Thanks for implying I can’t though. Such an eye opener!</p>
<p>When their Ivy League hero Barry decides they can’t make more than he does then you’ll have the last laugh.</p>
<p>Personally I’m going with a degree which Barney Frank will punish with more and more opportunities whenever he thinks we screw up(bring on Sarbox II: Barney’s Revenge).</p>
<p>IB,PE,HF aren’t as glamorous as it sounds. the money CAN be there but 80-90 hours a week, working on saturdays and on sundays if you are on call. Its a good way for you to gain experience and a fast way to advance if you are willing to push it for a few years right outside of college, it isn’t a bad way to go but in truth, entry level IB just makes you a clerk. give or take.</p>
<p>Audit can be just as intense. working for the big 4 can run you 80 hour work weeks</p>
<p>lol I don’t go to a great school either, but why the hell wouldn’t you do investment banking? I agree with your friends, and frankly, you’re probably ****ed that they are going to be living the high life driving fancy cars, getting all the women, while you settle for mediocrity. They make more money their first year out than most people earn after years of working. If I was at a better school, I’d be all over banking as well. You’re probably just jealous that you’re not smart enough to get into banking and feel the need to create a thread to make you feel better about yourself. Just accept it, I know I have. Not everyone can make it into banking (I know I won’t), but going to the interwebs to cry about it is just immature. Get over yourself. There’s a reason why everyone wants to do banking.</p>
<p>How am I being immature? The OP is trashing an entire industry just because he doesn’t go to a really good school and probably won’t get into it. Again, I DON’T GO TO AN IVY LEAGUE SCHOOL but I’m not looking for condolences from a online forum, nor am I jealous of my more successful friends just because I can’t break into the industry.</p>
<p>There is a reason everyone wants to do i-banking despite knowing the negatives of the profession. Those guys can afford anything they want, and are recognized as the best in their profession. What more do you want in life? Bringing down a career just because you don’t have the brains to do it is anything but classy, yet you guys are accusing me of being immature? wth? I can live with the fact that I probably won’t get in, and respect the people who can, so why can’t the OP? They work hard and are the best of the best, so why be jealous of them because you couldn’t cut it?</p>
<p>OP might be a ■■■■■. I haven’t seen him/her give any advice around here. In fact, he posted yet ANOTHER question in the MBA forum.</p>