Summer jobs, business, and banks... MASSIVE CONFUSION!

Parents Forum
1

<p>So, being a naive and young highschool senior living in NY and going to attend Columbia, I've been nagged by my parents countless times...
I gotta get a summer job. This summer, next summer, sometime. To help pay for workstudy and expenses during the year, etc.</p>

<p>So I started looking around and doing research about careers in finance. I'd really like to be set on the "right track" to the highest-paying most powerfullest mightiest greatest bestestest job in the distant future. That is, I wanna find an internship that will in turn help me get a full-time job upon graduation... most importantly, an "upstairs" job.</p>

<p>Do any of you parents have any idea which of these (taken off of the JPMorgan site) will possibly lead to such a position? (I'll leave out the ones that I already know aren't the right type... like retail stuff and commercial banking)</p>

<p>Operations Management
Information Technology
Internal Consulting Services
Finance and Accounting
Corporate Finance (aka ibanking)
Public Finance
Equity Sales and Trading
Fixed Income Sales and Trading
Equity Research
Fixed Income Research
Investment Management
Private Banking</p>

<p>I'm also very very interested in Consulting, which has a few different subgroups...
Like technology solutions, strategy, management, outsourcing, etc. </p>

<p>I've been spending time reading (deciphering the jargon) on sites like the Vault and Careers in Business...
But one problem...
Neither these sites nor the banks' sites give the real answer that I want, which is a no-nonsense, cut-the-crap, distilled, and only-the-facts kinda answer to my question: is this <insert field=""> the type of department at the firm where I can get the huge bonuses to buy that Upper East Side townhouse that I've been drooling at?</insert></p>

<p>I know some of you will probably think, "Pah, what a worthless (and materialistic) kid! Stop being so goddamn lazy and go figure it out yourself!" But honestly, I've tried my best and I'm stuck. Everywhere I read, I get these obfuscated fluffed-up descriptions about each area of the firm. I just don't want to find out 30 years later that I picked the wrong place and wasted my time and one of my classmates is my boss and owns a skyscraper or two while I'm still living in Queens.</p>

<p>Thank you very much for your time 8)</p>

<p>(if you could refer me to any especially insightful books, please do. Thanks again!) 8)</p>

2

<p>If you're talking about an actual summer job just to earn money... stick to typical summer jobs. Those jobs aren't available for the summer.</p>

<p>You'll get internships in college in any field on your list... just enjoy your last summer before college!</p>

3

<p>Well, I mean, summer internships as an undergrad</p>

4

<p>I think you should begin your seach with making an appoinment at the career services office at Columbia since they have dedicated people to coordinate internships for their students, That way you will see a list of things that are available , get out your resume and do your interviews.</p>

5

<p>OK,</p>

<p>Operations Management - Whatever this is, it's not what you want
Information Technology - You can be the guy who fixes my computer when it breaks
Internal Consulting Services - You can do studies and recommend changes that never happen.
Finance and Accounting - aka bean counter
Corporate Finance (aka ibanking) - getting closer..... you can make a lot of money helping companies raise money
Public Finance - you can even make a lot of money helping governments raise money
Equity Sales and Trading - unless you have the emotional makeup to trade (or sell), probably not for you. Still, you can make lotsa money<br>
Fixed Income Sales and Trading - Same deal. Fixed income sales getting tougher and tougher - customers are bypassing the salesmen. You can make a ton of money trading, but you need the "makeup", Could be a really fun internship just to see what they do for a summer.
Equity Research - The best can make money, but it can be pretty boring. Not sure what the future holds given recent scandals and need to separate research from trading going forward.
Fixed Income Research - Even more boring. Good job for a PhD economist.
Investment Management - Can make a lot of money if you get really good at it and develop a track record. Probably not the fastest way to get rich.
Private Banking - I don't think the really big bucks are here, plus it is frustrating being around all the really rich clients. Probably end up running errands for your clients. </p>

<p>Hope that helps. Any of these jobs would be very hard to get as a HS grad pre-college. Possible if you know someone. Most of the summer internships go to MBA students after their first year.</p>

6

<p>Thanks, NJres especially</p>

<p>Oh and just to clarify... Yes a summer internship/job, but one that will lead into a career in the distant future. I've just been trying to figure out exactly -which- job/track will lead to the most promising possible career. Thanks all again. 8)</p>

7

<p>thomaschau, you are going about this the wrong way. Banks and consulting firms hire Undergrads (or they call them "BA's" to distinguish them from MBA's or other advanced degree holders) who have the following:
High GPA
High standardized test scores (they WILL ask SAT's)
Evidence of leadership in college
Evidence of being able to balance a heavy workload-- so not just the person who grinds in the library 20 hours a day, but someone who was head of a campus organization, maintained high grades, and slung hash in the cafeteria every morning from 6-9 am before class;
Strong writing skills-- persuasive, clear, grammatical.</p>

<p>After that it varies. Some programs will want evidence of strong quant skills; have you taken classes involving analysis, modeling, etc. Some jobs require Matlab, C++, etc. Some will want you to have covered basic finance which would mean Macro and Micro Economics, 1 or two classes in Accounting, 1 class in Corporate Finance. Some will want fluency in a foreign language.</p>

<p>So... don't worry about buying a townhouse just yet. Just focus on being a good student, learning to write and speak well, and enjoying being a college student!</p>

8

<p>Go back to the classic college confidential site and search for "International Banking Internships" 2004. That thread has some great tips and info--from a now-banned poster named Mom101. I never found out why she was banned but she did have some good inside info on IB. Check it out. You might also try PMing the student posters to see if they scored any internships...</p>

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<p>I think "she" was a "he".</p>

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<p>Aaargh! Mom 101! So much mystery! But the descriptions of the H in IB rang true for me, as did her job/education. I think she was a she, but who knows! No one ever told me why she was banned.</p>