The Future of Investment Banking

<p>alpha2018, aworldapart > LaxAttack09 :)</p>

<p>This has been relatively entertaining. The one thing I'd like to say is that working for a start-up, even if it's 14 hour days and you're living in a one bedroom apartment with no furniture and no television and a broken refrigerator, is something that should absolutely be considered by anyone who intends to work in "business." It's equivalent to a doctor doing EMT work prior to becoming a doctor, nothing will hone your skills more or make you more capable to handle pressure like working at a poor start-up on the cutting edge with long hours.</p>

<p>Obviously, if you're in a position where you have financial responsibilities like some people (and I am one of those people), you'd want to get a lucrative position immediately. But the single best time to do start-up type work is right out of college, even if it ends up being a failure. I doubt anyone would disagree with me, but I wanted to throw it in here.</p>

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alpha2018, aworldapart > LaxAttack09

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I 2nd that...</p>

<p>So now two "new users" say alpha knows more than me. Wow, I guess when you graduate HS you have a lot of time to make up fake monikers on a message board. You're pathetic man....I'm done arguing with somebody who's never stepped foot in a college classroom, let alone an IBD.</p>

<p>Didn't I tell you to leave this thread? Or do I need to clown you again?</p>

<p>you guys are weird</p>

<p>i think a lot of people on this thread have confused investment banking (in the traditional sense) with sales/trading...</p>

<p>this argument is pretty much over. laxattack got blown the **** away.</p>

<p>that said, anyone have any advice in how a non-top-20 undergraduate gets even an interview at one of the bulge brackets?</p>

<p>i may have an offer to intern at jesup & lamont, a small boutique, but it is non-paying and i cannot swallow the fact that there will be interns making $1000 a week while i am spitting cash out of my ass to pay for my own rent and living necessities.</p>

<p>Alumni network. That was without a doubt the most useful resource for me landing a BB gig this summer. I'd be cleaning pools if the alums didn't help me out. </p>

<p>Working at a boutique is not such a bad idea and working for free shows a lot about your character. Value experience over compensation. Be long term greedy. All those adages are true, especially in investment banking. Just make sure that the work you're going to be doing is relevant to finance and not mere grunt work like getting coffee or printing paper. You want the boutique experience to allow you to work with senior bankers and develop your modeling skills.</p>

<p>Laxattack, you've worked as a summer analyst...what makes you think you know it all after 2 months worth of work?</p>

<p>1) i don't think laxattack has worked as a summer analyst given that he has just transfered to ucla from community college months ago. </p>

<p>2) **** you to whoever says ucla does not get recruited. i have interviewed at lazard, deutsche, houlihan, moelis, etc for first round interviews. made it to second rounds for seo and goldman pwm sa. working at one of those companies i interviewed at first rounds this summer. by the way, i am a sophomore.</p>

<p>1) Yes I came from a CC, before that I also went to a school on par with HYP (which I used to get a SA position). Yes I've worked as a summer analyst. If I didn't I'd say so, I did. </p>

<p>2) UCLA is not a target (case in point, I guarantee you didn't do OCI for GS, Lazard, Deutsche in their NYC offices). Doesn't mean you can't get NYC IB from there (the only IB that really matters) but it's going to be harder than from targets. </p>

<p>3) Networking > School when it comes to getting jobs/internships. Learn to network and you can make up for any school you go to. </p>

<p>PM me who interviewed you at Deutsche...you may have got a certain question if you have the same guy as me, you'll know the question if you had it.</p>

<p>^Huh? You graduated from high school, went to an HYP-caliber school, transferred to a community college, and then transferred to UCLA?</p>

<p>Yes (10 char). For UC transfers it's much easier to get in from a CC than out of state, hence why I went to CC. Plus it's in-state so I save on $.</p>

<p>how is the current recession going to affect finance graduates five years from now?</p>

<p>or four years from now?</p>

<p>If you knew that you could make a lot of money.</p>

<p>Any suggestion for frosh-internship?</p>

<p>From Bloomberg:</p>

<p>The Federal Reserve Board approved the applications of Morgan Stanley and Goldman Sachs Group Inc. to become bank holding companies, the Fed said. </p>

<p>``The Federal Reserve Board on Sunday approved, pending a statutory five-day antitrust waiting period, the applications of Goldman Sachs and Morgan Stanley to become bank holding companies,'' the central bank said in an e-mailed press release in Washington.

Fed officials also increased the two securities firms' ability to take out direct loans from the central bank, granting access against a wider pool of collateral. That step was made ``to provide increased liquidity support to these firms as they transition to managing their funding within a bank holding company structure,'' the Fed said. </p>

<p>The Fed Board also authorized the New York Fed to lend to the London-based broker-dealer subsidiaries of Morgan Stanley, Goldman Sachs, and Merrill Lynch & Co., the securities firm that agreed to a takeover by Bank of America Corp. earlier this month.</p>

<p>The end of independent investment banks. Tahts very sad. i can't believe i am actually witnessing this</p>