West Coast iBanking?

Career Opportunities & Internships Investment Banking
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<p>Hi first time poster here.</p>

<p>First I'll start with a little background information. I'm a junior in high school and I live in Washington. I'm starting to look pretty heavily into potential careers/colleges. For about 2-4 years I have been pretty deadset on becoming an engineer; however, due to some unappealing information I have heard from an aunt (former project manager at Boeing) as well as some negative information I have read, I have decided to at least look into some other possibilities.</p>

<p>I wanted to be an engineer because I am a very strong math student due to my logical thinking/problem solving ability. I've been told by teachers that I "think like an engineer" because I'm always wanting to know "why" a math concept works, not just how to do certain problems. I guess even if I don't choose a math heavy profession such as engineering this trait will still help me be successful. Some of the reasons that turned me off to engineering include: the "grunt-like" work, low pay, low "ceiling", ect ect... Also, my aunt, who is very sociable, says just about everybody she works with is rather impersonable. I'm not here to brag about my social skills or anything, but spending hours upon hours of studying ect to get a very hard degree only to get paid 40k to start off with a rather limited ceiling (aunt got paid 120k during, remember she was a project manager) while working with unsociable people doesn't sound like my cup of tea. Although I don't really have a problem with the work load required to obtain an engineering degree, I would rather have more opportunities to enjoy my college experience.</p>

<p>So anyway, I've done some research into some other professions. One of the ones that popped out (mostly because of the $, I won't lie) was investment banking. I had a discussion with my uncle (that same aunts husband actually) who is a senior investment specialist at a firm and he said it would be a great career path for me. He showed me some of the samples of the reports he gets from analyists and, to be honest, it all looked rather intriguing. However, I started to do some research on the topic and, just like engineering, there seems to be some unappealing points with ibanking as well.</p>

<p>I'll just go ahead and list them.</p>

<p>It seems like most of the banks (maybe just the prestigious ones) are located on the east coast. I really really like the west coast and have always wanted to live here when I grow up. I have been to the east coast a few times and it just doesn't seem like the type of enviorment I want to live in. Can you be a successful IBanker out west? Is the pay that much different?</p>

<p>Not only the banks seem to be out east, but so do the ibanking schools. I'm 90% sure I want to go to school in California. I feel very confident about being able to be accepted to schools such as: USC, UCLA, Cal; however, Stanford (the top school on the wc for IB) is a very long shot for me to be accepted (I have a 3.9, unweighted, and scored 1970 on the sat and 30 on the act, I'm going to retake SAT and, with studying, I'm hoping to get around a 2100). What is the top school for Ibanking on the WC? I'm assuming it goes Stanford>Cal>UCLA>USC? I won't be able to get into Stanford, and I'm not a big fan of Cal, would UCLA/USC suffice for the west coast?</p>

<p>Are the hours different on the west coast? Again, I have no problem with hard work; however, having a family is important to me. I don't want to slave away my 20s & 30s working 100 hours a week only to wake up when I'm 45 and wonder where my life has gone. Ideally, I'd like to work hard (60hrs/week, although I won't have a problem with 80 if needed) during my young years so that I am able to relax as I get older and hopefully retire at a relatively young age. Is this possible with Ibanking? I've read something about after working for 2-5 years many ibankers quit and go on to other high paying jobs they are able to obtain because a history of ibanking looks excellent on a resume. True?</p>

<p>What majors would I want to choose if I went to USC? UCLA? UCB?</p>

<p>How much, if any, will my math ability help me in ibanking?</p>

<p>What type of people will I be working with?</p>

<p>Anyway, if you have read all the way down to here thank you very much! If you have any answers to those questions I'd really appriciate if you helped me out! I'll probably have some more shortly :)</p>

<p>Also, if you think I'm only wanting to do this for the money/I don't know anything about ibanking please tell me! All opinions are welcome. I really only have a few experiences with finance. Besides my uncle, I remember participating in some MSNBC challenge in the 7th grade where you were giving 1 million "dollars" to invest. I think it was like 2 or so months and I ended up making 300k (I got really lucky with Crox and Under armour haha). For whatever reason I feel as though I'm not just doing this for the money; however, your opinion may spark a realization that will maybe confirm/deny that.</p>

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<p>Too long, I only read half-way. But investment banking is not a really mathematical career, the most they do is addition and subtraction on Excel. If you want to try business and want to use your math, try looking into quantitative finance positions. Those require hardcore math, maybe even MORE than engineers. For a start, try googling up the MFE and MFE jobs.</p>

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<p>Take a look at proprietary trading. Those jobs require some hardcore math/programming skills.</p>

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<p>^ You guys are talking about quants right?</p>

<p>I have done some research on them and it seems like they have 0 human interaction.</p>

<p>Although I like doing math, I like it because it allows me to problem solve/think logically. Using quantative analysis and partial differential equations to hardcore program all day behind a desk would get boring really fast. Also, to become a quant requires you to be unbelievably good at math; I’m pretty good but not on that level.</p>

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<p>Okay, if not quant then try Sales & Trading like mathematicism said. They make as much as bankers and work only market (stock market) hours. The downside is that they require quantitative skills and programming, but this would be a plus for you. They don’t have the intensity of quants because they don’t actually build models and do research like they do but they just need to interpret the models and algorithm. However, the west coast is not known for S&T because pacific time isn’t compatible with stock market hours. if u wan S&T then east coast or Chicago are your only options. As for schools, try to get into an ivy, east coast target, or Stanford. UCB and UCLA won’t cut it.</p>

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<p>Look into management consulting, there evaluative skills are somewhat valuable and there is the social interaction that you are looking for. Also, I think it is still too early to be dead set on any particular career. Go to college foremost to learn and get an education, and other things like career will fall in place timely.</p>

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<p>Yeah SSK I’m just trying to find a few specific ones that I will further explore.</p>

<p>But as far as college goes, will USC or UCLA be ok for IBanking? Not like East coast but just on the West coast?</p>

<p>Or is Cal/Stanford really the only option for IBanking schools on the WC?</p>

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<p>@StefanJ:</p>

<p>I have the same question. do not know about USC. sounds like USC is always not in the same tier as UCLA and Cal</p>

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<p>@StefanJ</p>

<p>I know a guy that does west coast recruiting for Barclays NYC office and he told me they recruit from Stanford, Cal and USC. I would think Stanford and Cal get more attention but I think you’d be okay with USC as well, especially if you are just trying to stay on the west coast.</p>

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<p>USC definitely gets recruited. Not to stay it gets as much attention as Stanford or Cal, but I know someone graduating this year who didn’t have the most outstanding grades compared to his competition (still good of course though) and still got recruited into investment banking for wells fargo. However, that was a job in NYC, idk how USC will do on the west=/</p>

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<p>For IB recruiting at West Coast schools, Stanford and UCB generally have the strongest recruiting and best representation at both bulge bracket and boutique banks. USC would be the next strongest. All three schools also place graduates into NYC offices. In my experience (having worked in IB in SF and NYC), UCLA places the fewest into IB of the four schools.</p>

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<p>thanks for the responses guys!</p>

<p>bicoastal, based on your previous first hand experiences, can you give me a little summary of what the differences are on the west coast/east coast for iBanking?</p>

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<p>bicoastal07 seems to have a USC bias, so take his/her advice with this in mind.</p>

<p>I’m not going to comment on placement with BB companies – because he/she or anyone else would have better knowledge than I – and again, tempering these “personal experiences” told with extreme personal biases – but one has to think that if they recruit at USC, they would at UCLA. </p>

<p>Undoutedly, they would recruit at Stanford and Cal moreso than UCLA and USC and probably in a different way wrt these bay schools: at Stanford w/o regard to majors, say, math, econ, engineering; or other majors for non-quant; at Cal, mainly through Haas.</p>

<p>Likewise we know that USC, like Cal, has undergrad Marshall, but UCLA doesn’t offer an undergrad an Anderson baccalaureate but does offer some mgmt courses to ugs.</p>

<p>This can be a good thing, though, as one wouldn’t see the recruitment at the U zeroed in on any particular major as at Cal and probably at USC. Cal, though, we know purposely “weeds out” those who eventually end up with a buad from Haas.</p>

<p>One also has to temper the numbers argument. If at the top feeders, these BB’s hire 20-30, say, then what is this in relation to the sheer numbers of grads? </p>

<p>Take USC… USC graduates ~ 200 accounting majors and 800 business bac candidates/year. If BBs take, say, 5 from USC, that would be 5/800 or ~ 0.63%. Not much of a shot… So temper your ambitions with these in mind.</p>

<p>As far as success of grads for UCLA, I can think of Laurence Fink, and one or two of others who, I believe, helped form a couple of these banks, whose name(s) escape me.</p>

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<p>1) All the major banks have west coast offices (either in LA, SF, or both)</p>

<p>2) The major difference between the offices is the industry coverage. For obvious reasons, west-coast offices tend to be oriented towards technology, healthcare, media, real estate and gaming much more than the NY offices are.</p>

<p>3) From an analyst’s perspective, the exit ops from a West Coast office will be west coast focused as well. There are plenty of major hedge funds and PE shops out there such as Oaktree, Canyon, Golden Gate, etc. </p>

<p>4) Stanford and Berkeley are tops. UCLA & USC are good as well. Recruiting at the end of the day will come down to your GPA & internship experience.</p>

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<p>@AdvisorPrime and @drax12:</p>

<p>Do investment banks take graduates in USC engineering?</p>

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<p>Any corporate finance or ibanking in LA?</p>

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<p>No, there is absolutely nothing in LA.</p>

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<p>Do banks recruit from CalTech?</p>

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<p>^^There is definitely investment banking in Los Angeles. Over 250+ firms.</p>

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<ol>
<li><p>There are lots of firms in Los Angeles, but SF is just more heavily finance-oriented. LA has some good entertainment/hollywood/video game IBanking. Also, lots of good private equity firms if you’re looking to move up that latter.</p></li>
<li><p>Stanford/Haas and then USC. This goes for either LA or SF! Oh, do not go to UCLA for finance. Unless there are huge reasons (money etc), that would be unwise. Even USC is a stretch for IBanking, but firms definitely recruit at USC. UCLA is not a target school while USC Marshall is more of a semi-target. You could definitely break into banking from USC with some effort. Stanford and Haas are both definitely target schools.</p></li>
</ol>