<p>I hav heard to get into Wall Street u need a major in a quantitative subject. What is the definition a "quantitative subject" ?? What are the examples of the latter? Are accouting, economics and finance considered quantitative subjects?? Pl advice.</p>
<p>Assuming that you heard that from me…you do not need to major in anything in particular. ‘Need’ is a strong word. School is generally considered more important than major.</p>
<p>That said, I think there is generally some advantage to studying something like math or economics - or, if available, accounting or finance.</p>
<p>What exactly do you want to do on Wall Street?</p>
<p>Yeah i heard frm u and thanks for helping me out again. I wanted to ask u itself. Yeah basically a analyst. In Goldman Sachs or Wall Street. There are analysts in Wall Street right? And will it help if i do CFA? </p>
<p>I guess i’l choose econ or Finance probably out of the four u suggested. </p>
<p>Which school would u recommend?</p>
<p>Just from reading your post, you don’t strike me as someone who has a really clear idea of what a career on Wall Street entails.</p>
<p>I hv not yet started my major yet. How will i know what it entails. Two three yrs into my degree i may get to know…</p>
<p>Of course there are analysts on Wall Street. They usually work at a firm for 2 years as a analyst, then go for their MBA. After that, they can go up to Associate, VP, etc. Being an analyst is no easy task though. Easily 100+ hours a week. One of my cousin’s husbands works for Jeffries as an Associate, and last week, he went to work on Wednesday, stayed overnight his office and was still there on Saturday. But there are different paths in the financial world. Sales and Trading, Investment Banker, Commercial Banker, Private Equity, Hedge Funds, and the list goes on. Within IBanking, you can go to a BB(Bulge Bracket-Think GS, Morgan Stanley) and boutiques(smaller banks-there are prestigious banks here as well) BB are the hardest to get into. Boutiques I’ve heard are easier to get into, but the top boutiques are still a challenge to get into. At a boutique though, you are able to move up faster, however compensation is usually less than that of a BB. As for how you know what it will entail, do some research. You DO NOT want to find out 2-3 years until your major. What happens if you hate it? You will lose time and money then. Wall Street is not for everyone. It is shark infested waters, extremely competitive and people will do anything to get ahead in that world. Iron Skin is a MUST. Are you willing to step over people? Are you doing this purely for the money?</p>
<p>Thats awesome. You cleared many of my doubts. So i guess i want to go to BB. But as u said it IS cut throat and very competitive and we must struggle. Yeah i want to do it. If it requires yeah i wud step on ppl. If it takes me higher above the ladder. I am doing actually first for money obviously coz i am in a middle class family in India, so gotta make it big. Secondly i read into finance and researched and developed a deep interest aftr reading Warren Buffett’s biography. It was awesome. So i am willing to do whatever it takes and put my heart and soul if it gets me money. Work smartly isnt it? </p>
<p>Thanks for the info,</p>
<p>Krishna Harish.</p>
<p>Warren Buffet is not an investment banker. Are you in college? And what school?</p>
<p>No i am applying to college this year. I knew that. Buffett is just an investor. Anyway i am just getting to know things.</p>
<p>Buffet talks in full sentences.</p>
<p>My best advice is to research what an investment banker does. Or at least a rough idea. Because you haven’t a clue. Other than you want money. Go be a doctor then.</p>
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<p>If this is your reason for doing anything, particularly a relatively field, you will crash and burn. Do not do anything if you are not passionate and a deluded sense of social standing is the absolute worst reason to pursue any type of career.
First round interviews are specifically designed to weed out people like you.</p>
<p>Yes, but financial security is very important to most people. Doing what you’re passionate about is also important, but it’s not always practical. But, the financial field is about money. Money drives these people, as they’re surrounded by it. I personally enjoy Economics and Finance, but even if I wasn’t, I’d still go into the field. I grew up lower middle class. I grew up in a loving home, but couldn’t always get what I want. Sometimes I wasn’t able to even afford the necessities. I wouldn’t want my children to grow up like that, but I won’t spoil them either.</p>
<p>You’re delusional if you think finance in general provides financial security.
It might pay well, but there are very few industries with less job security.
If you’re fired or let go in your first few years, and have already signed an annual lease on your 1600/month apartment, you’re pretty much sol. </p>
<p>Those that do it for the money burn out very quickly. You have to be passionate about it to survive.</p>
<p>Financial security is important, but I’d say it is only 20% of the equation, and the other 80% is passion and personal enjoyment. Money can’t buy happiness. Once you’re making 75k, you’re “stable,” with some variation depending on location (i.e. living in NYC probably requires several tens of thousands more) People who want to go into IB <em>purely for the money</em> are doing it because they mistakenly believe that making 150k vs 75k will make them happier.</p>
<p>Furthermore, it isn’t like IB is “easy” to get into. If your chances of getting in are small, it’s hardly a financially “stable” career.</p>
<p>I realize money can’t buy happiness. I’m not saying that it can. But I’d rather go into something practical, than something that’s only going to find me temp work or minimum wage, and do what I’m passionate about as a hobby. As for living conditions, I live in a paid off house in the suburbs of jersey that I bought when the housing market was hot in the early 2000’s.IB isn’t easy to get into, I don’t dispute that, but you don’t have to go into a BB. There are smaller boutiques and lesser IBanks. There’s also Commercial Banking which is easier to get into and pays well.(This is not retail banking) I might be lucky that I got picked up as an Intern by Morgan Stanley and they offered me a full time position after I graduate(May of Next Year)</p>
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<p>You got a full time offer in the middle of your internship?
Didn’t you also say you were graduating in 2014 earlier?</p>
<p>Nope, it’s 2013. 2014 was with a STEM major, however when I switched over to finance I had already taken the majority of the finance/business courses since I was a business/finance major from the school i transferred from, significantly reducing the time it would take for me to graduate. I am also taking 20 credits per semester. And yes, I got a full time offer in the middle of my internship. I’m a extremely hard worker, and after all, they are investing significant time and money into me. It’d be stupid to let a valuable asset go to a rival firm.</p>
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As is every single other of their 100+ summer analysts. I also can’t that Morgan Stanley IBD has that much of a problem with people going to other firms. What made you stand out so much that you got an offer a month before everyone else?</p>
<p>Excuse my skepticism, but it sounds more like you were doing a pwm internships or something along that level.</p>
<p>Whenever I see “I’m in it for the money” types I wonder why they chose business degrees.</p>
<p>You have a much, much higher chance of becoming a millionaire in medicine or engineering. The diamond in the rough businessman who really “makes it” is still making as much as a mediocre doctor. Warren Buffet is 1 guy and not a statistics changer.</p>
<p>Business is for people who like business. Suits, paperwork, elevators, mmm. Geez I’m getting all excited.</p>