<p>I'm going to be attending NYU Stern on a 20k scholarship, and I'm in the Stern scholars program, so chances are that I will be in the top part of my class there. Obviously finance seems like the thing to do at Stern, and starting over 50k with 30k yearly bonuses sounded really good to me. However, I've been reading that most analysts that go into corporate finance wind up working about 80-100 hours a week sometimes and always over 60 hours a week, so most people don't even stay in the field for more than a few years! On another forum for NYU i also read that if you are good in college and do really well your first year out you can make up to 200k!!! Could some people with knowledge of this field please share their opinions on these things to help mitigate my confusion/anxiety about potentially going into corporate finance/ibanking?</p>
<p>you'll be able to pull in 100-120k in total comp working at a BB as a 1st year Analyst, 200k is way too high of a figure.</p>
<p>hours will probably be 80-120.</p>
<p>Read Monkey Business, its a little exaggerated but it paints the live of an i-banker well.</p>
<p>could you give me a link to this thing?</p>
<p>I don't think anyone works 120 hours/week - if you worked every day including Sundays that is over 17 hours/day - no one could live on that after a while</p>
<p>you don't work 120 hours a week constantly, but during a deal your hours can spike up very high. People have worked 140 hours in a week before.</p>
<p>I really hope you all become Ibankers, its all anyone talks about here. Good luck.</p>
<p>I surely hope I never become a banker.</p>
<p>yeah I wouldn't doubt that.</p>
<p>well i just found another thread witht he same topic basically (sorry about that) but i was wondering if you could offer and advice on this...I was accepted to Cornell Engineering and to NYU Stern, but I opted for Stern (there was a minor price difference). Did i make a mistake in the long run for getting a high-paying job by taking Stern? The other thread also says that ibankers come from a variety of fields from engineering to biology.</p>
<p>no you didn't make a mistake at all. As a matter of fact your at probably what is the second best place an undergrad business major could be. Cornell would have been worth it if you think that you could have kept GPA of 3.5 and up, but at Cornell engineering almost none can do that, but those who can I heard can even get jobs in PE, but I definitely think you made the right choice by going to stern.</p>
<p>what exactly is PE?</p>
<p>PE = Private Equity</p>
<p>so nobody can really get into this straight out of stern?</p>
<p>They can, but it would be at most like 1 or at max 2 people. Usually, private equity just looks at the top performers at their individual college so figure it out from there. Its like you have a chance at PE at the undergrad level if your like the Valedictorian or whatever of your college and are just godly amazing.</p>
<p>Do you have any links or anything for information on how much ppl in PE make, how many hours they work, etc...because I dont think i could take more than 4 or 5 years of investment banking hours. Also, would you have any recommendations for top paying jobs out of undergrad besides analysts or for any jobs that pay almost as well but require less work that a really strong student at stern could get (I was able to qualify for their biggest scholarship so I think i can make top 10 or top 5 percent in the class).</p>
<p>thanks for your help also</p>
<p>Actuaries or other insurance related people make out quite well from what I hear also. Consultants have less hours, but less pay and make about $45,000 - $60,000.</p>
<p>I banking is really stressful job, but rewarding too. See this description from Vault. A day in the life of an I-banker associate at Goldman Sachs:</p>
<p>"We've asked insiders at leading investment banks to offer us insight into a day in the life of their position. Here's a look at a day of an associate I-banker at Goldman Sachs. </p>
<p>8:15 Arrive at 85 Broad Street. (Show Goldman ID card to get past the surly elevator guards). </p>
<p>8:25 Arrive on 17th Floor. Use "blue card" to get past floor lobby. ("Don't ever forget your blue card. Goldman has tight security and you won't be able to get around the building all day.") </p>
<p>8:45 Pick up work from Word Processing, review it, make changes. </p>
<p>9:00 Check voice mail, return phone calls. </p>
<p>9:30 Eat breakfast; read The Wall Street Journal. ("But don't let a supervisor see you with your paper sprawled across your desk.") </p>
<p>10:00 Prepare pitchbooks, discuss analysis with members of deal team. </p>
<p>12:00 Conference call with members of IPO team, including lawyers and client. </p>
<p>1:00 Eat lunch at desk. ("The Wall Street McDonald's delivers, but it's the most expensive McDonald's in New York City; Goldman's cafeteria is cheaper, but you have to endure the shop talk.") </p>
<p>2:00 Work on restructuring case studies; make several document requests from Goldman library. </p>
<p>3:00 Start to prepare analysis; order additional data from DRG (Data Resources Group). </p>
<p>5:00 Check in with vice presidents and heads of deal teams on status of work. </p>
<p>6:00 Go to gym for an abbreviated workout. </p>
<p>6:45 Dinner. ("Dinner is free in the IBD cafeteria, but avoid it. Wall Street has pretty limited food options, so for a quick meal it's the Indian place across the street that's open 24 hours.") </p>
<p>8:00 Meet with VP again. ("You'll probably get more work thrown at you before he leaves.") </p>
<p>9:45 Try to make FedEx cutoff. Drop off pitchbook to Document Processing on 20th Floor. ("You have to call ahead and warn them if you have a last-minute job or you're screwed.") </p>
<p>10:00 Order in food again. ("It's unlikely that there will be any room left in your meal allowance -- but we usually order in a group and add extra names to bypass the limit.") </p>
<p>11:00 Leave for home. ("Call for a car service. Enjoy your nightly meal on wheels' on the way home.") "</p>
<p>sounds like fun</p>
<p>yeah, "very fun." </p>
<p>It's "much more fun" if you're becoming an Investment Banker Analyst. Yeah, finishing work at 2AM is really fun.</p>