<p>There is a distinction.. if there wasn't a distinction I wouldn't have felt to need to point out the distinction, which is what I did. I'm just saying that when people talk about Ibanking, many of those people are actually going into sales/trading/research - it's not really true that "so many people choose IBD". Yes, 12 hour days are also common.. and my relative pay comments were averages obviously..</p>
<p>Oh, I forgot, Ibanking has nothing to do with science....and I hate science. That's why I'm choosing Ibanking...because I like finance and I hate science.</p>
<p>thats interesting. in my experience, those who've been good at science (the quantitative ones) have often been good at finance too.</p>
<p>quantitative would be math not science exactly....Physics maybe but not so much of help....from what i understand i think CS and Math are skills that are like common to find in many people going into Financial sector...</p>
<p>Say guys what will the field of investment management come under????</p>
<p>physics, chemistry, and pretty much all engineering displines are quantitative.</p>
<p>"Btw after u become an associate the hours go down to 15 a day...and eventually u will become a VP when the hours are manageable..so even if u dont move further up then still u work 9-10 hrs ( maybe more on some days)"</p>
<p>I doubt becomming a VP is easy, and it takes a long time to become one, and the stress from such a job and the amount of years being in that field might damage your health. And besides, you need to think about your family, spend time with them, not just be away the entire day, come back and night then hit the hay. Unless you want to have a family where your kids are snobs and your wife is having an affair.</p>
<p>lol theres a big difference between science as in research and quantitative on-the-computer work.</p>
<p>I'm good at math and kinda find it interesting....but science...I could go hours on end about how much I hate sciences.</p>
<p>I doubt becomming a VP is easy, and it takes a long time to become one, and the stress from such a job and the amount of years being in that field might damage your health. And besides, you need to think about your family, spend time with them, not just be away the entire day, come back and night then hit the hay. Unless you want to have a family where your kids are snobs and your wife is having an affair.</p>
<p><a href="http://www.careers-in-finance.com/ibsal.htm%5B/url%5D">http://www.careers-in-finance.com/ibsal.htm</a>
"Career's in finance" says that you can make VP about 3-6 after you get the MBA. That, I'm assuming, is if you are spectacular at your job. Say it takes you 7 years. Ibanking is a young man's game so most of the stress you will have to endure is while you are under 30 with no family. I was born when my parents were 29 and my dad was busy with 10-12 hour days. Everything turned out fine. You can deal with the hours when you're young and they'll start to get easier once you're older. Also weekends are a good time to spend time with family...</p>
<p>i am sorry guys but reading these threads, i find majority of people are morons who just chase money thinking it will some how provoke them to become happy. </p>
<p>for the majority of people the number one reason they choose ibanking is $. </p>
<p>there are a lot of things you can do in the field of finance aside from ibanking, so its oviously not the fact that you just love this field and the only option is ibanker.</p>
<p>also , out of the tons of posts i see on here about everyone wanting to be a freaking ibanker, very few will actually be ibankers...... its not exactly an easy field to break into</p>
<p>well, also because ibanking is perhaps the most publicized finance field among college students. but i agree with you about the $. i do hear that many people who want to do other things ultimately take ibanking jobs for the $, even when theyve received offers in fields they find more interesting.</p>
<p>"also , out of the tons of posts i see on here about everyone wanting to be a freaking ibanker, very few will actually be ibankers...... its not exactly an easy field to break into"</p>
<p>this is precisely why we talk about it.</p>
<p>What percentage of wanna-be I bankers actually make that much money though? In all sobriety, I have never met a rich I-banker...</p>
<p>Aren't there other fields in finance besides I-banking that fetch you equally good amount of money (even a little less is fine) but aren't as stressful?</p>
<p>^^ actually the discussion is not precisely true...coz as i have been on this forum for quite some time...i think in the general speaking terms on this forum Ibanking refers to all that deals with high profile finance....for the general throwing around of the term i banking stands for Private Equity,Investment management,sales and trading,LBO,HEdge funds and pretty much every other field....</p>
<p>more accurately though, ibankers/ibanking is known throughout wall street as referring to people working in IBD, more specifically Corporate Finance. While techinically everyone at the investment bank (traders, sales, etc.) are considered 'investment bankers', if you were to ask any of them who the ibankers in the firm were, they would answer those working IBD. The ones in IBD are the ones working the 100 hour weeks and making the multi-million dollar bonuses.</p>
<p>
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Aren't there other fields in finance besides I-banking that fetch you equally good amount of money (even a little less is fine) but aren't as stressful?
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</p>
<p>There are other fields but many of them will require you to have banking experience. Venture Capital and Private Equity positions both can pay more than a job in banking but usually require you to have banking experience (or for venture capital consulting/technical industry experience -- working as an engineer).</p>
<p>Many people do banking for 2 years to get the experience they need to switch industires.</p>
<p>And Gonsenheim, the traders are also making multi-million dollar bonuses, but with less hours!</p>
<p>Traders are well obviously the ones who make the biggest bucks (think Boone Pickens and Steve Cohen)...but then they are a smaller percent of the high paying financial executives....i mean succeeding in finance is already tough but then from that going onto becoming a succesful trader is even more difficult..but however that is sort of the logical thing to do for a person who has gotten everything out of their usual ibanking job.</p>
<p>you don't go from ibanker to trader.</p>
<p>dcfca, traders used to make multi-million dollar bonuses, a good trader today will make between $500k-$700k in a year including bonus. Yes they will work less hours, but only a once in a lifetime trade (like the triangular arbitrage Steve Cohen pulled off) will give out those seven figure payouts now. Most investment banks will not base bonuses on profits from trading, they will look more to volume. </p>
<p>The good thing about trading that is vastly different from IBD is that a)you do not have to work until 3 a.m. only to return in three hours to continue and b)you never take your work home with you. once the markets close, its a clean slate for tomorrow.</p>
<p>The biggest difference is that people in IBD work harder at the beginning of their careers, but the close contact with clients when working on deals leads to getting recruited out to run other companies after the two-three years of near slave-labor. Traders wont have those kinds of opportunities because 99% of their personal contact comes from yelling into their headsets or at their assistants.</p>
<p>At a prop desk traders are paid based on how much they're making for the firm. Pay for traders, at least at the prop desk, will dwarf the pay for bankers because traders at the prop desk are betting the firm's money on the market while bankers are working on a transactional basis. Trading makes more money for investment banks, that's why they're all trying to expand their trading groups. </p>
<p>A good trader doesn't need those exit opportunities. A good trader is able to trade well and make profits. Thats part of the risk in going into trading.</p>