<p>I-banking and i-management is not what it used to be before 2008 and it may never look like that again. Students especially need to realize that when making career choices at this stage. Salaries/bonuses will be capped in the future. This is the premise of my new blog - leavingfinance.com</p>
<p>You sure about that? Goldman is on track for its biggest bonus payout ever this year.</p>
<p>Good point. But Goldman and maybe a couple others will be the exception. I also think going forward they won’t be able to engage in some of the risky and most profitable activities they gained from in the last decade. Also it remains to be seen how much the government will get involved and regulate the banks, incl. pay.</p>
<p>The only thing that remains to be seen is how quickly things get back to business as usual as far as corporate excess goes. Government can try all it wants to get involved, but they are always 4 steps behind and the banks will always devise new and novel ways to get paid. To take a line from Gartman: So has it always been, and so shall it always be.</p>
<p>The best and the brightest will always find ways to make the same amount of money as they always made, if not more. Don’t think any government regulations are going to stop these guys from getting theirs. Remember the Golden Rule - the man with the gold makes the rules. Nauru is totally right… these guys are brilliant and will always be leaps and bounds ahead of these government officials. The people closest to the money will continue to make the most of it.</p>
<p>Goldman can do no wrong these days, they made sure of that with their pres. campaign contributions. Theyre the only ones on the street though that can.</p>
<p>^ This will be confirmed tomorrow :P</p>
<p>To be blunt until the republicans regain power banks will be more regulated and pay will be capped. JPM already announce they will raise salary but cut bonuses & unfortunately other firms will eventually follow suit.</p>
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<p>I wonder what happened to this tool. Probably got laid off, foreclosed on and divorced, now living in mamma’s basement.</p>
<p>Do I-bankers often donate some of their money to charity, like Bill Gates?</p>
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<p>Living in mama’s basements saves on rent (does she even know you’re down there?), electric (one light-bulb hanging from the ceiling, doesn’t even need to be a compact flourescent), and water utilities (no bath/shower facilities so don’t consume any water.)</p>
<p>And let’s not forget that the food-bill is drastically reduced by the infestat…I mean presence of a renewable source of sustenance … rats & roaches (both high in protein and lean on fat & cholesterol.)</p>
<p>transportation costs depend on how often he attends Star Trek conventions and other diversions.</p>
<p>This is the optimal survival strategy, and should be practiced even during good times.</p>
<p>Narusakuu- Yes, many I-Bankers give to charity. My dad is a MD at Goldman Sachs and he is really big on charity. He makes a lot of money but he’s not the type of person to go out and buy 10 cars or an enormous house…I guess is depends on the person though. My dad did not grow up a lot of money, he worked hard to get where he is, so he makes sure to give back. Certainly there are some greedy ibankers though. </p>
<p>Also, I agree with nauru- the government is not going to stop big banks like Goldman or JPMorgan Chase from paying their employees lots of money. They earned the money and they will continue to distribute it as they want to.</p>
<p>How about public accounting (CPA) at a big 4 firm vs. IB analyst?</p>
<p>How about just for the love of it.
Money is important, but it’s not the only thing.
I can’t believe you people, this is why the industry is in the state it is today.</p>
<p>Issue here. What other lucrative careers are there that you can make well-over 6 figures and aren’t distressing and suck-the-life-out of you? Clearly, I don’t care HOW much a job makes, if it makes the person look like 70 when he’s 50, be that an MD of an Ibanking firm- in NO WAY will I succumb to that, I don’t care how much it pays.</p>
<p>I have a life, want to continue having one, explore new boundaries, embark on new hobbies, and if Ibanking down the road is going to suck all of this out of you, then goodbye.</p>
<p>Isn’t the rule of thumb usually MBA–> go into IBanking? I mean what else can you do and still make a lot of money with it?</p>
<p>get adopted by a trust fund family</p>
<p>^ I hate jocular, indirect responses; quite frankly, I saw nothing wrong with the above post, as it was a genuine interest in the subject matter presented here regarding IB and its prospects…anyone else care to answer the question with a more diligent and meaningful answer?</p>
<p>People need to realize that you wont make a lot of money unless you work really hard. </p>
<p>Lawyers have 3 grueling years of law school and then they get s**t on by partners for years before their work load lightens up</p>
<p>Doctors have to go to extremely EXPENSIVE med school that sucks up all their time. After that they have to intern, after that they have to do their residency ~8 years of grueling work and they don’t even get paid that much. Only at the end of all this do they start making real money and get some semblence of their lives back.</p>
<p>My point is… Do it while your young. If you want a better lifestyle that’s fine, just don’t expect to be making six figures until well into your career. If you want to make a ton of money you’re going to be working a ton of hours</p>
<p>Damn it. Everything appeals to me except the hours.</p>
<p>Help?</p>
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I first take issue w/ your statement “A good amount of people…” Very few students from very few target schools actually get offers at banks.</p>
<p>I also have an issue with your statement about the bank job being a way to “save up for an MBA.” This is maybe possible if the person is very diligent and not swept up in “the life”. As you make more money, you usually spend more. If your fellow workers are inviting you to events and telling you about their lives, it is hard not to get caught up. And have you seen the prices of apartments in Manhattan? And given the work hours, you have to live in Manhattan. </p>
<p>In other words, it takes an extremely driven or motivated person to not get caught up in the now and save for the future.</p>