<p>Good point wetard. I think it's also important to point out that all those $160,000 salaries you see are the top performers, not averages. Most analysts don't make 160k but those who do are certainly living well. Long hours, unpredictable job security, unpredictable pay...when times are good you're going to be raking it in, when times are job you're certainly going to be hurting for pay and be lucky to still have a job. Nevertheless it's now extremely hard to get these gigs.</p>
<p>Which specific part of our economy has to do with ibankers? Everything as a whole or some specifics like international trade, housing, country's debt, etc???</p>
<p>95% of our economy, in one way or another, is effected by Investment Banks. Word over @ wall street oasis is that bonuses this year are going to be around 2000 #'s, that's 20k, 30k, 40k for 1st, 2nd, and 3rd years. Lots of pitching, nobody buying. Lots of work for few results....and lots of layoffs. Yikes!</p>
<p>I've already asked this question but nobody answered it, so here it is again. What is the average retirement age of Ibankers? I would assume that it is less than the national average since the money is so good.</p>
<p>The average retirement age of ibankers would be skewed towards lifers, the better question is what's the average age of retirement for the financial industry as a whole, and it's probably above average because people in finance are inherently workaholics.</p>
<p>Bloomberg.com:</a> Worldwide</p>
<p>Ok this thread has officially scared the _ out of me about ibanking. I think I might decide to study finance (probably double major in accounting) at Stern this fall, and then after undergrad pursue a law degree (easily doable?) ? I guess in between I could work as an analyst of some sort. But my question is: do all or most Stern graduates become ibankers? And are there other fields where a finance degree generally useful for? Because I was thinking maybe I could become an auditor or an accountant or a corporate lawyer of some sort, but is it even useful to earn a finance degree and not do ibanking?</p>
<p>Oh and I heard that the ibanking field is very white alpha male dominated - true? (although the person who won the internship in the article was a girl :D) Is it a disadvantage to be a girl?</p>
<p>Stern seems to be dominated by the investment banker types, yes.</p>
<p>am i horrible if i am considering Ibanking JUST for the money. i mean of course im a lil intriguied by economics..but truthfully i want MONEY!
im willing to work 100 hrs a week. whatever.
over of a school like ....say cornell...with an MBA and undergrand from a top notch university in finance....will i make the freaking money? sorry if i sound concieted. thats just the way i am. i love money. =)</p>
<p>You're not horrible for doing it just for the money, but I doubt you stay in it (if you get it) for very long. There's a reason people in high paying professions with high hours (finance, corp law, consulting) have some of the highest turnover rates in the country. It's easy to say you don't mind working 100 hrs/week for 150/250/350k, but 1) after you get that money you realize it doesn't do all that you thought it would (think taxes, time to spend it etc) and 2) once you get older you're going to want a family, free time etc...something that is very hard to manage while working 100 hr weeks. </p>
<p>Are there people who do it just for the $, and are good @ it? I would assume so, but I think the vast majority of it love, and i mean LOVE what they do.</p>
<p>Nonsense, it's dull and mindless. If I heard correctly, one has to manually add and multiply? Work long hours? Did I mention boring work?</p>
<p>
[quote]
Nonsense, it's dull and mindless. If I heard correctly, one has to manually add and multiply? Work long hours? Did I mention boring work?
[/quote]
</p>
<p>You do realize you're not an analyst your whole life right? People who prosper in banking, and who move up the ranks, love what they do. You think all an MD does is manually add/multiply? It's dull/boring?</p>
<p>The thrill of watching a deal you pitched 6 months ago finally come to fruition and the negotiating that takes place during the process are two of the reasons I love what I do. It's easy to say that 100 hour weeks are no problem but reality is completely different. You don't know how you would react to working 9am-2am six days in a row more or less for years until you do it. It's not for a lot of people and if you're in it just for the money, like others have said, you'll probably burn out quick or there will be others who are in it for the money and because they love what they do and it'll show that you don't.</p>
<p>Can someone help me out--I'm trying to make out the difference between ibanking and consulting? I know more about ibanking than I do consulting, but I am starting to think that I would like consulting more because I would really love to travel with my job. That being said, can anyone tell me, or direct me anywhere where I could learn more about consulting and what it is/what it entails?</p>
<p>Ibanking is finance and consulting is... consulting? You consult? You're normally part of a team, and a company hires you to consult, and you do whatever it is they hired you to do? There's tech consulting and general business consulting and forms of consulting that relate to dealing with cash-flow issues or preparing for IPOs or whatever the case may be. The most popular form of consulting normally relates to working on company policy and streamlining operations. They're really not similar.</p>
<p>i see.
lets see where life leads me. =)</p>
<p>"i love money."</p>
<p>Hate to break it to you but, while money is good, you can't bring your fancy car, big house, and possesions with you when you die. I like money too but not in the typical fashion. I'd rather work my but off and be as frugal as possible so that when I have vacation time I can go wherever I want. To each his own though.</p>
<p>What exactly is so great about investment banking, besides the money? If it paid the same as an engineer or a lawyer or a teacher, would anyone here still want to do it?</p>
<p>Some, but far, far fewer. Personally, it would still be something I would consider because I am interested in finance and have the right personality for it, but without the significant compensation it might not get above something like law for me and my choices.</p>
<p>Yeah...it's always about the money =)</p>