Why investment banking?

Career Opportunities & Internships Investment Banking
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<p>If there’s crime on the streets, blame Superman</p>

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<p>Rather than give my personal thoughts, let me point you to an expert article written back in November, 2008 by Michael Lewis and published in Portfolio.</p>

<p>For those who don’t know Michael Lewis, he is also the author of “Liar’s Poker” and “The New New Thing”. The first is about how Wall Street rewarded deceit and deception (especially in bond trading in the late 1980s) and how investment banks went from private partnerships to public companies–thus transferring the risk to the public, and the second is about the way that internet companies were created from scratch and made their inventors rich in just days or months back during the 1999-2000 internet craze (it follows Jim Clark, who was one of the founders of Netscape, as he created Healtheon). I read both books shortly after each was released. These were each written very shortly after the actual events took place.</p>

<p>Here’s the link to the article which is entitled “The End of Wall Street”:</p>

<p>[The</a> End of Wall Street’s Boom - National Business News - Portfolio.com](<a href=“http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom]The”>http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom)</p>

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<p>Traders and investment bankers are different creatures; while all are implicated, in general traders and the quants created the fancy stuff and demand for fancy stuff that led to this crisis. </p>

<p>Michael Lewis’s perspective is very interesting, but he is only one person who, admittedly, has profited immensely from “exposing” Wall Street–though he writes from a moralistic viewpoint, I doubt his objectivity in analyzing Wall Street and greed’s implication.</p>

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<p>Although I do enjoy reading Michael Lewis’ work, which I think can be very insightful, and at times, makes me rethink my path and future in finance (as is the point of some of his writing), my view is that he is very anti-Wall Street and anti-Investment banking. </p>

<p>My sentiments, initially, gravitated towards the idea that Lewis (obviously) despised the things he saw at Salomon Brothers and decided to do something more “meaningful” with his life (such as following around Michael Oher, learning about statistics, jostling with the idea of becoming a food critic, etc.). Having met the man, I was surprised to learn how much he did not want to talk about the current state of the economy and the future of finance (and capitalism). Instead, he was more inclined to speak on softer subjects (specifically, his experience in detailing Oher’s storied past, which, to me, was one of the most fascinating and eventful experiences, both for Oher and the man writing the novel).</p>

<p>I have known many colleagues and employees (generally, analysts) who have slaved through banking for 2 - 3 years and gone to do things that they feel might interest them to a greater extent than a career in finance. I personally believe that those who enter finance via investment banking better damn well enjoy learning finance and have an aptitude for education. If not, it becomes very easy to be bitter on the Wall Street model.</p>

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<p>I wonder how many people realise their job depends on their employer having access to methods of raising capital AKA investment banking? Or how many jobs are created because corporations can raise capital? And that everyone benefited from the “irresponsible” acts of bankers?</p>

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<p>Why do ibanks care about Ivy league so much? It seems kinda ridiculous any random major from an ivy can get a job in an ibank. Is it because no real technical or analytical skills are needed to be an “analyst” or “associate”? I guess people skills, connections, communication skills, looks are more important. Ibanking doesn’t really require the best and brightest minds…in that case they would take more people with engineering backgrounds instead of philosophy and art majors from yale.</p>

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<p>Ok, I answered this in the other thread, but you’re question here is more specific in what you are getting at. </p>

<p>Investment banks know they can train people. If you are intelligent, they are more than happy to teach you the skills you need to know. You don’t need “real technical” skills, they can be helpful, but aren’t necessary. You make a big assumption about the “best and brightest minds” being engineers and not philosophy/LA majors. A Yale grad who has the requisite gpa, etc., is going to be able to pick up anything necessary along the way. He or she may never be a quant (this is where you see many more engineers/math majors), but like I said, they can be trained.</p>

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<p>^Philosophy majors have been shown to get one of the highest avg. GRE scores of any major. Art history is a different story.</p>

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<p>this may be random but i was wondering, working as an analyst or associate…is your working environment like this… </p>

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