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A photo of smith101 smith101
I want to start a thread about students who want to get into investment banking. I'm going to Queens Commerce in the fall and right now and am wondering whether accounting (ca) or investment banking is a better field to get into. Basically what I've been told is that accounting doesn't pay as much but you don't have as ridiculous working hours compared to investment banking is this actually the case? What would some of your pros and cons be of investment banking vs becoming a chartered accountant?
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A photo of AZK AZK
There are no investment bankers or chartered accountants on this forum. All you will be getting is the opinions of kids. I suggest you to go to other more reliable sources to get your info.
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A photo of Dyztopia Dyztopia

@AZK wrote
There are no investment bankers or chartered accountants on this forum. All you will be getting is the opinions of kids. I suggest you to go to other more reliable sources to get your info.



+1

here's something for investment banking
http://www.mergersandinquisitions.com/
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A photo of smith101 smith101
Thanks for the link
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A photo of goldmansachs goldmansachs
Accounting will be more stable in terms of salary. Investment banking will offer you standard entry level salary which you could supplement with bonuses and other profits depending on your function there (commissions, etc…). The accounting firm will pay you well and you’ll rise as your level of competency increases. The stress overtime will be lower.

Investment bankers are under a lot of stress due to the volatility of their work and the risks. Additionally, the employees are very competitive. If you live an easy pace life, go in a big accounting firm. If you want fast pace/high risk, take a tylenol then go into investment banking. But yes you will obviously be making more money as an i-banker but that's not the only thing that should attract you to the profession. Or else it would just be hell.

Just depends on your interests and the life style you want to be living in the future.
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A photo of waazup waazup
Well from what I've heard you only have high stress when you're an analyst for like two years.

Then, I'm not sure what you do. I've heard you are promoted, switch paths, switch companies, are offered a better houred-job, etc. Can someone answer this for me?
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A photo of noxx98 noxx98
You want to go into IB but don't even know what the screw they do? Yeah that seems like a great idea.

Far too many people on this forum go "I WILL BE AN INVESTMENT BANKER. I WILL MAKE LOTS OF MONEY, HAVE A SMOKIN' HOT MODEL GIRLFRIEND, DRIVE A FERRARI, AND BE SUPER SUPER HAPPY. WHO CARES WHAT BANKERS DO I WILL BE RICH." Do a quick Google search before you decide your career path.
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A photo of noxx98 noxx98

@waazup wrote
Well from what I've heard you only have high stress when you're an analyst for like two years.

Then, I'm not sure what you do. I've heard you are promoted, switch paths, switch companies, are offered a better houred-job, etc. Can someone answer this for me?


You're looking at about 80 hours as an analyst. As you move up it might be a little less, but youre still looking at 70+ hours a week.

The majority of people that go into IB use it as a jumping off point though - much like consulting. You may see people do 2-5 years in IB/MBB, then go into startups, industry etc. Being able to put Goldman Sachs, or Boston Consulting Group on your resume can basically guarantee you an interview anywhere, and gives you access to a vast, and highly successful alumni network (more so in consulting then finance. Consultants are nicer).
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A photo of Anonymous Anonymous

@noxx98 wrote

@waazup wrote
Well from what I've heard you only have high stress when you're an analyst for like two years.

Then, I'm not sure what you do. I've heard you are promoted, switch paths, switch companies, are offered a better houred-job, etc. Can someone answer this for me?


You're looking at about 80 hours as an analyst. As you move up it might be a little less, but youre still looking at 70+ hours a week.


Still, Idc if I made $400k on Wall St...If I'm working 80-100 hours a week I can't do anything with it lol. Your life basically revolves around work :p

But yeah Goldman Sachs or any other big bank on a resume definitely would look good lol.
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A photo of noxx98 noxx98

@Username81 wrote

@noxx98 wrote

@waazup wrote
Well from what I've heard you only have high stress when you're an analyst for like two years.

Then, I'm not sure what you do. I've heard you are promoted, switch paths, switch companies, are offered a better houred-job, etc. Can someone answer this for me?


You're looking at about 80 hours as an analyst. As you move up it might be a little less, but youre still looking at 70+ hours a week.


Still, Idc if I made $400k on Wall St...If I'm working 80-100 hours a week I can't do anything with it lol. Your life basically revolves around work :p

But yeah Goldman Sachs or any other big bank on a resume definitely would look good lol.


Its a sacrifice basically. You give up 4 years of your life, in order to make your own tech startup, jump to another industry, build a resume for an MBA, gain an alumni network etc.
Once your done though, as long as you aren't stupid with your money you'll be quite well off for the rest of your life.

PS: 400k is an incredibley high number.
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A photo of IanSharer IanSharer
http://www.youtube.com/watch?v=rW-67dLgazg

P.S. There aren't just two rewarding career paths, don't limit yourself to banking or accounting because you think they pay the best.
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A photo of Anonymous Anonymous

@noxx98 wrote

@Username81 wrote

@noxx98 wrote

@waazup wrote
Well from what I've heard you only have high stress when you're an analyst for like two years.

Then, I'm not sure what you do. I've heard you are promoted, switch paths, switch companies, are offered a better houred-job, etc. Can someone answer this for me?


You're looking at about 80 hours as an analyst. As you move up it might be a little less, but youre still looking at 70+ hours a week.


Still, Idc if I made $400k on Wall St...If I'm working 80-100 hours a week I can't do anything with it lol. Your life basically revolves around work :p

But yeah Goldman Sachs or any other big bank on a resume definitely would look good lol.


Its a sacrifice basically. You give up 4 years of your life, in order to make your own tech startup, jump to another industry, build a resume for an MBA, gain an alumni network etc.
Once your done though, as long as you aren't stupid with your money you'll be quite well off for the rest of your life.

PS: 400k is an incredibley high number.


It was an example scenario. But on Wall St one could make that.
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A photo of schulichgirl schulichgirl
Before you really go into investment banking, just ask yourself why you want to go into the profession. I mean seriously the profession is pretty complex and I'm pretty sure that you don't know everything about investment banking to make an informed decision on if that's what you want to do. You're in high school, you haven't even taken a legit finance course. So how do you know that you want to become one? I'm at the undergraduate level and I still don't understand everything about the job, even after watching countless videos, documentaries, reading books, spending hours on WSO, I still don't know everything, and I won't until I experience it and make mistakes and learn from them. So tell me why investment banking interests you at the high school level?

Ah, money. Honest answer.

Honestly kids, this industry is not what you think it is. You really need to know what you are getting yourself into. There is a certain type of personality you need to have for a job like investment banking, you have to be selfish, nasty and do anything of your ability to sign deals for your banks. A lot of the time, to satisfy your clients you will have to smoke pot, cocaine, go to strip joints and obviously that is not for everyone. Besides that, you usually have to work 12-14 hour days + hours of you working by yourself at home, 6-7 days a week. Can you really do that for 4-5 years straight? You are going to have to sacrifice a lot of your time, and so say goodbye to family time, attending your "brothers wedding" or your school's "10th reunion" or your "father's retirement party". You will be missing out on all of that for 4-5 years, and it depends on the type of the person you are, that will allow you to let that happen. It's basically a huge sacrifice and a lot of people became someone that they aren't and people lost touch with their friends, family and lost the image. It's a huge sacrifice and I want you kids to think about this give this a little though before you decide to go down this path. If you sacrifice all off that, then go ahead. Stay in the market for 4-5 years, make the money and get out of there and do the world some good.

I say "do the world some good" because a middleman you won't be doing anything good for the world, you will just be someone's bi&ch.
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A photo of waazup waazup

@schulichgirl wrote
Before you really go into investment banking, just ask yourself why you want to go into the profession. I mean seriously the profession is pretty complex and I'm pretty sure that you don't know everything about investment banking to make an informed decision on if that's what you want to do. You're in high school, you haven't even taken a legit finance course. So how do you know that you want to become one? I'm at the undergraduate level and I still don't understand everything about the job, even after watching countless videos, documentaries, reading books, spending hours on WSO, I still don't know everything, and I won't until I experience it and make mistakes and learn from them. So tell me why investment banking interests you at the high school level?





Well, it has to start somewhere, right? I'm sure everyone who is an investment banker used to think the same. Some get it, some don't. Those who are realistic get it.


@schulichgirl wrote
Ah, money. Honest answer.

Honestly kids, this industry is not what you think it is. You really need to know what you are getting yourself into. There is a certain type of personality you need to have for a job like investment banking, you have to be selfish, nasty and do anything of your ability to sign deals for your banks. A lot of the time, to satisfy your clients you will have to smoke pot, cocaine, go to strip joints and obviously that is not for everyone. Besides that, you usually have to work 12-14 hour days + hours of you working by yourself at home, 6-7 days a week. Can you really do that for 4-5 years straight? You are going to have to sacrifice a lot of your time, and so say goodbye to family time, attending your "brothers wedding" or your school's "10th reunion" or your "father's retirement party". You will be missing out on all of that for 4-5 years, and it depends on the type of the person you are, that will allow you to let that happen. It's basically a huge sacrifice and a lot of people became someone that they aren't and people lost touch with their friends, family and lost the image. It's a huge sacrifice and I want you kids to think about this give this a little though before you decide to go down this path. If you sacrifice all off that, then go ahead. Stay in the market for 4-5 years, make the money and get out of there and do the world some good.

I say "do the world some good" because a middleman you won't be doing anything good for the world, you will just be someone's bi&ch.




Honestly, I have to say, that is a discouragement, and a put down. No, you do not have to smoke pot and go to strip joints to satisfy your clients. Who are your clients, Biggie and Snoop Dogg? No, your clients are just as smart as you are. That's why they invest big money. Analyst life is hard. You'd be doing it for 2-4 years. But if you work a shift of 7 - 5 or 7 - 7, I think that is fine. I mean, high school is 8 - 3, which is not much different (haha)..Of course you will be working though, so that is the significantly different part.
Who's father retires when you are 25. Seriously, your father is barely 50 - 60...well you can retire but it depends though.

You don't want to put anyone down. The urge to become one HAS to start somewhere, if its for the money or the image - it doesn't matter. Giving themselves the option and proper resources should be enough for them to judge on their own, so don't direct them completely away from the path where they can never go back and become one.
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A photo of LampShade LampShade
Mhmmm the strip joints/pot/cocaine is more of the subculture found within the I-banking community. Of course it's probably blown up way more than it needs to be by the media, but it's probably the case for some i-bankers, as it is a very stressful job and for the media to have blown it up, it had to be already happening.

its sorta like high school again in which those who don't really want to partake might partake in those activities anyways, even if they don't need it. ANYWAYS thats just my opinion

to OP:

I think you should wait for Finance I (assuming you've taken some accounting in HS). Overall the ceiling is much higher for you if you do I-banking as the opportunities are truly large. Being an accountant is probably more safe as every company needs accountants.
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A photo of immaculatedx immaculatedx
If you want to know all the stereotypes of Wall/bay st. high finance:

http://www.youtube.com/watch?v=ROlDmux7Tk4
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A photo of universityapplier universityapplier

@smith101 wrote
I want to start a thread about students who want to get into investment banking. I'm going to Queens Commerce in the fall and right now and am wondering whether accounting (ca) or investment banking is a better field to get into. Basically what I've been told is that accounting doesn't pay as much but you don't have as ridiculous working hours compared to investment banking is this actually the case? What would some of your pros and cons be of investment banking vs becoming a chartered accountant?



In order to live life a memorable way, live life like another childhood, make it memorable, dont get caught up. Do what you think will make you happy and never look back. Money doesnt buy happiness.
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A photo of Illuminar Illuminar

@schulichgirl wrote
Before you really go into investment banking, just ask yourself why you want to go into the profession. I mean seriously the profession is pretty complex and I'm pretty sure that you don't know everything about investment banking to make an informed decision on if that's what you want to do. You're in high school, you haven't even taken a legit finance course. So how do you know that you want to become one? I'm at the undergraduate level and I still don't understand everything about the job, even after watching countless videos, documentaries, reading books, spending hours on WSO, I still don't know everything, and I won't until I experience it and make mistakes and learn from them. So tell me why investment banking interests you at the high school level?

Ah, money. Honest answer.

Honestly kids, this industry is not what you think it is. You really need to know what you are getting yourself into. There is a certain type of personality you need to have for a job like investment banking, you have to be selfish, nasty and do anything of your ability to sign deals for your banks. A lot of the time, to satisfy your clients you will have to smoke pot, cocaine, go to strip joints and obviously that is not for everyone. Besides that, you usually have to work 12-14 hour days + hours of you working by yourself at home, 6-7 days a week. Can you really do that for 4-5 years straight? You are going to have to sacrifice a lot of your time, and so say goodbye to family time, attending your "brothers wedding" or your school's "10th reunion" or your "father's retirement party". You will be missing out on all of that for 4-5 years, and it depends on the type of the person you are, that will allow you to let that happen. It's basically a huge sacrifice and a lot of people became someone that they aren't and people lost touch with their friends, family and lost the image. It's a huge sacrifice and I want you kids to think about this give this a little though before you decide to go down this path. If you sacrifice all off that, then go ahead. Stay in the market for 4-5 years, make the money and get out of there and do the world some good.

I say "do the world some good" because a middleman you won't be doing anything good for the world, you will just be someone's bi&ch.




Schulich BBA Student
Class of 2014



Holy crap, could you be any more condescending? I'll give it a try...your diatribe is nice and all, but from Schulich investment banking isn't something you'll have to worry about.

It takes a certain kind of person to work those kinds of hours, but a lot of people enjoy investment banking. There are a lot of reasons to do investment banking beyond the paycheck, and saying that you'll have to do coke or be nasty is outright misleading.
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A photo of ktel ktel
Yeah, good ol' schulichgirl has one year of university under her belt but is infinitely wise and experienced...
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A photo of goldmansachs goldmansachs
I agree with LampShade, that aspect of investment banking has been blown up by the media more than it needs to be, especially because the media is trying to get attention and needs someone to blame. However, what I liked about schulichgirl's post is to some extent it is obviously true and I think her main point was - is that the life style you want to be living?

Well I don't know if you guys know the story about Geraint Anderson, but basically the story about him he was some hippy working in the bars of India, until one day his brother offered him to work in London as an utilities analyst, he worked up the ranks and became one of the hot shots in 'The City'. After years of working, it finally hit him that the industry he is working in just full of bullsh*t and wanted to expose the the investment banking profession. During the financial crisis this guy really got out there and just exposed everything, for example hedge fund managers starting false rumors that a stock will fail and then shorting it, and making a million dollars gain in an hour, to going to clubs, smoking cocaine, making money that they shouldn't be earning...etc.

If you have the time I highly recommend you watch this snippet of this documentary, it's 27 minutes long, but I found it very interesting as he was exposing the lifestyle of an investment banker. Though this not may be the case for every one working in the profession, it does open your eye to what's really going on and makes you wonder if that's the life style you want to be living.

Snippet of Documentary
Geraint Anderson Profile
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A photo of immaculatedx immaculatedx
Models and Bottlessssssss - http://www.youtube.com/watch?v=-4gnLWoh3fM&feature=related
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A photo of mxfire mxfire

@immaculatedx wrote
Models and Bottlessssssss - http://www.youtube.com/watch?v=-4gnLWoh3fM&feature=related



You can't afford all of that on an Analysts salary ahah
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A photo of apark17 apark17

@immaculatedx wrote
Models and Bottlessssssss - http://www.youtube.com/watch?v=-4gnLWoh3fM&feature=related



immaculated should be in this video 5 years down the road..
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