I don't know what I want to do.....

It was a tongue-in-cheek rumination....though not far from reality based on my converations with friends at Bear Stearns, ML and Lehman.

The adcom suggested we do Career Leader ($95) https://www.careerleader.com/

I think they require it for students...

80 hour weeks? Yeah, when you become senior. Associates are more like 100 hour weeks (not too different from analysts).

There's a switch in necessary skills in banking. The skills that get you the job and help you succeed are not the same skills you need as a manager. As a grunt, you need attention to detial/analytical skills/ etc. but as you become more senior, it's all about selling.

So, do you want to be a glorified salesman?

I understand, and I also have friends within the industry that say some of the same things when they are having bad days. However, other days they love their work and it obviously goes without saying the money is absurd.

IMO, there are pros and cons to all jobs, and sadly stats show that most people don't really like their job. Whether you go into IB, MC, IM, Corp Finance, GM, etc., there are going to be some good things and there are going to be some bad things - no job is perfect.

IB sucks. Period.

I think IB opens up a lof ot doors further down. Most people tend to work for 2-3 years post MBA and move on to PE shops, Hedge Funds and other Corporate Finance roles. Once you get out of the IB fraternity, there's an aura of accomplishment and honor associated to it.

I read in Alex's posts on businessweek forums that PE and Hedge shops aren't quite welcoming to formers IBs. Corporate finance is the more likely route. Can someone comment ?

I love reading Alex's comments, but don't take his word on IB as gospel. He has obviously been burned badly by the IB bug and has a huge chip on his shoulder about it. If the industry was so horrible, why would so many people be fighting each other for these BB jobs? Why is IB the #1 industry MBAs want to get into to? Everyone knows the pay is great and the hours suck, but many see it as an opportunity to pay your dues for a few years and then leapfrog into something a bit more manageable.

Also, Alex brings up race quite a bit when he espouses on IB, and I have a feeling his lingering opinions on the industry have to do with some perceived racism he felt at one of the white shoe firms.

Sure, but I hear the same story from multiple sources which is hard to ignore. The money is great and the pressure of getting out of debt makes a lot of MBAs do things that they may not like.

Not many people mentioned investment management? How come?

Well, I guess the bottom line is simply to believe what you want to believe. I know people in the industry and the consensus is that IB can be a stepping stone to PE/HF/IM. Is it easy? No, but it can be done and is done on a consistent basis. That said, there aren't any stats on the issue, so I guess you need to trust your sources.

Tough to break into straight out of b-school with no prior experience. I certainly have IM aspirations, but i'm not naive - I will need to put back few years in a BBB to make the transition to the buy-side.

Investment management is the kinder, gentler cousin of IB, but easyb is 100% correct that it's an incredibly difficult field to break into. The pay is at least as good and can be better than IB, and the hours are shorter. You also have more control over your life. Not a shock that these jobs are in high demand.

I believe there are 3 realistic ways of getting into investment management.

1. Come in with experience at a bulge bracket bank and do well at a top 10-15 school.

2. Get an MBA from a top 10-15 school, join a top IB for 2-3 years and try to make the move after that (the way that easyb described)

3. Get a degree from an ultra-elite and do a lot of legwork and networking.

It's a rarity for people not at the ultra-elites to get into the field, unless it is based on relevant, elite level work experience. The jobs are just too much in demand.

Because IB is probably the only industry where you don't need a specific skillset and still earn $$$. The job is a commodity. Anyone can do it.

There's a reason people who've done IB never go back and the ones who go into IB out of MBA never did IB.

The best kept secret are the industries nobody wants to get into. Hedge funds have only been around for (what) 5 years. It's not even an established industry. (sounds like dotcom bubble)

My money is on the GM, Nabisco, Sony corporations. Or better yet an established mutual fund.

Since were all making lists of what we like and dislike

Would not do:
IB
Non profit
Brand Management (i want to manage people not things)

Specific areas of interest:
Strategic roles in small to mid sized firms
Rotational programs in corporate firms
Strategy consulting as a backup
Investment Mgmt buy side only
Private Wealth Mgmt (not sure why this is not a popular choice, the hours are reasonable, the pay is good, and its people oriented. Plus when you build a client list and you jump ship with a big client list, you can command a lot of money)

Just make sure you keep those plans to yourself during interviews!

LOL