jb32 wrote:
One other point to make based on Cogar's comment.
I read "The Accidental Investment Banker" recently and the author makes a pretty good point about banking during bull market times. He talks about the people that were hired during the huge run-up in telecom and media that coincided with the internet bubble and basically came to the conclusion that the bank's hiring standards greatly diminished when times were good. They had to get bodies in the chairs to keep up with the massive deal flow. Now these people weren't necessarily idiots, but they would also never have been hired if the banks weren't making money hand over fist. So what I am saying is that you don't want to be one of these people. You don't want to be the guy (or girl) that got a job due to economic affirmitive action because when everything washes out, you will be the first one fired. You might be able to get by for a few years (and make some great money), but if you aren't good enough to be at a bulge-bracket bank, people will find out soon enough.
I would guess just about everyone on this board wants to find out if they are really good enough to be a good banker and not just an EAA hire. I think only you know if banking is truly a realistic career goal, or just wishful thinking. So if you really are good enough, then I don't think you will have a huge problem. If you aren't good enough then it's not like there aren't a million mid-market banks that wouldn't hire someone from Wharton, Chicago, or Kellogg.
Good analysis and good debate for sure. I have to play devil's advocate though. A lot of people only go into banking wanting to spend 2-3 years as an associate because they know it will provide them a mutlitude of exit opportunities on the buy-side. Sure, they won't likely get into KKR or Blackstone and other very structured mega funds at the associate level (they only hire analysts), but there are still plenty of excellent buy-side exit opportunities out there for those who don't see themselves as career bankers.
With banking (or consulting), if you're only looking to spend 2-3 years to get your stamp of approval on your resume and move on to either a corporate or buy-side role, it really does not matter whether you got in during a good time or a bad time. I would venture to say that it may barely even matter how good of a banker or a consultant you were either. Lastly, the best exit opportunities are obviously had out of the bulge brackets and out of M/B/B, not out of middle-market banks or 2nd tier consulting firms.
I would also venture to guess that it is somewhat difficult to reasonably ascertain whether or not someone is "good enough" for banking from just on-campus interviews and the recruiting process. People either adapt to the lifestyle and the work of banking or they don't and leave.
As for myself, I have no idea if I'm "good enough" to land a job in a bad economic market or a good one. Can I just go through recruiting before I sign on the dotted line for my student loans? That'd be great, thanks in advance.