Careers in finance Post MBA

pelihu,

now, I am tempted!
hmm..

True, but their main offices are in NY. As Peli pointed out earlier, that's where the big deals go down.

That said, there are a handful of mid-tier banks that have headquarters outside NY.

anyone know ucla's reputation with IB firms on the west coast?

I hear it is good in LA.

I mentioned a few times during past discussions that I believe living and working in NY is the root of many of the lifestyle issues. For IB, I'd say it's 1/2 the profession and 1/2 the city of NY.

It's a vicious cycle in NY, regardless of profession: everyone works hard to begin with; people have little free time so they tend to spend freely when they go out - and tend to only go to the trendiest spots because they seldom get out; which drives up the prices; which means people work even more to earn big bonuses and cannot give up jobs even if they hate them; a business card from a name-brand firm can help get you by the maitre'd; and so on. Add in the high cost of real estate and transportation, and the fact that public schools in NY are terrible (no offense to anyone that went there) so everyone sends their kids to private schools if they can. It's easy to see why almost everyone in NY cannot help but take the highest paying job possible regardless of lifestyle concerns.

I know plenty of consultants, lawyers and accountants who work in NY and have lives as tough as the Ibankers, but don't make as much money. I had a friend who was a consultant in LA who came to visit me while I was in NY. We met up with these 2 sisters who were NY based colleagues of his. As college grads 2 years out, I think they made $45k or something like that. They shared an apartment that was no bigger than 300 sq ft. and they could barely afford that; anywhere else in the US and they could have lived comfortably as young professionals, but in NY with all the lawyers & bankers around they were scraping to get by. It's easy to see why people in NY at all levels are willing to sacrifice their lives to join the top paying firms and kill themselves to earn a bigger bonus - they need the money! If you're in LA or Charlotte, you might not feel equally compelled to seek the prestige and paycheck of the highest bidder.

Just to note, I'm not against joining a bank in NY; I definitely think those are some of the most prestigious jobs for MBAs and the pay is top notch of course. I'm just pointing out that being an Ibanker in NY is a tough job, but the "toughness" shouldn't be ascribed entirely to the profession - the city is equally at fault. But if you want to be a "master of the universe" or "smartest guy in the room" or something like that, NY is the only place to prove yourself.

Interesting. How about S&T? I heard they work a lot less hours than IB, with about the same pay, and easier to get into the PE/HF. Is there any truth to that, and can someone describe S&T more in depth?

One more thing, what about Finance jobs (IB/S&T/PE/HF) jobs internationally? Anyone's got knowledge about what's the compensation/lifestyle/how hard it is to get/etc for those high level finance jobs in say HK. London, etc? What about other major cities but not known as finance centers? I am assuming that HK/London is like NY, and other cities are like SF/LA? Do major firms recruit to international locations at the top bschools?

For London, just do a find replace on New York, though the structure of London is very much different (noone lives central unless very wealthy or homeless). Anywhere else in Europe you need to have languages, I think Frankfurt is pretty hard work, Paris I am not so sure. Labour laws in Europe are excellent to workers, but most IBs will doubtless ask you to sign them away.

PE is much like IB, but in special purpose vehicles with their own money. It is the same thing, to my mind, apart from it is done with their own money rather than processing the buy out for others, taking stakes themselves etc. I hybrid of M&E & VC of sorts.

HFs are available, but I would argue that you don't want to be in a HF before you have worked in S+T - there is less structure to training, more covering of multiple tasks, and they can vary hugely from being 30-500 people, plus finding out about them can be very tricky (bar the big few). It would be safer to go into an IB trading floor.

Comparing S+T is something I strongly argue as an being entirely incomparable part of the bank. IB is relationships, legals, decks, late nights. S+T is stress, quick maths, techy geeks, stress from other people. The skills required, atmosphere and ability to get fired for a f*ck-up (or just hate the atmosphere) are disproportionately higher. I say this as someone who is aware how much I would hate the type of work involved in IB M&A, but really enjoy S+T related stuff.

For jobs that require you to watch internatonal markets, most companies will not station you over there, but require you be at the office when those markets are open. That means going to work at 3 AM for Europe or 9:30 PM for Asia. A friend just had an offer from a large HF overseeing Europe. He has to weigh lifestyle options, meaning no social life ( friends are working when you are off work and you are sleeping when they get off work) even though his salary will double.

Does anyone know how the pay at BB IB firms in Chicago compares to that the the offices of the same IB firms in New York. Also, are the hours in Chicago really that much lower than those in New York?

Based only on my experience..... I would figure Chicago probably averages 80 a week, and NY closer to 100. I don't think you'll get 60 hour weeks in Chicago, at least not with Goldman or Lehman. The guys I know there put in plenty of hours.

A girl I know in NY works about 7am to 10pm or 11pm a minimum of 6 days a week, with a few hours on Sunday (from home) and typically one or two all nighters every few months and at least one 7 day work week once a month.

I dont know how much less it is in Chicago - I know pay and hours are a bit less, but I dont think its especially dramatic on either end. IB is IB and the hours - whether its NY or Chicago - are harsh. The pay is high. The bonuses are huge. If you are hoping to find that IB job that works you 50 hours a week instead of 100 and pays you $200K instead of $300K, as far as I know, it doesn't exist. (Unless maybe were talking S&T)

Does anyone know anything about equity research? e.g. How hard it is to get into? How many jobs outside NYC? Hours/salary/advancement opportunities?

I have a friend who did equity research at GS. He worked pretty long hours and was miserable. It was quite rare when he went home by himself; most days he got car serviced home.