It is currently 16 Dec 2017, 18:34

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

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

 new topic post reply Update application status
Author Message
VP
Joined: 20 Sep 2005
Posts: 1016

Kudos [?]: 39 [0], given: 0

Show Tags

01 Mar 2007, 12:03
I thought IB was more about photocopying and proof reading pitch books late in the night than any intelligent quantitative analysis. The analysis part is all bogus with a VP doling out an unrealistic and optimistic valuation number with the monkeys fitting things around that number.

fluffydot wrote:
Where's the love for IB??

Okay, I know I've writing IB in my apps all along but I really don't either. I know I need to make a lot of money and I'm good with analyzing stuff and math. I've been living in 3 yrs of chillax IT life so 80hour weeks seem like exciting to me. But I can see how that might get tough after a year or two. Is there something else I should consider instead of MC?

I'd also like to work in Hong Kong/China after grad, so some kinda banking/investing sounds good to me.

Things that are out for me:
Brand Management
NPO
Sales
HR

Kudos [?]: 39 [0], given: 0

VP
Joined: 24 Sep 2006
Posts: 1359

Kudos [?]: 203 [0], given: 0

Show Tags

01 Mar 2007, 12:09
My idea is to re-join my current employer. Now wait, here's the catch: right now I have access within my employer to positions around the world. Exciting opportunities and lotsa growth potential (which an MBA will help boost). However, when calculating salaries, they calculate based on a percentage of savings (in local currency) and a percentage of living expenses. Basically some wicked HR scheme to pay less to expatriates.

I figured that if I get a US based MBA I could re-join the company as a US-based employee and then no matter where I'm transferred (ideally to some low costs developing country) I'll keep receiving a reasonable salary.

So that's that. If I get an admit I'll try and make them pay for my MBA. If not, I'll keep my options open.

Cheers. L.

Kudos [?]: 203 [0], given: 0

Senior Manager
Joined: 03 Jul 2006
Posts: 480

Kudos [?]: 24 [0], given: 0

Show Tags

01 Mar 2007, 13:02
Tell us how you really feel...

People tend to have a love/hate relationship with IB, and it is apparent that transcends to how it is viewed in the blogosphere. It has it's pros and cons just like every job, but it's certainly not as dire as you make it out to be.

lhotseface wrote:
I thought IB was more about photocopying and proof reading pitch books late in the night than any intelligent quantitative analysis. The analysis part is all bogus with a VP doling out an unrealistic and optimistic valuation number with the monkeys fitting things around that number.

fluffydot wrote:
Where's the love for IB??

Okay, I know I've writing IB in my apps all along but I really don't either. I know I need to make a lot of money and I'm good with analyzing stuff and math. I've been living in 3 yrs of chillax IT life so 80hour weeks seem like exciting to me. But I can see how that might get tough after a year or two. Is there something else I should consider instead of MC?

I'd also like to work in Hong Kong/China after grad, so some kinda banking/investing sounds good to me.

Things that are out for me:
Brand Management
NPO
Sales
HR

Kudos [?]: 24 [0], given: 0

VP
Joined: 20 Sep 2005
Posts: 1016

Kudos [?]: 39 [0], given: 0

Show Tags

01 Mar 2007, 13:17
It was a tongue-in-cheek rumination....though not far from reality based on my converations with friends at Bear Stearns, ML and Lehman.

eazyb81 wrote:
Tell us how you really feel...

People tend to have a love/hate relationship with IB, and it is apparent that transcends to how it is viewed in the blogosphere. It has it's pros and cons just like every job, but it's certainly not as dire as you make it out to be.

lhotseface wrote:
I thought IB was more about photocopying and proof reading pitch books late in the night than any intelligent quantitative analysis. The analysis part is all bogus with a VP doling out an unrealistic and optimistic valuation number with the monkeys fitting things around that number.

fluffydot wrote:
Where's the love for IB??

Okay, I know I've writing IB in my apps all along but I really don't either. I know I need to make a lot of money and I'm good with analyzing stuff and math. I've been living in 3 yrs of chillax IT life so 80hour weeks seem like exciting to me. But I can see how that might get tough after a year or two. Is there something else I should consider instead of MC?

I'd also like to work in Hong Kong/China after grad, so some kinda banking/investing sounds good to me.

Things that are out for me:
Brand Management
NPO
Sales
HR

Kudos [?]: 39 [0], given: 0

Manager
Joined: 08 Feb 2007
Posts: 82

Kudos [?]: 1 [0], given: 0

Show Tags

01 Mar 2007, 13:21

I think they require it for students...

Kudos [?]: 1 [0], given: 0

Director
Joined: 09 Jan 2007
Posts: 707

Kudos [?]: 14 [0], given: 0

Show Tags

01 Mar 2007, 13:27
fluffydot wrote:
so 80hour weeks seem like exciting to me. But I can see how that might get tough after a year or two. Is there something else I should consider instead of MC?

I'd also like to work in Hong Kong/China after grad, so some kinda banking/investing sounds good to me.

Things that are out for me:
Brand Management
NPO
Sales
HR

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?

Kudos [?]: 14 [0], given: 0

Senior Manager
Joined: 03 Jul 2006
Posts: 480

Kudos [?]: 24 [0], given: 0

Show Tags

01 Mar 2007, 13:29
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.

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

eazyb81 wrote:
Tell us how you really feel...

People tend to have a love/hate relationship with IB, and it is apparent that transcends to how it is viewed in the blogosphere. It has it's pros and cons just like every job, but it's certainly not as dire as you make it out to be.

lhotseface wrote:
I thought IB was more about photocopying and proof reading pitch books late in the night than any intelligent quantitative analysis. The analysis part is all bogus with a VP doling out an unrealistic and optimistic valuation number with the monkeys fitting things around that number.

fluffydot wrote:
Where's the love for IB??

Okay, I know I've writing IB in my apps all along but I really don't either. I know I need to make a lot of money and I'm good with analyzing stuff and math. I've been living in 3 yrs of chillax IT life so 80hour weeks seem like exciting to me. But I can see how that might get tough after a year or two. Is there something else I should consider instead of MC?

I'd also like to work in Hong Kong/China after grad, so some kinda banking/investing sounds good to me.

Things that are out for me:
Brand Management
NPO
Sales
HR

Kudos [?]: 24 [0], given: 0

GMAT Club Legend
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5926

Kudos [?]: 2216 [1], given: 7

Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
WE: Business Development (Consumer Products)

Show Tags

01 Mar 2007, 13:41
1
KUDOS
IB sucks. Period.

Kudos [?]: 2216 [1], given: 7

Senior Manager
Joined: 05 Mar 2006
Posts: 348

Kudos [?]: 13 [0], given: 0

Show Tags

01 Mar 2007, 13:50
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.

Kudos [?]: 13 [0], given: 0

VP
Joined: 20 Sep 2005
Posts: 1016

Kudos [?]: 39 [0], given: 0

Show Tags

01 Mar 2007, 14:08
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 ?

agsfaltex wrote:
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.

Kudos [?]: 39 [0], given: 0

Senior Manager
Joined: 03 Jul 2006
Posts: 480

Kudos [?]: 24 [0], given: 0

Show Tags

01 Mar 2007, 14:24
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.

lhotseface wrote:
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 ?

agsfaltex wrote:
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.

Kudos [?]: 24 [0], given: 0

VP
Joined: 20 Sep 2005
Posts: 1016

Kudos [?]: 39 [0], given: 0

Show Tags

01 Mar 2007, 14:27
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.

Kudos [?]: 39 [0], given: 0

Senior Manager
Joined: 31 Jul 2006
Posts: 440

Kudos [?]: 56 [0], given: 0

Show Tags

01 Mar 2007, 14:27
Not many people mentioned investment management? How come?

Kudos [?]: 56 [0], given: 0

Senior Manager
Joined: 03 Jul 2006
Posts: 480

Kudos [?]: 24 [0], given: 0

Show Tags

01 Mar 2007, 14:31
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.

lhotseface wrote:
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.

Kudos [?]: 24 [0], given: 0

Senior Manager
Joined: 03 Jul 2006
Posts: 480

Kudos [?]: 24 [0], given: 0

Show Tags

01 Mar 2007, 14:33
Nsentra wrote:
Not many people mentioned investment management? How come?

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.

Kudos [?]: 24 [0], given: 0

SVP
Joined: 31 Jul 2006
Posts: 2302

Kudos [?]: 483 [0], given: 0

Schools: Darden

Show Tags

01 Mar 2007, 15:11
Nsentra wrote:
Not many people mentioned investment management? How come?

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.

Kudos [?]: 483 [0], given: 0

Manager
Joined: 22 May 2006
Posts: 176

Kudos [?]: 8 [1], given: 0

Show Tags

01 Mar 2007, 15:52
1
KUDOS
eazyb81 wrote:
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?

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.

Kudos [?]: 8 [1], given: 0

GMAT Club Legend
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5926

Kudos [?]: 2216 [0], given: 7

Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
WE: Business Development (Consumer Products)

Show Tags

01 Mar 2007, 16:08
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)

Kudos [?]: 2216 [0], given: 7

VP
Joined: 24 Sep 2006
Posts: 1359

Kudos [?]: 203 [0], given: 0

Show Tags

01 Mar 2007, 16:12
rhyme wrote:
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!

Kudos [?]: 203 [0], given: 0

GMAT Club Legend
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5926

Kudos [?]: 2216 [0], given: 7

Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
WE: Business Development (Consumer Products)

Show Tags

01 Mar 2007, 16:20
lepium wrote:
rhyme wrote:
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

Kudos [?]: 2216 [0], given: 7

01 Mar 2007, 16:20

Go to page   Previous    1   2   3   4   5   6   7    Next  [ 132 posts ]

Display posts from previous: Sort by

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

 new topic post reply Update application status

 Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.