AlexLefty wrote:
Ok this helps me. I wasn't really sure what the overall deal was. So then, another rather large question, to go into Investment Banking for example, should you get an MBA?
#1 why do you want to get into Investbent Banking?
I hear everyone trying to get in I banking and it's usually because they want to make a lot of money. Well the skinny on ibanking is this.
80-90% of offers go to genuinely smart people, who
probably deserve it, but whose fathers are the CEO of some company, and has given the bank several mil in commission from some deal. The 10-20% go to the geniuses at the top ivy league schools, who have at least some network connection.
These are only the analyst positions. Then, when they weed out the analysts and offer full time positions, you play the game all over again. Do the statistics game, 1/9 * 1/9 - and this is in addition to brutal hours.
After you look at all tihs, I don't know why anyone would want to go into ibanking, you may as well sell your soul. And I do know a lot of people that used to be in ibanking (keyword 'used', they were not offered full time b/c of the above), and they all come out broken/dejected by the system.
So unless you truly truly LOVE ibanking, i would really re-evaluate that. So to answer your question, to get into ibanking, did your father or close immediate family member get the bank in question a lot of commission? #2 are you truly a genius? (not just on paper but socially)