What's the appeal of working on Wall Street?

[Anonymous]

Anonymous wrote:Listen, I worked on Wall Street, but was a little older. It's a great spring board for so MANY careers! I wish I went to Wall Street after college or grad school. I didn't understand the world of VC or hedge funds, etc until I was an investment banker.

FYI - $500K is just base. The money is in the bonus.

Duh! The problem though is that a large portion of this bonus is in stock that vests over time.

[Anonymous]

http://washingtonmonthly.com/magazine/septoct-2014/why-are-harvard-grads-still-flocking-to-wall-street/

"Consequently, as Kevin Roose has written in his new book, Young Money, many wind up hating their jobs. Incessant Excel and PowerPoint drudgery, being on call to superiors at all hours of the night, putting in eighty to a hundred hours of work per week, traveling constantly, in the case of consulting, and feeling, overall, like a cog in a meaningless machine—all work against a balanced, productive life. The search for exit strategies becomes a preoccupation of many who take these positions."

"Far more typical are students like William, a junior at Harvard who told us that before arriving on campus, he “didn’t know there were consulting firms like McKinsey or Bain. I didn’t know that there were big investment banks like JPMorgan. I didn’t know that those really existed or what they did, and that wasn’t a thing for me, something I aspired to be.”"

"Of the 31 percent of graduating Harvard seniors going into finance and consulting, only 6.39 percent say that they expect to remain in those sectors (0.68 percent of those going into consulting jobs and 5.71 percent of those heading to financial services)."

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Money. Nothing else.

I like money as much as anyone else, but to have to live in NY and work 70+ hours a week to get it? No thank you.

For some it's better than working 70+ hrs in a DC non profit and not making any money.

I agree with that. But most don't work 70+ hours.

I did this - 70 hour weeks for a DC environmental group for about five years. They were five of the best years of my life - doing important work, with people that became good friends (and one who became my husband). No amount of Wall Street money would have been worth giving up that non-profit experience.

[Anonymous]

For me? I made a shit ton of money very quickly (Goldman and then private equity in California). I worked insane hours and actually put my husband though medical school. Quit when he started residency in a cheaper place and now live in a fairly normal place in terms of COLA. I'm home full time now and enjoy it, but will probably get back into consulting (turnaround maybe) when the kids get older.

[Anonymous]

- Work in a top tier city (NYC, Chicago, Boston, SF, LA)
- Money
- Keep options open (MBA or law school after 3-5 years)
- Prestige (blue chip banks only hire top kids from top schools)

[Anonymous]

Anonymous wrote:

Anonymous wrote:Money. Nothing else.

no - it isn't the money to most people at target schools (except for perhaps Wharton). At non-targets or semi-targets, yes it is the money, but not to kids at targets.

I can tell by your answer you didn't go to a target school where all the firms recruit for front office jobs.

The main appeal is the exit options and career path flexibility.

What i mean is this:

Imagine that you are a young bright HYPS or Williams grad at age 21/22 who majored in a social science or some other kind of soft major and come junior or senior year you don't really know what to do. You have a few interests but don't want to really box yourself in and you dont want to go grad school yet because you don't know where you want to take your career.

"Wall Street" at target schools swoop in and present a very structured and clear recruiting path that appeals to kids who already conquered such a path by getting into target schools.

Wall Street (it is changing slightly now but in the past) also presents itself as something for UG's to do for 2 or 3 years so they can get 'work experience' on their resume from a top firm, gain analytical skills, provides opportunities for you to show others you can work in high pressure situations, but most importantly without a long term commitment.

Industry and government knows that wall street has done some of the 'screening' for them already so after your 2-3 year stint at a firm, you leave all the aforementioned experience but also with the flexibility of knowing industry firms want you to staff some of their 'high profile' teams that more closely report to the c-suite.

when you look at job descriptions for teams that do interesting firm-wide work at a top company, a lot of them ask for "2-4 years IB or top strategy consulting experience" even if its everything from cpg to auto oems to appareal to whatever sector you want to name.

Real examples:

cute princeton history grad, dreams of working in fashion -> JPM IB analyst -> after two years applies and has offers for great paying jobs doing strategy and corp development at three well known fashion and luxury brand houses. She would've had a much harder time breaking into the industry without going to JPM first or if she did go out of UG would've been stuck on a different career track in the industry and not a more 'accelerated' track without the ib experience.

Top LAC grad, wants to work in sports -> IB analyst at top firm -> after 2 years joins Nike corp strategy and development, uses that as a platform to join an elite team at Nike that does their cutting edge demand creation work.

I can go on and on but that's the appeal of wall street (and consulting) to students at targets.

Wall street is a quasi 'finishing school' where you get paid to attend.

the actual work as an IB analyst and associate is fucking boring and tedious.

Trading is a different animal - kids that go into trading, do it for the money and interest in markets.

Nice explanation and real world examples. Agree that for all the jobs except trading that it is for the exit path and career flexibility. You work crazy hours for a couple of years, make good money to pay off student loans then move on to a more normal lifestyle and career on a secure financial footing. Employers love to pay for the real skills young adults pick up in a few years on WS.

I also would add that living in NYC is a bucket list item for some kids - the glamour and mystique and thrill of living in Manhattan. Like living on the Seine in a garret if you're an artist.

For the traders it is all about putting the competitive instinct / skill to use. They are a different breed.

[Anonymous]

Anonymous wrote:- Work in a top tier city (NYC, Chicago, Boston, SF, LA)
- Money
- Keep options open (MBA or law school after 3-5 years)
- Prestige (blue chip banks only hire top kids from top schools)

And don't forget, working with other unimaginative and craven people just like you. It's a win-win-win!

[Anonymous]

Didn't get a call-back?

[Anonymous]

Anonymous wrote:http://washingtonmonthly.com/magazine/septoct-2014/why-are-harvard-grads-still-flocking-to-wall-street/

"Consequently, as Kevin Roose has written in his new book, Young Money, many wind up hating their jobs. Incessant Excel and PowerPoint drudgery, being on call to superiors at all hours of the night, putting in eighty to a hundred hours of work per week, traveling constantly, in the case of consulting, and feeling, overall, like a cog in a meaningless machine—all work against a balanced, productive life. The search for exit strategies becomes a preoccupation of many who take these positions."

"Far more typical are students like William, a junior at Harvard who told us that before arriving on campus, he “didn’t know there were consulting firms like McKinsey or Bain. I didn’t know that there were big investment banks like JPMorgan. I didn’t know that those really existed or what they did, and that wasn’t a thing for me, something I aspired to be.”"

"Of the 31 percent of graduating Harvard seniors going into finance and consulting, only 6.39 percent say that they expect to remain in those sectors (0.68 percent of those going into consulting jobs and 5.71 percent of those heading to financial services)."

This is my social environment right now (recent grads living/working in NYC). I read Young Money before I came up here, and I'd say it's more of a doom n' gloom portrait than it actually is. My banker friends complain about their jobs, work disgustingly long hours, and often quit. But for the ones who aren't well-connected rich kids whose parents funded their Ivy educations, the money and resume experience are extremely helpful. My friends in creative industries, tech, and publishing also complain about their jobs and often quit, but they work fewer hours and are paid less.

[Anonymous]

This is a serious question? Duh.

Money. Plus after a certain point, money = power. But really money.

The hours are not horrific after a certain point. My DH used to work on WS now works for a money manager in upstate NY. Works 55 hours a week and makes around 750k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Money. Nothing else.

I like money as much as anyone else, but to have to live in NY and work 70+ hours a week to get it? No thank you.

That's why you take your experience to go elsewhere in your late twenties. Many to CT or SF. A lot of people obv like NYC though.

[Anonymous]

Anonymous wrote:It is easy. If you are already at the right school it is a fairly mindless path to go into banking or consulting, and if you don't know what you want to do, you might as well make some money for a few years in a job that doesn't close any doors.

This is exactly how my DH ended up on WS.

He worked on the actual street for a few years but FYI the way the term is used, it's a euphemism for finance as a whole.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It is easy. If you are already at the right school it is a fairly mindless path to go into banking or consulting, and if you don't know what you want to do, you might as well make some money for a few years in a job that doesn't close any doors.

Yep. It's like law school but at least you are getting paid a lot. A lot of elite college high achievers have been on a very narrow track, always doing what's expected, never stepping aside to think about what they actually want from K-college. College graduation is the first point where they might have to make some scary decision for themselves. Easy to follow the same path as others and either go to wall street or law school.

Gosh, this is so inspiring! Lemmings with good resumes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:http://washingtonmonthly.com/magazine/septoct-2014/why-are-harvard-grads-still-flocking-to-wall-street/

"Consequently, as Kevin Roose has written in his new book, Young Money, many wind up hating their jobs. Incessant Excel and PowerPoint drudgery, being on call to superiors at all hours of the night, putting in eighty to a hundred hours of work per week, traveling constantly, in the case of consulting, and feeling, overall, like a cog in a meaningless machine—all work against a balanced, productive life. The search for exit strategies becomes a preoccupation of many who take these positions."

"Far more typical are students like William, a junior at Harvard who told us that before arriving on campus, he “didn’t know there were consulting firms like McKinsey or Bain. I didn’t know that there were big investment banks like JPMorgan. I didn’t know that those really existed or what they did, and that wasn’t a thing for me, something I aspired to be.”"

"Of the 31 percent of graduating Harvard seniors going into finance and consulting, only 6.39 percent say that they expect to remain in those sectors (0.68 percent of those going into consulting jobs and 5.71 percent of those heading to financial services)."

This is my social environment right now (recent grads living/working in NYC). I read Young Money before I came up here, and I'd say it's more of a doom n' gloom portrait than it actually is. My banker friends complain about their jobs, work disgustingly long hours, and often quit. But for the ones who aren't well-connected rich kids whose parents funded their Ivy educations, the money and resume experience are extremely helpful. My friends in creative industries, tech, and publishing also complain about their jobs and often quit, but they work fewer hours and are paid less.

Perhaps. But they're also not afraid to take a risk.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Money. Nothing else.

no - it isn't the money to most people at target schools (except for perhaps Wharton). At non-targets or semi-targets, yes it is the money, but not to kids at targets.

I can tell by your answer you didn't go to a target school where all the firms recruit for front office jobs.

The main appeal is the exit options and career path flexibility.

What i mean is this:

Imagine that you are a young bright HYPS or Williams grad at age 21/22 who majored in a social science or some other kind of soft major and come junior or senior year you don't really know what to do. You have a few interests but don't want to really box yourself in and you dont want to go grad school yet because you don't know where you want to take your career.

"Wall Street" at target schools swoop in and present a very structured and clear recruiting path that appeals to kids who already conquered such a path by getting into target schools.

Wall Street (it is changing slightly now but in the past) also presents itself as something for UG's to do for 2 or 3 years so they can get 'work experience' on their resume from a top firm, gain analytical skills, provides opportunities for you to show others you can work in high pressure situations, but most importantly without a long term commitment.

Industry and government knows that wall street has done some of the 'screening' for them already so after your 2-3 year stint at a firm, you leave all the aforementioned experience but also with the flexibility of knowing industry firms want you to staff some of their 'high profile' teams that more closely report to the c-suite.

when you look at job descriptions for teams that do interesting firm-wide work at a top company, a lot of them ask for "2-4 years IB or top strategy consulting experience" even if its everything from cpg to auto oems to appareal to whatever sector you want to name.

Real examples:

cute princeton history grad, dreams of working in fashion -> JPM IB analyst -> after two years applies and has offers for great paying jobs doing strategy and corp development at three well known fashion and luxury brand houses. She would've had a much harder time breaking into the industry without going to JPM first or if she did go out of UG would've been stuck on a different career track in the industry and not a more 'accelerated' track without the ib experience.

Top LAC grad, wants to work in sports -> IB analyst at top firm -> after 2 years joins Nike corp strategy and development, uses that as a platform to join an elite team at Nike that does their cutting edge demand creation work.

I can go on and on but that's the appeal of wall street (and consulting) to students at targets.

Wall street is a quasi 'finishing school' where you get paid to attend.

the actual work as an IB analyst and associate is fucking boring and tedious.

Trading is a different animal - kids that go into trading, do it for the money and interest in markets.

The best and brightest young minds, seeking careers in fashion and sports. Bless their hearts.