How is every last kid going into Investment Banking?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's a realistic career path, even for FGLI, if and only if you go to the right school and network with the right people while in school.

If the Ivies and Ivy-adjacent schools like Duke, UChicago, Amherst, etc., are out of reach, look for a known Wall Street feeder on the next tier like Bucknell, Colgate, or Richmond, and network like crazy from your first day on campus. Join a top-tier fraternity, get to know the alums, and make the career center your second home. And yes, be ready to log some serious hours doing work that is far from mentally stimulating or spiritually fulfilling, especially your first two years on The Street.

The concept of Richmond as a Wall Street feeder is even funnier and more delusional than the idea of a Bucknell pipeline.

I went to Bucknell. Every guy I'm friends with from there works on Wall Street.

Ignore the Bucknell and Richmond haters who seem to instantly materialize from the woodwork every time those schools are mentioned. Most Bucknell grads end up on The Street unless they're actively pursuing another field like law or medicine. And not in back office roles either -- another false charge from the haters, most of whom are probably mad they blew money on HYP or WASP and now have to call a Bucknell grad "boss."

I’m the Bucknell grad who posted above you, and you are annoying with these constant posts about Bucknell and “The Street,” and you undercut any believability by making these widesweeping pronouncements (which is different than what I, and the posted I quoted, did).

[Anonymous]

Anonymous wrote:My kid is surrounded by others who want to go into quant. His friends have $80k summer internship offers and he is at a top state school. Most of these job interviews need a deep understanding of math so he is studying 10+ hours a day for these interviews. I am curious to see where he lands. His cousin at Oxford and other one in India are all aiming for the same positions with quant funds across the globe.

My understanding is that you are either inclined to do well in these interview or you are not. Sure, you want to prepare to understand the types of questions they will ask, but you can't really "study" for the interviews.

I asked my kid what is the profile of a kid that is hired by a quant firm and he mentioned one of his buddies who scored a 99 on his Discrete Math exams when the mean for the class was a 58 (and the next highest score after his 99 was a 78).

That's why the math competition winners do so well, because those problems are all essentially brand new problems that they are asked to solve.

[Anonymous]

Why would you want your child to enter a world where if you don’t get accepted to the right preschool and your summer house isn’t in the right town, your life is over?

Who wants that pressure??

[Anonymous]

Anonymous wrote:It's a shame that every kid you know aspires to be a money grubbing dillweed. Sounds like a parenting issue. And issue with who you choose to spend your time with.

I don't completely disagree with this perception but I think there is a lot more to it. My DC is a senior econ major who had some first interviews recently. It's not all about money grubbing, especially at this stage. DC is well aware that the hours will be brutal initially but is in it to learn as much as possible.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My kid is surrounded by others who want to go into quant. His friends have $80k summer internship offers and he is at a top state school. Most of these job interviews need a deep understanding of math so he is studying 10+ hours a day for these interviews. I am curious to see where he lands. His cousin at Oxford and other one in India are all aiming for the same positions with quant funds across the globe.

My understanding is that you are either inclined to do well in these interview or you are not. Sure, you want to prepare to understand the types of questions they will ask, but you can't really "study" for the interviews.

I asked my kid what is the profile of a kid that is hired by a quant firm and he mentioned one of his buddies who scored a 99 on his Discrete Math exams when the mean for the class was a 58 (and the next highest score after his 99 was a 78).

That's why the math competition winners do so well, because those problems are all essentially brand new problems that they are asked to solve.

Since my son did not do competition math he had a lot of catching up to do. So far the studying seems to be paying off since he is in later rounds at a couple of these firms.

[Anonymous]

Why the hate about IB and consulting clubs?

They help kids if the parents don't have that background.

Mom and dad are teachers/doctors/lawyers, so join the business frat and consulting club for tips on interviewing, case studies, socializing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My kid is surrounded by others who want to go into quant. His friends have $80k summer internship offers and he is at a top state school. Most of these job interviews need a deep understanding of math so he is studying 10+ hours a day for these interviews. I am curious to see where he lands. His cousin at Oxford and other one in India are all aiming for the same positions with quant funds across the globe.

This is all very new to our family. Can you please link to an example of something he's studying? I'm having trouble imagining what would require 10+ hours a day for a college internship.

(For context, I do understand what that type of studying looks like for the Bar Exam and med boards. But not for an internship interview.)

It is a lot of math problems but since the competition is kids who have done competition math he had a lot to cover. The interview is purely problem solving. You can look up interview questions for Jane Street or SIG to get a sense.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My kid is surrounded by others who want to go into quant. His friends have $80k summer internship offers and he is at a top state school. Most of these job interviews need a deep understanding of math so he is studying 10+ hours a day for these interviews. I am curious to see where he lands. His cousin at Oxford and other one in India are all aiming for the same positions with quant funds across the globe.

This is all very new to our family. Can you please link to an example of something he's studying? I'm having trouble imagining what would require 10+ hours a day for a college internship.

(For context, I do understand what that type of studying looks like for the Bar Exam and med boards. But not for an internship interview.)

It is a lot of math problems but since the competition is kids who have done competition math he had a lot to cover. The interview is purely problem solving. You can look up interview questions for Jane Street or SIG to get a sense.

Most of it is probability, combinatorics, differential equations type questions. If you've taken the coursework, there shouldn't be much to study.

[Anonymous]

It is a somewhat viable career or a decent first job on a resume for very smart kids at top colleges. Connections are not essential. 20-25 years ago, even at top colleges, you did not necessarily pursue or set yourself up for finance jobs unless you grew up knowing someone in that space. So it might be a little like the new computer science where a one-time scarcity of qualified employees has turned into an area with way too many applicants, but its also not all bad if more kids are aware of the field.

[Anonymous]

Anonymous wrote:It is a somewhat viable career or a decent first job on a resume for very smart kids at top colleges. Connections are not essential. 20-25 years ago, even at top colleges, you did not necessarily pursue or set yourself up for finance jobs unless you grew up knowing someone in that space. So it might be a little like the new computer science where a one-time scarcity of qualified employees has turned into an area with way too many applicants, but its also not all bad if more kids are aware of the field.

People go into it for a year or two to move onto something else. it's a great way to start your career and move on with life.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's a shame that every kid you know aspires to be a money grubbing dillweed. Sounds like a parenting issue. And issue with who you choose to spend your time with.

I don't completely disagree with this perception but I think there is a lot more to it. My DC is a senior econ major who had some first interviews recently. It's not all about money grubbing, especially at this stage. DC is well aware that the hours will be brutal initially but is in it to learn as much as possible.

Every kid thinks they understand how brutal the hours are in medicine/ibanking/biglaw. It’s the kind of thing you can’t comprehend until you do it. It’s like trying to explain what it’s like to have a newborn baby. You can’t.

[Anonymous]

Could it be that these careers offer a "track" -- a path whose milestones are clear and defined, so you know what you need to do to succeed?

In world where everything feels much more up in the air than it once did, and jobs/success aren't guaranteed, it seems like it could be reassuring -- almost like an extension of the journey they've been on to date. I imagine it would be particularly compelling to kids who have a track record of achievement, i.e. who met every milestone needed for admission to top schools.

Just spitballing, but that's what I've been wondering.

[Anonymous]

Hello Mr Bucknell Boss ! Lol

[Anonymous]

Anonymous wrote:My kid is surrounded by others who want to go into quant. His friends have $80k summer internship offers and he is at a top state school. Most of these job interviews need a deep understanding of math so he is studying 10+ hours a day for these interviews. I am curious to see where he lands. His cousin at Oxford and other one in India are all aiming for the same positions with quant funds across the globe.

Jane Street wants MOPers or Olympiad kids.

[Anonymous]

The IBers I know all want to do PE/VC…better lifestyle + money.