I’ve got one. I graduated with honors from my undergraduate university. My hard work throughout college both in an employment setting and a academic setting provided me with multiple job offers. Being the BSD I was, I accepted the highest offer from the coolest firm working in trade ops, aka bo. Since I was making some nice coin for a 22 year old, I was living it up. My convertible was paid off, my student loans were paid off, I opened a personal trading account, and I began living like a high roller straight up models and bottles on Thursday kicking off my weekend of partying. Those were the days. But then, I found AF and signed up for the CFA Exam… Level 1 began consuming all my time. No longer was I living it up, I was studying constantly. My CFA pursuit did not align with the career path of BO (BOM->Senior BOM->MD BOM) so I began seeking new employment. I did not have luck. Furthermore, I was laid off from my employer. That was in 2008. At the time I thought it couldn’t get worse, until now. I’m finishing up the first year of my MBA. I’ve done well in my classes and made a ton contacts through campus networking events. Despite my best efforts, I do not have a summer job lined up, and its looking like my June credit card bill will not be paid in full (first time ever I have not been able to pay). So, I went from a rising star BOM to a now MBA/CFAer whom has recently applied to cut grass and handle UPS packages this summer. I look back to try and pin down WTF happened, but I cannot. For those sleepy eyes still reading my drivel, I’m really down on my luck and I have no idea where to turn. Maybe I should join truckdriverforum.com or something. FML!
I went from rags to riches back to rags. Grew up in a lower middle class family. Graduated university at 21 and got a prop job trading equity futures (Eurostoxx). Made 6 figures in each of my first 2 years, then was unable to adapt to the changing market. 2 years of sub par performance later I was out of the trading business (at a time where the industry was contracting). Realized the hard way that trading skills were not transferable to many roles in finance. Now making a quarter of what I used to make in ops. Completed the CFA program in the meantime, but has not opened doors yet. Disclaimer: I do not have a big network.
OK here is my story. I came to this country when I was 16 not knowing a word of English. I didn’t do too well in High School becuase I was completely new to this country (US) and had to pick everything up. So I ended up in a low-ranking state school. Graduated in 2008 from the said state school while the market went to hell. So naturally I ended up in a less-than-glamorous place, ie Commercial Banking. Started out as a credit analyst and went through the bank’s credit training program. Because of the soft market, most of my analyst class got fucked. Right now, I am doing some back-office data entry work and report a Devry MBA (no joke) boss, who constantly criticizes our team’s work and belittles me and my coworkers (Once that asshole basically gave me this feedback “for some reason you don’t seem to know what you are doing, and you are very slow at learning things”) Right now my entire team is beyond the point of giving a shit. My plan is to get in school, show her the finger, and take a LONGGG vacation to decompress. I took my GMAT (760, I think that’s slightly higher than the GMAT average at the Devry MBA Program my boss went to) and I am taking my L3 this June. I have 3.9 undergrad GPA and had some pretty extensive leadership and community experience, both in college and past-graduation. And my background and story should also help in the admin process too. So I think I should have a chance of getting in B-school, despite my short work experience (3 years) Yea I definitely have been going through some hard time and I can’t even go to work in the morning without thinking “what a miserable day it will be!” But I am positive things will turn around. Put in time, work your ass off, and be patient. I mean, I came to this country with nothing and I’ve been through some rough shit before. I know I will survive this one too. Back to tudying!
I don’t have a riches to rags story, more like rags and staying rags indefinitely while waiting to see if it’s a rags to riches story. Just posting to say I wish you guys all the best!
One former poster on this site has one – Remember Louisvillegrad? He went short US equity last spring.
He went short big when the Dow was at 7200 (low was 6500) and then doubled his bet when it kept going up and up. I don’t recall him posting after the Dow passed 8500.
I’ve got upper middle class to lower upper class story. I was laid off 2 years ago this month from my $35,000 per year job. In 2010, I will earn over $200,000 and my predicted 2011 income is anywhere between $200,000 and $800,000. This isn’t to brag–I hope it doesn’t come off that way. If it were, I’d release my name. This is a relatively anonymous message board. By the way, a credit analyst at a commercial bank, in my opinion, as someone who has worked as both an IBD analyst and at a commercial bank, is a far superior role in this: if you ever want to be an entrepreneur, particularly in real estate, working at the ground floor and learning how people build credit and obtain financing is incredibly key. My best friend is a successful mortgage banker (he does single family loans); talking with him has taught me more about how REAL business works than ANYTHING I’ve done at my 9-5. And working 60+ hours per week as an IBD analyst with million dollar and billion dollar deals tends to sap the realistic creativity from a young person.
I guess I have a little bit of a different take on this than some of you. Like some folks here, I came from a lower middle class family – my mom raised me alone on her social workers salary. We lived in the crappiest parts of town and always scraped by. I paid my way through college at a good state school by working and winning scholarships, went 3/3 on the CFA in 18, and, miraculously, ended up at one of the best hedge funds in the country based on long-term track record. To all the people who are feeling left out or down or whatever because you’re in the back office or somewhere you don’t want to be, my advice is simple: Enjoy yourselves and what you do have – you are probably underappreciating it. I think it’s hard for people to imagine how ruthlessly competitive and soul sucking the hedge fund world can be. Basically, I work as much as I can physically stand to work, 6-7 days a week (~90 hours) under ridiculous conditions and time constraints. The business model is to push yourself as hard as humanly possible in order consistently get an edge over all the other smart, hard working guys in the industry. The stress causes people to get all “cracked out” and do things they probably normally wouldn’t – the dominant form of communication in the office is screaming at each other, slamming doors, and, at times, throwing things. People get fired often and I’m the last man standing out of my analyst class. The job pays an ungodly sum of money for someone in their mid-20s, but it basically destroys my life in the process. I’m not looking for sympathy, since it’s a choice I make, just saying think about it. It’s not all rainbows and puppy dogs. I have met the most effed up, sick people in this profession, and I guess for some people (like me), you have to live it and see it before you realize that there is a lot more to life than money. It’s not really clear to me who has the bigger FML story in the end. Just my two cents.
kkent Wrote: ------------------------------------------------------- > I’ve got upper middle class to lower upper class > story. > > I was laid off 2 years ago this month from my > $35,000 per year job. In 2010, I will earn over > $200,000 and my predicted 2011 income is anywhere > between $200,000 and $800,000. This isn’t to > brag–I hope it doesn’t come off that way. If it > were, I’d release my name. This is a relatively > anonymous message board. > > By the way, a credit analyst at a commercial bank, > in my opinion, as someone who has worked as both > an IBD analyst and at a commercial bank, is a far > superior role in this: if you ever want to be an > entrepreneur, particularly in real estate, working > at the ground floor and learning how people build > credit and obtain financing is incredibly key. My > best friend is a successful mortgage banker (he > does single family loans); talking with him has > taught me more about how REAL business works than > ANYTHING I’ve done at my 9-5. And working 60+ > hours per week as an IBD analyst with million > dollar and billion dollar deals tends to sap the > realistic creativity from a young person. Are you saying you’re pulling in 200-800k as a credit analyst at a commercial bank? I have to assume not, so what role are you in where this is your salary?
kkent, congrats, seriously! but you should post this in rags to riches, this thread is riches to rags …
I apologize for the tantrum I threw the other night. I’m just having some bad luck! This week I got 3 interview rejects. I’m keeping my head up and trying not to let it all get to me. While things are not great, they sure could be worse.
I apologize for the tantrum I threw the other night. I’m just having some bad luck! This week I got 3 interview rejects. I’m keeping my head up and trying not to let it all get to me. While things are not great, they sure could be worse.
I graduated last year and a lot of my classmates are still looking for jobs. The good news is it looks like the markets are picking up, and the ones finding jobs now are for great positions. Hardwork and networking.
nice
Quantjock if you want re I might have some lines on interns but they’d be through dec.