Yeah, it really does make a big difference from my experience.
I think the first job is pretty important, but in this market, beggars can’t be choosers and I think any type of employment beats being unemployed… That being said, if you’re not pinched for cash, you might see if there are opportunities to do an “unpaid internship” in front-office over some back office gig. I know it’s going to be hard to find something like that because there are a lot of people that would work for free, but you never know till you try…
Thanks guys…yea…i am still pondering about the audit option…i guess i mite end up taking it…even though i hated my audit class…and with regards to deloitte…i had several friends…pretty smart ppl…they all got laid off couple of months ago after getting hired over the summer…(i was at the school career fair and i saw them there too…and i was going…wtf…wat r u guys doin here…???)… p.s. i am from a top-20 state school in the midwest…where things culdent be much worse i believe…and according to the ppl i tok to… i am thinking of just concentrating with my level 3 until next year…so that i can hopeully pass and then be 100% committed to work…is that a good strategy u wuld recommend?
I second the idea of getting a big 4 job. I have several friends who worked in consulting for a couple years or less and went directly to the FO in asset management and private equity. No route is really easy to get the good FO finance jobs, but I think the big 4 route is your best bet right now. And no, I don’t think your first job really matters much. It can certainly help you if, for example, you get an I-banking job straight out of college and you know you want to be in finance. But even if you didn’t have the opportunity to land such a role, your own hard work and lucky events can change everything.
I think the fear you should have is getting trapped in something very specific that you may see as an “in” but turns into a trap instead. The best option I think are positions where you get you foot in all sorts of skill sets. Ibanking and consulting have lots of exit opportunities that branch out into various types of roles, but so other positions. I began in compliance and like many others I know have pigeon holed myself. After 3 years my salary is decent and switching roles would mean a meaningful pay cut. If you do end up with something very specific that you know is not what you want to do for the LR, make sure you do all you can to transition into your wanted career path quickly- lest the opportunity cost grow very high 
Worst comes to worst take any job and try to get some supervisory experience or leadership experience. Then after a few years you can switch to finance or go get an MBA and switch to finance.
I would say not very much at all. Maybe in the first few years of your career but after that it shouldn’t really matter. If the company you’re trying to work for is putting emphasis on your first job, instead of your skill set, more recent achievements, fit, and potential, that doesn’t speak much for their HR department.
CFAdummy Wrote: ------------------------------------------------------- There are more options for > ibanking people than you can ever imagine. LOL. this is one of the best things i’ve read all day. ibanking people with jobs and options. good one
nolabird032 Wrote: ------------------------------------------------------- > CFAdummy Wrote: > -------------------------------------------------- > ----- > There are more options for > > ibanking people than you can ever imagine. > > > > LOL. this is one of the best things i’ve read all > day. ibanking people with jobs and options. good > one Despite all the I-Banker jokes, this still holds true.
ahhhrn Wrote: ------------------------------------------------------- > I would say not very much at all. Maybe in the > first few years of your career but after that it > shouldn’t really matter. If the company you’re > trying to work for is putting emphasis on your > first job, instead of your skill set, more recent > achievements, fit, and potential, that doesn’t > speak much for their HR department. But isn’t your skill set a function of your first job/previous jobs too?
You have to be nuts to think that all ibankers have gotten fired. Some depts. weren’t even touched.
I’ve personally seen ibankers go to b-school, private equity, hedge funds, and other banks. I would probably assume that they could easily get a finance job at a regular company. These are opportunities that most people don’t have 1-2 years out of college.
Certainly the IB to Corporate Finance/Business Development is a common path for bankers who flamed out on the 100+ hour work weeks before they started making hefty multiple six figure bonuses. For example my my boss was a BB asscociate, gave it up and is now the director of FP&A. Many of our strategic partners FP&A, business development and treasury teams are littered with ex bankers as well the straight from university types such as myself. I’m always surprised how bad most of them wanted out of i-banking roles.
The impression I get is if you are in America or Canada your first job means nothing, as long as you find a way to work your way into the job you are trying to get into. If you are in the UK however, it probably has a lot more weight. This is, after all, a country where it is normal practice to ask for your high school transcripts for a job interview. Nobody would ever ask that from an American/Canadian with a university degree. America = Land of opportunity Europe = Old man’s club That being said, I’m not planning on leaving London any time soon 
Ever think of the military? I’d go to Marine Corps OCS over some BO crap job any day… then get MBA after your 4 years are up. I served four years in the Navy between high school and university, and I’m about to graduate in Dec as well. I’m getting some really good interviews despite not having a single internship. That said, I only have a short list of companies/roles that I’m interested in, and if don’t get in any of those, I’ll be going to the USMC. You don’t have to be a U.S. citizen to join, but you’ll be limited in your choice of MOS (job) within the military. It’s still worth it though… having a military leadership position on your resume is 1000x more impressive than something like entry level Trade Corrections.
If you go into the military, they might send you to war. You might die or become disabled and never get into an MBA program.