Have you guys come across any individual who began his IB career in mid 30’s from non-finance background? Recently, I met with a group of IB fellows who strongly believe that late starter in mid 30’s should not dream about IB. It was not encouraging. What are the possibilities and paths to enter into this challanging field?
If your in your mid 30s you proably have a family etc, you dont wanna be doing that crap anyway. Take up fishing or something instead
An IB analyst in his/her mid 30s would be a sad sight to see. If you are over 30 and have no prior background, it will be nearly impossible.
Its possible (but rare). When it comes down to it, most positions are about sales. If you have enough experience, a good network, and the skills to be a rainmaker in IB, you could get your foot in the door. Jonathan Knee went into IB at GS 13 years after graduating college: http://www1.gsb.columbia.edu/mygsb/faculty/research/pubfiles/1027/Knee_CV04.pdf
Ibanks love lawyers.
I only see it happening if you are coming out of B-School unless you have some wicked contacts. And I’m talking about the associate level.
In my younger misguided days I applied to some banking positions at the age of 24 and was told I was too old to start as an analyst and didn’t have the experience to be an associate. Consider that most VPs will be in their late 20s early 30s, you will have someone young enough to be your son bossing you around.
I agree. The idea is that you are young, single, work insane hours, can take a lot of crap and are driven primarily by compensation. When you enter as an associate (post MBA) in your 30s, it weighs heavily against you. I know of a few instances personally. Of course, no one will admit it.
I applied for jobs in LA in equity research in early 2008 when I was 38. I got one interview. The guy said I was qualified. He explained the job to me and we both agreed I wouldn’t fit. I applied for countless other jobs doing research but no one responds. I have several things going against me… a crappy resume, no work history, no need for a job. So now I teach for a CFA prep company. I have a passion for being a cheap ass bastard with investing so I’m looking for a research/fund job that allows me to leverage my cheap ass ways at the same time allows me to surf, be with the family, etc. I was told there were a lot of family type hedge fund shops around where I live and that I’d fit there but I haven’t started applying or networking. I might’ve been the big cheez doing what I used to do but I’m just a crumb now. When you switch careers you REALLY have to humble yourself. It’s not easy being humble when you don’t have to be humble. It’s so easy to say FU.
JohnThainsLimoDriver Wrote: ------------------------------------------------------- > In my younger misguided days I applied to some > banking positions at the age of 24 and was told I > was too old to start as an analyst and didn’t have > the experience to be an associate. Consider that > most VPs will be in their late 20s early 30s, you > will have someone young enough to be your son > bossing you around. Are you serious? at 24 you were too old?? 
This has been the case for a generation or more. Grey hairs, meaning anyone over, say 35 or 40, have long been gone from middle management. Most of the jobs in finance are commodity like in their similarity, so a great deal of judgement is not necessary. The latest debacles show (Madoff not counted) there is no downside to even huge mistakes, so the judgement that an older person might bring is not needed. In this culture, 24 can and often is too old to go onto the well worn treadmill of insane hours, undeserved pay (but nice!!), and up or out by age 30. Most finance people are not bright enough to be engineers or medical doctors, so they have no choice but to follow this herd.
KTE Wrote: ------------------------------------------------------- > Most finance > people are not bright enough to be engineers or > medical doctors, so they have no choice but to > follow this herd. controversial statement but i agree.
Engineering work isn’t that tough depending on what you’re doing; I’ve seen a lot of very bright people in finance and economics. The big difference is that in school, the finance kids had more time to party while the engineers worked harder (and then partied harder when they had the chance). That said, I think engineering in any concentration is one of the best undergraduate degrees anyone can take. You can sure as hell go from engineering to finance, but it’s probably tougher the other way around. What do you guys think?
needhelp Wrote: ------------------------------------------------------- > KTE Wrote: > -------------------------------------------------- > ----- > > Most finance > > people are not bright enough to be engineers or > > medical doctors, so they have no choice but to > > follow this herd. > > > controversial statement but i agree. I know plenty of medical doctors who simply worked their asses off, this statement is bogus
needhelp Wrote: ------------------------------------------------------- > KTE Wrote: > -------------------------------------------------- > ----- > > Most finance > > people are not bright enough to be engineers or > > medical doctors, so they have no choice but to > > follow this herd. > > > controversial statement but i agree. I actually disagree. I personally know a ton of docs and engineers and hands down my finance friends are sharper, but are the least humbled.
if you don’t have a gig at a BB bank by 15, you got no chance http://www.guardian.co.uk/business/2009/jul/13/twitter-teenage-media-habits
kblade Wrote: ------------------------------------------------------- > if you don’t have a gig at a BB bank by 15, you > got no chance > > http://www.guardian.co.uk/business/2009/jul/13/twi > tter-teenage-media-habits is there a link to what the kid wrote?
Not all doctors and engineers are smart, just like not all finance people are smart. It’s hard to make a generalization and you really have to look at it on an individual basis. I know kids who cheated through college and got into med school. And one of my eng buddy is dumb as a rock, he is 28 and still lives at home after he lost his full time associate manager gig at Ace hardware. (no joke!)
TheAliMan Wrote: ------------------------------------------------------- > For you, anything, > http://media.ft.com/cms/c3852b2e-6f9a-11de-bfc5-00 > 144feabdc0.pdf thanks bud!