The new class system for young Wall Street bankers

[brain_wash_your_face]

@lxwarr30

Maybe in theory, but if you have a good idea and no developer then you’re SOL.

Which is why the majority of successful tech start ups have a founder who is also a developer.

I was talking to a guy who dropped out of Stanford MBA to continue to pursue his tech start up. Smart guy, but had a bigger ego than anybody I encounter in finance. He was a real dickhead, honestly.

[hpracing007]

@itera

@former_trader

^Hard to tell if you’re sarcastic or not.

he reminds me of this one kid on WSO who posted that he wouldn’t give up a job in finance even if someone offered him 1billion dollars. complete bullcrap . trying to show off and look cool

LOL

[ohai]

Finance definitely has a prominent minority of douche bags who make everyone look bad. The problem is that finance is so stratified in terms of jobs and compensation, so some people think they are better than others. I do think tech people are on average more well adjusted than finance people, but they do tend to be self satisfied sometimes, similar to liberal douche who drives Prius and only shops at Whole Foods. Geography also matters, from what I can see. People in different cities tend to have different culture and attitude towards work.

[tribeca_regent]

@Viceroy

Unlike alot of people here, I actually enjoy funnance and believe it or not, I am not in funnance for the money.

Not like I’m in the sexiest of all spot in the finance world, but still I don’t really see myself doing anything other than looking at P&L statements, modelling in excel, reading loan documentation, talking to investors about block trades or talking with companies about convertible bonds offerings.

Sorry, give me a sexy job at Google that pays 1,5 times what I make and I swear I won’t take it.

either you make too little that the 0.5x is insignificant and you’ve reached an epiphany in life or you already earn way too much that the extra 0.5x is insignificant. or perhaps you own the firm or have a castle. imo no right-minded human being could be indifferent to a sexy job at Google for making cf models and reading contracts.

surprising and doubtful.

[former_trader]

@itera

@former_trader

^Hard to tell if you’re sarcastic or not.

he reminds me of this one kid on WSO who posted that he wouldn’t give up a job in finance even if someone offered him 1billion dollars. complete bullcrap . trying to show off and look cool

He was probably a BOM studying for the CFA.

[Viceroy]

No I was very serious with my post, I like what I do. And different strokes for different folks, I don’t care much for Google.

Are you implying that you would work in a field that doesn’t interest you just to have 0,5x your salary ?

I understand that shitting on funnance is the new hipster thing to do on AF, but I don’t know, man, if you are unhappy with it, just switch fields.

[hpracing007]

@Viceroy

Are you implying that you would work in a field that doesn’t interest you just to have 0,5x your salary ?

i assume you mean 1.5x … If the npv and future earnings work out to be more, I’m in. I’m in the check cashing business.

[blackomen]

@itera

A lot of people talk about finance and making tons of money as a young person.

In reality, a lot of front end jobs have been reduced to simply prestige, like this quote:

“I basically didn’t have time to talk to people for two years,” one former analyst reflects. “And frankly, some of my friends were making the same exact amount of money I was in other industries. So a lot of nights, I sat there in the office trying to rationalize why I possibly decided to subject myself to this.”

From what I’ve seen, a lot of “front office” jobs remain incredibly competitive, and yet big bulge brackets like Credit Suisse, Barclays, UBS. etc… have discovered it to be really convienent to screw people on bonus at year-end, and then leave people with a slap, by basically saying “times are tough” AKA: HA, good luck finding another job then. This leaves the analysts / associates with no reward after working 80-100 hours a week and basically getting paid similarly with their friends in industry working 40-50 hours a week. I’ve seen a huge exodus in the past couple years of people who realized it just isn’t worth it at some roles/in certain “top name” firms.

You see Credit Suisse for example always making headlines at Dealbreaker on screwing people at bonus time. My contacts there tell me the morale is absolutely miserable. \

Any time management tells me “you’ll be compensated for this at bonus time”, I take it with a grain of salt…

[hpracing007]

@blackomen

Any time management tells me “you’ll be compensated for this at bonus time”, I take it with a grain of salt…

They should teach stuff like this at school.

[Greenman72]

@hpracing007

@Viceroy

Are you implying that you would work in a field that doesn’t interest you just to have 0,5x your salary ?

i assume you mean 1.5x … If the npv and future earnings work out to be more, I’m in. I’m in the check cashing business.

I would not work in a field that doesn’t interest me. I would not be able to stay employed, because I would either hate it and quit, or get fired, or something.

It’s easy to say “I’d work a job that I hate that pays me 50% more” until you get there and hate it so much that you can’t take it.

Remember–Net Present Value ain’t Value if you can’t make it in the Present.

[geo]

^ Mmmmhhmmmm! Yup, yup.