Any investment bankers here?

[Ohnoezfail]

Just wondering about what it's like to be an investment banker, from analyst to associate, and what advice you would give to someone who is interested in the career? How would one get their foot in the door? Most important qualities or what exactly I should be nailing on my applications to internships etc.

Any insight into the roles and typical days would also be helpful. I'd like first hand accounts, ideally!

I'm a Mathematics & Physics joint honours student from a semi-target uni, if that's relevant.

 

[Ohnoezfail]

Thanks for the all the suggestions guys!

I do mean Investment Banking as in the whole area and the various roles, but i know that one often starts from analyst and moves their way up.

It's just something that I'm looking into and it does look tough, but also incredibly reward as I'm sure you all know.

I know a few bankers and accountants so I'll try to gain a placement through these contacts this summer. There's also a small local community bank not far from my uni, I'll be having a word about shadowing there too.

I do realise that I am on the low end of the scale when it comes to internship applicants. Particularly as I'm not actually studying something closely related and that the only knowledge I have is from reading article, rather than real world experience or anything from my course.

As for my plans, my course includes a Master's at the end, which I will most likely be doing. I highly doubt I'll drop down to a Bsc, and even if I do, I'll be doing a Msc elsewhere in applied mathematics or mathematical physics etc.

As for the comments about actuaries, AFAIK most actuaries have a PhD of some sort? I doubt I will be going that far in my studies.

 

[Ohnoezfail]

I am, I went in the "back route" by working hard as a graduate consultant building up relationships at clients.

Other way as people say is internships/grad schemes really (referrals always help)

How would you compare the two jobs? What is your daily schedule like?

OK did wonder if that was the case, maths/physics would be put to better use in other roles than investment banking. Analyst is just the grade/rank you start at... the hierarchy is usually some variation of analyst -> associate -> vice president -> executive director -> managing director. Some banks have other grades in between like AVP and SVP either side of VP...



If you can then it might be worth going for a post grad masters at a uni with a better reputation than the one you're at currently (though obvs reputation can be subjective) - if you can get into the likes of Oxbridge, LSE, Imperial, Warwick, UCL etc... then you'll get through more HR filters.

Actuaries don't tend to have PhDs, AFAIK you don't actually need a degree though in reality most will have BSc/MSc... they do have fairly tough exams.

If you want to be a quant at a bank then a PhD seems to be asked for more often than not these days, though the work often doesn't actually require it.

If you want to be a trader then there are opportunities for this outside of banks too - funds, options market makers/proprietary trading firms, utility firms, oil companies, commodities houses etc... It isn't unheard of to say work in trading at some oil company/power company/utility firm and then move across to an energy desk at a bank or fund. Best paid guy at Citi back in 2009, the one with the $100 million bonus that got Obama's pay Czar & some US politicians angry started out as a trader at BP rather than at a bank.

That would actually be my only reason to not continue with an Msc here, is that I could go onto Oxbridge or Imperial which have very nice courses on the areas of my degree.

Yeah becoming an actuary has quite a few exams to sit.. which apparently takes years!

Doubtful I'd get into becoming a quant then.

That sounds very lucrative.. I'll have to research a bit more on trading, thank you

 

[Ohnoezfail]

Sadly money is a factor that most people would take into account for a job.

A good example of how detrimental modern finance can be to society is when Enron traders were manipulating energy prices in the US. On the other side of their trade were old people getting their electricity supply cut off.

Just providing some balance.

Rgds

I'm just thinking about it, since I have a load of options to me and of course I would like to make some money, but I wouldn't sell my soul for it. Just exploring my options

 

[Ohnoezfail]

Investment banking in itself is probably not what you want, you will likely enjoy areas such as derivative trading, quant analyst, statistical arbitrage .



After my PhD I joined a high tech startup, it has it highs and lows, but I'm slowly pushing to be a quant trade, potentially high freq trading, in part due to the market location I ended up in.

That does sound more attractive since I am mathematically inclined but it sounds derivative trading and being a quant both require PhDs?

I think I'll be looking at the route of getting a Msc and then some experience in some statistical or other finance roles, then trying to wiggle my way in?

 

[Ohnoezfail]

Thanks everyone, I'll be doing a lot more research in the future and just trying to setup a placement in a general finance sector for now, i.e. accounting firms or small banks.

 

[Ohnoezfail]

a placement in a retail bank or accountancy firm isn't likely to help you much

Better than nothing, as I have no work experience or anything to prove I actually know anything about the financial world. Most IB internships wouldn't take me on at this point.