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Vault Message Board: Investment Banking

Topic Name: Ode to all the 'arrogant' ivy league idiots
Message Name: agreed
Date Posted: 08/17/1999
In Reply To: You are very wise to be making a road map for yourself at this point in your life. In response to your question, I have a friend who went to a state school, then worked as a credit analyst for a large bank. He will soon be attending the Univ. of Michigan's MBA program. He scored pretty well on the GMAT, but his real strength was his activities resume. He had an incredible record of leadership and humanitarian exposure. You should give serious consideration to these opportunities. DO NOT neglect the importance of having such credentials on your resume because employers take them seriously and schools take them really seriously. It may be a silly game, but your future depends on this game so don't screw up the easy, obvious stuff. I understand your desire to study the law. I too wanted to study law. It is a more intellectually stimulating field of study (in my opinion) but this is expensive if you don't plan to work in this field. Also take note of something "ranter" said in one of his posts. You may want to look into PCS (Private Client Services). This doesn't mean you want to be a stockbroker. It's just another way to get in the door or in New York City. For example, check out some of the organized PCS hiring programs at various firms. PaineWebber, for example, has what they call the "Private Client Associate Program". Look at their web-site and check it out. Many firms have such programs and you can learn about them through their web-sites. I'm sure you've seen some of this as you researched IB. Everything you do immediately after undergrad is going to be somewhat mundane, so don't be romanced by the allure of a glorious sounding IB analyst job. It's a contradiction. However, if you do go into PCS, I would advise you against going into some sort of "broker training". Try to find a rotational program of some sort.
Message: i tend to agree with reality about the PCS program,you have to very careful when looking at these programs though,some are pretty impressive and are a valid rotational based jobs like goldman sachs pcs dept,some tend to be nothing more than a glorified brokerage type work,like msdw financial advisor,be carefull,once you get involved in theses shams its gonna be very hard to move into ibanking,cos you will carry the broker stigma with you,i have met a few people who have gone through this.

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