| Topic Name: |
Medical School or Law School? |
| Message Name: |
Investment Banking is a gamble |
| Date Posted: |
10/17/2001 |
| In Reply To: |
You are wrong on several counts. First of all a full first year associate at a reputable investment bank will make $200-250k (yes even this year if they still have their job). Making it to VP is not guranteed but certainly much easier than partner in a large law firm. Partner in a law firm is analogous to MD at an investment bank and the attrition between associate and MD is similar to assoicate to partner in a law firm. The biggest financial advantage of medicine is job security. |
| Message: |
The quickest way to earning the most money in 10 years is through investment banking. However, the likelihood of one becoming successfull in IB is rare. It is more difficult for one to succeed in investment banking versus law and medicine.
For one thing, you can't even enter investment banking unless you graduate from a great B-school. And to get into a great B-school, you have to get great work experience (analyst position) out of college. To get this unique and rare job experience, you have to graduate from a top 20 undergraduate school. That's a lot of "if-factors."
You can work for a BIGLAW firm if you graduate in the top 10% of a 4rth tier law school. And it really doesn't matter what medical school you attend so your undergraduate institution doesn't play a vital role like it does in IB.
Lastly, age and corporate image plays a big part in getting into IB. Investment banking firms don't like to hire older people as analysts or associates. It's not like you can be 35 and enter IB. However, law firms routinely hire older grads, people who worked in other industries prior to entering law school. And the older medical school graduate is a trendy concept now. It's not uncommon to see a 40 year old graduate from medical school.
So the point is that if you can get lucky and get into IB, then do so. But if you are like most of us, don't waste your time. And even if you do get into IB, it's no guarantee that you will advance beyond the associate position.
And layed off investment bankers are finding a difficult time finding work. Since their job duties are so unique, companies aren't rushing to hire them. Most of them are overqualified for lower analyst positions so that hurts them as well. Basically IB is a huge gamble. If you succeed, you can retire by 40. If not, well you see the picture.
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