Job Responsibilities
Provide support to the trading desks by:
Running analytics on deals
Modelling structured deals
Modelling marketing packets to clients (through Bloomberg and
Intex)
Maintaining proprietary database of deals
Providing technical support to clients who subscribe to
proprietary software
Time spent averages from 80-100 hours a week, at least one
weekend day included. Work as usual even on public holidays.
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Job Requirements
Hiring requirements are a college degree, strong GPA, preferably
an ivy league graduate or equivalent (MIT, Duke, Georgetown, NYU
etc.)
Career path relatively uncharted which is double edged. Pushy,
aggressive, and SMART analysts can push their careers forward
through producing excellent work, and creating a stong
reputation. Passive but fairly competent analysts will not be
fired, but will probably move laterally, indefinitely -
different and new job functions, learning more etc. but no real
move UP the corporate ladder
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Uppers
Knowing that you work for a top-tier bank, having peers recognize and admire
that as an accomplishment.
Being challenged every day, having a dynamic environment that always changes.
Having to always be 'on your toes', and having the sense of having accomplished
a lot at the end of the day.
Learning very technical and complicated skills and industry knowledge that make
you feel 'smart' and different from others in 'regular' jobs.
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Downers
Poor financial renumeration.
Long hours.
Future uncertain, very competitive environment with little or no
breathing room.
Colleages all out to compete with one another, strong sense of
being alone and fighting a 'battle' all day at work.
Being at the bottom of the food chain means you do a lot more
uneccesary work than you have to, just because you're at the
bottom.
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Lifestyle
Can feel depressed at times, trying to find the meaning of why you do what you
do.
Very poor work life balance, affects personal life and alters personality.
Become too money-focused, short-tempered, bitter.
Dress code is business formal, which is a chore and uncomfortable when you have
to be in the office for 15+ hrs.
Few social events, and mostly not for analysts.
Diversity depends on the bank, but most banks nowadays try to hire more
diversely, which also means that not ALL the BEST candidates may be hired in
order to satisfy 'diversity'.
No business travel till 5 yrs on on the job.
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Compensation
Base salary = 55,000 + 10,000 (sign-on bonus) This it the
current 'industry standard' although some analysts at other
banks may be offered more unofficially.
Bonus = 15,000-20,000 (capped)
No stock options.
Benefits include health insurance, 401k etc. None of which are
free (they're taken out of your pay check).
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Advice to Jobseekers
Try to get as much practical work experience as possible while
in college. 1) It helps your resume 2) It helps to narrow down
your options of what you want to do specifically, which in turn,
makes you a stronger candidate during interviews.
Some relavent college work helps - classes that are quatitative,
financial accounting, advanced calculus, economics (marco,
mirco, international, econometrics), finance courses (eg
options).
Go to as many presentations/job fairs as possible. Establish a
rapport with recruiters so they can put a face to a resume. Be
pushy, and be remembered no matter what because they
(recruiters) see many many candidates.
Think seriously about why you want to enter the field, and
consider carefully if it matches your short/long term goals.
Be realistic and true to yourself, don't just follow the crowd.
Know what your strengths are, and apply to relavent departments
that allow you to use your talent to excel.
Current (personal) opinion of industry outlook:
Banks are definiely hiring more analysts, especially in New
York. But they are getting paid less, getting less
responsibility, and doing more grunt work. Learning
opportunities are more limited, and early responsibility is
becoming rare. Join a bank if you think you can stick out the
first couple of years and prove yourself amongst peers from top
schools - be realisitc. If not, you'll be in the same spot as
you are now, a couple years down the road trying to make a
career decision. If you think you got what it takes, go for it,
but don't take it all TOO seriously, because there's definitely
more to life than working at an investment bank.
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