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Possible to go PWM -> M7 -> IBD?
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Date: October 30th, 2014 2:00 PM Author: Fighting cream location (http://www.autoadmit.com/thread.php?thread_id=2714016&forum_id=2#26615449) |
Date: October 30th, 2014 2:06 PM Author: concupiscible ivory parlor knife yeah why not (http://www.autoadmit.com/thread.php?thread_id=2714016&forum_id=2#26615487) |
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Date: October 31st, 2014 1:59 PM Author: Fighting cream location (http://www.autoadmit.com/thread.php?thread_id=2714016&forum_id=2#26621218) |
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Date: October 31st, 2014 2:18 PM Author: Copper Heady Theatre PWM to IBD or S&T happens regularly, but personally, I would not want to go into PWM unless I had literally no other option for getting into finance. Managing rich people's money for year after year has a corrosive effect on people and turns them into a particularly unpleasant type of insecure snob. I have met people who are able to handle it, but frankly I have met more people who are not and become the most noxious, vulgar sort of name droppers that you are likely to meet in a professional context outside of Hollywood. When you sit around all day thinking about how much richer the clients are than you, and how you can satisfy their whims, you start to think of yourself as worthless, and as someone who can only demonstrate value by bragging about knowing some fancy person. I try to avoid hanging out with PWM people, as their attitude can be contagious. (http://www.autoadmit.com/thread.php?thread_id=2714016&forum_id=2#26621305) |
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Date: October 31st, 2014 4:54 PM Author: painfully honest cerise party of the first part home This.
They also are usually not very intelligent in their own right and have a facile grasp of investing, typically they also don't risk their own money even when their firm allows them to trade in individual securities.
I know a lot of wealth managers who own a lot of real estate, don't hold any securities while they recommend high load mutual funds.
PWM and vast portions of the sellside, particularly at mid levels (it does taper off at the high levels) attract and retain sociopaths, idiots and the classic type of modern WASP: the aggressively mediocre bro with firm tenure
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Date: October 31st, 2014 4:57 PM Author: Maize Partner CR. I knew a bunch of goldman PWM folks in Chicago. They were a combination of fratty idiots who went to TTT schools and hot chicks. They want to do finance but just don't have the intelligence and pedigree to do real finance.
Moreover, kissing rich people's ass for a living plain sucks. give me banking any day over PWM. |
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Date: October 31st, 2014 6:38 PM Author: adventurous principal's office headpube What do you think bankers do all day? The business leaders they work for are an order of magnitude richer and see the pitchbook M&A jockies as hired help just like the rich aristocrat sees their PWM bro.
PWM is a worse career but it's probably much chiller. Banking is one of the least chill jobs out there. |
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Date: October 31st, 2014 4:58 PM Author: Vermilion school Of course. But why would you? (http://www.autoadmit.com/thread.php?thread_id=2714016&forum_id=2#26622315) |
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Date: October 31st, 2014 4:59 PM Author: Maize Partner IBD at a BB or elite boutique PWNS PWM and S&T. HTFH. (http://www.autoadmit.com/thread.php?thread_id=2714016&forum_id=2#26622318) |
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Date: October 31st, 2014 5:00 PM Author: cowardly ungodly site You going to keep interviewing or accept one of your sick offers breh? (http://www.autoadmit.com/thread.php?thread_id=2714016&forum_id=2#26622327) |
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Date: October 31st, 2014 5:00 PM Author: Maize Partner i have some buyside interviews, so if i don't get those i will most likely accept. (http://www.autoadmit.com/thread.php?thread_id=2714016&forum_id=2#26622329) |
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Date: October 31st, 2014 5:01 PM Author: Vermilion school I know. I mean why would you start out in pwm? It's awful. If you want Ibd you can do almost anything -> MBA -> ibd (http://www.autoadmit.com/thread.php?thread_id=2714016&forum_id=2#26622333) |
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Date: October 31st, 2014 5:04 PM Author: Maize Partner sorry. misinterpreted your post. yeah i agree. PWM is truly dreadful. (http://www.autoadmit.com/thread.php?thread_id=2714016&forum_id=2#26622350) |
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Date: October 31st, 2014 6:37 PM Author: cowardly ungodly site It's still financey enough that it probably helps a bit in MBA recruiting, no? Versus someone who did a completely unrelated field pre-MBA. Although, it's probably a tougher road to a good MBA program from PWM versus coming from a unique field, since schools can fill their finance bro quota from actual bankers, traders, PE, HF, etc... (http://www.autoadmit.com/thread.php?thread_id=2714016&forum_id=2#26622782) |
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Date: October 31st, 2014 6:14 PM Author: Swashbuckling Iridescent Electric Furnace Fanboi IBD does not PWN S&T you dumbass. (http://www.autoadmit.com/thread.php?thread_id=2714016&forum_id=2#26622714) |
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Date: October 31st, 2014 6:16 PM Author: Maize Partner *guy who isn't aware that S&T has gotten decimated* *guy who isn't aware that IBD gives one a lot more transferable skills and exit opps than S&T*
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Date: October 31st, 2014 6:18 PM Author: Swashbuckling Iridescent Electric Furnace Fanboi There are still lots of bros making bank in S&T.
IBD mostly gives shit exit opps, just like biglaw and other things that idiots believe give exit ops. You sound like you're in school and dont know anything, amirite? |
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Date: October 31st, 2014 6:22 PM Author: Maize Partner just because there are bros making lot of money in S&T doesn't invalidate the general assertion that IBD is a better route than S&T. good lord, how bad is your reading comprehension?
No, IBD gives you exit opps in PE, IM, HF, and even other areas such as biz development. financial modelling is an extremely valuable skillset whereas in S&T you are confined to trading your specific product/strategy.
Yes, I'm in school at a M7 mba program. Got a few banking offers and deciding whether to accept or not.
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Date: October 31st, 2014 6:31 PM Author: Swashbuckling Iridescent Electric Furnace Fanboi Very few IBD bros are going to get a HF or PE job, and there's more traders at HFs than IBD bros because, traders, y'know, trade.
I used to think about things like you do but going through life always thinking about exit options sets you up for misery. S&T is a better job because it's not a fucking shit job like being an IBD associate. There's a huge upside potential and the job itself isn't hot garbage.
Reflect for a moment on how fucking stupid it is to take a job in IBD because you think it might make it slightly easier to get a job in a totally unrelated field several years down the line. The streets of MFH are littered with miserable fags who go through life like this. And for what, now they finally have a 200k job in biz development at some company making powerpoint decks and excel spreadsheets?
What you start to realize in your 30s is that all of your friends who didnt go into shit like IBD and biglaw start making more and more money doing jobs that don't suck a bag of cocks and you start making less money as you trade down into some in-house legal or bid dev role and prepare for a lifetime of doing shit work and blowing your superiors. but enjoy IBD. |
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Date: October 31st, 2014 6:38 PM Author: Maize Partner god, you really know nothing about finance. unless you're talking about macro hedge funds, which do tend to hire a bunch of S&T guys, most funds prefer IBD due to financial modelling skills. go on linkedin and look at the profiles of people who work at top hedge funds across strategies. a very big chunk of them did IBD.
second, it totally makes sense to consider exit opps when choosing a job. it's called being shrewd and rational. |
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Date: October 31st, 2014 6:44 PM Author: Swashbuckling Iridescent Electric Furnace Fanboi Some day in 2024 while you're on the way out the door of your one bedroom apt in MFH trying to arrange your weak, wispy hairline in the least embarassing format you can muster and answering emails on your blackberry about whether you can use your prestigious MBA/IBD training to combine those two PPT slides into one (in the interest of space) you will remember this thread. (http://www.autoadmit.com/thread.php?thread_id=2714016&forum_id=2#26622809) |
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Date: October 31st, 2014 6:47 PM Author: adventurous principal's office headpube The whole "exit opps" thing is flame because you have no idea if you'll actually be any good at a hedge fund. You think they will just keep you on if you don't make them money just for doing a 2-year stint at Jeffries? (http://www.autoadmit.com/thread.php?thread_id=2714016&forum_id=2#26622816) |
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Date: October 31st, 2014 6:51 PM Author: Swashbuckling Iridescent Electric Furnace Fanboi he wont get a job at a HF to begin with. post MBA IBD associates very rarely get HF jobs. (http://www.autoadmit.com/thread.php?thread_id=2714016&forum_id=2#26622827) |
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Date: October 31st, 2014 6:54 PM Author: adventurous principal's office headpube Seems odd to obsess over this narrative rather than actually being good at one's job. It's like the kind of guy who lusts over a hot chick just to have her, but wouldn't know what to do with her if he had a chance.
In JJC's mentally ill mind he must really think M7 (no pay, lots of loans, but that's fine, meeting lots of great people! rooftop parties!)->IBD (sure the hours are long but man oh man the exit ops! great business cards!)->HF (putting those analysis skills to work son!)->White college girl pussy he never got. |
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Date: October 31st, 2014 6:57 PM Author: Swashbuckling Iridescent Electric Furnace Fanboi i can't be too hard on him because i used to think about my career the same way. prestige! exit ops! etc. he'll learn the same lessons but by then it will be too late. (http://www.autoadmit.com/thread.php?thread_id=2714016&forum_id=2#26622854) |
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Date: October 31st, 2014 6:59 PM Author: adventurous principal's office headpube Maybe it makes a little more sense in prestige-oriented roles but still better to have a vague plan and just slide & let do. (http://www.autoadmit.com/thread.php?thread_id=2714016&forum_id=2#26622861) |
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Date: October 31st, 2014 5:26 PM Author: citrine mad-dog skullcap a lot of bros from high school do this for morgan stanley and the like. they are mostly 'tards but have well connected parents and social confidence. (http://www.autoadmit.com/thread.php?thread_id=2714016&forum_id=2#26622443) |
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Date: October 31st, 2014 6:12 PM Author: cowardly ungodly site Sounds like you all need to succeed in PWM is to be the exact opposite of an xo poaster. (http://www.autoadmit.com/thread.php?thread_id=2714016&forum_id=2#26622709) |
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Date: October 31st, 2014 6:34 PM Author: adventurous principal's office headpube Yeah, sounds like any other sales job where you can make bank with connections and confidence. No wonder wannabe Excel jockies talk shit on it. (http://www.autoadmit.com/thread.php?thread_id=2714016&forum_id=2#26622767) |