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Old 12-28-2013, 09:23 PM   #21
rapier7
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rapier, just curious what you do for a career? Good piece of advice and you tend to know finance/economics better than most.
Software developer. I just happen to be very interested and well versed in all things money.

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Thanks for this and your post above...I'll definitely look into it but I'm definitely not counting on it.
The lies we tell ourselves. You're still in college so your naivete is understandable, but you're much more likely to become a software developer than a finance guy, and yet your thread is about getting a finance job.

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Absolutely not. I went to a talk on quantitative finance recently and the whole experience was more sobering than I had hoped. I've read about engineering & physics students getting hired on because they're good with math, but the reality is it just doesn't happen enough to actually pursue it. Granted, I learned a lot and the talk was great, but my hopes of going into finance were pretty much gone by the end of it.
This is pretty much the story for most people who think that having a degree that has more math in it than another degree gives them the right to work in finance.

People need to realize that what they're essentially asking is a six figure job right out of college. The only people who get that are petroleum/chemical engineers and finance guys. Everybody wants to get into the latter. Only a tiny majority will ever make the cut.

Besides, working in finance sucks. 80 hour workweeks aren't common. 90 hours is expected. And after 3 years of doing that, only about a third of the people will be invited to stay on in a non-associate capacity. The odds of making it out in Hollywood aren't that much slimmer.
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Old 12-28-2013, 09:42 PM   #22
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People need to realize that what they're essentially asking is a six figure job right out of college. The only people who get that are petroleum/chemical engineers and finance guys.
Let's clarify, finance if you're Harvard (or equivalent) educated. Most finance people I know make no more than a Euro car mechanic.

about chemical engineers though.

Met a guy through a project with a 5 million dollar home in Hollywood (no bull$h!t).

Thought he was house sitting or something, 40's something dude

Turned out to be the owner, told me he was a chemical engineer. Didn't know what that really meant at first, I couldn't grasp owning a $5mil home not being at an executive level position.

Crazy stuff, took tons of pics of his place. (edit: not in a rude way, just architecture tidbits)
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Old 12-28-2013, 09:56 PM   #23
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Let's clarify, finance if you're Harvard (or equivalent) educated. Most finance people I know make no more than a Euro car mechanic.

about chemical engineers though.

Met a guy through a project with a 5 million dollar home in Hollywood (no bull$h!t).

Thought he was house sitting or something, 40's something dude

Turned out to be the owner, told me he was a chemical engineer. Didn't know what that really meant at first, I couldn't grasp owning a $5mil home not being at an executive level position.

Crazy stuff, took tons of pics of his place. (edit: not in a rude way, just architecture tidbits)
Lol, because Mr. Brick salesman knows so much

gtfo failure
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Old 12-28-2013, 10:16 PM   #24
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First - figure out what you want to do "on wall street". There are a million jobs in the financial services industry...

Second - The degree is only a component of getting hired "on wall street". I was there for 2 1/2 years at a couple large banks. I recently moved to the credit side of the house.

I have a big 10 business degree from Purdue (an engineering school)... but very rarely did my college classes/degree ever come up in conversation during interviews, discussion, etc. Most of the folks I work with have top tier MBAs, or at least finance or engineering degrees from top schools... but it's definitely not impossible to get a job over here without one.

What did come up were my internships, white papers that I worked on, experience, etc. The best way to get a financial services job in NYC is to start building your network early, and participate in top tier internships... as you'll see, they go hand-in-hand.

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Old 12-28-2013, 10:18 PM   #25
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Exactly my plan. People get on Wall St. with fvcking art history degrees. Not saying its common, but its possible.

I'd be 100% interested in working in IB or trading for a little while, but theres no chance I'll major in Finance or any sort of business. If it happens with my degree, it'll happen, but I'd much rather have an MEng degree for when it doesn't work out.
Two ways to get into these fields, Ivy League degree or know people.

I work in the finance field, it's not all that great, work life balance sucks in the beginning.

Good luck trying to get into IB, but good chance it won't happen.
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Old 12-28-2013, 10:18 PM   #26
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Sure, there are going to be analyst, broker, trading assistant, jr. sales associate, and other positions where your degree is barely relevant. What's important is that you're a fast learner, and that you're passionate about what you're doing. I'm not sure any entry level position is necessarily better suited for someone with an engineering degree.

If you aren't qualified to work at Goldman and the like, apply somewhere else. There are thousands of firms that operate on/around "Wall Street" (read: finance), and many of them have dozens of analysts that need associates to help them out. Some might want you to have financial modeling experience, but that's stuff you can learn in a weekend seminar.

I'd reach out to as many people as you can that work in finance in Boston and line up some in-person "informational interviews" to pick their brain and show how smart you are. If you don't know anybody, then ask everyone you know to plug you in. If they can't, work a summer caddying somewhere in Wellesley, Concord, Newton, etc.
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Old 12-28-2013, 10:27 PM   #27
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First - figure out what you want to do "on wall street". There are a million jobs in the financial services industry...

Second - The degree is only a component of getting hired "on wall street". I was there for 2 1/2 years at a couple large banks. I recently moved to the credit side of the house.

I have a big 10 business degree from Purdue (an engineering school)... but very rarely did my college classes/degree ever come up in conversation during interviews, discussion, etc. Most of the folks I work with have top tier MBAs, or at least finance or engineering degrees from top schools... but it's definitely not impossible to get a job over here without one.

What did come up were my internships, white papers that I worked on, experience, etc. The best way to get a financial services job in NYC is to start building your network early, and participate in top tier internships... as you'll see, they go hand-in-hand.
This is correct.

It's always easy to tell from replies to questions like this who actually works in the industry.

p.s. my background is equity buy-side followed by consulting equity buy-side firms of various shapes/sizes
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Old 12-28-2013, 10:47 PM   #28
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Originally Posted by jakeyb View Post
First - figure out what you want to do "on wall street". There are a million jobs in the financial services industry...

Second - The degree is only a component of getting hired "on wall street". I was there for 2 1/2 years at a couple large banks. I recently moved to the credit side of the house.

I have a big 10 business degree from Purdue (an engineering school)... but very rarely did my college classes/degree ever come up in conversation during interviews, discussion, etc. Most of the folks I work with have top tier MBAs, or at least finance or engineering degrees from top schools... but it's definitely not impossible to get a job over here without one.

What did come up were my internships, white papers that I worked on, experience, etc. The best way to get a financial services job in NYC is to start building your network early, and participate in top tier internships... as you'll see, they go hand-in-hand.
The total vagueness got me too

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Old 12-28-2013, 10:53 PM   #29
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Software developer. I just happen to be very interested and well versed in all things money.
Ah understood, and agreed on the interested in money/wealth aspect.
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Old 12-28-2013, 10:58 PM   #30
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What's important is that you're a fast learner, and that you're passionate about what you're doing.
This. I am a college drop out with zero finance background that has been waiting tables and bartending all of my life. I spent an enormous time reading everything relevant to trading stock, began mindfulness and visualization training, went to 1 "meetup" group of daytraders, met someone that was impressed with my self-taught knowledge of the markets (and more importantly the human mind) and now I trade stock for a private wall st. firm, and am in charge of hundreds of thousands of dollars in buying power each day.

It is all about your passion, your drive to succeed and willingness to put yourself in to positions to meet influential people in the industry. They know a gem when they see one and a college degree means almost nothing now-a-days (in my experience anyways). I am not saying a degree will not help you land an interview, but that there are other ways to get what you want without jumping through the same hoops everyone else is jumping through.

Thinking outside the box, trusting your god-given gut instincts and following even the smallest coincidental opportunities can take you places you never dreamed of.

Hint: learn to meditate. Magical things will start happening to you in all aspects of your life.
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Old 12-28-2013, 11:48 PM   #31
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This. I am a college drop out with zero finance background that has been waiting tables and bartending all of my life. I spent an enormous time reading everything relevant to trading stock, began mindfulness and visualization training, went to 1 "meetup" group of daytraders, met someone that was impressed with my self-taught knowledge of the markets (and more importantly the human mind) and now I trade stock for a private wall st. firm, and am in charge of hundreds of thousands of dollars in buying power each day.

It is all about your passion, your drive to succeed and willingness to put yourself in to positions to meet influential people in the industry. They know a gem when they see one and a college degree means almost nothing now-a-days (in my experience anyways). I am not saying a degree will not help you land an interview, but that there are other ways to get what you want without jumping through the same hoops everyone else is jumping through.

Thinking outside the box, trusting your god-given gut instincts and following even the smallest coincidental opportunities can take you places you never dreamed of.

Hint: learn to meditate. Magical things will start happening to you in all aspects of your life.
This was a magical post.
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Old 12-29-2013, 07:06 AM   #32
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lol, a degree to work on wall st.............

all you need to be is a deceitful bs artist

you're either born with that or you aren't
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Old 12-29-2013, 04:04 PM   #33
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lol, a degree to work on wall st.............

all you need to be is a deceitful bs artist

you're either born with that or you aren't
and what do you do for a career?

nothing like stereotyping an entire industry
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Old 12-29-2013, 04:36 PM   #34
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lol, a degree to work on wall st.............

all you need to be is a deceitful bs artist
There is no BSing your way in to a trading career. That is no different than saying you could BS your way on to the starting lineup for a professional sports team.
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Old 12-29-2013, 05:07 PM   #35
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My boss used to work in Wall St. It was unstable, not a career to raise a family. So he quite, moved, and started his own business.
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Old 12-29-2013, 08:22 PM   #36
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22% of CEOs have an engineering background...
78% don't.
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Old 12-29-2013, 08:48 PM   #37
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Leveraged finance analyst working in NYC here. Without getting into too much detail with this post, here are a few points I want to make:

-Learn exactly what you want to do "on wall street" since it really sounds like you do not know the first thing about what careers there are in finance (no offense)

-Understand this will be an uphill battle. Unless you are willing to put in hours of preparation for interviews and even more hours into networking, don't even bother. Even then your chances are still pretty small

-I do not know what vision of finance you have but for the most part, there is nothing glamorous or cool about it. No one gives a **** you're a trader or investment banker, despite what you may think

Feel free to ask any questions you may have but definitely do some more research first.
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Old 12-29-2013, 08:55 PM   #38
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Leveraged finance analyst working in NYC here. Without getting into too much detail with this post, here are a few points I want to make:

-Learn exactly what you want to do "on wall street" since it really sounds like you do not know the first thing about what careers there are in finance (no offense)

-Understand this will be an uphill battle. Unless you are willing to put in hours of preparation for interviews and even more hours into networking, don't even bother. Even then your chances are still pretty small

-I do not know what vision of finance you have but for the most part, there is nothing glamorous or cool about it. No one gives a **** you're a trader or investment banker, despite what you may think

Feel free to ask any questions you may have but definitely do some more research first.
Sounds like you should use your engineering background and do something engineering related OP. You'll probably receive more credit and be more satisfied doing engineering work.
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Old 12-29-2013, 08:55 PM   #39
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78% don't.
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Old 12-29-2013, 08:56 PM   #40
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why don't all the E46F engineers go engineer themselves into an estate instead of posting here.
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