Ask an Associate working in Private Equity on Wall Street anything

[chickhien]

what's your itemized monthly expenses? I live in NC and i'm curious what the equivalent of your salary is to someone working in Charlotte

 

[tlrdx91]

So, your parents came from either Pakistan, Bangladesh, Nepal, or Bhutan. I'd go with either of the first two countries based on the demographics of NYC. Did you attend CUNY Hunter or City College?

I'm nearing the end of my undergraduate experience and will be most likely attend NYU for a MS in CS. How reasonable would it be to apply to a MBA program with a MS in a technical field? Would I stand a chance in landing a interview at an IB, when they notice that I have sparse academic experience regarding financial modeling and various theories in economics?

 

[Hank Scorpio]

Thanks for all the information posted in here.
And congrats to those accomplishments, amazing scores and stats!

Is an MBA worth the investment, or would you say a masters in finance, or just getting experience will pay off better?
Heard some crazy stuff from buddies about wall street, like a sleeping bag in the office and things alike, I suppose that is very true?
Which college courses have you found to be most useful working in the field?
Do you like what you do? What would you say is the biggest pro and biggest con?

I say an MBA is worth it, but it's only worth it if you go to a top program. Anything else would be a waste. The networking, on campus recruiting and and resources make it all worth it. Like I said earlier, the top MBA programs all makes sure the students do a Summer Associate program somewhere after the first year. That makes a huge difference getting a job somewhere after. Big advantage.

Some people who didn't get into a top MBA program get their CFA's and network other ways. Getting a CFA is just as impressive. The trend now is more people skipping B-school and going for a CFA. Baruch's MBA program is getting up their though.

I never slept in a sleeping bag, but after everyone left the office we would all go to our apartments across the street to get our sweats and shorts so we'd be comfortable doing over overnights.
Corporate finance and money and banking helped me the most. I love what I do, I'm very happy.
The biggest pro is working with amazing people and learning so much in the field. I also got to be involved in some incredible projects along the way. I made great money and had the pleasure of enjoying the company of many beautiful women. I got to stay in world class hotels and ate and first class restaurants. The perks were incredible.

The cons were the long hours and the grueling day to day responsibilities. Also, you're going to run into a lot of people who want to take advantage of you for your money and people will use your connections to get into a better situation for themselves. I had to learn how to separate the good people from the bad.

Baruchian checking in. Not about that IB life though.

It's not for everyone. What are your plans? I have friends that are a part of a lot of organizations and clubs that have events at Baruch often. I speak in a few of those events a couple times a year, especially the networking events. I always try to look out for CUNY students. After all, they are just like me.

what's your itemized monthly expenses? I live in NC and i'm curious what the equivalent of your salary is to someone working in Charlotte

Rent: $3200
Utilities: $400
Groceries/eating out: $350
Leisure and shopping: $500 (Suits, shoes and other clothing cost money)
I give my parents $1000

So, your parents came from either Pakistan, Bangladesh, Nepal, or Bhutan. I'd go with either of the first two countries based on the demographics of NYC. Did you attend CUNY Hunter or City College?

I'm nearing the end of my undergraduate experience and will be most likely attend NYU for a MS in CS. How reasonable would it be to apply to a MBA program with a MS in a technical field? Would I stand a chance in landing a interview at an IB, when they notice that I have sparse academic experience regarding financial modeling and various theories in economics?

My parents are from one of the first two countries you stated. I went to The City of College of New York. It has one of the top engineering programs in NYC. The Grove School of Engineering is a great. Very competitive.

NYU is a GREAT school. They have some great Alumni who are very involved. The networking opportunities are there. BIG advantage.
You have a chance getting into IB, but you need to make a VERY strong case for yourself. I had a degree in Biomedical Engineering and Economics. They love engineers in banking. They do so, because they love the quantitative thinking engineers have and it works well into banking. They have the time to teach you finance and modeling, but they don't have the time to teach how to think quantitively. That's something you get out of college, especially with a technical degree.

 

[jjs]

P4L

I have to read all this

 

[rhester]

-I'm a Finance major and Accounting minor going into my junior year this fall.
-I decided to minor in accounting because companies that came into do presentations kept saying finance majors needed to be more versed in accounting than just the classes our finance major requires.
-I want to go into the finance field upon graduation, do you think my accounting minor will really make a difference when I start interviewing for finance positions? Do you use accounting?
-Do you think it would be a good strategy to figure out what company I would like to work for upon graduation and try to really get in good with them? Or try to politic with every company that comes into speak?
-As of now I have 0 internship experience, this fall I will be getting one, if I cannot get a finance internship right now because of my gpa, but can get say a marketing is that something I should do?

thanks

 

[acemaster193]

Yup, engineering transfers extremely well into the finance world. My uncle was a chemical engineering major at City College and went into banking in '02.

As for me, I'm graduating in December and am probably considering the Air Force. I wanted to get into banking so bad coming up, but then lost the love for it throughout my academic career. I enjoy corporate finance though. I might as well just finish what I started.

 

[Hank Scorpio]

-I'm a Finance major and Accounting minor going into my junior year this fall.
-I decided to minor in accounting because companies that came into do presentations kept saying finance majors needed to be more versed in accounting than just the classes our finance major requires.
-I want to go into the finance field upon graduation, do you think my accounting minor will really make a difference when I start interviewing for finance positions? Do you use accounting?
-Do you think it would be a good strategy to figure out what company I would like to work for upon graduation and try to really get in good with them? Or try to politic with every company that comes into speak?
-As of now I have 0 internship experience, this fall I will be getting one, if I cannot get a finance internship right now because of my gpa, but can get say a marketing is that something I should do?

thanks

-The companies that said, "Finance majors needs to be more versed in accounting than just the classes..." are right. They like to have well-rounded individuals working for them. Having the accounting minor will work towards your favor. I used some accounting fundamentals when I was in banking, especially during modeling projects. Accounting really is the bone fundamental platform of all finance. Not just that, but accounting requires you to pay attention to detail. There's a saying in banking and I believe it to be true--"Accuracy and attention to detail come at a premium." I couldn't agree with this more.

-It's always great to have a "target company" to aim for, but it's a better idea to leave your options open. When I was in undergrad, I was offered a position in banking, all in M&A's from 3 different BB banks. I interviewed for Goldman Sachs, JPM and Morgan Stanley. The company I did a Summer Analyst gig with after my Junior year was the company I decided to stick to. Those three companies were all my "Target companies", but I eventually stayed with the one where I was a SA, because I was already familiar with the work environment and I fit into their culture. Fit is one of the most important factors to consider before accepting an offer. Not all companies have the same work environment and culture. Your personality might be better suited in one place more than the other. Depending on what you do in finance, you'll be working more than 50+ hours a week and in most cases, you'll be around the people you work with more than your own family and friends. Your co-workers essentially become family. If you don't fit well into their culture and work environment, you'll never make it past your first year and you'll always hate going into work. I've seen many people burn-out and leave in the middle of the day, because they just couldn't handle being at work all day long.

-It's great that you're getting an internship this Fall. It will work towards your favor when you apply for another internship in the Spring. I'd advise you to SERIOUSLY work your butt off and try to get something significantly meaningful the summer after your Junior year. Banks/companies really judge you on what you did the Summer after your Junior year. The reason for this is because, that summer is supposed to be the culmination of everything that you've been working for since the beginning of undergrad. If you've taken the right steps and done the right things, you'll be in a good place that Summer. Its indicative of what you've done in the past 3 years. It's almost an extension of your GPA Usually if you're in your Senior year and don't have an offer by the Winter--Something is wrong. If that's the case, don't worry and think it's the end of the world. You just have to start networking your butt off and crank it up. Try networking with professionals, go to school events, talk with recruiters, and inquire about any and every opening you find. Always stay active though. Try to never have a gap in your resume, because when you do have an interview--it'll be hard explaining why you had a gap of inactivity.

Yup, engineering transfers extremely well into the finance world. My uncle was a chemical engineering major at City College and went into banking in '02.

As for me, I'm graduating in December and am probably considering the Air Force. I wanted to get into banking so bad coming up, but then lost the love for it throughout my academic career. I enjoy corporate finance though. I might as well just finish what I started.

Going into the Air Force isn't a bad idea. I know a few people who went into the Military after college and gotten into finance after. Sometimes that works toward your favor.

If you don't mind me asking, what is your uncle doing now? Is he still in banking? Finance? If so, you used use him to your advantage. He may not be able to get you a job, but he can connect you to some people that can get you an interview somewhere.

 

[xilegacy]

My guess is you are from Bangladesh just based off you saying you give 1000 to your parents, live in Queen(huge Bengali population and the whole anonymity thing. Already knew it was city college based on the degrees you posted.

My question is how does someone with a engineering/economics degree land a job with a top IB in NYC? They wouldn't even look at the application must have helluva knack for networking. Then again my friend went to City college and got into an ivy league med school. He was telling me during the group interviews every single person was from a top 10 school and they were asking him what's city college. People were baffled but he is smart as hell and tested in the 99.9 percentile.

 

[Hank Scorpio]

My guess is you are from Bangladesh just based off you saying you give 1000 to your parents, live in Queen(huge Bengali population and the whole anonymity thing. Already knew it was city college based on the degrees you posted.

My question is how does someone with a engineering/economics degree land a job with a top IB in NYC? They wouldn't even look at the application must have helluva knack for networking. Then again my friend went to City college and got into an ivy league med school. He was telling me during the group interviews every single person was from a top 10 school and they were asking him what's city college. People were baffled but he is smart as hell and tested in the 99.9 percentile.

I don't live in Queens anymore. Had to move closer to work a few years ago. And what does me giving $1000 a month to my parents have anything to do with my race/ethnicity?

As I stated above, making the transition from engineering to finance/IB isn't so uncommon. Most people with engineering degrees never actually work in the engineering field post-graduation. Actually, some kids who graduated with me and did biomedical engineering ended up going to medical school as well.

Networking was really one of the tools I had to use to my advantage. During my time at the Private Equity Internship, I became cool with one of the senior partners. He introduced me to some people at the IB I was perviously working in. Fast forward a couple months, I was very active within my career center. The women who ran the career center had a close working relationship with a VP at the IB I worked in and he encouraged me to apply for the position. I got invited to the super day and the rest was history. I landed interviews with the other IB I mentioned before in a similar way.

During one of the rounds of interviews in the super day, one of the MD's was an alumni from CCNY. Turns out he went there for undergrad and then later got his MBA at HBS.

 

[xilegacy]

Yeah CUNY isn't so bad considering the amount of tuition you pay compared to some of these private institutions. I guess engineering makes sense and you did have economics in there as well. Someone I went to high school had a engineering degree from polytech and works for Goldman Sachs now so maybe that does work.

As for saying you live in Queens I meant lived in. I did read the part about your expenses and living on Madison. The whole 1000 dollar a month I guess it's just the whole strong family dynamic thing with people from that region. Could be either really but I'll stick with my guess. Was I right or wrong though?

 

[thug]

My guess is you are from Bangladesh just based off you saying you give 1000 to your parents, live in Queen(huge Bengali population and the whole anonymity thing. Already knew it was city college based on the degrees you posted.

My question is how does someone with a engineering/economics degree land a job with a top IB in NYC? They wouldn't even look at the application must have helluva knack for networking. Then again my friend went to City college and got into an ivy league med school. He was telling me during the group interviews every single person was from a top 10 school and they were asking him what's city college. People were baffled but he is smart as hell and tested in the 99.9 percentile.

There's not a set degree required to be considered for IB. You can be a poli sci or English major and still be in IB.

 

[nocomment6]

HOw are European MBA programs looked upon in the States?

 

[franklucas]

Any recommendations for books to read? Looking to go invest in stocks so anything related to that would be nice

Also, how much excel did you have to know for your summer after junior year internship?

 

[tn123]

LOL @ this GPA talk. You can have a 1.1 GPA and know someone and get the job. A kid from my team works at goldman sachs and said he didn't spend 1 minute on the interview talking about the job only about sports

 

[cruzair13]

Accounting Major Checking in.. going into my Senior Year.

Didn't have a legit internship this summer lined up.
Working on campus in an administrative office working with records and data inputting.
And working for another campus office for planning an Orientation Program in the fall.

What are some "action" words that could make a resume look better with these two jobs?

What can be some counter punches when an interviewer asks why I didn't work for a "big name" company or could not find an internship this summer or why I chose to work on Campus?

Can I start looking NOW for entry level positions after graduation or is it still the Class of 2013s time?

Did you have student loans? are they gone or are you still paying?

My GPA is a 3.12, major gpa 3.25
Interned for Boston Celtics in a non-business department, president of a club team, elected on student congress, lead some orientations

am I screwed with the low GPA?

 

[soleasian]

LOL @ this GPA talk. You can have a 1.1 GPA and know someone and get the job. A kid from my team works at goldman sachs and said he didn't spend 1 minute on the interview talking about the job only about sports

GPA talk is more for those still in school. If you're still in undergrad, i think companies prefer it if you apply through the OCR route rather than having an employee refer you. My friend's dad knew someone at one of the investment banks and the dude forwarded friend's resume to HR and HR replied back saying that they are pretty active on friend's schools campus and that he should apply through the school's system

 

[i lax bro]

Im at a target/semitarget now and looking to break into a BB next summer out here in chicago hopefully... Im interning at merrill right now, but its a joke. Alot of juniors i know are at bbs now, but no sophmores which i am now, any chance i could get in next summer? I know some alum but they said its pretty hard since you dont have much class experience in two years.... I have a 3.8 gpa but that didnt matter too much

 

[royalty d]

I started my career 2 yrs ago and am making pretty decent money not as much as you but im probably gonna break 110k this year
I have a roth ira, i have a high yield savings .80%, and i have a 403(b)...what else should i have to build a nice nest, i also am expecting my first child come fall...
I thought about putting some of my high yield savings cash into some safe stocks....

 

[capital sb]

How does this high yield saving account work? I looked at the barclays site , but don't understand exactly how it works.

LOL @ this GPA talk. You can have a 1.1 GPA and know someone and get the job. A kid from my team works at goldman sachs and said he didn't spend 1 minute on the interview talking about the job only about sports

I agree, who you know and your work experience > GPA any day of the week. Networking is the key to success.

 

[acemaster193]

-The companies that said, "Finance majors needs to be more versed in accounting than just the classes..." are right. They like to have well-rounded individuals working for them. Having the accounting minor will work towards your favor. I used some accounting fundamentals when I was in banking, especially during modeling projects. Accounting really is the bone fundamental platform of all finance. Not just that, but accounting requires you to pay attention to detail. There's a saying in banking and I believe it to be true--"Accuracy and attention to detail come at a premium." I couldn't agree with this more.

-It's always great to have a "target company" to aim for, but it's a better idea to leave your options open. When I was in undergrad, I was offered a position in banking, all in M&A's from 3 different BB banks. I interviewed for Goldman Sachs, JPM and Morgan Stanley. The company I did a Summer Analyst gig with after my Junior year was the company I decided to stick to. Those three companies were all my "Target companies", but I eventually stayed with the one where I was a SA, because I was already familiar with the work environment and I fit into their culture. Fit is one of the most important factors to consider before accepting an offer. Not all companies have the same work environment and culture. Your personality might be better suited in one place more than the other. Depending on what you do in finance, you'll be working more than 50+ hours a week and in most cases, you'll be around the people you work with more than your own family and friends. Your co-workers essentially become family. If you don't fit well into their culture and work environment, you'll never make it past your first year and you'll always hate going into work. I've seen many people burn-out and leave in the middle of the day, because they just couldn't handle being at work all day long.

-It's great that you're getting an internship this Fall. It will work towards your favor when you apply for another internship in the Spring. I'd advise you to SERIOUSLY work your butt off and try to get something significantly meaningful the summer after your Junior year. Banks/companies really judge you on what you did the Summer after your Junior year. The reason for this is because, that summer is supposed to be the culmination of everything that you've been working for since the beginning of undergrad. If you've taken the right steps and done the right things, you'll be in a good place that Summer. Its indicative of what you've done in the past 3 years. It's almost an extension of your GPA Usually if you're in your Senior year and don't have an offer by the Winter--Something is wrong. If that's the case, don't worry and think it's the end of the world. You just have to start networking your butt off and crank it up. Try networking with professionals, go to school events, talk with recruiters, and inquire about any and every opening you find. Always stay active though. Try to never have a gap in your resume, because when you do have an interview--it'll be hard explaining why you had a gap of inactivity.
Going into the Air Force isn't a bad idea. I know a few people who went into the Military after college and gotten into finance after. Sometimes that works toward your favor.

If you don't mind me asking, what is your uncle doing now? Is he still in banking? Finance? If so, you used use him to your advantage. He may not be able to get you a job, but he can connect you to some people that can get you an interview somewhere.

He left banking around the time of the crash and went to work for Johnson and Johnson as a project manager. He's a consultant now though. I've picked his brain in the past, and he's been my mentor since day 1. However, I might need a change of scenery after 5.5 yrs of undergrad.

 

[kiiing]

Do you work for Lazard?

 

[iluvjordanxi]

How would you know if Financial Analyst was meant for you?
Do you must have a knack for something? I.E (math, problem solving, critical thinking and etc...)
What is your advice to people who are trying to get into your field?
Any motivation or inspiration? How did you hold on to your perseverance?
Do you enjoy your field of work or would you rather be doing ______?

 

[hennessy beach]

Junior with an Economics major at Howard University

internship with the SEC

high GPA

father is a managing partner of a three year old HF

I've been swayed back and forth between my father and other sources on switching my major to finance.  I need to join more clubs and overall increase my technical knowledge also but i'm pretty much at a standstill on my next move..any insight you can share? I've considered an mba at Harvard (connections go a long way) or bring it back home to NY at Columbia or NYU.

 

[rightguard]

Ratios listed below:

http://www.investopedia.com/university/ratios/#axzz1YbqDWJhC



most important factor to you when analyzing a company?

 

[Hank Scorpio]

Yeah CUNY isn't so bad considering the amount of tuition you pay compared to some of these private institutions. I guess engineering makes sense and you did have economics in there as well. Someone I went to high school had a engineering degree from polytech and works for Goldman Sachs now so maybe that does work.

As for saying you live in Queens I meant lived in. I did read the part about your expenses and living on Madison. The whole 1000 dollar a month I guess it's just the whole strong family dynamic thing with people from that region. Could be either really but I'll stick with my guess. Was I right or wrong though?

You're right

HOw are European MBA programs looked upon in the States?

Depends which program you go to. There are really a handful of good programs that substantially separate you from other candidates if you're coming out of a European MBA program.

Any recommendations for books to read? Looking to go invest in stocks so anything related to that would be nice

Also, how much excel did you have to know for your summer after junior year internship?

Read the WSJ, Financial TImes, The Economist, NY Times, Barrons and keep up with current events. You'd be surprised how much world affairs effect the markets. Books won't really help you do much, because it'll try to "teach" you all these methods, but they're never really 100% guaranteed to work all the time. That's why I'm totally not a believer in Technical Chart Analysis. To me, that's like trying to drive with your rear view mirror.

LOL @ this GPA talk. You can have a 1.1 GPA and know someone and get the job. A kid from my team works at goldman sachs and said he didn't spend 1 minute on the interview talking about the job only about sports

Oh, really? Is he in the NY or NJ offices for GS? If he is, PM me his name and I'll tell you if his story checks out. I'm almost 99.9% sure what he told you was a huge pile of ****. I'd simply be shocked if that's all they spoke to him about during his interview. And you're sure he only had 1 interview? That sounds very unlikely. IB interviews are very through and intensive.

I started my career 2 yrs ago and am making pretty decent money not as much as you but im probably gonna break 110k this year
I have a roth ira, i have a high yield savings .80%, and i have a 403(b)...what else should i have to build a nice nest, i also am expecting my first child come fall...
I thought about putting some of my high yield savings cash into some safe stocks....

Look into investing into REIT Funds, my man. I'd also look into ETF's if I were you. They're still relatively new and that market hasn't been tapped into yet. Part of the reason is because no one has figured out how to masterfully market it.

As for your soon to be born child, I'd look into a College529 plan if I were you. They are essentially America's secret into funding for a childs education. You'll thank me later Congratulations

Do you work for Lazard?

No

How would you know if Financial Analyst was meant for you?
Do you must have a knack for something? I.E (math, problem solving, critical thinking and etc...)
What is your advice to people who are trying to get into your field?
Any motivation or inspiration? How did you hold on to your perseverance?
Do you enjoy your field of work or would you rather be doing ______?

I love numbers and I love thinking differently. I love working with a group and I love being about to do work that has serious meaning and serves as an impact. I loved how IB gave me the chance to develop excellent communication skills and use the skills I already had, and improved them even more. I loved the work environment and the mentally stimulating nature of the job. I also loved the money

Listen, you don't really know if IB is for you until you actually do it. That's really the best way I can explain it to you. My advice for people who want to break into IB would be to just make sure their aware of everything that's expected of them and more before starting. I'd also advise them to be prepared to work extremely hard and to pay attention to detail. Like I stated above, "In Banking, Accuracy and attention to detail come at a premium."

Honestly, I was able to stick to it because I genuinely loved what I did. It was very easy for me to wake up every morning and go into work. I loved the people I was working with and I loved the quality and substance that was linked to my work as well. I really felt like I was making a difference. You have to love what you do, because in the end--Money won't keep you around forever. I've seen many people leave in the middle of the day in IB, just because they got burned out and couldn't handle it anymore. Their salaries were incredible, but it wasn't enough to keep them going. You need to be aware of that and try to gain a little perspective.

I love what I do and I don't think for the moment I can picture myself doing anything else. But like I said before, this kind of field isn't meant for everyone. Honestly, in some ways it's almost like im in school again. When I was in IB, I would get work to do, do my work, send it over to the associate, he'd check the work, make me do edits, i'd do edits till it was perfect and how they wanted it, and then finally go home.

It's basically this: build, copy, edit, build, edit, copy, edit, send to printer, edit, copy, build, edit, send to printer, edit, copy, build, send to printer, edit, edit, edit, edit, finally go home

Junior with an Economics major at Howard University
internship with the SEC
high GPA
father is a managing partner of a three year old HF

I've been swayed back and forth between my father and other sources on switching my major to finance.  I need to join more clubs and overall increase my technical knowledge also but i'm pretty much at a standstill on my next move..any insight you can share? I've considered an mba at Harvard (connections go a long way) or bring it back home to NY at Columbia or NYU.

Why would you consider Finance? Because of your dad? Because of the money? You find it interesting? Honestly, do what you feel is right. Finance isn't for everyone, and not every one can figure that out before going into Finance. What I will say to you though is, Finance is an excellent platform to help you break into anything else. Ultimately, do what make you happy and what you enjoy doing. That's what keep the fire inside you alive and thats what make life enjoyable.

HBS is a different animal compared to Columbia and Stern. You go to HBS, you're expected to do big things. There's a lot of other responsibilities that come with the territory when one goes to HBS. I'm sure you know what I mean by all that.

Ratios listed below:

http://www.investopedia.com/university/ratios/#axzz1YbqDWJhC



most important factor to you when analyzing a company?

Depends who you talk to, but the banker in me will always say it's the PEG. Bankers are VERY fundamental thinkers and investors. You can do all these models and have all the quants you want, but if something doesn't jove fundamentally, it just can't work out structurally.

Honorable mention: Free cash/operating cash, Operating cycle