[HalfLegend]

Hey guys, I know this forum is frequently visited by generally more affluent/higher educated individuals and I'm hoping I could get their advice. Divulging as much as I can, I'm a fairly high achieving high school student who has just applied to colleges and hopes to work in a large IB firm (Wall street is no requirement) and I'm hoping I can get your inputs on what I'm getting in to.

I haven't committed to any University but have gotten into my first choice, the University of Chicago. I hope to major in Economics with a double in either Bio/Chemistry or International Studies.

If there's any advice any of you (current investment, former, or any associated with the finance industry) that you think a seventeen year old should hear, I'd love to hear it! And if you think theres any questions or thoughts I should have in my head, please do PM me or drop a comment.

Hope everyone's staying warm,
S.

 

[pleasehelp]

Why do you want to be an i-banker? I would suggest speaking to some i-bankers before gearing your life towards it. Career events at your school should afford you that opportunity.

I'm not an i-banker, but as a corporate lawyer I work with them regularly and I'm friends with many current/former i-bankers. It's a pretty tough life for most folks - it can offer some great opportunities, but I would strongly suggest speaking with several of them before pursuing that route.

 

[phyrpowr]

Fluency in a foreign language can be a major plus. Also, don't get married right now to a career path: try to take a variety of intro courses, as there might be something out there you don't know you love yet. A poet buddy of mine turned into a geologist, and a chemist into an archivist

 

[stephenkarl]

I can't speak to whether i-banking is "right" for you or not, but be prepared to work hard in college. You may be top 5% in your high school, but there are a lot of top 5% from their high school at university. If you don't study much now, start now - and develop good study habits. Be prepared for potential employers to ask for high school transcripts also - and definitely apply for summer internships to expose yourself to the industry and get a foot in the door. Something I have found to be a significant benefit in banking in Europe (less so in North America, and Asia I can't comment) is language skills as they are a demonstrable, valuable asset which can separate two persons both with exceptional GPAs.

 

[bernoulli]

Being a PhD in Economics I can tell you Chicago is the best place to get an education in the Dismal Science. Do pursue a PhD from there in Economics and you will be employable for life in academia and could easily transition to industry.

 

[mrkleen]

You dont need a PhD to get a job on Wall St.

You need a degree from a good business school (preferably on the East Coast) and a few solid connections.

 

[CuffDaddy]

I'm no banker, but if you haven't read them, consider Michael Lewis's books Liar's Poker an The Big Short.

 

[pleasehelp]

You dont need a PhD to get a job on Wall St.

You need a degree from a good business school (preferably on the East Coast) and a few solid connections.

Actually, you don't need a degree from a business school. Bankers come from all sorts of educational backgrounds. Most of the first tier i-banks just look to see that you performed well in whatever you studied.

 

[HalfLegend]

Such great advice guys! Thanks a ton, this is exactly what you're looking for. And yes, solid advice in not getting married to a career, but I've developed a fondness for economics and would like to pursue something related to it. Of course, at 17 it is difficult to know and I will keep my options as open as possible, but I'd like to plan in any way I can.

As to contacting current IB employees, would anyone happen to know a kind person who would be willing to answer my questions. Living in semi-rural Ohio, the best I can find is the school treasurer (who studied at Loyola interestingly enough).

Many thanks,
S.

 

[bernoulli]

There is certainly no need to have a PhD in Economics to work in Banking, but I guarantee it gives oneself a much better portfolio of options (and if you study Real Option Theory you can even price the options of going to a PhD versus not going). You can go to Academia, Consulting, IB etc. It is a lot of studiying, and becaming a researcher is not for everybody, but I think it is better than going ot the jungle at a very early age.

 

[Tilton]

Actually, you don't need a degree from a business school. Bankers come from all sorts of educational backgrounds. Most of the first tier i-banks just look to see that you performed well in whatever you studied.

Yes and no. I-bankers working at the local Morgan Stanley, yes. However, I think you'll find that GS employees are much more likely to have a top-tier east coast MBA than, say, a 4.0 in religion from Wesleyan.

 

[mrkleen]

However, I think you'll find that GS employees are much more likely to have a top-tier east coast MBA than, say, a 4.0 in religion from Wesleyan.

Exactly.

 

[pleasehelp]

Exactly.

I suppose experiences may differ, but in my day, the way to get a job at any i-bank out of college (GS included) was to go to a good undergraduate program and do well. I really have no idea whether Wesleyan qualifies as a good undergraduate program. In my day, very few of the top colleges has undergraduate business programs, with UPenn being the most notable exception. You generally would go from undergrad to an analyst program for a few years, and then many folks would go back to school (often for an MBA). I would suggest that the OP ask his career center to see if things have changed.

To the OPs question of looking for a banker to speak with, I don't feel comfortable make a reference online, but I would suggest asking the career center at your college to make that connection for you after you arrive. I am sure that they have plently of folks they can put you in touch with. Those folks can give you a better sense of things, but as a preview, I will note that i-banking is a pretty expansive term, with quite a few different careers falling under it.

 

[Tilton]

I specifically used Wesleyan as an example because it is a very good school, but is not an ivy. Substitute Bowdoin, UVA, Amherst, Berkley, Williams, Colgate, etc as you wish. Point being, i-banking has changed. If interested in working for a local i-bank group, however, there is little need for a top MBA. A good friend from high school is an equities day trader and portfolio manager at the local Merrill Lynch and he had a 2.8 GPA with a biology major. It all depends on what your aims are.

 

[pleasehelp]

I specifically used Wesleyan as an example because it is a very good school, but is not an ivy. Substitute Bowdoin, UVA, Amherst, Berkley, Williams, Colgate, etc as you wish. Point being, i-banking has changed. If interested in working for a local i-bank group, however, there is little need for a top MBA. A good friend from high school is an equities day trader and portfolio manager at the local Merrill Lynch and he had a 2.8 GPA with a biology major. It all depends on what your aims are.

Equities trading isn't i-banking.
I strongly suspect that banks have not gotten rid of their analysts programs, which is how a large number of i-bankers start, and which generally mine for recruits out of top undergrad programs (the majority of which aren't business schools). Many of them get MBAs later on. I can ask some folks from GS to confirm.

 

[Snow Hill Pond]

I would suggest asking the career center at your college to make that connection for you after you arrive.

I think this is good advice, but why wait until you arrive? Since you've been accepted to Chicago, why not talk with the dean of the business school about your questions? I'm sure he'll have examples of current and past students who've had similar educational and career aspirations. He may even be able to get you in contact with a graduate in the field you wish to pursue. Worth a try.