Anyone work in the financial world?

[freeride53]

Just curious to see if anyone on here is in the field of finance and investing.
If so, and you're willing to share... what is your occupation, what you studied in college, and do you enjoy what you do?

I myself am a college student who's trying to gain some perspective. I'm currently a sophomore, starting to look into summer internships, and want to pursue a career in finance out of college.

Appreciate any insight that anyone has to offer, personal stories too.

Cheers, and happy holidays!

[Dermeister3]

I took two semesters of finance at Rutgers University as some may know on this forum.

I did not like it, nor did i like the career opportunities. my classes were OK at best. A lot of theory and calculus knowledge being used. a good amount of formula memorization, a lot of which you do not need in real jobs. While at school, I had an internship at a audit firm which was incredibly boring.

A lot of the early career opportunities are in number crunching and balance sheet balancing. I could not imagine doing that for the rest of my life. Though, the money is good, and careers are plenty. I just can't deal with numbers and that stress for the rest of my life, much less more than a year of it at school.

Now im in another business sector, marketing. If you're a people person, it is much better than finance/accounting. I'm not sure how i would expect myself to be at a desk for the rest of my work life.


if you like numbers and can visualize theory in calc, finance may be for you. Investments was my favorite class. that was the most real life info you'll get.

if you chose the finance field, there are a lot of different things you can do, and i'm sure you'd find something you would like. good luck!

[Balleristic31]

This thread interests me as well as I plan on pursuing accounting. Carry on

[chadthestampede]

Get ready to put in some serious hours when you get started if you want to advance at all. A friend of mine is a senior tax associate at PwC and logs like 60-70 hours a week during tax time. He is salaried as well.

[freeride53]

This thread interests me as well as I plan on pursuing accounting. Carry on

I'm taking my first accounting class next quarter.
I'm mostly applying for Summer Analyst positions in investment banking.
I have a few friends who got their CPA's, think I'll need to assess things next quarter to see whether or not I like it.

I'm currently declared in Econ/Business, but not 100% sure if I'm gonna stay with that, or go History/Business. I've finished all of my Econ lower-div's sans my last two calculus classes. This past quarter, I "experimented" by taking an engineering-track calc class, got a really hard prof, and well..have to repeat it, so I'm going back to the previous track that I started in.

My long-term goal, as it has been since I first entered college, is to pursue an MBA degree. At the moment, I'm also trying to figure out (through feedback from grads) if I should definitely stick to Econ, or pursue another major of my liking (while maintaining in the minor in business)...keeping Business school admissions down the line, in mind.

[matthugie]

Cliffs: bust your ass to get an internship and see if you like it

If you want to do finance or financial advising, why do you want an MBA? I am somewhat anti-MBA for a couple reasons, but in this case it doesn't make much sense. MBA's are for people who want to get into management, and it's basically a credential. The degree in general is starting to fall out of favor with employers for that reason, and the people who have them are marginally more qualified than those that don't. Specialized MBA's fare slightly better, but the trend is towards specific grad programs like finance or econ (which are damn near the same thing at post-grad level) being more desirable.

Personally, I'm an econ major and don't work in finance. I do pricing and market analysis for a distribution company, but will (pending GRE in the spring) be starting my masters in econ in August. After that I probably will end up in the financial industry, but not in advising.

Keep in mind people who do investment banking work retarded hours. I know a guy who does it (girlfriend's friend's husband), but he gets to work 8-9am, works in the office until about 10pm, then goes home and eats, then works from home until 1-3am. Five days a week. And frequently works in the weekends too. Granted, if you do well you'll be making $texas (aforementioned acquaintance just dropped 5k on a dog. Seriously.), but it's stressful, long hours, and has a lot of culture built in.

If you do personal investing you also very likely will be pressured to expand your portfolio of clients, which means you have to go and sell yourself and your services to whoever you can. When you're talking about taking control of someone's retirement, kid's college fund, etc. you have to be damn good. Hell, I had a guy from a firm call me on my work phone last week cold calling trying to get me to invest with him. There is pressure to get more business, and until you have a substantial portfolio of clients you will probably be doing more sales than actual finance.

So, the important part: bust your ass and try to get an internship. People can tell you about their experiences all day long, but it's about what works for YOU. See it first hand and you'll figure out pretty quickly if you like it or not. You'll obviously be doing bitch work, but keep your eyes open, talk to people, and ask questions. People love to show off how much they know, get some people talking and you'll get your answers.

P.S. Don't do history/business. The only people who get history degrees are people who plan on going to law school.

[ZoomZoomBoom]

I have a Bachelors of Arts in Business Administration and Finance as well as a few classes towards a Masters of Taxation. I have worked in public accounting and worldwide corporate tax department for a Fortune 500 company. I now do mobile detailing for cars and business jets and I would love to never go back to an office.

[freeride53]

Cliffs: bust your ass to get an internship and see if you like it

If you want to do finance or financial advising, why do you want an MBA?

That's the thing, I'm not sure. I'm looking at risk management internships, different i banking analyst positions, treasury, internships in insurance, etc..

I'm still trying to figure it all out.

I have heard from alumni panelists who did ibanking that the job really will "suck" for a few years, but I think of myself as a motivated individual, so I'd be up to give it a try.

[Dermeister3]

That's the thing, I'm not sure. I'm looking at risk management internships, different i banking analyst positions, treasury, internships in insurance, etc..

I'm still trying to figure it all out.

I have heard from alumni panelists who did ibanking that the job really will "suck" for a few years, but I think of myself as a motivated individual, so I'd be up to give it a try.

what motivates you? deep question i know.. but it may help you decide what the right career is for ya :)

[freeride53]

what motivates you? deep question i know.. but it may help you decide what the right career is for ya :)

Haha REAL DEEP BRO (e36 driver face).

But seriously, I've faced a few adversities (at least in relative to my other life experiences) that I've been able to maneuver around. I've also been told that I'm a stubborn guy (good, bad?). What interests me? I've always been fascinated by the workings of our economy. Also making a big-time sales interests me. I find careers in high finance pretty commanding, and the fact that you are shaping the economy just plainly fascinates me, at any level.

Another bit of motivation may seem pretty cliché and over-played, but I always strive to make my dad proud. I owe much of everything that I have, or have gotten in life to him. Gotta make mom & pops proud.

[Dermeister3]

Haha REAL DEEP BRO (e36 driver face).

But seriously, I've faced a few adversities (at least in relative to my other life experiences) that I've been able to maneuver around. I've also been told that I'm a stubborn guy (good, bad?). What interests me? I've always been fascinated by the workings of our economy. Also making a big-time sales interests me. I find careers in high finance pretty commanding, and the fact that you are shaping the economy just plainly fascinates me, at any level.

Another bit of motivation may seem pretty cliché and over-played, but I always strive to make my dad proud. I owe much of everything that I have, or have gotten in life to him. Gotta make mom & pops proud.

good. thats the right motivation for the financial sector of the economy. Most people who dont enjoy their CPA/finance jobs are motivated by pay... and that just doesnt work.

[RainMan]

I am the Head Trader at a brokerage here in San Diego. No prior experience. Nothing fancy, just agency trading for now.

I studied Econ at JHU, had a shitty GPA (B- average), and no internships upon graduation. I got an internship at Morgan Stanley Smith Barney, and was told by alumni to get out as quick as possible since I don't want to be a Financial Advisor, but want to work in Asset Management.

If you can, try to get your CFA Level I before graduation; it's expensive, but CFA'd-professors can vouch for students for the first level since you don't have a job/internship in the field, yet.

If you want to go Bulge-Bracket, keep your GPA above 3.5, especially if you don't go to a "Target School." I am personally trying to skip BB, and move right into PE/VC, where everyone tries to go after IB work.

Start putting together your own portfolio. Not paper money, your own real money, if you can afford it. Put some performance metrics on it, a summary of your overall strategy, and a few pros/cons for each company in your portfolio. Showing your interview-er that you are committed will put your steps ahead of your peers, who might have a better internship history or GPA than you upon graduation.

Feel free to ask me some more specific questions.

Start talking to Alumni now. I did absolutely no networking in college, and it has only made it harder for myself.

[ZoomZoomBoom]

good. thats the right motivation for the financial sector of the economy. Most people who dont enjoy their CPA/finance jobs are motivated by pay... and that just doesnt work.

Most jobs don't pay for the amount of hours and stress involved, unless you're an executive for a large company, then you make "fuck everybody money". It's hard to stay with the same company or firm for a while because the only way you get a raise is by leaving.

[smerfs]

P.S. Don't do history/business. The only people who get history degrees are people who plan on going to law school.

Not true...My brother major'd in history for his first bachelors degree, he now has a masters in finance and works in the finance world. I'm not one to talk about what he does, but he enjoys it a lot. From what he says it's essentially his dream job. He could work in an investment bank but for him the hours would destroy his chances at having any kind of family life.

Nothing really to add to this on my part though, other than it's a stressful yet rewarding job.