As previously mentioned, I am sad after reading this article:
Young Bankers: “60 percent say they want to work in private equity”
Basically, you got an economics degree at Harvard just to get a 100k job, and when you make anything short of that, you say: “oh, PE is better.” Ok, I haven’t worked in PE, but I am saddened to find that the most exciting period of the year is, for most young bankers, not fun. The moment banking bonuses are cut, they run to a field with supposedly better hours and better pay. Volatile, unstable markets are the only times you can be creative, and really delve into multiple different sectors (as opposed to static industry/individual stock reports). Ok, if you are about to get laid off, I understand why you hate your job. But if you are complaining because “my bonus isn’t big enough,” that is simply not a good enough excuse.
Quoting some guy interviewed in this article: “Considering the sacrifice I make in my personal life (100-hour work weeks, canceled vacations, etc.), this business has to be more rewarding.”
If a volatile market keeping everyday fresh isn’t rewarding enough, you don’t belong in a bulge bracket bank. Neither do you belong anywhere in finance. Unfortunately, in UChicago as well, I remember people who do nothing but talk about getting a 100k job at a bulge bracket…because it’s a 100k job. I remember a “Bank of America Campus Event” at Uchicago, where I went down the line of people waiting to enter, and asked them:
“Hey, I don’t really know what Investment Banking is. Can you help me out here?”
Sad thing: only 1 person in the entire line of some 30 people actually said something remotely resembling what it actually is. Did they not even bother to read the wikipedia page of what they are walking into the moment they hear “it’s a 100k job straight out of college”?!
Maybe this is why Ibanks are performing so terribly: they aren’t hiring people who love the job, they’re hiring people who love the salary.
I love this quote from my history teacher: “Don’t be a corporate whore.”
If you’re having sex with someone you wouldn’t want to have sex with for money, you’re prostituting yourself out. I feel as though America’s youth are prostituting themselves out to banks. And that’s what’s killing the financial sector. Loveless sex sucks, and the moment you get a pay cut, you’ll want to quit (if you’re wondering, I’m anti-prostitution).
Personally, I view banking as dating a hot girl who is, at the same time, from a well-off family. To me, I love her, so I enjoy the time with her anyways, and the nice things she buys me is just a nice cherry on top. If that’s not your view, maybe banking isn’t for you. Hating your job, and doing a bad job of it will only screw over our nation further.
Money is hard to resist though.
Lower class kid: I come from a poor family, and I want to help myself and my family live a better life
Middle class kid: I want something even better for my parents and my next generation
Upper class kid: I don’t want to lose my life style
Douchebag kid: I want money because I want to buy lots of stuff, and there’s things I think I deserve because I’m smarter than everyone else
So, to all kids who happen to stumble upon this site and say: “Hey, I think I want to be a banker someday because I’ll make so much money”, go get a degree in petro, chemical, electrical, or some type of engineering (http://jobs.aol.com/articles/2011/08/22/10-highest-paying-degrees/). At least you won’t do a job you hate and affect the nation’s economy so severely.
(to people expecting financial analysis, sorry. just had to release that pent up rage in me for a while)