So I went the white boy way of slinging crack-rock: I became a stock broker
February 2, 2007 12:53 PM Subscribe
Jobs in Finance. What's out there? What do people do?
I've long been interested in a career in finance, but there seems to be so many different things that can be done. I'm curious about stock market related jobs, and also mergers/acquisitions and investment banking. I'm also interested in knowing about things like quants, and computer based financial jobs. There are analyst positions, research, buy side, sell side, etc etc. I don't want to be a salesman or a personal finance advisor. Where can I find good descriptions of what these jobs entail on a day to day basis. I've looked at vault - they had some good stuff on daily operations of a variety of these job areas, but I want more. Any suggestions? Thanks.
I've long been interested in a career in finance, but there seems to be so many different things that can be done. I'm curious about stock market related jobs, and also mergers/acquisitions and investment banking. I'm also interested in knowing about things like quants, and computer based financial jobs. There are analyst positions, research, buy side, sell side, etc etc. I don't want to be a salesman or a personal finance advisor. Where can I find good descriptions of what these jobs entail on a day to day basis. I've looked at vault - they had some good stuff on daily operations of a variety of these job areas, but I want more. Any suggestions? Thanks.
This a very broad question. What is your current work/school situation? Are you willing to relocation? To NYC? Some jobs (like in M&A/investment banking) can be difficult to break into unless you enter the traditional way--directly after you earn an undergraduate or MBA degree from a top school.
The quant/programming side of things may have more flexibility, but others here are better suited to speak to that.
posted by mullacc at 1:22 PM on February 2, 2007
The quant/programming side of things may have more flexibility, but others here are better suited to speak to that.
posted by mullacc at 1:22 PM on February 2, 2007
Response by poster: Broad question on purpose. Have a bachelors in business management / mis. Been working for a few years (intellectual property marketing). I'm at the point where I want to go back and get an MBA, but I don't have a clear enough picture of what I want to do afterward for my to justify moving forward with the MBA. I want to look at things I'm interested in and possibly get a year or two ground level experience.
posted by striker at 1:27 PM on February 2, 2007
posted by striker at 1:27 PM on February 2, 2007
Nice BoilerRoom reference, BTW striker.
As far as descriptions go, check out Monster for NYC finance jobs and you'll usually find a good amount in the field you're looking for on any given day. It's a snowballs chance in hell that you'd get a bite the monster route, but at least you'll have some information to work with.
Its a good idea that you're doing this kind of homework for the MBA now, so that you have a clear direction to go in. Nothing would suck more than spending a few years and six figures on a degree that wouldn't open the door you want it to.
I have a similar educational background and are interested in what other advice our fellow MeFites offer.
posted by dr_dank at 1:31 PM on February 2, 2007
As far as descriptions go, check out Monster for NYC finance jobs and you'll usually find a good amount in the field you're looking for on any given day. It's a snowballs chance in hell that you'd get a bite the monster route, but at least you'll have some information to work with.
Its a good idea that you're doing this kind of homework for the MBA now, so that you have a clear direction to go in. Nothing would suck more than spending a few years and six figures on a degree that wouldn't open the door you want it to.
I have a similar educational background and are interested in what other advice our fellow MeFites offer.
posted by dr_dank at 1:31 PM on February 2, 2007
Honestly, the vault guides are the best option out there for someone not already familiar with the industry - I'm assuming you've read the books, not just the website. In addition to the "Investment Banking" guide, the "Sales and Trading" and "Investment Management" guides all relate to finance.
Actually, this site has a good, more comprehensive overview - but only if you have a good basic understanding of finance. It also has a good "Day in the life" section for various finance professionals, although the site is acting buggy right now and I can't access the page - link should be at http://news.efinancialcareers.com/a_day_in_the_life
posted by btkuhn at 1:35 PM on February 2, 2007
Actually, this site has a good, more comprehensive overview - but only if you have a good basic understanding of finance. It also has a good "Day in the life" section for various finance professionals, although the site is acting buggy right now and I can't access the page - link should be at http://news.efinancialcareers.com/a_day_in_the_life
posted by btkuhn at 1:35 PM on February 2, 2007
FWIW, I worked as a financial analyst for about 6 years for and for about 2 years as a marketing analyst (both for major telco companies). Both positions involved financial analysis, modeling, projection, etc -- but the finance dept was a miserable place to be, incredibly regimented, micromanaged, etc., and never got credit for the effort it put in. Marketing, on the other hand, was exactly the opposite -- entrepreneurial, motivated, creative, etc., and always got recognized for its efforts. From talking with others who'd worked for different companies, this seemed par for the course.
You sound like you're setting your sights much higher than an analyst position, so you should be fine -- but if you decide to try the analyst route, don't assume that you need to be part of a finance entity or department in order to do the kind of work you're interested in.
posted by treepour at 1:46 PM on February 2, 2007
You sound like you're setting your sights much higher than an analyst position, so you should be fine -- but if you decide to try the analyst route, don't assume that you need to be part of a finance entity or department in order to do the kind of work you're interested in.
posted by treepour at 1:46 PM on February 2, 2007
If you really are interested in banking, I'd suggest you get into a Back Office job. Make friends, socialise, find out who is who and what goes on in your particular institution.
Once you've got a good track record in the nuts and bolts that make a modern bank run - clearing trades, matching trades, marking positions to market, insuring your firm's counterparty's don't DK a trade, and doing it all to a clock especially so when several desks are coordinating their activities and trades in those complex and highly structured transactions we're seeing much more of these days - after a few years of this you'll not only have a very solid, very wide personal / professional network in place, but you'll also know exactly where you belong in an investment bank. It may no longer be the Back Office, it possibly won't be the Front Office, but you will make this decision based on experience gained inside the organisation. All while getting paid.
This is how I started and it worked for me. Also, Striker, most firms will train employees in good standing rather than go back to the open market. If there is anything better than getting a Masters degree, it is getting a Masters degree paid for by an employer.
After, of course, you've figured out what it is you really want to do.
posted by Mutant at 2:07 PM on February 2, 2007 [2 favorites]
Once you've got a good track record in the nuts and bolts that make a modern bank run - clearing trades, matching trades, marking positions to market, insuring your firm's counterparty's don't DK a trade, and doing it all to a clock especially so when several desks are coordinating their activities and trades in those complex and highly structured transactions we're seeing much more of these days - after a few years of this you'll not only have a very solid, very wide personal / professional network in place, but you'll also know exactly where you belong in an investment bank. It may no longer be the Back Office, it possibly won't be the Front Office, but you will make this decision based on experience gained inside the organisation. All while getting paid.
This is how I started and it worked for me. Also, Striker, most firms will train employees in good standing rather than go back to the open market. If there is anything better than getting a Masters degree, it is getting a Masters degree paid for by an employer.
After, of course, you've figured out what it is you really want to do.
posted by Mutant at 2:07 PM on February 2, 2007 [2 favorites]
Most quants and computer folks have specific training that probably disqualifies you. A CS/IS or related degree for technical analysts, higher degrees in math/science heavy topics for quants. You might be able to get into quant work if you really want to with a masters or phd in mathematical finance (or the appropriate b-school concentration) but you need a very strong grasp of mathematics (especially statistics) to go this route.
I think the back office suggestion above is a pretty solid one.
posted by ch1x0r at 4:43 PM on February 2, 2007
I think the back office suggestion above is a pretty solid one.
posted by ch1x0r at 4:43 PM on February 2, 2007
btkuhn, that's a great site. Thanks.
posted by SeizeTheDay at 4:49 PM on February 2, 2007
posted by SeizeTheDay at 4:49 PM on February 2, 2007
I'm a buy-side quant. What do I do all day? Basically I try to find ways to make more money or keep from losing more money. I don't work on our trading desk - there are a few quant guys there who do stuff like figuring out how well the desk is working and they have a CS/statistics/heavy programming background. My background is mostly in economic theory, with some pretty light programming. A lot of what I do is about figuring out how well/poorly a portfolio manager's idea is going to work and offering better ways of doing it.
posted by milkrate at 7:06 PM on February 2, 2007
posted by milkrate at 7:06 PM on February 2, 2007
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Try the book "My Life as a Quant", and I believe there was one I remember reading called "Confessions of an i-banker" or something similar, to give you an idea of the culture.
posted by geoff. at 1:11 PM on February 2, 2007