So you want to get a high paying, lucrative job (iBanking, Management Consulting...)

[enginear]

First rule: There is no easy way in.
Second rule: There is NO easy way in.

If you want such a lucrative job opportunity, be prepared to work for it. Before you prepare your resume or attempt to network with experienced professions,

DO YOUR HOMEWORK

Google the profession you're interested in, learn everything you can about it. Look at large companies in the industry and go to the careers section on their website. You'll find a wealth of information about who they are or aren't looking for.

This way, we don't get questions like, "Do you need a mortgage license to be an investment banker?" If the person asking the question took 10 minutes to google what investment banking is, he or she wouldn't have asked that question.

If you're too lazy to do a google search and look around for the information you want, you're not going to get the job. It takes 20 seconds to do a google search. To prepare a good resume, customize a cover letter, prepare for any interviews & network with professionals to find other opportunities takes a hell of a lot more time and effort.

You're fighting against people who put weeks, if not months of preparation to get these jobs. From my personal experience, I've spent weeks preparing myself for an investment banking interview. Coming from an engineering background, I spent huge amounts of time studying financial modeling, how investment bankers value companies, what an entry-level analyst does for the first few years, etc.

If you really, really want that lucrative job opportunity, stop and think. Many other people want it too, and they're willing to work hard for it. Are you willing to put the time into it? If so, start now. Google it, learn everything you possibly can about it. That way, if you get an interview, you don't look like an idiot in front of your interviewer.

Also, these jobs aren't as glamorous as they first seem. I have some close friends working for McKinsey. You know how many times I've seen them in the past 6 months? Once or Twice. A typical weekday for my friend is waking up, putting a suit on, going from the hotel to the client's site. Working with his team at the client's site until 8 - 9. Calling his girlfriend for an hour, then crashing. When I did an internship in S&T, I would wake up at 6:00, dress, head to work, get 10 minutes to grab lunch, go home at 8 - 9, crash and repeat. So did all the traders and people supporting them. People always tell you about how much these positions pay, or how amazing the perks are, but they don't often tell you about the sacrifices, the work that goes into securing one of these positions.

1. Do you know that you are going to give up your social life?
2. Do you know that you willing be giving up the chance for a stable relationship for the next couple years
3. Do you know that you will be working 12+ hours a day 6 or 7 days a week, doing the most inane things your managing director thought of, told an associate to do, who passed it on to you?
4. Do you realize that on an hourly basis, a person working at McDonalds is likely making more than you are? (http://www.mergersandinquisitions.co...ies-mcdonalds/)

No? DO YOUR HOMEWORK

If you think you have a legitimate question, please check the following checklist:
1. Have I googled it?
2. Have I looked online for other resources that may provide better information?
3. Do I reasonably think that RFD is the best source of information on this topic?

Here are some helpful links (These should be starting point, not a comprehensive listing of relevant information):

Investment Banking:
http://www.bankersball.com/
http://www.ibankingfaq.com/
http://www.mergersandinquisitions.com/
http://www.wallstreetoasis.com/

Management Consulting:
http://www.managementconsultingnews.com/
http://www.cmc-canada.ca/
http://managementconsulted.com/

For the record, I'm writing this with a heavy emphasis on ibanking, because that's the field I'm most familiar with.

[two_std_deviation]

http://www.leveragedsellout.com/

Though no longer updated this website gives the most honest and fact filled reports of what it's like to in IB. The guy also published a book about his experiences as an IB too that should help anybody hoping to break into IB.

[DaFonz]

http://www.leveragedsellout.com/

Though no longer updated this website gives the most honest and fact filled reports of what it's like to in IB. The guy also published a book about his experiences as an IB too that should help anybody hoping to break into IB.

The guy never worked in finance a single day in his life. His writing is satire.

[adehbone]

do not forget to read and keep up to date with the world. Atleast reading Liar's Poker, Monkey business, vault guides, and the paper daily.

[enginear]

In my opinion, Liar's Poker fits better for S&T more so than iBanking.

[adehbone]

In my opinion, Liar's Poker fits better for S&T more so than iBanking.

True, but you can add S&T to your list of professions in the topic. Also I think Liar's Poker is more about knowing the history of this industry and how it has developed over time. The rise/fall of Salomon is a key part of time, just like the fall of LTCM and Barings. Understanding where the industry has been and where it is going is key I would say, when your focusing in your networking/job search.

[chris0101]

Another thing you should point out:

These jobs are not as glamorous as they may seem. Finance, consulting, and accounting have long hours. Expect 80 hour work weeks to be the norm at times. The hourly rate for these jobs can be quite low.

Not only are they highly competitive, they are not as great as what they are cut out to be. Your hourly pay may actually be quite poor or even on par with the average middle class family if you think about. Sure in good times, you bonus will outstrip that, but often you've got to ask yourself, at what cost?

One of the reasons why jobs in sectors like finance or medicine pay well is because they are very mentally stressful and require a lot of work to get. (Think about the hours put into getting a designation, studying for all those exams, the years of education for specializing, etc.).

[watewate]

this thread should be a sticky!

[enginear]

Another thing you should point out:

These jobs are not as glamorous as they may seem. Finance, consulting, and accounting have long hours. Expect 80 hour work weeks to be the norm at times. The hourly rate for these jobs can be quite low.

Not only are they highly competitive, they are not as great as what they are cut out to be. Your hourly pay may actually be quite poor or even on par with the average middle class family if you think about. Sure in good times, you bonus will outstrip that, but often you've got to as yourself, at what cost?

One of the reasons why jobs in sectors like finance or medicine pay well is because they are very mentally stressful and require a lot of work to get. (Think about the hours put into getting a designation, studying for all those exams, the years of education for specializing, etc.).

Edited into original post

[adehbone]

Another thing you should point out:

These jobs are not as glamorous as they may seem. Finance, consulting, and accounting have long hours. Expect 80 hour work weeks to be the norm at times. The hourly rate for these jobs can be quite low.

Not only are they highly competitive, they are not as great as what they are cut out to be. Your hourly pay may actually be quite poor or even on par with the average middle class family if you think about. Sure in good times, you bonus will outstrip that, but often you've got to as yourself, at what cost?

One of the reasons why jobs in sectors like finance or medicine pay well is because they are very mentally stressful and require a lot of work to get. (Think about the hours put into getting a designation, studying for all those exams, the years of education for specializing, etc.).

Why wreck the surprise ....It's like how when your interviewing with the big4 and they give those booklets of "how awesome the summer is" all the drinking, events, group outings. They never give a booklet of how the Winter term was for the co-ops lol or their second summer, aka the ones they were working 60+ hours doing numbing audit.

As for trading, there is nothing like working hard to get As, dealing with the stupid brainteaser interviews. To land on the desk and the first week, your boss looks over and says go pickup Suishi, a good 7 blocks away and make sure you get back in 10 mins cause the traders are hungry.

[two_std_deviation]

The guy never worked in finance a single day in his life. His writing is satire.

I don't think you're cut out for IB, son.

That page is perfectly acceptable for someone from RFD asking for advice on IB and other capital market jobs.

[dandy2008]

One of the reasons why jobs in sectors like finance or medicine pay well is because they are very mentally stressful and require a lot of work to get. (Think about the hours put into getting a designation, studying for all those exams, the years of education for specializing, etc.).

What designation ?

[williamsauga]

So you want to be an ibanker / lawyer / management consultant / CA / etc.

forget about it

[unowned]

all you need to know is in here:
http://www.amazon.com/Damn-Feels-Goo...8115017&sr=8-9

[two_std_deviation]

all you need to know is in here:
http://www.amazon.com/Damn-Feels-Goo...8115017&sr=8-9

+1
This is a must have for anybody wanting to get into IB.