Ask an Associate working in Private Equity on Wall Street anything

I have about 4k saved up. What would be the best way for me to invest it? Should I just keep saving until I have more capital or is this enough to make any money in stocks? Thanks in advance.

I'm sorry. I'm not a financial advisor. I professionally cannot give you any kind of financial advice. But what I will say is that you should look to save that $4k and make it expand. If you do not have an emergency fund, now would be the right time to have one.

How does off shore accounting work?
How do I get a swiss bank account?
How do I invest in:
-stocks
-bonds
-startups
-anything else worth investing in?
How to make decent (or better) profit on short term investments with low amount of cash?
How short term invest in general?

:lol dude did you not read the first few pages?

I see. In my earlier days of college, I didn't initially know what I wanted to do, and kind of goofed around without any focus, and eventually fell upon Accounting and realized I like numbers and number crunching wasn't really a bad thing to me. I definitely will keep in mind that I should be looking for more finance related internships. I don't really have very high aspirations, just to make a comfortable living and be able to enjoy the hobbies I like. That's not to say I won't mind making a great living, but I like to live a relatively simple life, and comfortable is what I seek. I think I'll try to look into Accounting as a major with Finance as a minor, or something along those lines.
It's not quite that I don't want to be here, the job itself is easy, and I learn alot. It's also really flexible for my school position and has been a great internship for me. The internship offers me a conversion into a full-time government budget position once I graduate, which is one of the reasons I still hold onto this position. I'm not against leaving, I just haven't really been looking, as this is a pretty comfortable college job for me with plenty of benefits, I just don't see myself being here 4 or 5 years down the line after I graduate.

That sounds like a plan man. But I would say that you should get to finding those internships asap.


Hank,

I believe I am in a unique situation and would love to hear your opinion and perhaps some advice. 8o

I currently work in a back office entry level analyst role dealing with the pricing on securities at a major Canadian bank. I deal primarily with domestic and foreign equities in a small team with relatively significant responsibility. I kind of got lucky ending up in this gig without an undergrad degree. I come from an accounting background from a community college. Everyone else I went to school with ended up in jobs without much excitement, like book keeping roles. I was a bank teller in college and used my position in the bank to network with people in order to get out of retail and into something with more prospect.

I am quickly realizing that I may be stuck at this level until I get a degree under my belt. I have reached out to mid-level managers about what they do and to build my network, and they all seem to agree that not having a degree hurts. I have enrolled in night and online classes at a university in the city in a Bcomm program, It is not the university with the best reputation, but it will allow me to transfer more credits from college and allow me to take my courses and night and online in order to keep working full-time. I anticipate it may take me 2-3 years to get enough credits to get a degree. I am obviously focusing on keeping my GPA high as possible now that I really see what impact a high GPA has on things like getting better jobs and into a good business school later on. In the meanwhile, in order to increase my marketability I am also pursuing the CFA. I am currently a level 1 candidate and am planning to write in December. I hope to write level 2 in June'14.

My manager and her manager keep telling me that I am overexerting my self and possibly setting myself up for failure by pursuing 4 university courses and CFA level 1. However, I am 26 and don't want to stay back office forever. I want more money, more responsibility, and more respect. I want to increase my marketability and jump into a higher level role within the year. Eventually, I would love to get into IB, portfolio manager or something else that is respectable, lucrative, stimulating and lucrative. Like you, I come from an immigrant family without much money, so I think our motivation is similar in that sense.

Do you think I am making the right decisions in order to get to the places I want to go in the finance world? Do you have any other advice or comments?

Thanks for taking the time to read this.


P

Hey, ridingonlorenzos

I read this and i understand how you feel. First thing, forget what your boss says. He's hating.

Secondly--don't ever let anyone tell you you're working TOO hard. Only you can determine that.

I say go for the CFA and get your degree. In finance you need to build credentials if you want to go up. The positions you mentioned above will require you to have at leas a bachelors degree. I would work as hard as I can, get a really high GPA and network like a ninja.

You need to show everyone that you're willing to work harder than the next guy, especially if you want to move from back office to front office.


One of the best threads I've read in awhile. Thanks Hank. :Nthat


Thanks, dude. I really appreciate it. I'm glad I can give back and help the community any way I can.

this thread makes me feel like i'm doing something wrong with my life

Why do you feel that way? That was not my intent when I create this thread. I didn't want to discourage or disrespect anyone. I apologize if I did.

Two quick questions.

1. Not to generalize but why are rich people so cheap. I mean I have this friend who works in finance. makes around 10 times more then I do. 4 of us were out to eat and the bill comes. it's $84 dollars and we decide to split it four ways. He nitpicks and says since his order was $2 last then ours he should pay less and then attempts to stiff the tip for the waiter. I mean dude is is the mid 6 figures.

2. How much yambs are gotten from your job. Do you club/barhop and ball out for yambs. Do you ever get yambs from the overworked colleague at the job? Do you pay for it??

srs questions btw

1. A person being cheap is a personal thing. I know plenty of rich people who aren't cheap. But if I had to venture a guess to answer your question--I'd say they're cheap because they want to keep their money.

2. I've picked up so many women just solely based on my profession and suiting up when I go out with co-workers/friends. They see a group of guys in suits at certain bars and the girls can immediate know what we're about. It's like they can smell it or something :lol But sometimes I will go out and meet girls who have no idea about Finance and I still manage to meet women. Having a personality, being able to hold a conversation and having a nice smile mixed in with a sharp suit will greatly improve your odds in finding women though. There's no mystery to that formula. Like I said before a few pages back, I've had the pleasure of being in the company of some of the most gorgeous looking women NYC has to offer and I've taken some of them home with me on many of occasions. Honestly, it didn't too long for me to stop noticing their looks and looking at their personalities first.

I do go to bars occasionally when I have time or when it's planned amongst all my friends/co-workers, but I don't go out looking to pick up girls. If I meet someone that night, I meet someone. Thats it.

A lot of people in finance get involved in relationships with co-workers. The hours are long and the people you work with are the people you see everyday. You see your co-workers more than your family. Office relationships are bound to happen.

I've never paid to have the company of a woman. I know plenty of people who have, but that doesn't interest me. I have seen some incredibly gorgeous looking escorts before.

1. Don't know if it's the case, but if some people don't have a certain amount in the bank, they feel broke.

This is the most foolish thing I've ever heard. I believe that this is true, but I can't people believe are so worked up about how they have in the bank.
 
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What kind of position or money can one make being a good talker on the phone? Do you need a diploma or can you get away with having lots of sales experience? Like the movie boiler room for example. Thanks.
 
A lot of the questions being asked on the previous few pages have already been answered by Hank Scorpio in the first few pages. I highly recommend reading through this whole topic before you ask questions.

Hank Scorpio is a rare gem. How? I've talked to bankers who are arrogant and condescending, just because they have a certain job title. On the other hand, there are also some who are incredibly kind and generous to everyone. I wouldn't have gone far in my career if it weren't for these people. Hank Scorpio is exactly one of these people.

It should really go without saying that his humility and compassion are just some of the qualities that has pushed him to be successful. Coming from a similar immigrant background, I can understand the struggle as well as the sheer hustle to achieve your goals. But when you get to where you want to be, it is so personally fulfilling. You'll be like Johnny Drama in his famous Victory scene on Entourage.
 
This field always caught my attention, I'm horrible with numbers though. :rolleyes
 
A lot of the questions being asked on the previous few pages have already been answered by Hank Scorpio in the first few pages. I highly recommend reading through this whole topic before you ask questions.

Hank Scorpio is a rare gem. How? I've talked to bankers who are arrogant and condescending, just because they have a certain job title. On the other hand, there are also some who are incredibly kind and generous to everyone. I wouldn't have gone far in my career if it weren't for these people. Hank Scorpio is exactly one of these people.

It should really go without saying that his humility and compassion are just some of the qualities that has pushed him to be successful. Coming from a similar immigrant background, I can understand the struggle as well as the sheer hustle to achieve your goals. But when you get to where you want to be, it is so personally fulfilling. You'll be like Johnny Drama in his famous Victory scene on Entourage.

Thanks a lot for the love, Gene. I appreciate it.

When I made this thread, I wanted to be able to give back to the NT. I grew up on NT and I hoped this would serve as an outlet to contribute in a positive way.

This field always caught my attention, I'm horrible with numbers though. :rolleyes

You don't necessarily need to be great with numbers to do well in finance. Not unless you're those quant types doing derivatives all day. Most of the "technical" stuff is taught to you early on.
 
Thanks Hank. good job man. Glad to see you getting yambs. just dont be one of the arrogant types with a bit of money.
 
I know you said you don't want to do accounting, but I'm remiss to not ask--why do you want to make the change? What made you go into accounting in the first place? Why finance?
 
I got into accounting in the first place simply because of an intro class I took last semester, and I just found it fascinating, very logical, so much more than just doing people's taxes. I figure getting a bachelor's in accounting, and going for a master's in finance would give me a very well-rounded knowledge base to make decisions from past activities(accounting) and future outlook(finance) as I hope to own and operate my own business in the future. I'm not really looking to drop accounting completely, I'd like to do both. Is this possible? Or should I just go for bachelor's in finance?
 
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I got into accounting in the first place simply because of an intro class I took last semester, and I just found it fascinating, very logical, so much more than just doing people's taxes. I figure getting a bachelor's in accounting, and going for a master's in finance would give me a very well-rounded knowledge base to make decisions from past activities(accounting) and future outlook(finance) as I hope to own and operate my own business in the future. I'm not really looking to drop accounting completely, I'd like to do both. Is this possible? Or should I just go for bachelor's in finance?

I was able to get both a degree in accounting in finance for undergrad because of the amount of overlap.

I think looking at the course catalog in regards to picking certain accounting courses versus others in addition to talking to a department head about your thoughts would be beneficial.
 
I got into accounting in the first place simply because of an intro class I took last semester, and I just found it fascinating, very logical, so much more than just doing people's taxes. I figure getting a bachelor's in accounting, and going for a master's in finance would give me a very well-rounded knowledge base to make decisions from past activities(accounting) and future outlook(finance) as I hope to own and operate my own business in the future. I'm not really looking to drop accounting completely, I'd like to do both. Is this possible? Or should I just go for bachelor's in finance?

If you want to stick to the safe side, I would get the degree in Accounting and take some finance courses as well. At least have enough to make it a minor. When you go for interviews, you can sell the interviewer that you know two aspects of monetary habits. Besides, as long as you have finance experience--you should be fine in interviews.

I was able to get both a degree in accounting in finance for undergrad because of the amount of overlap.

I think looking at the course catalog in regards to picking certain accounting courses versus others in addition to talking to a department head about your thoughts would be beneficial.

This is some good advice
 
On another note:

I'm not sure if I shared this book with NT yet, but it's a great read for anyone who's interested in getting some perspective of the financial crisis in 2008 and highlights the fall of Lehman Brothers.

It's incredibly well written by my close personal friends--Lawrence McDonald and Patrick Robinson.

Amazon product ASIN 0307588335
View media item 580690
 
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Sorkins book was good because it covered it from multiple sides in line with the chronological order.

I read it basically in two days while traveling in Europe. I cross paths with types from all the IB's, so the little slights against those at say Merrill or Barclay are humorous to me given the truths behind the stereotypes.

A little while ago there was a follow up about what edit Richard Fuld has done (or really, hasn't done) since Lehman...he's not a deal maker (him blowing the only real life line they had) he's had little success since Lehman.
 
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Can I use your apartment to bang women?

I think you skipped a question Hank :lol

You ever read Sorkin's Too Big to Fail book?

I read it. Basically the crisis from the POV of the major players. I might still have the pdf somewhere so if you want it PM me


While on the topic of books, Hank have you read this one:

Amazon product ASIN 0470442204
it's what my intro to finance professor recommended the class to read but i havent gotten around to it yet

Heard this was a good book as well, although I never got a chance to read it either.
 
Yeah broseph. I can't be telling these girls I'm in IB and bring them back to my parents' house in Queens. Help a dude.
 
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That book that Soleasian posted: I heard one of the BBs use it for training their analyst class but I'm not sure how accurate that statement is

Hank what bars do ib hang out at?
Just go to bars near the headquarters of the bank.
 
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You ever read Sorkin's Too Big to Fail book?

I've read both the book and saw the HBO movie based off it. Both are very good and I suggest anyone who's interested in the subject matter watch it.


Yeah broseph. I can't be telling these girls I'm in IB and bring them back to my parents' house in Queens. Help a dude.

:lol I'm sorry, man. I don't even have time to be in my own apartment these days. Work has really picked up in my office. I'd rather be the only one sleeping on my sheets.


Hank what bars do ib hang out at?


You don't want to go to those bars. It's filled with people from finance and 90% of the people there are douchebags. If you're not up their "level", they'll chew you up and leave you embarrassed. I've seen it happen before :{

Unless you're Matt Damon and have a Good Will Hunting moment--it won't end well :lol


Sorkins book was good because it covered it from multiple sides in line with the chronological order.


I read it basically in two days while traveling in Europe. I cross paths with types from all the IB's, so the little slights against those at say Merrill or Barclay are humorous to me given the truths behind the stereotypes.

A little while ago there was a follow up about what edit Richard Fuld has done (or really, hasn't done) since Lehman...he's not a deal maker (him blowing the only real life line they had) he's had little success since Lehman.

Yeah, I heard the same thing as well. Seems like dude wants to be a real life Gordon Geikco


I read it. Basically the crisis from the POV of the major players. I might still have the pdf somewhere so if you want it PM me


While on the topic of books, Hank have you read this one:

Amazon product ASIN 0470442204
it's what my intro to finance professor recommended the class to read but i havent gotten around to it yet

:lol I did read that book. It's pretty dry and clean cut. No personality to the read. Very informative though. If you were reading that book a few years ago and it came up during an interview--the interviewer would've be impressed. Now, they almost expect candidates to read it.


The Intelligent Investor
by Benjamin Graham

Long read, but worth it


I've been meaning to read that book, but I'm not big on financial self-help books.

That book that Soleasian posted: I heard one of the BBs use it for training their analyst class but I'm not sure how accurate that statement is


This isn't too far off from the truth. I know a lot of the analysts in my class were reading during our first year. To give some clarity, but maintain anonymity--I worked in one of the top 2 BB in the world. You guys are smart enough to narrow it down a bit :lol
 
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Not sure if you mentioned it before, but.. What is your opinion on guys leaving IB after 2-3 year analyst stint for a Hedge Fund/PE/VC as opposed to moving up to associate level and so forth?
 
Not sure if you mentioned it before, but.. What is your opinion on guys leaving IB after 2-3 year analyst stint for a Hedge Fund/PE/VC as opposed to moving up to associate level and so forth?

It's really up to you man, where do you see more growth? What would you enjoy doing more?
 
Not sure if you mentioned it before, but.. What is your opinion on guys leaving IB after 2-3 year analyst stint for a Hedge Fund/PE/VC as opposed to moving up to associate level and so forth?

If you read the thread, you'd know that I left IB for PE after my 2 years.

Honestly, dude. A lot of analysts are making the jump more and more as the years go by.Especially from all the top BB's. I loved what I did in IB, but I didn't love what IB was becoming. I didn't like the politics and all the restrictions it came along with. I wanted to have the ability to make an individual impact with my work and I didn't see that happening in IB. It's become a lot of restrictive and formulaic. The creativeness is fading away and sooner or later IB will become obsolete. Ask any experienced banker on the street and they'll all share the same sentiment as I do.

90% of senior level bankers wish they made the jump to HF/PE. And 15-20 years ago, people would spend their entire careers trying to make it. You see a lot more PE/HF's recruiting right out the BB's, because of the growth of financial institutions. IB is on it's way out, sooner or later. Now, if you can make it to MD while in IB--then a lot of people will be content, but the chances of that happening are almost slim to none. Hell, it's almost damn near impossible, unless you know the right people and they happen to also like you as well. It's all politics.

The chances of professional growth are better more promising in a HF/PE.

These are some of the reasons why I left IB and went into PE.
 
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I noticed a few of the Analysts at my bank jumping ship after one year. Some of them left our top group to hedge funds, MM PE and one to an internal PE fund. Do you think that would burn bridges or if an opportunity presents itself that I'm happy with do you think it is ok to leave early?
 
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