Why young people want to be bankers
According to a recent government report, investment banking pay is hitting absurd levels. The weekly pay in the profession is $8,367, compared with $841 for all private sector jobs. Are investment bankers worth 10 times more than everyone else? Let the debate begin. In various hot spots, where hedge fundies are concentrated, the pay is even higher. In Fairfield County, Conn., residence of choice for many hedge fund employees, the average weekly pay is $23,846. In Manhattan, weekly pay averages $16,849. There was a time when the brightest wanted to be doctors, then lawyers, the traditional investment bankers, then Microsofties, then dot.com types, but there is no question what young people want to do these days: make as much as possible and--hopefully--"give back" later.
For more:
- here's a New York Times article
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Comments
By Tanya | Posted 12:36pm | September 5, 2007
I have 6 years experience as a residential loan officer. What do I have to do to become an investment banker?
By Anonymous | Posted 3:54pm | May 1, 2008
Your experience as a residential loan officer has taught you to be effective in an extensive personal process involving data and interpersonal interaction. These are important dealmaking skills as an investment banker albeit the process and knowledge required is different. You will need to learn corporate finance and understand how to research details on industries, companies etc.. The best thing you can do is start the learning process directly at a good MBA program in finance or at The Institue For Finance in NY where intensive weekend seminars are given in areas related to investment banking. Also, seek out a mentor in the field that you can work for and with and put in 14 hour days.