Merchant banking (1 Viewer)

[RIZAL]

sorry to revive an old thread, but I need the advice of gm and alman:

OK, I may have the opportunity to work overseas in the Investment Banking division of Salomon Smith Barney this coming summer vacation.

Now, would I be digging my own grave by offering to work for free for the full 3 months (i.e. would I be expected to work typical IB hours?)

What sort of tasks do you think I would have to perform?

Would I be given much responsibility? (I have only studied two real finance subjects (2nd year level 'business finance' and 3rd year level 'Corporate Financial Design')

any help would be greatly appreciated!

- isaac.

 

[Minai]

why do you want to work for free?
I thought vacation employment for penultimates was paid?

 

[RIZAL]

yeah I don't really want to work for free, but this opportunity only came up through a family contact. so since it's through a family contact and not a professional sort of contact, i was thinking it would be better to offer to work for free? I dunno. besides, i'd probably be more of a liability than an asset to the company for the duration of the work.

 

[gm]

Isaaq, where overseas are we talking about?

I think it is probably an excellent opportunity, especially if it's in NY, Chicago, London, Tokyo, Hong Kong etc... (Major financial centre).

SSB don't have a big IB team here (if any), but it'd look great on your resume and you might be able to make connections overseas.

If you don't need the money, and can afford to live there unpaid... Go for it!

 

[aditya]

omg.... y didnt i see this thread earlier... this has the postential to save me two days!!! (open days)

gm ur my dream guy to talk to lol

I know people that got 99 uai and are doing economics finance.... and want to get into this IB role , as do i... so so desperately.. lol

i just wanna know where ur at gm... are u in uni? wat have u done compelted, doing? just that im confused to where ur actually standing and would really like to know...

Ok my dilemna lies behind my uai... i definately wont get 99.xx uai and i feel that combined law degrees, especialyl those with commerce are going to rise next year, which i have no problem with if something goes up something else must come down! yeh? so im hoping commerce @ unsw will come down.

But i think somebody already asked this but didnt get a reply....

APPLIED FINANCE / law at MAC?!?!?!?!?!?!1/ its like 95.4 cut-off

and another thing, the law aspect that is required for this IB role doesnt seem to be that significant, in the sense you might only use 30% of your law degree whilst in an IB role?? (this is an assumption determined by my logic only no raw knowledge behind it) - so based on that wouldn't a commercial law + finance major sequence be equivalent :S

the only downside i can see is that the person tha tmajors in com law rather than undertaking a llb degree wouldnt be classified as a lawyer? right? So from that, people in IB roles - do they have to draw up contracts etc? or do they just have to have a sound understanding of laws that may prohbit trading practices?


And this networking thing scares the shit out of me.... I mean I'm a very scoial person and all, but I'm not fake... and i dunt think i could become fake, and this networking thing REQUIRES you to be fake? essentially?

Could someone further describe how you would go about this networking thing!!

PLEASE PLEASE respond to this post... i love u all *mwah*

 

[aditya]

Oh and one more thing, i went to the usyd careers booth at their open day and the lady there also told me that banks etc are looking for poeple with broad skill sets, i.e. arts... social science...

so with this in mind..... economics (social science) at usyd would rock the boat yeh?
Also also also.... she said arts specifically, and i love philosophy and am sure to be able to rape it in terms of marks and keep my interest level high at uni, BUT Bcom (finance)/ BA (philosophy) doesnt really provide a great range of job opportunities now does it? I mean besides an IB, CF role..... what would a person that did that end up in lol?

thanks dudes

 

[aditya]

lol i just wanted to say how much i love all u people =)

 

[Rorix]

if i had the choice between a finance co-op scholarship (13.4k pa with work experience except must do commerce only) and doing commerce/law, which would be better?

 

[gm]

Okay....

I'll answer all these questions pretty soon, sorry i'm kinda busy at the moment.


For the co-op vs comm/law thing:

I'd go with co-op, you won't be a poor uni student, you have automatically made workplace connections and does law really interest you? do you have a passion for it? - probably not.

Just concentrate on getting your degree, aim for like a 5.5gpa (out of 7), join clubs at uni... be social... network... improve your social skills... join the 'commerce club' or whatever your uni has... show leadership (maybe in a club?)... Develop an interest in the financial markets...

Don't be an ignorant bitch, who memorises the hsc text books, gets into comm/law and then thinks that they're gonna be somebody in finance. Only study law if it interests you. I'll explain more in my next post...

 

[dude431]

It's dodgy how students get into law and lack 'passion' and just put it down because of its prestige.

 

[aditya]

yeh and still get paid shit loads of money and move into other fields i.e. ceo

im sorry for my tone, but urs sounds a bit jealous, they memorised alot better than any1 else in the state, and they aren't going to be stupid people, whether they like law or not...

I know people who dont do legal studies or have a keen itnerest in law but are working their asses of to get into it... y? because they WANT to become successful lawyers -

so yeh, i think ur comment is dogy... no offence...

the only reason i would ever do law commerce to get into finance would be because its esaier to get a job straight away, getting a co-op schoalrship would solve that issue with flying colours - take out the eccessive, unncesary study (not to mention relatively useless) - in my case anyhoo - and ull stand land urself a mad job...

hey gm buddy u seem to know wat ur talking about, ive done alot of research as well, on like the courses and the electives/options that each uni offers - and well i would choose say 11 out of the courses that i would love to do, but then read u can only do 6/7?! i know thats a minimum requirement but how many more could u cope with while still having a life?

and yeh economics + finance? vs accounting + finance vs acturial stds + finance

 

[dude431]

Well, I guess I was targetting a certain band of people when I said that.

People that have no interest whatsoever in either BCom or LLB and only do it because they can't get into medicine. I've known quite a few of these people in the past and I know people that are doing it. I don't know about you, but personally, I find it 'dodgy' how people list preferences based on how difficult it is to get in.

I hope you know I wasn't refering to you when I said that. I'm going down the same path as you actually, attempting to get into the competitive areas of the financial market. Personally, I doubt I can get the 99.35+ to get into the LLB at UNSW and according to all the people I talked to today (UNSW Open Day) and last Saturday at USYD, they all said that LLB looks good and will def. help employment, but if you can get Hons. in your BCom(Finance/x) you'll more than likely have an even higher chance. So I'm looking down that road I guess, as well as maybe a masters if I can't find employment. I'm also considering doing a securities institute course, but thats far away.

To answer your question on the Applied Finance/LLB, according to what I've read here (I think I asked that question a while back?) if you want to enter the competitive areas of finance domestically, or if you want to go int'l, you're better off sticking to the big two, UNSW and USYD. However, I'm no expert on this, maybe someone can bring light to this topic.

Remember, transfering is always an option - again, from what I've read here - if you get a UAI above 97 and get a distinction average in the first year, you can transfer into either Sydney or NSW BCom/LLB assuming their NRSL doesn't go up.

 

[aditya]

yeh i got the same impression as u lol... like.. exactly the same, form every aspect...

i went to unsw open day 2dai... and yeh i got that response, do law helps, but honours will also do a similiar thing, but they didnt say it would be better, and i dunt think it woudl be, y wouldnt u hire someone with a law degree over some guy with just an honours... i dno

actually i was fairly discouraged in persuing a career in IB after talking to the staff at unsw...
i talked to as many people as i could and got a very "negative" idea of getting into the career, and then staying in the career... getting in part - 4 people a yr from unsw... staying in - 100hours a week....

and wat about uts? wat are ur insights on that? i mean once u have a job ur degree wunt mean much right?

 

[doe]

leet thread

(yep, im bored)

 

[dude431]

y wouldnt u hire someone with a law degree over some guy with just an honours

Well their reasoning was that a LLB is a general degree that gives a broad overview of the legal system. Sure, subjects such as contracts law may help, but quite a few other subjects become quite useless unless your working in the legal profession.

However, a masters or honours in BCom (Finance) gives you specialist, advanced knowledge of the subject which would be much more applicable to your job. Plus, its immediate evidence that you've attained strong academic results, the vital criteria in the selection process.

BTW, this is not my reasoning, some guy I talked to from Hudsons (I'm not really sure what they do...) told me this. He's from HR or something, can't really remember.

About UTS. I got a very bad impression on their open day. I'm not going to say anything here since UTS people are likely to be offended. PM me if you want my reasoning. However, UTS has a reknowned business course, and they are known for their LLB too, so I guess if you really want to do the BCom/LLB that could be another avenue you could take, since their UAIs are slightly less than UNSW/USYD.

 

[Jeevers]

Recruiters don't look at the past anymore, especially just grades and stuff....innovation, enterprise, and being an entrepreneur is very typical of the Australian spirit. That's why Australia is strong as a nation.
By the way, does anyone know how it's possible to become a quantitative analyst, the credentials required, etc etc. I would like to know some more information about this field from someone in the industry? Sure, it's 80-100 hours of effort, but could someone give me an idea as to precisely what work is involved. (is it like a Business analyst role?).
Enjoy the summer!
Sanjeev

3rd yr, B Mathematics and Finance, UTS

 

[llamalope]

what majors/subjects to get into merchant banking.
Im doin B.Commerce

Well this may not relate exactly, but I did work experience at The Macquarie Bank because I have conections...and everybody I asked said it's best to do pure maths, rather than commerce....actually they all said commerce was boring.... (not that i agree) but they suggect doing like a science (advanced maths) then you can do all maths subjects...also financial maths is useful.

but since ur doing commerce, I'd say do accounting and economics/econometrics. Really.....economics/econometrics major would be better...but I dont know if you can do that

 

[kingbuddha]

What about BCom (Hons) / LLB.... that would be a hell of a lot more attractive to employers than just BCom (Hons) and BCom (Hons) / LLB (Hons) would be the ultimate... although thats pretty damn hard

 

[§eraphim]

Well this may not relate exactly, but I did work experience at The Macquarie Bank because I have conections...and everybody I asked said it's best to do pure maths, rather than commerce....actually they all said commerce was boring.... (not that i agree) but they suggect doing like a science (advanced maths) then you can do all maths subjects...also financial maths is useful.

but since ur doing commerce, I'd say do accounting and economics/econometrics. Really.....economics/econometrics major would be better...but I dont know if you can do that

yes its possible to do accounting and economics/econometrics.

commerce is boring because a lot of ppl have that degree. pure maths isnt as applicable as other applied maths/stats but it makes u a better problem solver with some lateral thinking. Thats what makes it attractive to employers. That isnt to say other applied maths or stats subjects dont give u that same opportunity but its different - it will make u stand out. i think thats why it is often seen to be on par with an LLB as completing those degrees requires a substantial amount of academic rigour.

im doing bcom/bsc (finance & statistics) at unsw. im hoping i can get into a trading or quant role by riding on the strong reputation of unsw in finance and mathematics. any chance of suceeding?

 

[Soma]

I work at Macquarie parttime, albeit in the Banking and Property Group which is one of the least prestigious areas of the bank, although generating the 3rd most profit.
I think commerce/law would probably be good but then again it is 5 years, if you do a commerce degree and then do 2 years of job experience you may be in almost as good an experience. That said I'm commencing a Bizlaw degree at UTS this year. My aim is to finish the degree and go for a graduate position at ASIC, then later move into the IB sector.