Reader Q&A: Relationships Vs. Investment Banking, Accountants Breaking Into Finance, Do You Have Any Jobs For Me?
Reader Q&A makes its return today - I’ve stopped calling this “Weekly” since the schedule is simply too random to predict.
Relationships Vs. Investment Banking
“I have a question that I don’t believe I’ve seen addressed on your site.
I’m interested in pursuing investment banking, as it sounds like it gives you a lot of good opportunities in the future.
My main concern may seem a bit cheesy, but I’m sure many others share it. If you choose to enter this profession, how and/or when do you finally get the time to get/have/maintain a girlfriend or boyfriend?
Should you just forget about that for your first 2 years as an Analyst, or is it not even realistic when you’re an Associate?”
This is a great question and one that I haven’t addressed before.
It’s difficult, to put it lightly, to start new relationships if you’re working 90-100 hours per week. It might be possible if you turn to your co-workers, but I strongly recommend against that for all the obvious reasons (see also: “Banker Chicks” discussion in Damn, It Feels Good To Be A Banker).
If you’re already in a long-standing relationship (as in multiple years) then it’s more feasible to maintain once you start working.
Realistically, it’s tough to start any new relationships until your hours scale back significantly when you’re a more senior Associate or VP; even as 1st or 2nd year Associate you’ll still be working a lot.
I’ve had friends pull this off, but as with breaking in from the back office, success stories are few and far between.
Personal Note: I was in a relationship that ended several months after I started because of 1) the lifestyle and 2) it only began a few months before I myself started. If you’re about to start working in banking, it’s a really bad time to also begin a relationship.
Accountants Breaking Into Finance
“I read your series on Breaking and Entering into Finance for lawyers and engineers, and I was wondering if you knew of any bankers who were formerly CPAs and/or anyone who had transferred in from auditing/accounting.
What do you think the best approach is for breaking in with an accounting background?”
Accounting is actually a common and useful background for investment banking. Despite rumors to the contrary and all those expensive packages out there purporting to teach you “finance,” most of what you do as a banker is, in fact, basic accounting.
One could even argue that bankers are just overpaid accountants with awesome PowerPoint skills (don’t let the Big 4 know this, though).
I’ll write a full article on this at some point, but the best way to position yourself for breaking into finance is by working in the Transaction Advisory Services (TAS) group or anything related such as Business Valuation groups.
It’s still an uphill battle, but if you can point to “deal experience” you’ve had, you’re immediately in a better position.
Do You Have Any Jobs For Me?
“Do you know of any current openings for entry-level investment banking positions? Let me know if you want me to send my resume.”
Bold, daring and direct. I like your style. Unfortunately I don’t have anything for you at the moment, though if you’re a recruiter maybe you can contact me and I can be the matchmaker.
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Tags: Accounting, changing careers, investment banker lifestyle, investment banking, investment banking relationships
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I agree with the relationship part. All the guys I knew in long-term relationships were able to pull through in most cases. I think their significant other understood what the life was going to be like and was ready for it, but yeah, starting up a relationship with some girl who doesn’t know what she’s getting into doesn’t work. And oh yeah, you better be ready to pony up for all those “I’m sorry I blew off our anniversary/lunch date/dinner date/weekend at the beach because of work” gifts. One interesting observation I saw was that it almost seemed like long distance relationships worked almost out almost better than local ones–you’re pretty much in a long distance relationship with a banker even if you live with the person in the same city.
Yup that’s true, you basically are in a long-distance relationship anyway.
I hated buying gifts / had no money at the time, which is another reason my relationship did not work out.
I feel like the answer to this should be obvious, but can you elaborate on why it is a bad idea to start a relationship with a coworker? You might imagine that for those of us who just started, the temptation is certainly there. Did you/anyone in your analyst class do this, and if so, what were the ramifications?
I did not do this, but then there were no attractive/interesting members of the opposite sex in my class.
In general it’s a bad idea because you see the person every day - more specifically, A LOT every day. So that presents 2 problems:
1) If something goes wrong and you break up, it creates an awkward situation in your office. This even happens with those who aren’t co-workers - for example, my ex and I shared a lot of the same friends and now it’s always awkward when we’re in a group.
2) Even if you don’t, you see the same person day after day for hours on end… and I’ve found it’s better to have your own personal space instead.
You’re unlikely to get fired or anything, but it will make your working life even more miserable.
What is this I hear about investment banking being outsourced to india….
Is it wise for me to still go for this if im only a freshman in college and plan on going to grad school
If you’re a freshman in college you should NOT decide on a specific path yet - instead, explore all your options and see what’s out there.
On outsourcing: it’s happening in a lot of industries. However, they would never outsource everything bankers do, it’s just too difficult logistically.