“Before I became so fervent about Private Equity, I thoroughly considered all my other career options: hedge funds and VC.”

-Hicks Musings, The Leveraged Sellout

One common question I’ve been getting lately goes something like this:

“Inquisitor, I just started as a freshman at Harvard. I am majoring in economics and finance and I’m in the stock market club, the investment banking club, and I even borrowed $500,000 of my Dad’s money to invest in my personal accounts. So far I’ve earned a 50% return in 6 months.

How can I make sure that I work at Blackstone by the time I’m 25?“

Another variant of this same question:

“I am only doing investment banking so that I can pay off all my student loans in 2 years, but I have no interest in ever doing it again. What are the exit opportunities like for Associates at boutique banks who want to get into hedge funds?”

For those breaking into investment banking, the exit opportunities are always a big motivation.

It makes sense on paper: you go from working 90-100 hours a week and doing mindless work to working 60 hours a week and doing meaningful work 100% of the time, right? Right?

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For new Mergers & Inquisitions readers, I thought it might be helpful to do a recap of February 2008, just as I did for January 2008 and December 2007.

The investment banking internship recruiting season continued in full force in February 2008, and many readers asked questions on how to decide on summer internship offers and also how to get them in the first place.

I covered a good amount of investment banking lifestyle material as well, as including the perennial question of just how high investment banking salaries are.

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“I’m talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing.”

-Gordon Gekko, “Wall Street” (1987)

A few years ago there was an email floating around that claimed to show you could earn more per hour working at McDonald’s than at an investment bank.

Sure, making six figures as a 23-year old is nice, but if you have to work 120 hours per week, you can’t possibly be making that much per hour, right?

Intuitively I thought “no, but you must be making more than a McDonald’s worker.”

But sometimes intuition is not enough.

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What is Investment Banking?: Ari Gold: What Bankers Actually Do, Why NOT Do Investment Banking

Investment Banking Lifestyle: A Day in the Life - Worst Day and Best Day, How to Stay Fit, Investment Banking Wardrobe for Men, Investment Banking Lingo Part 1 and Part 2, A Week in the Life (Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday)

Breaking into Finance: How to Get an Investment Banking Job, Networking into Investment Banking, Recruiting in a Tough Market, Breaking in from Engineering, Breaking in from Law, Breaking in from the Back Office

Investment Banking Resumes: How to Write an Investment Banking Resume, How Investment Bankers Read Resumes

Investment Banking Interviews: Investment Banking Interview Guide, The Interview Selection Process, How to Close Your Interviews

Summer Internships: Summer Intern Success Guide, How to Dominate Your Summer Internship, Tips from a Former Summer Analyst, What You Do as a Summer Analyst, 10 Summer Internship "Don't's", How Summer Interns Get Full-Time Offers

Investment Banking Salaries: Investment Banking Salaries vs. McDonald's, Why Investment Bankers Make So Much Money, 2008 Analyst Bonuses

Private Equity / Buyside Jobs: Private Equity Resumes, Private Equity Interviews, The Myth of the Buyside Job, Headhunters: Friend or Foe?

Specific Groups: UBS LA, Boutiques, Restructuring, The Back Office

Quitting Finance: The Conference Room: How You Get Fired, The Farewell Email, A Day in the Life of a Former Investment Banker