Sign Maryland Banking Notice To Quit Fast

Industry sign banking maryland notice to quit fast

hey guys so today I'm going to be going over four reasons why I think invest in banking is not a wise career path or why you shouldn't go down the career path of Investment Banking now you're probably asking you know who's this guy on the screen what does he know well as you can see on your screen that's me around two to two-and-a-half years ago maybe three years ago winning the National Investment Banking competition with my team representing Queen's University at an IBC and IBC is the National Investment Banking competition and if you're a person that's interested in investment banking well then you most likely know what an IBC is a bit of background about me myself I went through all the right steps I you know took the finance and accounting courses I did the extracurriculars such as breaking into Wall Street and I also took the extracurriculars in school which were classes taught by previous investment bankers now professors at my school about investment banking and so I was very well-rounded in that sense I did the proper internships and I thought I wanted to go into Investment Banking now I thought that until I won the National Western banking competition and today in a completely different career path I'm going to give you four reasons why you shouldn't go into Investment Banking now I'm going to be bringing up anecdotes that you know affected my life people I know who are in investment banking and progress very foreign investment banking and even beyond and so everything in this video to put into context is my sole opinion about the industry and the people around me ok let's start so the first reason is the work now you're probably thinking okay I hear that you know there's a lot of very smart people invest in banking and the work is very interesting but there's a couple of points to the contrary and I think it's really a lie that Investment Banking work is interesting the first point is you're going to be an excel monkey you're going to be doing excel for 14 to 15 hours a day maybe even more staring at a screen having your eyes bleed now doing so is really a recipe for early onset dementia and so you probably don't want to be doing that for too long but the work is very mundane menial the same thing day after day just with a new company now when you think of the actual companies are working with yes it may be true that you're working with very large companies but the issue with that is that nobody really cares about these companies you know you hear about all these IPO is about Facebook and and other companies that you know Morgan Stanley or JP Morgan or Goldman Sachs are taking on but you very rarely hear if the vast majority of companies are going to be dealing with and those companies are you know a salmon farm in northern none of it deciding to acquire another tuna farm in South Dakota right nobody really cares about that come about these companies nobody's wakes up and saying I want to be an expert in this salmon fishing market in South Dakota it's just not a thing people don't do that and so you're often going to be working with these companies really no-name companies on deals that you couldn't care less about the second thing when it comes to work is a lot of it will be in obscenely detailed work for the sake of pretending to care about detail now what I mean by that is you'll often have an associate or a VP zooming in 400 times on a textbox in one PowerPoint slide to make sure that it's aligned with the text box right above it now if you think that's important then I think Investment Banking is great for you but if you don't think that's in forward and do you think that's it's not even nitpicky because people have very right to be nitpicky about wor code needs to be presentable but it's kind of obsessive and a little psychotic and so if you think that that's something you want to do and I've interests you then I think investment makings for you another part of the work itself and this will eventually get to my second point which is culture has that a lot of the time you're doing work for the sake of doing work so now let's branch into my second point that is culture point number two a lot of the times you're the torchbearer as an analyst you need to do something because your boss did it your bus didn't have a choice to do it and so now he forces you to not have a choice to do that either so you'll be doing things that might seem kind of nuts like you'll be in the office working on a pitch deck that your boss tells you to finish for tomorrow on his desk and when tomorrow comes he won't even look at it in fact 50% of the time most likely what you produce won't even be looked at so what's the point there is no higher purpose towards it there is no and goal towards it it's really work for the sake of doing work if you're interested in that then invest in begging's for you but if you want to work toward something you feel like you have an impact on and you feel that you are building and creating and innovating and changing the investment banking is not for you now there might be people that say I hate Homer well you work with these big companies and you raise money for them yes that is true but a lot of the times you're not actually creating value in its investment banker in fact you're destroying a value I want to say you're destroying value I don't mean that you aren't you know issuing a big stock deal and investment investors are you know buying those shares and not money that's being raised is going towards building a project a lot of the times and you're working on mergers and acquisitions the collateral damage is really workers it is middle-class individuals who have had a job at this company now that company is being merged I think don't have a job so you might be creating value for people that are extremely wealthy but for people that are ordinary middle-class individuals you aren't really creating any sort of tangible value the third point when it comes to culture is really the bro' culture associated with Investment Banking now in Investment Banking what you'll often find is bros jocks people who don't really have a brain they're kind of brainless but they're in with the culture so they play hockey they know all the basketball scores for the previous rappers game if you care about that then yeah I think you'll be great for Investment Banking but if you feel like you have to put up a fake image to care about who like who the Raptors beat last night and what the score was on the game then Investment Banking just really isn't for you working off that bro culture point which i think is very important sometime underlooked is women will have a hard time in investment banking not because they aren't as smart or as a bride that's not the case at all in fact I know very a lot very smart women even invest in banking the issue is a lot of women chosen for Investment Banking are women that let's just put it very bluntly they're just good-looking there's a lot of men in the industry packed in a very tight room and they want icon I candy now this isn't some taboo this is just locker room talk that you'll hear it's part of the office the work isn't hard guys and so men will often pick a woman not because of her credentials because she can look good because they want somebody pretty to look at in the office when they're angry when they're frustrated and with their bosses finished yelling at them and they know that that woman can be trained up fairly quickly I mean all you have to know is Excel and how to add some numbers together maybe some macros it's not that difficult and so oftentimes if you're a woman what you'll find is and not only do you have to compete against women that are much prettier than you and that is a big aspect in the u.s. in banking industry but also that you will be subject to some locker room talkers so you'll be Brodeur you know I don't know how to put it you'll kind of be demeaned behind people's backs and that's just the truth of the matter now another point about it is that you might think that the investment banking culture rewards hard work and it rewards people for being smart and yes investment bankers do get paid a lot and that is the third point I will get to later but oftentimes people get into Investment Banking not because they're smart not because they can do division with three digits in their head and get you the answer within three seconds but because they know people it's because they've networked and because they know the uncles mother's daughter of their best friend's sister and that person is an MD at the bank and that mother's uncle's daughter sister spoke highly of them and so they won't get in because of nepotism now that doesn't mean that networking is a bad thing in fact in most industries you need to network to meet recruiters other individuals people that are thought leaders in the space but oftentimes it in bed and banking it's much more about who you know than any other traditional industry that brings me to my last point regarding culture if you think you can be an individual in Investment Banking you're wrong you are a machine you are a monkey you are a gear you are a cog your opinion does not matter you can't have long hair can't have a beard you can maybe have a beard if it's for religious purposes and you can have a head garment I guess if you're a guy if it's for religious purposes as well but that is very much looked down upon I think only if you're an MD if you were you know you've been willing to have your soul crushed for 40 years then you can earn the right to have a beard in the office and but for an analyst that's a no-go so forget about being an individual forget about your input being valued I think that it's probably true that in many places actually your input is valued many maybe smaller firms boutiques etc but oftentimes people are working for much larger firms and the Goldman Sachs JP Morgan's and at that stage they don't really care get your work done and do what you're told and shut up that's and once again that's not to say that getting your work done isn't paramount it is paramount in every industry but it's much more stringent in the sense that nothing else matters you're not a human being people will step on you to get ahead of you in line for that promotion trust me and that industry it's not about who you are as an individual it's about you being a cog and you being okay with being a robot in the COG and if that's fine for you than investment thankings for you but I'm just telling you the experience that I've had and the experience that other people and friends of mine have had in the industry just in case you're considering going into this industry now my third point is why you shouldn't pursue a career in investment banking is the pay now a lot of people say you know what are you talking about to him or the pay is great yes it is very hard to find a career path that will pay you $150,000 straight out of school I think probably software engineering and Investment Banking is probably the only two career paths that that can take place in but in Investment Banking you're doing 16 to 18 maybe even longer maybe not even sleeping some days work days and that means that on an hourly basis you're making less than minimum wage you're probably making as much as a McDonald's worker and your soul is probably being sucked and crushed more than a McDonald's worker is doing that sort of work and so the pay itself I would say isn't great for the amount of working effort you're putting in and it's not that you're putting in a work and effort to build the next space station or you're putting in work and effort to build an AI that will allow people to hear things now you're putting in work and effort to won most of the times you actually pretending you're doing work because there's a thing called FaceTime which is pretending you're doing work only because your boss wants you to do work while he's in the office but most of the time it's like I said boring menial and mundane work now the last point I want to talk about is the exit opportunities so yes the exit opportunities are great I would say 50% of bankers what you'll often notice is that 50% of banker as they do get the nice promotions they do move up to a private equity shop or a hedge fund that does pay them a lot but 50% of bankers actually end up leaving that career path in general they do almost nothing with finance once they're done what they'll do is that they will get burnt out and they will join a medium-sized enterprise or a small sized enterprise maybe a startup and they might be a project manager they might be a UX person they might learn some design skills and you know work on the product end or the business development end and I'm not saying that's bad at all what I'm saying is that those people could have been do now along so they have end up asking themselves why did I do three years of soul-sucking work putting up a fake image that I'm some sort of Brad and I care about the rapper's and the Celtics game yesterday when I could have been a junior project manager or a junior business development associate or a junior UX person and I would have been in the same spot and I didn't have to go through my same spot when I would having to go through the mess and banking and so that's what ends up happening and what's even worse is that when people make that career shift from Investment Banking to some sort of business development or product rule they are so sick and tired of staring at an Excel spreadsheet and burning the rise out having their soul sucked out but after they quit Investment Banking and before they join their new job they blow all their money on trips to the Bahamas trips to Thailand trips to Bermuda in other lavish places to go and enjoy themselves so not only do they do three years of soul sucking work but all the money that they saved up eventually gets blown on just trips or doing stupid stuff or just buying things that they probably don't need but in a sense their soul needs because they've been abused for around three years in their workplace and so those are really the four reasons why you shouldn't pursue a career in investment banking the first is the work second is culture third is the the pay and the fourth is what I just spoke about which is the career path and the career trajectory now you might think to yourself Toma everything you said is wrong I disagree with you if you think that's the case I'd be interested to hear why leave in the comment section below you found this video useful leave that in the comment section below throw a thumbs up I'm very interested to see what you guys say and I look forward to to doing so have a good day