How do I know if I would like a job in the Fin & Bank (gen) industry?

Quick answers compiled for download

Darren Stehlik

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How is it like to be in the loop?

How do I know if i would like a job in finance? Should I be in it? There is no way you would know if you like the banking & finance industry, not before you start doing it, not even if you are 2-3 years into the industry. Junior bankers spend more than 100 hours a week preparing spreadsheets and designing client presentations, we call it grunt work. Most people spend at least 2 years in this section (up to 6 years). After a while youll move up to a more senior role, placing in 60-80 hours a week, your main role would be to meet comptrollers of institutions, shaking hands with them, playing golf, and asking how have their kids been. You dont want to be too smart, or too good at golf. Most junior bankers never got the chance to transit into the senior roles, they give up beforehand. Thats a good sign, that means they know that finance is not for them.

How to tell youre cut out to be in the industry? 1) Youre a salesman, you have to be one. Needs no explanation 2) You are comfortable with doing simple mental arithmetic 3) You read books about M&A, you know Blackrock, you know about Pierpont Morgan & how he consolidated industries. You read about sales & trading.

100 hours as a junior banker? Are you crazy? The 100 hours per week, is not 100 hours of manual labor, it isnt you standing beside the Xerox machine. It isnt even you cracking your head to perfect client presentations (although you should). But the 100 hours means that you must be around. How can you function as a human being after placing in 100 hours into your job: 1) 2) 3) 4) 5) Turn on MSNBC, CNBC, CNN on mute Keep up with sports news Checking Social media networks Remember that you are the master of the universe (literally) Sacrifice sleep

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Why dont banks hire more people so that everyone can work less? The most important aspect is that a client servicing business/solution is expected to be 24 hours, you cannot tell your client that youre in Zurich or Singapore thus you are not able to answer his call from the Midwest as youre asleep. Do you know how ridiculous that sounds?

Everyone is entering the banking industry because of the SALARY, why does the industry pay people so much? A top performing 23-year old can bring home 6 figures? Banks are real, if you are bringing in 8 figures for the firm, you deserve your 6 figure salary. Banks do not tell you to stand at your station, make you add more than a million dollars worth of value and then pay you minimum wage. If you want to talk about pay, sports stars, and mobile app creators are paid way more, and you know it. And if you are a junior banker placing in 100 hours, you better be paid well! Or youll just pack up and leave.

What kind of people are in investment banking? I would say that there are 3 types: 1) The Bransons, extremely common, they just want the pay and give their all for the 5-10 years, after which they leave and do what they like. Surfing, Hawaii, Switzerland, backpacking, diving, etcetera. 2) Banking lovers, they really love the industry and the fraternity that comes with it. 3) The stay around, these are the bankers that was #2, and was around when the first M&A happened.

Why didnt you go into the specifics of back office, front & middle? Hell no.

Who will be the private bankers of Asia? Female private bankers will rule the scene for the foreseeable future.

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How does big multi-family offices operate? We run a private bank alongside a multi-family office, the main difference is firm support. Private bankers get more direct support but multi-family offices run on what I call w16 engines (CPAs, tax attorneys, CFAs). Once the multi-family offices AUM (w client count) powers up, it can crush a private bank easy. You would never imagine.

What jobs? Industry o Advising on Packaged Products o Account Service / Servicing / Support o Advising/Dealing in Commodity Derivatives o Advising/Dealing in Derivatives o Advising/Dealing in Derivatives (Retail) o Advising/Dealing in Financial Derivatives o Advising/Dealing in Securities o Advising/Dealing in Securities (Retail) o Broker o Business Analyst o Buyside Analyst o Cash Manager / Management o Client Relationship Manager / Management o Client Services o Compliance Analyst o Compliance Officer / Head / Executive o Compliance Reporting o Corporate Actions o Corporate Actions Manager / Executive o Corporate Finance o Corporate Finance Analyst / Executive o Credit Analyst o Custody Administrator / Executive / Manager o Customer Service / Servicing / Support o Dealer o Debt Analyst o Economist o Equity Analyst o Equity Manager / Management o Financial Advice o Financial Adviser / Advisor o Financial Analyst o Financial Planner o Financial Promotions o Financial Services Administrator / Administration o Fixed Income / FI Analyst o Fixed Income Manager / Management o Fund Accountant o Fund Administrator / Administration o Fund Manager / Management o Fund Performance Analyst o Global Custody Administrator / Executive / Manager o Hedge Fund Manager / Management o IFA / Independent Financial Adviser / Advisor / Advice o IFA Administrator

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o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o

Institutional Fund Manager / Management Institutional Islamic Finance Manager / Specialist Institutional Islamic Finance Relationship Manager / Management Institutional Sales Investment Compliance Investment Manager / Management Investment Operations Manager / Management / Executive Investment Performance Analyst Investment Risk Control / Controller Investment/Fund/Portfolio Management Islamic Finance Islamic Finance Relationship Manager Islamic Financial Manager Islamic Fund Manager Islamic Portfolio Manager IT Analyst IT support,IT Executive,IT Manager,Programmer M&A Advisory M&A Analyst, M&A analysis Money Laundering Reporting Officer Operations Manager / Management / Executive Performance Analyst Performance Analytics Performance Attribution Performance Measurement Portfolio Administrator / Administration Portfolio Analyst Portfolio Assistant Portfolio Manager / Management Portfolio Performance Analyst Prime Broking / Prime Broker Private Banking Private Client Broker Private Client Islamic Finance Manager Private Wealth Islamic Finance Manager Project Manager / Management Quantitative Analyst Reconciliations Reconciliations Manager / Executive Regulatory Reporting / Associate Relationship Manager / Management (Retail) Retail Advice Retail Adviser / Advisor Risk and Compliance Risk Controller / Control Risk Manager / Management Risk Modeller / Modelling Sector Analyst Settlements Settlements Manager / Executive Stockbroker Systems Manager / Management Trade Processing Trade Support Trader Treasury Valuations Wealth Management Wealth Manager

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If I get a bad rep in my current firm will I be condemned? In this industry if you make a mistake while you are a star player, you are safe. You are an asset that cannot be replaced. No one tries to replace Woodrow Wilson or Ben Bernanke when they are the only person that can actually get the job done. However if you are not a wizard you will want to look out where you tread, the industry is more interconnected than you think. If you have a hunters mark on your head dont expect to get away with it even if you are in another state, remember that Texas is as huge as Germany.

Ive attended the telelecture you were part of, can you empathize on the constraints that you went through? I believe that was the tele-consultation, basically as an EIC (executive in-charge) of your company you have to control innovation, your firm lives and dies on innovation, without it Apple would not be the second largest market cap company in history at the moment. In my slides I have listed 4 major constraints, if you are interested in locking it down and reducing uncertainty you need to contact the program provider for more information. 1) Individual constraints Perception Intellection Expression 2) Group constraints Emotion Culture Process Environment 3) Organizational constraints Strategy Structure Resources 4) Societal Constraints Values Social Control History (Tradition)

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Last words?
Dont see this industry as a bad output, it might have earned a bad rep but it is fair game. Probably fairer than any other industry. Your efforts will be rewards, it might not be in titles or promotions, but trust me the senior partner of the firm is not going to name you Junior Credit Analyst and let you do presentations, you will be a proper Credit Analyst. The industry rewards clever work, not hard work. I encourage a moderate work-life balance, it might be hard to achieve but be willing to put in the sacrifices.

-Darren Stehlik for EVC Daniel