金融与 IB ---- Demystified

xxxyear

以下是引用makebj在2005-4-11 13:01:00的发言：
谁来继续介绍一下MBAF（MBA in Finance）的几种职业发展方向，要求及难易程度阿？多谢了

I can give you a brief intro.

No1. Hard and popular type

1.Investment Banker,make IPO, Deal maker.

2.M&A in IBD,even more competitive than IPO.

3.Consulting.

No2.Fantastic job but too hard to be possible.(but of course, anything is possible anyways)

1. Private Equity.

2.hedge fund

3.private bank.

4,Venture capital

No3.less hard and not bad type

1.Financial analyst,Equity alalysis.

2.Finanical management position in fin dep in Fortune 500 Corporation head office.

3.investment management,fund manage.

No4.easy job but you know what I mean

1.Accounting firm.

2.Locationally unattractive regional firm's fin position,or branch office in big corp.

squirrel_hippo

以下是引用xxxyear在2005-4-11 18:19:00的发言：


I used to pursue the quan type,but now I prefer to say,MBAF or MF.

Please forgive my ignorance, what is "quan type"?

makebj

多谢 xxxyear, 非常清晰

izone

No3.less hard and not bad type

Investment mgmt is not hard??

Many investment bankers would love to get into buy-side.  The lifeis much better, the pay is almost as good as IB; and more importantly,it's a sustainable career.  But IM is very hard to get in. As junior staff, you should work in the sell-side for a while.  Iwould put IM in category #2.

izone

"But in UK or US,my brother,you are totally wrong.

InIB,the quan type Chinese are most competitive again those foreigners injob market,and also in performance later on.I have never seen Chinamainland background ppl in IB non-quant dep going beyond the VicePresident level.And actually,most most of the Chinese ppl I met in IBfront office are quant type ( in backoffice, maybe many businesstype,but you know, thats a dead place"

I do mean in US.  How far you can go at the quant side?  Iknow a guy made to research director of quant shop.  Or, someChinese finance professors setup a small shop based on their littlemodels.  Not bad, but not too sexy; and again quant is too farfrom the underlying businesses.

Honestly, to me, quant finance is a near-dead place as well.  But it's very personal.

xxxyear

以下是引用izone在2005-4-13 0:25:00的发言：
No3.less hard and not bad type

Investment mgmt is not hard??

Many investment bankers would love to get into buy-side.  The lifeis much better, the pay is almost as good as IB; and more importantly,it's a sustainable career.  But IM is very hard to get in. As junior staff, you should work in the sell-side for a while.  Iwould put IM in category #2.

yeah,u r right.

IM关键是招的人少,其实做stock picker不是很难.我去过state street招stock picker的宣讲会,感觉要求不是很高,就是找人少,几个人而已,和IB不能比.IB出来的人去那的位置都比较高,那是比较难.

xxxyear

以下是引用izone在2005-4-13 0:34:00的发言：

"But in UK or US,my brother,you are totally wrong.


InIB,the quan type Chinese are most competitive again those foreigners injob market,and also in performance later on.I have never seen Chinamainland background ppl in IB non-quant dep going beyond the VicePresident level.And actually,most most of the Chinese ppl I met in IBfront office are quant type ( in backoffice, maybe many businesstype,but you know, thats a dead place"

I do mean in US.  How far you can go at the quant side?  Iknow a guy made to research director of quant shop.  Or, someChinese finance professors setup a small shop based on their littlemodels.  Not bad, but not too sexy; and again quant is too farfrom the underlying businesses.

Honestly, to me, quant finance is a near-dead place as well.  But it's very personal.

entry level,中国人quant一定比MBA type好找工作.如果说长远发展,那做IBD的在国外是彻底的没戏的,能到VP已经是稀有动物,能往上的可能就是有中国国内背景的人了.当然做quant的也好不到哪里去,上交所副总刘啸东这样的大牛也不过VP,最后还是要回国.现在的趋势是做fixed income的人吃香,好像MBA类型的但是又懂点数量分析的人最受欢迎.

izone

It's about what you want.  If you *really* like crunching numbers,quant is a good choice.  But those switching from math or physicsto finance are actually tired of modeling and looking for more exposureto "businesses".  If you really like greek letters, why notstaying in physics which offers more intellectural challenges.

The structured finance is popular now.  It is a big demand forquant people.  But, what's the underlying meanings of ABS orCMBS?  How many people really enjoy analyzing (or second guessing)mortgage portfolio or credit card pool?  How many people reallyenjoy guessing the credit spreads or prepayment rates?

Another essential issue is that investment grade fixed income as anasset class is highly efficient.  It's very hard to add additionalvalue.  If you go to high-yield, again it's more about businessrather than modeling.

It's hard to get into banking side in US but that's where real money and a lot of fun is.

izone

"stock picker不是很难"

It's true in the sense that there is no set rule for stockpickers.  No req for MBA, no req for any title norexperience.  Maybe CFA is helpful but not a must.

It's a very competitive industry and the winning spots are verylimited.  Majority of the stock pickers can not beat index, thoughall of them have all the information, knowledge and experience one canimagine.  If you are an active manager, you are always competingagainst thousands of your peer money managers, anlaysts, indices andquant models.  

The pressure is high but if you like it, it's a lot of fun.