The flood of new analysts have been unleashed onto Wall Street. Various training programs have been over for a while and many have started to get acclimated to their new life. Some things I've noticed over the years that I'd like to comment on:
1) You may think you're hot stuff, but you're not. Don't go bragging about how good you are to your co-workers, it will just annoy them. That goes double when you're out with friends. Triple if your friends aren't in banking.
2) Spend wisely. Just because you're now in banking doesn't guarantee anything. Things change, people get fired. Tread lightly. That doesn't mean you shouldn't enjoy yourself (definitely enjoy yourself), but always have an out in case things don't work out. I've seen too many lives devastated by this mistake.
3) Be nice to those who support you! Being an asshole to you middle office, back office, trading assitants, publication people, admins, etc. won't get you anywhere. In fact, it's the support of these people that you'll need to get things done most efficiently. Your work is only as good as those who support it. Remember that they can make your life more difficult, why incite it?
4) Remember the traits of others that train you and that you admire. You will want to shape your career and work persona toward those whom you admire.
5) Have fun! Don't just work all the time. I've seen too many bankers (not to be racist, but this is especially true of the Asian nerd variety) who don't have some fun once in a while.
6) Take risk! You'll never get noticed if you don't put yourself out there. Sometimes you'll get stuff wrong. That's okay, at least you tried.
7) Meet people. Get your name out there. Make sure that the senior people in your area know who you are. You won't regret it.
8) Band together. Make friends with people in your class and a few classes above and below you. Eventually you and your friends will be running Wall Street (it's a small small world, and everyone knows everyone, trust me). It'll pay to know as many desk-heads as possible.
9) Have patience. You won't know everything at once, and you won't be doing everything you want right from the start. It's good that you want to, but trust that it will come when you're ready.
As a newbie on Wall Street your chances of survival are fairly slim. Those who make it to be the big-shots on the Street are few and far between. We're always looking for that new guy who can come and take our place. As I always say, I'm not doing my job if I don't train you to take my post when I take the next job up. Come and get it.
Saturday, September 29, 2007
Thursday, September 27, 2007
Market Timing the Job Market
For anyone following the industry, it is clear that Wall Street has had some tough times. Unfortunately for those looking for jobs right now, it may be the worst time ever to be looking for that new job. A lot of layoffs are occurring in the structured credit and mortgage markets. Even some investment banking / M&A areas are slowing their hiring in anticipation of a downturn. That means less hiring in equity capital markets as well. So what are you to do if you find yourself in the unfortunate position of looking for a job now?
I think it would be tougher than usual, but all the same tricks apply. Find a good headhunter, leverage connections and be persistent. All the same, you may find a lot of places have hiring freezes on right now. What do you do then? Get relevant experience. If it's an option, go get a masters degree for a year or something (I'm sure the job market will pick back up soon enough, it always does). Get work experience at a smaller boutique firm. Try working for an analytics company or even a consulting company. There are lots of options if you are willing to use a detour as a way of keeping your career moving forward.
Have patience. Even if things look bleak now, the bonus cycle comes up in 3-6 months. There's always a frenzy at that time. After that the summer comes again for new hires. For those without the luxury of just waiting, get a job in a somewhat relevant field. In your future interviews you can always state that you found your job because Wall Street was in the credit debacle of 2007 when you were first looking. Once the cycle reverses, you can find a job and seem like you were at least keeping with the times in the market, despite the fact that your unfortunate timing kept you from getting that first analyst or associate gig.
Good luck.
I think it would be tougher than usual, but all the same tricks apply. Find a good headhunter, leverage connections and be persistent. All the same, you may find a lot of places have hiring freezes on right now. What do you do then? Get relevant experience. If it's an option, go get a masters degree for a year or something (I'm sure the job market will pick back up soon enough, it always does). Get work experience at a smaller boutique firm. Try working for an analytics company or even a consulting company. There are lots of options if you are willing to use a detour as a way of keeping your career moving forward.
Have patience. Even if things look bleak now, the bonus cycle comes up in 3-6 months. There's always a frenzy at that time. After that the summer comes again for new hires. For those without the luxury of just waiting, get a job in a somewhat relevant field. In your future interviews you can always state that you found your job because Wall Street was in the credit debacle of 2007 when you were first looking. Once the cycle reverses, you can find a job and seem like you were at least keeping with the times in the market, despite the fact that your unfortunate timing kept you from getting that first analyst or associate gig.
Good luck.
Saturday, September 22, 2007
Values and Happiness
Speaking with some people I know, there was a good bit of resentment going around about career choices. Some people look down on people who aren't doing what they deem to be the "correct" choice. That's something really gets on my nerves.
Everyone has their own sense of what they want their life to be. Whether another person goes into finance, health care, non-profit, tech--it is not upon you to judge. No job is necessarily inferior or superior to any other. That is not to say you can't make a bad choice. Choosing a profession solely due to the money it brings (unless you are in really dire circumstances) or because of some third party pressure is a mistake. Choosing to go into consumer banking, health care or non-profit work because that's what one finds interesting/fulfilling is surely a path to happiness.
When it comes down to it, life is not about making as much money as you can, but it's about making yourself as happy as you can. Or depending on your value set it may be about making as many people as happy as possible, leaving your mark on the world, what have you. It is not, however, on you to impose your value set on others. Live your life how you want to live it. Don't live your life according to values that other people try to impose. At the same time don't push your values onto others. People like me thrive on competition, making/spending money and other things that get my adrenaline pumping. That does not mean I look down upon my friend who chose to live a 9-5 life in the countryside and get married at 22--while I may never understand it, he often seems happier than I am and I'm grateful that he is.
Don't get me wrong. I'll judge like none other if I sense that someone is choosing their career path just for a short term money gain (you see a lot of these people who want to do a couple years in banking just to stash some cash), especially if they have no interest in the job itself at all. I think that's a terrible choice because it leaves them further from where they want to be in the medium/long term.
Don't judge others' values. While they may not make sense to you, people usually choose the path that will make them happiest. It is not for you to judge what will make them happy.
Everyone has their own sense of what they want their life to be. Whether another person goes into finance, health care, non-profit, tech--it is not upon you to judge. No job is necessarily inferior or superior to any other. That is not to say you can't make a bad choice. Choosing a profession solely due to the money it brings (unless you are in really dire circumstances) or because of some third party pressure is a mistake. Choosing to go into consumer banking, health care or non-profit work because that's what one finds interesting/fulfilling is surely a path to happiness.
When it comes down to it, life is not about making as much money as you can, but it's about making yourself as happy as you can. Or depending on your value set it may be about making as many people as happy as possible, leaving your mark on the world, what have you. It is not, however, on you to impose your value set on others. Live your life how you want to live it. Don't live your life according to values that other people try to impose. At the same time don't push your values onto others. People like me thrive on competition, making/spending money and other things that get my adrenaline pumping. That does not mean I look down upon my friend who chose to live a 9-5 life in the countryside and get married at 22--while I may never understand it, he often seems happier than I am and I'm grateful that he is.
Don't get me wrong. I'll judge like none other if I sense that someone is choosing their career path just for a short term money gain (you see a lot of these people who want to do a couple years in banking just to stash some cash), especially if they have no interest in the job itself at all. I think that's a terrible choice because it leaves them further from where they want to be in the medium/long term.
Don't judge others' values. While they may not make sense to you, people usually choose the path that will make them happiest. It is not for you to judge what will make them happy.
It's been a while
Sorry my posts have become a bit sparse. I've taken a new role, and I've had to deal with quite a bit of change in the past few weeks. I'm still at the same company, and I still trade prop. I have a somewhat wider mandate though, so I've been taking some time to get used to my new environment. I'll try to start posting more regularly again though.
Friday, September 7, 2007
Speak Up
People often complain about how they "knew" something beforehand. For those of you who don't know the first friday of every month is "payroll day." It's the day when the Non-Farm Payrolls number and unemployment figures come out. Days like this a lot of people complain about how they "knew" something (like the payroll number coming out low) but didn't act on it.
Here's some advice--quit whining. If you have something to say, fucking say it. In fact, even better, act on it. If you have a book you can trade on, buy something. If you don't, at least start a betting pool for "closest to the pin." I made my name as a junior guy by winning betting pools. I won enough betting pools on economic numbers that people decided I might make a pretty good macro trader. At one point I had a bunch of people together making a daily pool on which way the markets would go that day. It's the next best thing to trading a book.
This doesn't only hold to market related folks. If you're in banking and you "know" something. Speak up! Let your manger or senior folks know. Yes, you're sticking your head out there, but as we always say, "no risk, no reward." Stick your head out there and prove that you've got what it takes to be a decision-maker. Show that you're not some idiot whose only useful role is punching numbers into a spreadsheet and drafting power point presentations. You only seem like a douche-bag if you whine about knowing it afterwards.
Some of you might say that you've got no upside because your manager or seniors won't give you credit anyway. Well, if that's the case you're both working for the wrong people and probably not seeing the long term view. If you keep getting these calls right people can't help but listen to you in the long run. Just get it right and get it out there. Your credibility will build.
Nothing is more annoying than someone who whines about how they should have done something because they "knew" it beforehand. Quit whining and start acting.
Here's some advice--quit whining. If you have something to say, fucking say it. In fact, even better, act on it. If you have a book you can trade on, buy something. If you don't, at least start a betting pool for "closest to the pin." I made my name as a junior guy by winning betting pools. I won enough betting pools on economic numbers that people decided I might make a pretty good macro trader. At one point I had a bunch of people together making a daily pool on which way the markets would go that day. It's the next best thing to trading a book.
This doesn't only hold to market related folks. If you're in banking and you "know" something. Speak up! Let your manger or senior folks know. Yes, you're sticking your head out there, but as we always say, "no risk, no reward." Stick your head out there and prove that you've got what it takes to be a decision-maker. Show that you're not some idiot whose only useful role is punching numbers into a spreadsheet and drafting power point presentations. You only seem like a douche-bag if you whine about knowing it afterwards.
Some of you might say that you've got no upside because your manager or seniors won't give you credit anyway. Well, if that's the case you're both working for the wrong people and probably not seeing the long term view. If you keep getting these calls right people can't help but listen to you in the long run. Just get it right and get it out there. Your credibility will build.
Nothing is more annoying than someone who whines about how they should have done something because they "knew" it beforehand. Quit whining and start acting.
Thursday, September 6, 2007
Motivation - Love it or Hate it
A common trait I've seen among those who fall under the rather large umbrella of mediocrity is the lack of motivation.
Let's face it, while face-time may be a worthless measure, hard workers still find themselves working a lot. Not all of them work from the office, mind you. A great many of the hard-driving folks on wall street find themselves working everywhere-from home, in the car, at the gym, etc. If you're wondering how you work from these places, I'll tell you that a cell phone with an ear bud or an i-pod with the WSJ loaded can do you wonders for time efficiency.
There's nothing wrong with being in the game for the money. In fact, money is probably the strongest motivator, but it's coupled with the competitive spirit. For most, it is not about making a lot of money. It is certainly not about making "enough" money. It's about making more money than your friends, your competition, the guy next to you. Wall Streeters are compelled by "keeping up with the Joneses" to the extreme. The next big motivator is intellectual challenge. People like doing things that challenge them (well, most do) and capital markets can be the ultimate challenge as your put yourself up against millions of others in the global economic game.
If you don't see yourself as motivated by any of the above, Wall Street may not be the best place for you. I know a few people who just joined i-banks who are really only there "to learn for a few years and move on" or "to make a living." Well, these people will never make it big. Clearly they don't really want to, so that's okay. But when those same people complain about not getting ahead, not getting promoted, or not being comped properly--that aggravates me.
You can't have it both ways. Either you love the work and immerse yourself in it, or you're just not going to be the top of the food chain here. I'm fine with people who don't want to let their work take over their life, but if you don't love your work that much, you can't complain about not making it big either.
Let's face it, while face-time may be a worthless measure, hard workers still find themselves working a lot. Not all of them work from the office, mind you. A great many of the hard-driving folks on wall street find themselves working everywhere-from home, in the car, at the gym, etc. If you're wondering how you work from these places, I'll tell you that a cell phone with an ear bud or an i-pod with the WSJ loaded can do you wonders for time efficiency.
There's nothing wrong with being in the game for the money. In fact, money is probably the strongest motivator, but it's coupled with the competitive spirit. For most, it is not about making a lot of money. It is certainly not about making "enough" money. It's about making more money than your friends, your competition, the guy next to you. Wall Streeters are compelled by "keeping up with the Joneses" to the extreme. The next big motivator is intellectual challenge. People like doing things that challenge them (well, most do) and capital markets can be the ultimate challenge as your put yourself up against millions of others in the global economic game.
If you don't see yourself as motivated by any of the above, Wall Street may not be the best place for you. I know a few people who just joined i-banks who are really only there "to learn for a few years and move on" or "to make a living." Well, these people will never make it big. Clearly they don't really want to, so that's okay. But when those same people complain about not getting ahead, not getting promoted, or not being comped properly--that aggravates me.
You can't have it both ways. Either you love the work and immerse yourself in it, or you're just not going to be the top of the food chain here. I'm fine with people who don't want to let their work take over their life, but if you don't love your work that much, you can't complain about not making it big either.
Subscribe to:
Posts (Atom)
