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getting a job on wall street vs. getting into med school
Started by nonsciencemajor
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do you learn on the spot... or do you need some type of prior knowledge in finance.. i took technology classes, a lot which involved innovation to products, how to market product, and societal impacts...
and i had prior work experience working in a huge hospital research program
and can you give me some names of companies i should google that i can apply for
when i was an intern at a local investment management firm, i worked in their portfolio management division. i helped the team with writing reports on bond mkts, did some yield curve analysis, and wrote some spreadsheet models for the team. its def helpful to have some finance background but most firms will help u out when u have questions cuz they know u are just an intern. u should contact your school's career service office and see if they have a list of local firms looking interns.
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Internships are typically for students ending their Sophmore and Junior years in college who want to get an offer from the firm when they graduate. You I take it, are a senior who will be going to med school in the fall so I think you are outside of what they are looking for.
If you really want to work in finance contact some headhunters and look into part time or contract work at these firms. It will likely be very boring and you won't learn much though. It will also be very tough to get in because there are thousands of seasoned wall street vets out there who are jobless and look much more attractive on paper than you do.
My recommendation is to relax and enjoy your summer before you start med school!
agree with JLaw here. if i were you, i would get a couple friends and do some backpacking thru Europe this summer. That will probably give u a better look at the "real-world" than just sitting in a cubicle looking up stocks on Google Finance.
well if you phrase it like that. Bias in the question much?
Depending on what you're trying to do and what tech stuff you know it can be a plus.
The first thing you should do is figure out what you want to do. Maybe it's just not coming across in your posts, but it seems like you're not really sure what you're looking for.
I'm going to third this.
actually, the head of healthcare investments at Merrill Lynch was got his MD from Harvard and residency at Mass Gen. I also know a bunch of med school graduates who went into investment banking/management consulting and make BANK.
The guy who writes the Med School Hell blog graduated from med school and did not pursue a residency and I think he's into the business field or something.
However, I don't think it's that common for an established physician (post-residency) to leave the medical profession and go into finance, in large part because of the time and money already invested. On the other hand, it seems more reasonable for a 25 yr old with a couple of years in finance to return to school, do the pre-med thing, and go on to medical school.
So I totally forgot what the original point of this post was...
From what I've seen/heard, landing an I-Banking job out of undergrad is much, much tougher than getting into med school.
If your application doesn't have an Ivy League/Stanford/MIT name on it then they just burn it before even looking at it.
Then if your application doesn't have atleast a 3.6 or 3.7 from one of the above schools they burn it.
Then they will actually read some applications and then you need to meet one of two criteria
I) Be blatantly a math/computer science wizard based on you winning national competitions or having patented programs, algorithims etc.
II) Had a summer internship at a big bank on Wall Street
Now obviously there are ways to get into these sorts of fields by working you way up through the ranks, but getting an I-Banking job right out of undergrad is probably one of the toughest things you can do.
If your application doesn't have an Ivy League/Stanford/MIT name on it then they just burn it before even looking at it.
Then if your application doesn't have atleast a 3.6 or 3.7 from one of the above schools they burn it.
Then they will actually read some applications and then you need to meet one of two criteria
I) Be blatantly a math/computer science wizard based on you winning national competitions or having patented programs, algorithims etc.
II) Had a summer internship at a big bank on Wall Street
Now obviously there are ways to get into these sorts of fields by working you way up through the ranks, but getting an I-Banking job right out of undergrad is probably one of the toughest things you can do.
that is true. the converse is also true for established financial professionals. I cannot imagine a hedgefund manager at Citadel or a Managing Director at Goldman Sachs going back to school for post-bacc and apply to med school either.
how is asking how difficult it is to get a summer internship at wall-street being a troll? please explain that to me
what is it wrong for a premed student going to medical school to be interested in finance....???????? can't you tell from my screen name that I am a nonscience major.... so I have other interests in life other than taking upper level undergrad science course...... 😱
btw on a random note... i am very impressed by your MCAT score SwineSue... that is very very very impressive congrats!
It's coming across as trollish because it's not very realistic.
Look at it this way. I know tons of people that graduated with a Finance major. Their grades are great and they're applying like EVERYWHERE and they've been working towards a finance job for the last 4 years (at the very least).
If people with their backgrounds are having difficulty finding a finance job (note, some of them aren't even aiming for Wall Street which is way more difficult to get into), then the chances of you landing a finance job (nvm Wall Street) are pretty slim.
Heck, it's even hard to get a job as a bank teller in some places if you don't have a B.Com or business background.
Also, it's the internet, so the tone of my post may come across as being a bit antagonizing.... I'm not trying to be, so please don't take it that way. 🙂
Look at it this way. I know tons of people that graduated with a Finance major. Their grades are great and they're applying like EVERYWHERE and they've been working towards a finance job for the last 4 years (at the very least).
If people with their backgrounds are having difficulty finding a finance job (note, some of them aren't even aiming for Wall Street which is way more difficult to get into), then the chances of you landing a finance job (nvm Wall Street) are pretty slim.
Heck, it's even hard to get a job as a bank teller in some places if you don't have a B.Com or business background.
Also, it's the internet, so the tone of my post may come across as being a bit antagonizing.... I'm not trying to be, so please don't take it that way. 🙂
Making it to Wall St is just as difficult as making it to med school (unless you're miraculously well connected). The posts where people talk about how going medical is so much more difficult yet financially less rewarding than business is absolutely absurd. Making 6 figures consistently will be incredibly difficult in any field. Even the classes are comparative in difficulty. As someone who majored in Economics at UCLA, I can say that the accounting courses are just as difficult as organic chemistry here.
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The joke I have heard is:
Analysts use Excel, associates use Word, and MDs (no, not doctors) use Outlook. 😀
I'm not sure most "pre-ibanking" kids actually take those classes.
I'd love to do finance or investments of some kind, but I'm functionally ******ed at math, so I suppose that's mostly out. 🙁
being good at math and finance goes hand in hand. Nowadays, there are many traders and hedgefund managers who have PhD in Physics/Math/Computer Science. The former director of quantitative strategies at Goldman and Wall-Street superstar, Emmanuel Derman, got his PhD in Particle Physics from Columbia and then worked as a physics post-doc at Bells Lab for 10 years before going into finance. However, you need to be that ridiculous to break into the finance world but it helps.
Medical School you help improve society, Wall Street you just shuffle decks of money around, deluding people they can "edge out" other people and skim some off the top while you're at it.
Medical school is selfless and really takes caring, compassionate AND smart people, not just know it alls who want to make it rich.
Medical school is selfless and really takes caring, compassionate AND smart people, not just know it alls who want to make it rich.
FAIL. I had an offer from Goldman Sachs energy trading in Houston and went to a state school. However, the business school at the state school is ranked very highly and I graduated with Honors. I decided that I did not want to slave away my years working like a tool and mastering the fine details of excel, so I went into consulting instead - travel, decent money, and lots of hoes in different area codes 🙂
Travel is typically only seen to be a positive by consultants fresh out of college. It gets old.
Agree!
medical students are such saints, it makes me just want to worship the ground they walk on. 👍
If that's what matters to you, perhaps you should cast a wider net. Medicine and Wall Street are suffering now. Wall Street will recover, but in all likelihood (given the trend over the past 60 years), medicine will not.
If you're seeking glamour and prestige, keep looking.
eh... neither are that easy.
my cousin had an internship at goldman and they were throwing crazy math stuff at him
My cousin LOVES math to begin with but he was still a little scared.
he would show me proofs and say "see? isn't this amazing?"...
I nod.. nod.. hmm...
my cousin had an internship at goldman and they were throwing crazy math stuff at him
My cousin LOVES math to begin with but he was still a little scared.
he would show me proofs and say "see? isn't this amazing?"...
I nod.. nod.. hmm...
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Err the bailout worked pretty well and it won't cost anywhere near 23 trillion dollars or even 2 trillion ... most banks have done a good job paying back TARP, and even the ones that haven't have done decent.
Wall street is way more difficult than med school to get into.
It is probably more accurately compared to getting into the top 5 Med schools.
If you're not from an Ivy or a top public school with essentially a 4.0, you have zero shot at making it to wall street, unless you have major connections. There's no such thing as "applying" you are recruited.
Wall street is not investment management. Wall Street is investment banking, mergers and acquisitions. Private Equity and Consulting is also up there on being the most difficult, people who realize banking is slave trade go to PE or Consulting and are usually shoo-ins with their pedigree and much happier.
It is probably more accurately compared to getting into the top 5 Med schools.
If you're not from an Ivy or a top public school with essentially a 4.0, you have zero shot at making it to wall street, unless you have major connections. There's no such thing as "applying" you are recruited.
Wall street is not investment management. Wall Street is investment banking, mergers and acquisitions. Private Equity and Consulting is also up there on being the most difficult, people who realize banking is slave trade go to PE or Consulting and are usually shoo-ins with their pedigree and much happier.
Uhh they paid back most of the bailout money WITH interest (lol, $23 trillion? The world GDP is $60 trillion dude), and there's going to be a tax levied to discourage future reliance on bailouts.
Also, privatized gains are a good thing despite your irrational anger against people who do well when you feel like they shouldn't. Just because one person makes money doesn't necessarily mean the people he made the money off of are worse off. It's called producer and consumer surplus. So, if anything, it's really the worst of one world and the best of the other. If you want to argue with this, I suggest you read a microeconomics textbook first.
http://www.nytimes.com/2009/08/31/business/economy/31taxpayer.html
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"I don't think it's respectable to base your working life ... self-interest" --> people in respectable fields do not base their working lives around self interest.
I pointed out that everyone bases their working lives around self interest, therefore, people in respectable fields do base their working lives around self-interest.
Then you called me out because you couldn't get the inference. Good going!
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I don't know where you're getting your numbers:
http://www.nytimes.com/2009/12/14/business/economy/14bank.html
"Including Citigroup, bailed-out banks will have returned at least $136 billion, or more than half the $245 billion in bailout money extended this year"
Btw, economic stimulus plan costs =/= bailout money for the banks.
And also btw, you know absolutely nothing about financial institutions. Some of the best economists in the country devised the plan - they had some logic behind their actions (although I think tax cuts would have been more effective than spending tons of money) which obviously you would never be able to see without PhD level economics training.
Here's a table:
http://projects.nytimes.com/creditcrisis/recipients/table
Probably not as updated on the returned money as the recent article above.
79.3+50+45+69.8 = $244 billion
1/50th of $12 trillion.
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I don't see the argument you're trying to present... You're saying that our economy is still bad, and we spent a lot of money, but you have no solid argument as to why our economy wouldn't be worse had we not spent that money.
Banks could not have made a profit this year without the bailout... Okay, so what?
Banks could not have made a profit this year without the bailout... Okay, so what?
