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People's typical reactions when you speak about your career in Finance vary greatly depending on the area of finance you work in. Saying you work in almost any sub-section of finance gives a different impression: people would generally consider that: Traders love excitement; Investment Bankers are often master salesmen; High-frequency traders essentially applied mathematicians; Ops & Tech exactly like Ops and Tech anywhere else; that Legal & Compliance department to rival any small legal practice and lastly, non-banking finance departments more towards accounting than anything studies in business school. Mainly, let's analyse the most common people reactions and their possible reasons:Read more
Working until the late night is a common habit amongst (young, especially) investment bankers.
In fact, when you work in a stressful environment, the fear of not finishing before the deadline, making a mistake in a deliverable, failing to meet expectations and to impress your senior banker(s) keep you moving along. The incentive to perform well far outweighs the detrimental effects of impoverished sleep... in the short run.
There is a misconception that working until late is going to produce a superior product, but most of us still remember the effect of theRead more
Casino games are designed to have a negative expected return. If you play in a casino, over time you're be expected to lose some money because the casino has set the odds so that you'll lose more often than you will make it. Casinos actually exist because people are willing to pay money, by losing it, to experience risk.
The stock market as a whole, instead, should have a positive expected value. If you passively hold onto a broad market index of stocks, you should make money over time. The stock market exists to give investors a positive return, in exchange for taking on risk: that's because people are basically risk averse.Read more
7 am Get up, take a shower, wear a suit, have your breakfast and get to work.
8 am Group meeting with interns, analysts and all the rest of the team up to the Managing Directors. The VPs and Executive Directors discuss new and current deals together with any issues. The group discusses the markets, what to encourage clients to do, which practices avoiding.Read more