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Why I Find Free Palestine Inspiring
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Israeli precision-guided munition likely killed group of children playing foosball in Gaza, weapons experts say
India
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'Hindutva': The Radical Hindu Ideology That Seeks to 'Push Christianity Out of India’
2024 Presidential Election
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Canceling debt isn’t inflationary or costing tax payers
Personal Finance
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Thank you AAPL and NVDA
In finance, you can only grow into a C-level exec position, if you know people at the top or are related to somebody at the top. Look at CXOs of banks, insurance and even some hedge funds. However in tech world, you can be a nobody and still rise to become CXO of big tech (G, Msft, IBM, Adobe etc) or make your own startup and make $$$. So why are finance (IB/tech/analyst) folks who dont know anybody at the top continue to grind 80-100 hr weeks in the false hope to ever rise at the top ? Finance folks, whats your motivation to stick and grind ? (Other than the prestige which really is nothing and doesnt pay bills or lifestyle) Please share your thoughts. #finance #investment #bankersfinancial #bankofamerica #financialanalyst #quant #analyst
Tradition. It used to be that even if you're not on the top, you'll make more money than anywhere else. That's not really the case anymore, but the culture is still there.
There are folks still doing MS/Phd in finance lol
Some folks would just slog, regardless of the fact that they can’t go to the top.
People get into finance because it's a talentless industry. It just takes a lot of grunt work and being in the right place to make good money as an investment banker.
Possibly, from my exp, in finance, your connections are your real currency. Everything else you grunt work, extra hours, talent takes a back seat.
This doesn't make sense cause you still need to grind as a kid to get into fancy ivy leagues, or grind as a college kid to get into fancy MBA, etc. Finance is all about "elite" pedigree. Low income striver kids wouldn't be able to leverage family connections and other assorted BS to get in with low grades, which contradicts the original question (why do ppl continue to pursue these jobs knowing they aren't in the club)
I've struggled with this since I joined JPM for the comp, I also didn't have blind back then and was a bit of a shot in the dark. It's as you say a who knows who and licks boots goes to the top first regardless of talent. And the politics OMG! It's like 75% of the work. However even with all that the grind is not really there if you have true talent. WLB is actually alright for me cause I can finish my tasks in time and efficiently. I'm staying cause I've failed some interviews, I'm good at what I do (back end dev with over 15yoe) but lack system design and messed up and interviewed for the wrong roles chasing the remote dream. I just shifted my mindset and the politics experience I'm getting will definitely do me good in future endeavours. I'm not US based btw and the 2/3h extra I do a week are mostly due to meeting schedules.
The guy above is in tech not finance. The culture is different
Good prop shops are much less grindy than IB, but not as relaxed as tech. I honestly think we have tech to thank for this, since smart people will just go to tech if WLB disparity us too large. It tends to get less "wall street culture" every year.
if you were a trader pre GFC, you could easily make more than CEOs. now it’s just an easy way to retire by 40-50 edit: GFC = 2007-08 global financial crisis
What is gf
Give
Models and bottles. And it’s not what you think
😂
Just gave me WSO flashbacks
We got scammed and it's hard for us to leave
Nailed it 👌
I’ve been trying for so long.
Finance bonuses for rain makers routinely are higher than CXO pay.
99.9% of us aren't rain makers
That's what trading desks are selling. That said, that's why I left for tech.
Fish can swim. Bird can fly.
Bird can swim. Fish can fly.
Penguins are birds that swim and can't fly