Career question

bobman0330 · #1 11-09-2005, 08:33 PM

Not sure where to put this, but my other choice was OOT... the decision made itself, really.

I'm 22 and a second-year law student at Georgetown. Graduated from Yale (history) in 3 years. Not much economic/quantitative coursework. 3 semesters of chem. (organic, inorganic, and physical), multivariable calc, a year of basic physics, and game theory, pretty much. Law school coursework is pretty heavily business-oriented: corporations, tax, securities reg., etc. I'll be spending this summer at a large firm in Cleveland, hopefully working in structured finance, bankruptcy, and/or M&A.

I'm interested in getting into investment banking. I think my particular skill set is melding mathematical/quantitative/financial understanding with legal familiarity. I imagine using these skills to provide valuation of exotic debt securities, or assessing the impact of a tax or regulatory situation on a firm. There might be more things I would be well suited for that I just don't know about. I'm looking at an after-graduation salary of low six-figures, so I'm not really willing to too far below that for a starting salary unless there's huge potential for growth.

OK, given all that:
1. For any one with knowledge of the industry, what jobs are there where I can apply these skills?
2. Not being an MBA or undergrad, how do I go about selling myself to these people? Do I have a realistic chance? I have one friend at JP Morgan who just started as an analyst.

hedgeyerbets · #2 11-09-2005, 08:52 PM

2 things. (a) You won't be able to market yourself as having significant quant skills. At the very least, you should have a quant undergrad degree (math, physics, engineering, cs at some schools). (b) Going into banking would likely lead to you having wasted 150k on law school... in the short term. You would likely have to enter as an analyst, as opposed to starting as an associate. 60k base, 10k signing, 20-50k bonus is what 1st year analysts were offered this year. With that said, law school will likely look good further down the road regardless of what you end up going into.

If you wanted to use your law degree in a financial environment you would likely be best off trying to get as an analyst job at a hedge fund, where your skills would make you a good candidate for riak-arb and other event-driven positions.

bobman0330 · #3 11-09-2005, 10:15 PM

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If you wanted to use your law degree in a financial environment you would likely be best off trying to get as an analyst job at a hedge fund, where your skills would make you a good candidate for riak-arb and other event-driven positions.

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Any suggestions about where I could start looking on this possibility?

hedgeyerbets · #4 11-09-2005, 10:22 PM

Tough one. Couple of options: (1) directly contact one of the big shops (citadel, amaranth, moore, silver point, caxton, etc. etc.) (2) contact yale alums (i'm assuming you have a networking database of some sort) workign at hedge funds (3) go to a head hunter. (2) is probably the best option. Maybe some other people have suggestions ?????

Paluka · #5 11-09-2005, 11:07 PM

I think you would have an easy time getting a job in finance, but maybe not with the starting salary you want. Even for trading jobs where you can make 500k in your 5th year, you probably make less than 75k your first.

hedgeyerbets · #6 11-09-2005, 11:09 PM

Nah analyst traders at the banks make at the very least 70k before their bonus... granted trading analyst bonuses are generally not as high as banking analyst bonuses, but you can easily make >100k. In fact, it would be quite shocking if you didn't. Hell - at citadel the base salary is 100k. Of course, it's not easy to get an entry level front office job at citadel...

Paluka · #7 11-09-2005, 11:10 PM

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Nah analyst traders at the banks make at the very least 70k before their bonus... granted trading analyst bonuses are generally not as high as banking analyst bonuses, but you can easily make >100k. In fact, it would be quite shocking if you didn't.

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This might be true for an analyst at a big bank, but there are plenty of trading jobs where this isn't true.

hedgeyerbets · #8 11-09-2005, 11:12 PM

Of course. But with his pedigree he should be able to get a job at a bank or a decent hedge fund, where he will almost surely make over 100k. BTW - are you the guy who worked at susq? Know 3 or 4 former susq guys...

Paluka · #9 11-09-2005, 11:18 PM

[ QUOTE ]
Of course. But with his pedigree he should be able to get a job at a bank or a decent hedge fund, where he will almost surely make over 100k. BTW - are you the guy who worked at susq? Know 3 or 4 former susq guys...

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I work at susq currently.

bobman0330 · #10 11-10-2005, 12:22 AM

Another option that I've been playing with is spending a couple years in practice, then seeing about making a move. Then I would have some experience to sell, at least. Would this get me anywhere, or would I just be spinning my wheels for 2-3 years?