Why You'll Never Survive The Brutal Competition In High Finance
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- เผยแพร่เมื่อ 22 พ.ค. 2024
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TIMESTAMPS:
00:00 - Intro
02:00 - Limited resources and opportunities
04:34 - Intense pressure and long working hours
06:15 - Continuous learning and adaptability
07:35 - Performance driven culture
09:20 - Networking and relationship building
11:15 - Risk and uncertainty
12:14 - Continuous self-improvement
14:58 - Strong work ethic and resilience
16:29 - Emotional intelligence and interpersonal skills
In the cutthroat world of high finance, the competition is fierce, relentless, and unforgiving. In this video, I'll unveil the harsh truths about the intense competition that awaits aspiring professionals in the field.
I'll cover the rigorous recruitment competition, where top firms handpick only the best and brightest individuals as well as what to expect once you eventually break into the industry irrespective of whether it's investment banking, asset management, sales and trading, hedge funds, private equity or venture capital. I'll also share the qualities and skills that make a difference and hopefully you can learn how to position yourself for success amidst the competition.
Whether you're a student aspiring to break into high finance or a professional seeking to advance your career, this video should serve as a wake-up call to the realities of the intense competition that exists within the industry.
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Hey! I'm Afzal. I make videos on finance and careers. I started my career working at Goldman Sachs within their Asset Management divison. Now I run this TH-cam channel and Simpley (www.simpley.io).
#HighFinance #InvestmentBanking #GoldmanSachs #JPMorgan
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Its all about who you know, I worked on a distressed debt desk at a very big bank ( wont name it) , when I got there I was amazed to find 5 of the desk were from the same nationality and 4 of them from the same undegraduate insitution ( not a UK or USA one).. made me realise just how important networking is , its MORE important that your GPA trust me
👌🏽👌🏽
lol italians
@@anthonyvincentsukkar8047 nope, try china.
Were they French and did they come from HEC? :) That's exactly the reason I want to do a Master in science at this school after my Master degree at Neoma BS
@@juanthehorse4164 lol nah . I won't name the bank but .. they were all either from Lebanon or Lebanese parents .. the ones who were not from Lebanon all graduated McGill in Montreal and one Brit from LSE so if you know the distressed industry well. You'll probably know the desk im talking about
I’m not even looking to get into high finance , I just rate your vids and your vibe 👌🏾🙌🏾 very informative and well delivered
Employer (GS, JPM) = Demander of labor in economics
Employees (interns, analysts) = Supplier of labor in economics
The demand is low, the supply high -> fierce competition
that means your first try was correct @AfzalHussein
I have a friend that works for Goldman in their Dallas Office. He told me the guy that trained him was fired during the layoffs they had at the beginning of the year. I thought that was crazy but it made sense he could now do what his trainer was doing for a fraction of the cost
Thank you. Agreed and empathizing
Hi Afzal, thanks for the great content and good advices.
Love your content!
Great video Azfal always appreciate these deeper takes on ib
Thanks!
Thank you for being raw
Hello Afzal, I stumbled upon your video on TH-cam, and I must say that the tips you provided apply not only to high finance but to any work in general. As a teacher working on my online teaching platform, I found your tips extremely helpful and beautiful. I have instantly liked and subscribed to your channel. Thank you, and may Allah bless you.
Thank you. That means a lot 💪🏽👊🏽
Been a brutal process, had a job out of school, we were acquired, and they let everyone go. Applying everywhere, i have a good resume, but can’t get an interview. I do appreciate videos like this, because it reminds me how hard it is. It’s crazy how wide my scope has become, I started in the quant trading realm, moved to sales and trading, now moving to research.
🙏🏽💪🏽💪🏽
Have u got LinkedIn?
Most of these jobs are being taken and will continue to be taken by Ai don’t move into research or any job a bit can do - reconsider!
@@harryabb7992 that's where I disagree, the last thing I want an Ai doing is financial modeling.
@@harryabb7992if you have a computer science background then you can be the one implementing & training the AI models. Besides there's always improvements to be made to the algorithm and how inference is run
Great video as always…but this one really resonated with me. Thanks Afzal!
Glad to hear it!
4:10 😅thanks for leaving that in. Good to know that as a creator, I'm not the only one questioning myself while filming😊
😅 I make A LOT of mistakes. You're not alone my friend 😉
@@AfzalHussein Hope to one day come back to this comment when I'm a banker & youtuber😅😊
Demand vs Supply Curve depends on the perspective of the company or applicants
It is a love-hate but I am passionate about what I do. I could not imagine people who do this job solely for money/prestige. To be working 15-18 hours a day, working on weekends, sacrificing health, etc. you better love the job....
Somehow this motivated me, even more, to go even hard. Great content as always.
In The US, internships are full time and done in a couple of months. In Brazil, they are a daily part time job of six hours and may last for up to two years. Basically a junior employee. It's completely different.
Good story. Thanks. toronto canada.
Glad you enjoyed it!
I think it’s excess supply because in economics we view people providing labour as suppliers of the factor of production of labour. So Goldman is the buyer here.
As ridiculous as it sounds, but to get into high finance , the first thing you need to be good at is math & english. I’ve seen some of my most knowledgeable friends get knocked off in these on cycle application tests. And also speaking enough bull shit during hirevue to convince the HR that this is the only bank that suits me since I’ve researched well😂
😂😂👌🏽👌🏽
Hi Afzal, love your content and the insights that you share! Recently, I've been thinking about working in an investment role at a hedge fund as a potential career choice. For context: I'll be starting in securitized products at a BB this year, and have a deferred admit to an M7 MBA program. Should I seek to transition to an asset management role before my MBA and then target a hedge fund role in the US post-MBA? Do you think there is a better path to follow? Thanks in advance!
Hi Afzal, will you be able to make a video on how to persuasively pitch a stock? Also general tips for interviews for divisions such as Asset Management and Investment Research interviews
This chanell is great mate, was laughing up when you were faulting on the economics tho 🤣
😄😄 thanks!
Can you share the details on your widescreen monitor? I am a big fan of it
What’s your opinion on the role of an investment specialist at the AM arm of Aviva. The fund has 300 bn+ AUM, but curious about exit ops as it sits between sales and Portfolio managers (essentially acting as the point of contact for all technical queries) and communicating the investment strategy.
Excess supply of employees (higher demand for roles). The cost of replacing is low.
The workers OFFERS work and the company DEMAND work, so you said it right the first time: there is an excess of supply.
To be honest, would have loved to hear some confirmed research (big 4 surveys, academic research, testimonials from guys like Dimon, Paulson, etc) to complement your opinions and personal experience; this video kind of says the same thing that everyone sort of assumes as they start their careers in fields like this. Not saying it's useless, far from it; thanks for sharing your take.
Applied to GS on their graduate associate role after finishing off my MBA from Oxford’s Said BS. Branding certainly matters, albeit my undergrad degree + an MSc in Islamic finance - which I’ve previously completed many years ago - were not from a target university - far from it. Working in the Dubai office atm and enjoying it thus far. Personally, I thought my entire recruitment / interview journey was chill and I didn’t stress about it too much. Lol in retrospect, I genuinely believe that I inadvertently gave away this impression to the interviewers that I probably didn’t want this job in the first 😂 - and they’ll stand correct if they indeed thought so 😂! I applied as a 34 year old btw with only a short 2 year financial stint at the BIG 4 from years ago. All an all, the oxbridge branding defo carried me through + my solo entrepreneurial endeavour wholesaling online in recent years of which I had to show evidence for and I gladly complied just to stick to them lol. Your videos really helped bro so thanks for all your interview prepping tips etc. 👊🏽
🙌🏽🙌🏽👍🏽👍🏽💪🏽💪🏽
Hey man that’s awesome to hear! Quick question, I also have a small entrepreneurial outlet in which I resell clothing and high end sneakers. How exactly should I prepare to provide proof of this. Tax returns? I mean it isn’t a significant amount of money (transactions mostly through 3rd party payment processors) but it is something I’m using to boost my resume so I’m sure they’d want to see relevant documentation. Appreciate any insight!
I wonder if you as a foreigner will ever be seen as an insider by the gang in Wall Street who deals the cards.
Good morning sir ! I am a student in France with the aim of joining HEC Paris and then Goldman Sachs is it possible? can my nationality be a problem? HEC PARIS is not sufficient to fulfill the recruitment conditions? thank you for your reply
Great content as always brother 👌🏽. I've been watching your content for about a year now and it's crazy that I've only just subscribed today. But I've been meaning to ask you, would I get into Investment Banking with a BCom(general) degree?
I could never hack it, would rather work fewer hours, earn less, and have more time/energy to enjoy life. I went to a top uni and have lots of friends working in top tech firms/IBs/strategy consulting firms and don't envy the lifestyle.
Competing to sign your life away. Always look at opportunity cost.
I work at JPM and I'd have to admit that the work-culture is far from work. Having said that, the monetary compensation tempers.
👍🏽
is asset management in the high finance industry?
I honestly think that most people in my engineering class would walk all over business majors if they spent some time learning about finance
High finance isn’t about finance technical skills. It is more about people skills.
@@userwheretogo lol i’m sure the market cares about your people skills. Trades make money, not bs speeches and rubbing elbows. Thats small-ball stuff. Maybe you can be an analyst or account manager or something
@@userwheretogoso studying psychology is a good way to go?
All those jobs are not stable and need other income sources. 80% of analyst and associate i know has been made redundant, fired etc at some point. Not a safe career. They will also get rid of you at any chance. They got rid of this senior VP at my last firm who had been doing job for about 15 years as they hired a new younger VP from another firm cheaper and could probably get more work out of him.
interesting way to put it i guess, its all one big competition..lol
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Get my 'Introduction to Asset Management' 71-Page career guide here: careerguides.io/individual_guide/introduction-to-asset-management
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TIMESTAMPS:
00:00 - Intro
02:00 - Limited resources and opportunities
04:34 - Intense pressure and long working hours
06:15 - Continuous learning and adaptability
07:35 - Performance driven culture
09:20 - Networking and relationship building
11:15 - Risk and uncertainty
12:14 - Continuous self-improvement
14:58 - Strong work ethic and resilience
16:29 - Emotional intelligence and interpersonal skills
Six figure salary in New York. Outside the US, the situation is completely different, even working in the same companies. GS, JPM, Citi. My kid got an offer from GS and refused. Small office here, they pay US$ 500 a month for an intern. Yes, US$ 500 a month and no guarantee of hiring.
Prefered to intern at another multinational bank, a company with a better standing in Brazil, larger, and with better long term career perspective, a trainee program.
The young employee must take into consideration what's the situation of the company in his country, perspectives for a foreigner, expatriation chances, etc.
Unfortunately, all youtube channels only talk about the American NYC reality.
What's your point
How can a technical background bachelor's like Computer engineering get you into High finance. Please also discuss a data science + CFA role in Asset management industry. Also please discuss the future of asset management industry
Go into quantitative finance. Learn methods used in finance like Monte Carlo (super easy). I'm learning q/kdb+ which is a really cool declarative language, which is used in finance. You have loads of opportunity
@@seanpierre1338could you tell me what specific job titles to apply for and what specific institutions? BBS etc?
@@theshaunsta mostly hedgefunds like Citadel and SIG but most large institutions have a quant team. Just look up open jobs for one company and you'll see what skills they require and the job titles
tldr: I drink your milkshake
Take it as a constructive feedback. Your content is interesting, but damn +19min... Have mercy! Btw, do you have a video about netowrking at top level? Do you exchange your business cards, numbers, LinkedIn? And how you maintain those contacts? Thanks!
The Jamie Dimon of TH-cam
😂
😂 excess supply of candidates
😅👍🏽
Better do accounting...many jobs available and it also pays well...
AI will take all the jobs soon
What role in high finance has the best work life balance
Quant definitely. 30, 40 hours a week and the pay is even better than IB, but you need brains to get into that (I'm not insulting. Seeing people with a PhD in physics working as a quant isn't uncommon)
@@xander1201 How about without physics?
@@MM-qu4ox Maths will do too
@@xander1201 no one is only working 30-40 hours a week in this industry
@@detectivemoustache2585 Common at some major prop shops .
'Promo sm' ☹️
🫣
Lies lies no long hours only shifts
Hate defeatist click bait titles like this. If it’s not possible then why did you make the video? Lol. Competition exists. What a groundbreaking realization
That's a fair point. Maybe it should be 'Why Most People Will Never...' rather than 'Why You'll Never...'. You'll be surprised how many people out there don't know (and wish to know) about these 'groundbreaking' bits of information.
@@AfzalHussein fair enough. I like your content. I just don’t want to see you turn into one of those sensationalist finance channels that spew garbage
@@drek273difference between him and those TH-camrs is that he actually has experience.
@@AfzalHussein Titles like this are pessimistic. A video title such as; 'The Harsh Reality of High Finance Careeers' would have been better. You can educate & inform without demoralising. Thank you.
Because you either need to have a rich dad or a degree from top 1% of universities
😅