Wall Street Oasis has published the testimony of someone who’s leaving Goldman Sachs in order to study an MBA at INSEAD.
For him, working at Goldman Sachs Asset Management has been a transformative moment. Due to financial problems, he took 5.5 years to graduate from the University of Colorado and then got a back office job at GSAM in Salt Lake City. There, he worked nights from 10pm to 10am supporting Goldman’s European private wealth management business whilst studying for the CFA level 1. From Salt Lake City, he moved to the derivatives middle office team in New Yorkand then applied to INSEAD with the intention of working in the energy and commodities sector in Russia when the MBA is over.
“I think the moral of the story here is that although my route was very unconventional, I still earned the opportunity to attend a top business school and will have great recruiting opportunities just like anyone who took a more traditional path,” the anonymous individual writes.
Conclusion: You do not necessarily need to be an Ivy League/Oxbridge graduate to get into Goldman Sachs. You do need to be prepared to start at the bottom and determined to make the most of any opportunities that come your way.
Separately, you will know that the FSA is fining Ian Hannam, the Chairman of Capital Markets at J P Morgan Cazenove £450k for market abuse. You will also know that Hannam is contesting the fine.
You may not know that Hannam is among the bankers advising Xtrata on its purchase of Glencore and that he will, “complete his current commitments” before leaving the bank. As various people have pointed out, where does this leave Hannam in terms of a bonus? In most cases, bonuses are withheld or clawed back when investigations occur. Is Hannam working for salary alone?
Ian Hannam is 56 years old, was once in the SAS, and runs from West London to London Wall every morning. (Evening Standard)
SocGen CIB has been reorganized as follows. (SocGen)
New London banking jobs fell 11% month on month in March. (Bloomberg)
Dick Bove can’t breathe, he’s so excited about Morgan Stanley. (Dealbreaker)
Junior bankers pushing cogent observations up are as important as senior bankers pushing that stimulus out to clients — make your time matter most, you own it the world is still an uncertain place. (Dealbreaker)
If you want to do an MBA, you’ll have to compete against a welter of Chinese people who want to do one too. (WSJ)
What to put in your CV when you’re applying for an MBA. (PoetsandQuants)
Do I stay in this business for the money? No way. If I weren't happy every day, I'd leave. (Guardian)