How to get hired in the Middle East

September 26, 2012, 4:00 am

≫ Next: Corporate Tax Loopholes Are Killing Us

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Andy note: ZaZa resides in Abu Dhabi and works as a recruiter for some of Middle East’s largest sovereign wealth funds and investment banks.

Let’s start with the basics – it’s not like in the US. It’s not like in Europe. The process sounds vaguely similar, the results more or else should be the same, but how you do it is way different. My first advice to you when you decide to come to the Middle East is start looking immediately. Do it whilst you still have a job or you are still in business school. It takes me on average, nine to twelve months to place a good candidate in one of the better sovereign wealth funds, banks or PEs.

The most interesting jobs out here are of course the sovereign wealth funds or other government entities, their contracts are government and that means even more paid in cash at the end of the month.

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Corporate Tax Loopholes Are Killing Us

September 26, 2012, 4:30 am

≫ Next: WSO Monkeys Unite: 9/27, 6PM, NYC

≪ Previous: How to get hired in the Middle East

I've long been opposed to a flat tax or the so called "Fair Tax" on the basis that once you grant the government the ability to levy a consumption tax then it's probably just a matter of time before they ratchet the rate up to the stratosphere. What might start as a 20% flat tax today could be 30% or even 40% a decade from now. But when I see things like the following video, it makes me re-think my objections. Our tax code is so complicated that the only people who don't get screwed by it are the people or corporations who can afford an army of tax commandos to handle their business. Maybe a flat tax is the way to go.

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WSO Monkeys Unite: 9/27, 6PM, NYC

September 26, 2012, 7:10 am

≫ Next: A $350 Trillion problem

≪ Previous: Corporate Tax Loopholes Are Killing Us

Happy Hour with WSO's Job-Board savant Commuter at his local watering hole Lincoln Park, this Thursday, 6PM-10PM.

$3 domestics during Happy Hour ($3 PBR tall boys all day everyday son), inexpensive well drinks etc... Good bar food, great bar tending staff. Lots of college girls for you lonely boys to strike out with.

See Full Info Here

Want to host a WSO meet-up in your city? Email me (andy@wallstreetoasis.com) for more info and I'll help you get it organized.

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A $350 Trillion problem

September 26, 2012, 7:11 am

≫ Next: Q&A Interview with SirTradesaLot Part 3/3: Becoming the Boss

≪ Previous: WSO Monkeys Unite: 9/27, 6PM, NYC

Looks like the BBA is ready to relinquish its LIBOR setting responsibilities.

This opens up an interesting discussion about what might replace it and who will be responsible for overseeing LIBOR. Will the UK government regulate it? Will they follow the European example with how EURIBOR is set?

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Q&A Interview with SirTradesaLot Part 3/3: Becoming the Boss

September 26, 2012, 8:00 am

≫ Next: A Career in Investment Banking: Worth the Investment?

≪ Previous: A $350 Trillion problem

Andy note: Here's the final installment of the 3-part interview series with SirTradesaLot. See Part 1, Part 2.

Bio: He has worked in the finance industry for almost 15 years in a variety of roles at global investment banks and asset managers. A few years ago, he left a senior management position in the equities division of a large asset manager to start a hedge fund/asset management firm with former colleagues.

Becoming the "Boss"...
If you have a goal of managing a team or moving into senior management, there are steps you can take to increase your odds. Many people think that you need to be given a formal leadership position before you can start managing or leading people. I think most people have that backwards.

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A Career in Investment Banking: Worth the Investment?

October 8, 2012, 7:15 pm

≫ Next: Buying a House with a friend

≪ Previous: Q&A Interview with SirTradesaLot Part 3/3: Becoming the Boss

Moderator Note (Andy): This is an infographic created by Firmex. It’s targeted toward those considering a career in investment banking, highlighting the reality of the profession. Drawing on some stats from WSO, as well as other sources, it includes everything from starting salaries (in comparison to other careers), annual bonuses, hours worked and typical career progression.

Each year, thousands of the brightest minds, from the world’s best schools, decide to venture into the world of Investment Banking. Entering the competitive world of high finance has some clear advantages; great pay, high-profile deals and phenomenal training.

But, it’s definitely not a career choice for the faint hearted. Intense pressure to get the deal done, and long hours, means that personal and leisure time are often sacrificed. And while tremendous rewards await those that reach the top, it’s a very steep climb to get there.

Having supported thousands of M&A deals, and answered hundreds of late night calls from exhausted Analysts, Firmex Virtual Data Rooms decided to take a closer look at the profession with the following infographic...

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Buying a House with a friend

October 8, 2012, 10:00 pm

≫ Next: SA after senior year

≪ Previous: A Career in Investment Banking: Worth the Investment?

Would like some experienced advice-

I'm 24 working at a asset manager in a midwestern city. I've been here for 1.5 years. Now, a friend of mine wants to buy a house...WITH me. This means we will both be on the mortgage. He's the entrepreneurial type and so we'd be getting a 4 bedroom, rent out half of it, live in the other half. The goal would be to live for free. In 7-10 years when the place is paid off I could get a nice $1000 check every month from renters. We've prequalified for a 3.25 30 yr fixed conv. I make significantly more money than he does now but he has a little bit saved away and I do trust him.

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SA after senior year

October 9, 2012, 1:00 am

≫ Next: WSO Campus Representative Program

≪ Previous: Buying a House with a friend

My info:

-Senior at target with 3.3 gpa (Ivy)
-Interned with reputable middle market PE firm last summer
-Extensive used car sales experience

My goal is to land a FT position at a BB. Problem is most BBs or top boutiques are filling all spots with summer analysts and my gpa is probably going to be too low for the very few spots available. Esp. at top banks like GS, JPM, MS, Lazard.

Is it worth applying for a SA position at the bulges with the intention of returning to school for another semester (it will be free or very low cost to do so) in order to secure a full time offer for January 2014?

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WSO Campus Representative Program

October 9, 2012, 5:00 am

≫ Next: Should Bankers Be Paid in Bonds?

≪ Previous: SA after senior year

Fellow Primates,

We are looking for 1-2 students on each campus to help WSO in its sales efforts to student clubs/career centers, and overall promotion at your school both online and on the ground. Below is a description of the position and benefits...thanks in advance for your help! See a list of our current reps and the ongoing Golden Banana contest

RESPONSIBILITIES

Be the face and voice of Wall Street Oasis on your campus (monkey suit optional)

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Should Bankers Be Paid in Bonds?

October 9, 2012, 5:18 am

≫ Next: San Fran WSO Meetup!

≪ Previous: WSO Campus Representative Program

Sheila Bair has been making the rounds promoting her new book lately and, by and large, she hasn't said anything that she hasn't been saying for five years now. But one thing she said recently stuck out in my mind and got me thinking about incentives, especially those incentives that relate to banker pay.

There's no longer any question that the compensation structure was largely at fault for some of the ridiculous risks taken during the run up to the subprime crisis. And that's at all levels: from loan originators in strip malls all the way up to Wall Street CEO's. Everyone is talking about banker comp these days (Morgan Stanley's James Gorman even says it's still too high) because everyone is afraid of the next major crisis.

So an idea Bair came up with made some sense to me. Right now (post Dodd-Frank) the compensation structure has been changed to reflect a more sober environment: where bonuses used to be mostly cash now they're cash and stock - some bonuses are even majority stock at this point. The thinking is that the bankers will be more interested in the long term success of the bank (and by extension the bank's stock price) if they have some skin in the game. But maybe there's a way to skew it even further toward cautious stewardship.

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San Fran WSO Meetup!

October 9, 2012, 7:25 am

≫ Next: WSO Hits 100,000 Members!

≪ Previous: Should Bankers Be Paid in Bonds?

San Fran monkeys - the first ever WSO SF meetup is coming up Wednesday 10/17, 6-8PM, at Perry's on the Embarcadero (http://perryssf.com/)

Location: inside Hotel Griffon, at 155 Steuart Street, between Mission and Howard Streets.

WSO Social Chairs Brian and Patrick will have a table there, look for the "WSO" sign on the table.

Get there early if you want to catch the Happy Hour, it runs from 4:30-6:30

See map/directions here

When:

October 17, 2012 - 6:00pm - 8:00pm

Event type:

WSO Happy Hour

Location:

Perry's at Hotel Griffin

155 Steuart Street

San Francisco, CA, 94105

United States

See map: Google Maps

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WSO Hits 100,000 Members!

October 9, 2012, 7:30 am

≫ Next: WSO is looking for interns

≪ Previous: San Fran WSO Meetup!

Dear Fellow Primates,

After six years in business, WSO has hit 100,000 members and counting! I wanted to make this post to let you know how thankful I am to all of you for all that you give back to the community.

We couldn't have done it without the countless members that give back to the new guys every day, so thank you, thank you, thank you. There are millions of visitors that browse WSO every year, but the community (registered members) is what really makes WSO an engaging, fun and useful place. You are why WSO keeps getting bigger and stronger. We keep pushing forward with exciting new initiatives like the Company Database and our new FAQ section to try and make WSO the best place to find useful insight into the entire world of finance.

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WSO is looking for interns

October 9, 2012, 7:45 am

≫ Next: Haymakers For Hope - Financiers Fight for a Noble Cause

≪ Previous: WSO Hits 100,000 Members!

Wall Street Oasis is looking to add interns in the following 5 areas:

SEO / Link-building (5 spaces remaining)
PR (2 spaces remaining)
Finance/Business-Media Database Management & Research (1 space remaining)
Social Media Marketing (1-2 spaces remaining)
Content Management (1 space remaining)

The internships are unpaid, but tangible/intangible benefits you will receive are listed below. You will be working remotely and communicating with me at least once per week (via chat/email).

If you're looking for that internship to get your foot in the door and fill your resume with some real-world experience for a large financial community, this is the perfect opportunity for you.

Additional info:

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Haymakers For Hope - Financiers Fight for a Noble Cause

October 9, 2012, 12:30 pm

≫ Next: REVEALED! Wall Street CEO Facebook Convo

≪ Previous: WSO is looking for interns

For all the talk of private equity and hedge funds as exit opps here on WSO, one interesting route that often goes overlooked is the non-profit path.

Too often non-profit and charitable work gets lumped into one of two camps:

Something for liberal arts students
Something you've got to do to round out your b-school apps

Well, I'm here today to obliterate this false dichotomy.

I recently had the pleasure of interviewing Andrew Myerson, the founder of Haymakers For Hope, a truly awesome charity that combines amateur boxing and the fight to end cancer. He's an ex-Goldman Analyst with a truly unique story to tell. Read on to learn more.

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REVEALED! Wall Street CEO Facebook Convo

October 9, 2012, 3:30 pm

≫ Next: I Love You Like A Love Song, Baby

≪ Previous: Haymakers For Hope - Financiers Fight for a Noble Cause

WSO EXCLUSIVE: Titans of Wall Street caught in candid conversation on Facebook! Read on below and after the break:

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I Love You Like A Love Song, Baby

October 9, 2012, 3:30 pm

≫ Next: Value Investing: Right for 2012-2013?

≪ Previous: REVEALED! Wall Street CEO Facebook Convo

Shortly before the beginning of the weeklong holiday to celebrate the founding of the PRC, former golden boy Bo Xilai was officially expelled from the Communist Party and formally charged with a variety of crimes, one of which was that he "maintained inappropriate sexual relationships with many women". While a public allegation such as this is likely to ruin any politician’s career, it’s a little bit different in China…

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Value Investing: Right for 2012-2013?

October 9, 2012, 9:30 pm

≫ Next: Tired of Being an Engineer...

≪ Previous: I Love You Like A Love Song, Baby

Hey everyone,

I am relatively new to the forum, have been perusing a lot of the other posts and decided I would chime in.

First, a quick intro: I graduated from a top 20 undergrad in 2009 and have been a management consultant for the past 2 years (think one level below MBB). I am studying for the GMAT while starting to build connections that could land me a job in equity research/investment management at an entry-level position. Still unsure if the MBA is the right course, or taking out a $50,000 loan, starting a business and failing/succeeding spectacularly.

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Tired of Being an Engineer...

October 9, 2012, 10:00 pm

≫ Next: Recent Guggenheim Offers

≪ Previous: Value Investing: Right for 2012-2013?

Hello all,

I stumbled upon this site seeking career advice. Thanks in advance for any help you can give me.

For the past 5 years, I've been working at a supermajor oil company as a process engineer. The oil and gas industry is fascinating, and until a few months ago, I've really enjoyed my job. But for a variety of reasons -- boredom with my current job function, frequent travel to unsavory locations, figuring out my probable salary ceiling -- I've been thinking about getting an MBA for a chance to open up other opportunities: energy trading, energy banking, corporate strategy/development. I think that I want to stay within the energy industry and in Texas, just doing something else.

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Recent Guggenheim Offers

October 10, 2012, 1:00 am

≫ Next: What If Money Were No Object?

≪ Previous: Tired of Being an Engineer...

Hey guys! Wanted some info on Guggenheim if possible.

So there's been some recent offers I've heard of people getting at Guggenheim (both from friends at schools for the LA/NY office and) on WSO for their IB division.

From my understanding they are very selective. But, wanted to see some more opinions from people here because some posts say there could be arguments that they will be a better bank to work at than lower tier bulges (assuming same type of group or product exposure) or some MM firms (ex- Houlihan Corp Fin/FAS, Stifel, Piper Jaffray) and others say they are more heading along the lines of Greenhill or Centerview etc (in the future years, not as of right now yet). Where they land on the spectrum is kind of confusing in my opinion...

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What If Money Were No Object?

October 10, 2012, 5:26 am

≫ Next: Winning (losing) by losing (winning): The power of expectations

≪ Previous: Recent Guggenheim Offers

The following video is going viral at the moment and, while I don't usually respond to most New-Agey type philosophies, I have to admit that this one made me stop and think. I've spent the bulk of my life (from about age 10) in a relentless quest for money. I spent a few of the intervening years desperately poor, and the insecurity born from that time has driven me to consider nearly everything (and everyone) else in life secondary to money. It occurs to me now that perhaps this isn't the healthiest world view. I'd like you to watch the video and then tell me what you think.

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