Anonymous User wrote:
yes and its possible to be a millionare without going to college. just because it happens doesn't mean its the norm. look at some directors' bios. they almost all have advanced degrees.
Completely untrue. You absolutely don't need an MBA to succeed on Wall Street. One of my best friends works at a hedge fund and my girlfriend's older brother works at GS- neither have MBAs.
Caveat- both of them are bond traders, so not truly IB but trading is the way to go in finance. Sure, top IB rainmakers make bank, but, like BigLaw, if you're not making it rain you're toiling away. Trading is much more meritocratic and its a way where you can make a lot more money a lot faster than on the IB side. There's a reason that traders are taking over Wall Street (see Blankfein, Lloyd).
Now will Dodd-Frank change the trading/IB balance of power? Possibly, but ATM traders rule the Street
LOL, Lloyd Blankfein was NOT a trader. He was a commodities salesman. There's a BIG difference between the two. And before that he was a tax lawyer. And successful traders very, very rarely don't have advanced degrees. Ones at the bottom of the totem pole do, but, generally speaking, hedge fund people are some combination of information gatherers (who typically get their connections at least in part from their experience in elite MBA programs), macro traders (who have advanced economics backgrounds) and mathematical modelers (who are largely Ph.Ds). Yes, you can break through without an advanced degree but, today especially, it's really really really hard. That's like saying you don't need a bachelor's degree to succeed at business. No, Bill Gates didn't graduate from Harvard, but, all things being equal, you still generally need a bachelor's to do well in business. Same with an advanced degree in banking. Now, the kind of degree you need really depends-- probably a plurality have MBAs, but a good number (Blankfein at Goldman and Moynihan at B of A, to name two) have JDs, and some have Ph.Ds (Vikram Pandit at Citi, who, unlike Blankfein, WAS a trader, has one).