Working on Wall Street- is it really that tough and aggressive? (New York: lawyer, salary)

[Dingler]

A friend of mine has a job offer on Wall Street. He is a Ivy League MBA and has an opportunity to make alot of money. But he is from the Midwest and while he has the credentials he may not be tough enough to make it on Wall Street.

I visit NYC all the time and it seems to get a tougher edge every time I go there. I always think of the song lyrics that say, "if I can make it here I can make it anywhere...New York, New York" What that tells me is Americas toughest and most aggressive people are all fighting for success in New York and if you are not confident, aggressive and incredibly talented, New York will eat you alive.

Is there anyone on this board who works at a large Wall Street Firm and can tell us about how tough someone really has to be to make it there?

[Viralmd]

My brother-in-law used to. It can be quite demanding of one's time. But nothing ventured, nothing gained. It's worth a try. If your friend has an Ivy MBA, he's prepared. The bonuses are AMAZING (often more than one's annual salary) but you do give up having a life to a great extent. That's why my brother-in-law USED to do that...then he started his own firm. Just as much work, but all for HIM.

[Songbird42]

High pressure jobs......great pay.....and wow on those bonuses, trips to Europe, Ireland.....but you can get burnt out quick. Many guys earn big money and can retire by the age of 40/45........know three that did. But they also had to socialize alot, drinking with contacts, which can lead to habits that can end a career.

Good luck to your friend, money is waiting to be made!!!

[joer]

I did....got out about seven years ago. All I can advise is that unless money means everything to you....DON'T DO IT! It's not worth the time, effort and worst of all the STRESS. I'm much happier now than ever. Remember the saying LESS is MORE.

[mead]

Oh wow...a midwesterner with an IVy League degree moving to the city and earning 6 figures, how unique... Is your friend also a gay-vegan-progressive? [/sarcasm]

Yeah your friend should be fine. His life will suck for a couple of years but he'll make tons of money. Thats basically the tradeoff. You have to sell your soul for a couple of years so you can get rich.

[Jason_Els]

"Sell your soul," is right.

You will make good money if you want to wake-up in the morning and be able to look yourself in the mirror.

You will make amazing money and get promoted if that isn't terribly important to you.

I have some family and a few friends who went that route and a few of them refuse to even talk about what they did because they're so ashamed and disgusted. Others are still in it. They have become pretty cold people and I know why.

What is unethical isn't necessarily illegal and what is illegal isn't necessarily so if you have enough lawyers and everyone keeps their mouths shut.

[dtran103]

I can't imagine a life where one is trading imaginary money. Stock trading is basically professional gambling for a living. It seems so soul crushing. I think it would be hard unless you are completely passionate about it.

[joer]

Most self centered, self serving career one can imagine.

[machx]

What a bunch of ignorant, ethnocentric, sour grape attitudes.

Working on Wall St is tough and aggressive and yeah you will have to stab people in the back but uh...its the same everywhere if you want to make money.

[Sgoldie]

I have two sons of Phi Beta Kappa-Ivy ilk. One does work on Wall Street, not in a trading capacity, and the other one chose not to.

The one who is there works 24-7 as the markets are open somewhere all the time around the world. It's not unusual for him to sleep in his office for days on end and he has health problems because of it. His boss is mean and demanding and can't keep anyone on long term.

My deceased husband who had his own firm there was brilliant (and I don't use the word lightly), an extreme type A and tough as nails. His background was typical of what they looked for: Marine special forces officer, Ivy league grad, and successful in sports.

This is not a place for the faint-hearted. It's intense and you'd better be mentally on top of your game. But, if you love it and want to be 'where it's happening' this is it.