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I have been hearing that the major Wall Street firms (Goldman Sachs, etc) will only consider college grads from Ivy league and other top schools. I am a finance major at a state school (study abroad in London) and although we are no Harvard we do have a pretty good business program-Moore School of Business.
How hard is it to get an internship at say, Merrill Lynch, for a summer? I assume having an internship under my belt is absolutely necessary.
So after I graduate,if I work somewhere regional (maybe in Charlotte) for a few years and succeed is it possible to transfer to New York? Either I-banking or Sales+trading.
So I guess the question that is most relevant to me right now is how hard would it be for me to get a summer internship in NYC coming from a school like mine?
One of my best friends is taking a job in lower Manhattan. I don't think he wants to sound pretentious by telling me it's "Wall St". Anyway, we went to high school and college together in MN. (not bad for a state university guy) His job title is "market maker" and he's been in the game since 1996.
I hope he never sees this...but how much money will he be making compared to his job in MN? If I had to guess he now makes $400-500k.
He is working for one of the majors. God I'm nosy...
A market maker is a firm that quotes both a buy and a sell price in a financial instrument or commodity, hoping to make a profit on the turn or the bid/offer spread. - wiki
Maybe I have it wrong. Could he be a broker, and his company is the "market maker?" I'm not sure....
Nice! I would love to see an and to Wall Street altogether! In the information age, the overpriced system in NYC should be abandoned.
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