To ask about investment bankers

[draydee]

My DS wants to be an investment banker.

I would like to support him, but is it true there is a lot of nepotism in this industry? Or can an higher level apprenticeship or university suffice if you don't have connections?

Also why do they incite such vitriol?

Is it true they barely sleep and burn out?

I would like to give him the full picture from the experiences of others.

I work for a hedge fund and the OP’s son would definitely need a degree to be a hedge fund manager and frequently, an MBA would be a requirement. Fund managers possess a v high level of education. They also start work earlier than 9am in my medium sized fund and often work long hours.

@carollo and @AndTwoFilmsByFrancoisTruffaut excuse my ignorance but how do you know how to start careers in these types of roles and even what is available? Did you have people guide you?

OP, you asked how to go about finding apprenticeships/jobs offerings.
For apprenticeships, google the websites of the firms you are interested directly, most have a 'work for us' tap. If it doesn't say anything about apprenticeships, just email them directly and ask, or do a Google search. All Big Four (that's KPMG, Ernest Young, P&W and Delloite) offer apprenticeships in Accounting, but also in IT. So do most Investment Banks. These big names are massively competitive though, so it's worth to also look at smaller or less flashy firms, places like Nationwide, your local high street accountancy or building society. Or even thr local council for IT apprenticeships. If you tutor already, start practicing standardised tests, like the BMat and GMAT, it's these type of tests that come up at assessments (that's selection events).
If your ds decides to go to university first, subjects like maths and economics are always save options. If he goes to Oxbridge or Russel Group unis, there will be regular career fairs and events, called 'The Milkround', where firms present details of their graduate schemes. It's normal for school leavers or graduates to apply to dozens of openings, so a bit of thick skin and perseverance is important. Studying in a big city, not only London, but also Birmingham or Manchester, is an advantage as it's easier to go to interviews/get work experience/meet recruiting people. I personally think accountancy is harder than investment banking in the beginning, as for accountancy, you need to take several professional exams, so you work full time and then need to study all night, and get paid less than an investment banker, but it's a good qualification and can lead to good jobs. I still think the dand in IT is bigger and earning potential is better. IT in business means either coding (software engineering) or system architecture. System Architecture is much less specific (it's more a theoretical knowledge of what specific computers and software systems do/how they are useful for a company/what and where to purchase), but can lead to very well paid careers.

I personally think accountancy is harder than investment banking in the beginning, as for accountancy, you need to take several professional exams, so you work full time and then need to study all night, and get paid less than an investment banker, but it's a good qualification and can lead to good jobs.

I found my accountancy exams a lot easier than working in investment banking. But I was lucky to be at one of the large firms that paid for us to study full time for three months of the year. The exams were hard but it was like being at university in terms of socialising but with money.

I'd say it's also easier to get into a Big Four firm than most front office jobs at IBs. But it's a good all round career and you can go into some of the corporate finance or transaction support type divisions within accountancy firms. They don't pay as well as IBs but partners earn a fair whack and I found it a less pressured environment.

@NellyBarney so so helpful thank you. GMAT and BMAT I'm going to Google that! I think he would struggle with IT and has never shown any aptitude for it. But it is definitely worth encouraging him to look into it as another option.