well. trading simply requires you to buy low, sell high, sell high, buy low, simple maths like + and - and ESP 6th sense. so don't need to be very old or educated.
Depends for which jobs; http://www.businessinsider.com/harvard-princeton-and-yale-2011-1 Want A Great Job? Don't Go To Second-Tier Schools Like Columbia And MIT But as said, later in the career it might not matter so much
MIT and Columbia are not second-tier!! LOL MIT is like Harvard in Technology. Columbia is Ivy League.
That has changed over the past decade or so. There are fewer and fewer S&T jobs at Wall Street banks. So talent spreads to bank treasury, risk management etc. Those are similar types of jobs like accounting and consulting where a lot of MBAs land. The pays for risk management jobs have certainly grown relatively. Certainly most of them won't be paid in 7 figures. But the base is high and job security is better than the front office sales person. The demand for good risk management folks is high.
Yes, agreed. I looked at the background of other Chief Risk Officers at other Wall Street firms. Some have advanced degrees at Carnegie Mellon, long-time controller background or other solid background. For investment banking, not only you need market knowledge and technical background, you also need the market intelligence and market connections. Most say each investment bank did not know of their respective positions with Archegos. That is not true. Investment banks know each other well from job candidates and from lateral connections. During 2008 financial crisis, they all knew what each other was doing. And a lot of other banks hated Lehman and they all wanted to trash Lehman. Some of the top banks did or do talk to each other. But it seems Credit Suisse executives did not have the market insights and market intelligence. They also did not have the depth of the market coverage. So they did not know what was going and what other banks were doing. When they wanted to act, they did not have the right market depth to sell Mr. Hwang's positions.
Did you read the article? You might get a fulfilling career going to MIT or Columbia, but most likely not in the top echelon of investment banking....
Base is high compared to middle office jobs. But compared to trading and deal-making positions it doesn't compare really at all. For example, a banker/financier can work on 2 deals on the cap raising side and make the annual salary of a risk officer. Treasury, Compliance, Risk are rising for base pay but will you truly be happy working those type of jobs?