Tips from the Careers in Finance Panel

Thanks everyone for a great turnout last night at the Careers in Finance Panel. If you weren't able to attend or jut want a neatly typed recap, here is a brief summary of tips/discussion points:

• Read. Read as much as you can, as often as possible about all things going on in finance. All panelists mentioned reading the entire Wall St. Journal and the Financial Times every day. They read The Economist and Barrons cover-to-cover every week. It's easy to spot in an interview who is well read and who isn't.
• Communication and writing skills are essential. One panelist told of recently firing a UCLA, 3.9 GPA Economics major because he didn't handle himself professionally on the phone with clients.
• Hours in finance are insanely long, even after you've been in the business for a long time. 3 of the panelists, all age 45 or older, wake up at 4AM or earlier every workday and typically work until around 6. Lynda Sullivan, who worked for many years in corporate finance for both Goldman Sachs and Montgomery Securities, reported working 80-100 hour work weeks (you do the math) for the first 10 years of her career. 
• The panelists mostly agreed that New York is a great place to start a career in finance. "If you can make it there, you'll make it anywhere!" Also, panelist noted that in New York, while the hours are just as exhausting, the social life is much better for people in their 20's. In San Francisco, everyone is too tired to go out at night because they all wake up at 4AM!
• Just like many careers, passion is key to a successful career. If you don't love this, don't do it. Joe Morford, a Research Analyst, said "I get paid to keep up with my hobbies. How cool is that!?"
• "Who you know" is most important as far as getting a job. All 4 panelists said that they rarely go through a pile of resumes but instead hire people who they know or who come recommended by friends or colleagues, even for entry level positions.

That's it for now. There was so much more discussed last night and I'll post more thoughts later if I have them. 

-Alex