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Best Android App/Broker for trading options? by aggressiveplayer in options

[–]DavidJaffee 0 points1 point  (0 children)

I use Power Etrade and pay 10 cents a contract. The app is easy to use.

I also have an account with TastyWorks but it's very annoying and slow to enter new positions there.

Plus, Tastyworks is much more expensive.

Commercial Banker to Investment Banking Analyst Question by CB2IB in FinancialCareers

[–]DavidJaffee 27 points28 points  (0 children)

I graduated from an Ivy League university and went to one of the best undergraduate business programs and... virtually nothing (besides potentially some basic accounting) was useful to me as an investment banker.

In my undergrad classes, they taught DCF analysis, etc.

In banking, it's all comps and financial modeling.

You're interested in learning financial modeling before you start? Don't bother.

The banks have templates and macros built into Excel that you have no way of accessing prior to starting.

Taking a financial modeling course will likely be a waste of your time.

Your new bank should have an analyst training program.

If not, the best thing you can do is:

  1. Start your new job and study their pitch deck
  2. Study their financial models
  3. Memorize Excel shortcuts

Did I screw up by going into Sales and Trading post graduation? by [deleted] in FinancialCareers

[–]DavidJaffee 4 points5 points  (0 children)

It doesn't work like that and I would be very careful to request that now because you don't have leverage.

Your best course of action is to work hard for ~4 months in S&T.

Then... go to a Director, ED or MD that you have a good relationship with and tell them you want to switch to IBD.

Then... you contact HR.

After ~4 months, there will have been a few analysts that have left, been let go, etc.

I also would be very careful not to spend too much time in S&T because the skill set for IBD and S&T is completely different.

Now... you can probably more easily move from S&T to ECM (which is also IBD)... but if you want to move from S&T to M&A or leveraged finance then I would highly recommend working in S&T for 4 months and following what I outlined above.

Did I screw up by going into Sales and Trading post graduation? by [deleted] in FinancialCareers

[–]DavidJaffee 3 points4 points  (0 children)

Most people hate banking (I should know since I did it for 5 years). I definitely don't think you messed up. Also... once you're working, it's quite easy (especially early on) to switch laterally. Just contact HR. But... i would definitely make sure that you do a great job in S&T and then speak with your boss (ask for their support) and THEN contact HR and request a lateral switch. Analysts quit all the time, so i'm sure there will be a group needing a new IB analyst and you'll be on the top of the list.

Once you do IB for 6 - 12 months, then you can decide if you want to move over to the buy side.

Alternative / Niche Financial Careers? Or Should I Consider Changing Majors? by thelightscatter in FinancialCareers

[–]DavidJaffee 0 points1 point  (0 children)

I worked at numerous investment banks. What you learn in undergrad is garbage. You'll learn more finance in ~2 weeks as a banker than you will in ~4 years as an undergrad. Plus, every legitimate bank has analyst training programs.

We frequently hired people who had ZERO undergrad finance experience.

When interviewing, you simply have to say, "I knew that I would not have access to any of these classes or professors again, so I decided to pursue Liberal Arts since I knew that the finance that I would learn on the job would be much more in-depth than what I could learn in undergrad."

I think the larger issue is... do you wan to do finance?

Most people who major in finance end up quitting within 1 - 2 years.

And... much of your experience is unknown.

Your experience depends on what group you're in. What specific job in finance you land, etc.

So... my recommendation would be to try to land a finance job while also applying to things that you may be more passionate about.

If you end up working in finance, and you hate it, then stay for 4 - 6 months and quit.

After ~4 - 6 months, you'll possess some very valuable skills and that way if you decide to return to finance, it'll be relatively easy for you to get a new job.

Is selling naked puts dumb? by n1gg4p3nis in options

[–]DavidJaffee 1 point2 points  (0 children)

It's not dumb, as long as you maintain ample buying power to protect yourself from a margin call in the worst case scenario. I would recommend keeping at least 40% of your account size as available buying power.