Question by bluenote12482: how much can someone make working in the investment banking industry?
I have a friend who is 32. He has his masters and works for investment banking, institutional brokerage, asset management, and private wealth services company in NYC. Whenever he tells me how much he makes, I am amazed. I am hearing #s like in the upper 100Ks to mid 200s. Is this possible?!

Best answer:

Answer by jeff410
Its quite possible with bonuses. And if he is a partner in the firm it could be much more, if business is good.

Give your answer to this question below!

Lou Moelchert was one of the earliest endowment investors to allocate to hedge funds in the 1980′s, serving as CIO of the University of Richmond endowment for over 30 years. In 1997 he founded Private Advisors, LLC, an alternative asset manager providing funds of funds in both hedge funds and private equity, currently with roughly .5bln in combined assets under management. In this Opalesque.TV interview, Lou sheds insight into the development of his unconventional view of risk through the early incorporation of alternative investments into the endowment investing model, developing a contrarian perspective to traditional views of safety in bonds and stocks which he found to be more volatile than a combination of hedge funds and private equity. His conception of Private Advisors aimed to capitalize on his combination of extensive hedge fund and private equity investment experience, contrarian viewpoints, manager-selection skills, and entrepreneurial mind-set. In addition, learn about the following: -The evolution of alternatives and how they became a necessity in endowment investing -Lou Moelchert’s 2 investment rules: -Dig beneath manager returns to identify the source -Investment management is the “mistake avoidance” business to recognize down-side risk over time -Importance and challenges of contrarian views to recognize “boom and bust cycles” through different asset classes – Offering funds of funds in both hedge funds and private equity helps provide insight into …
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by Joost J. Bakker IJmuiden

Article by Edward Parker

Careers In Investment Banking – Careers – Recruitment

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The world of investment banking is illustrious and exclusive – as such it requires a certain calibre of individual. Investment banks help corporations and governments manage financial assets, trade securities and provide financial advice, therefore work in a high risk, high security arena. The big investment banks include Goldman Sachs, JP Morgan and Morgan Stanley. Careers with these banks are highly sought after, with only a small proportion of jobs available through graduate schemes. Other smaller investment banks exist that specialise in certain industries, technical analysis, or can offer specific areas of advice. In most firms however, there are three particular industry arms: sales and trading; investment banking and capital markets. Jobs are available in each of the sectors, nevertheless, the field is highly competitive and requires the candidate to have specific competencies or talents. Within investment banks there are a number of different departments within these arms, including: investment research, merchant banking, private equity, operations and information risk management. Roles are available in front of office such as sales, research and trading, whilst for candidates with other interests, careers in back and middle office include technology, risk management, HR and marketing. Investment banks are after employees with strong interpersonal and analytical skills as well as excellent mathematical ability. Investment banking jobs are typically high risk, stressful and working hours are lengthy. Nevertheless, the work is rewarded with an impressive salary which can be topped up by bonuses. Careers in investment banking are varying with one day being filled with exhilaration whilst during others you can feel as if everything is going against you. Potential employees need to be able to multi-task a multitude of projects, whilst utilising good accounting skills and meeting targets. Networking and contacts are vital to a successful investment banking career. Contacts can be a useful way of breaking into the profession but also can prove helpful when brokering a deal. It is also generally accepted that unless an individual has a wide variety of industry experience, candidates require three good A levels, at least a 2:1 degree and preferably an MBA. Starting salaries in investment banks range from about

Transform your customer service into a strategic asset with Microsoft Dynamics CRM. With a 360-degree view of the customer, your agents can resolve issues quickly and reduce handling times. By automating processes, you can also reduce costs and help to ensure consistent service is delivered across all touchpoints with Microsoft Dynamics CRM
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by james_gordon_los_angeles

Question by : please help me out in Accounting, I already answered Just need verification.?
1.Retailers and wholesalers are both considered merchandisers. True

2.The steps in the accounting cycle are different for a merchandising company than for a service company. True

3.Sales minus operating expenses equals gross profit. False

4.Under a perpetual inventory system, the cost of goods sold is determined each time a sale occurs. True

5.A periodic inventory system requires a detailed inventory record of inventory items. False

6.Freight terms of FOB Destination means that the seller pays the freight costs. True

7.Freight costs incurred by the seller on outgoing merchandise are an operating expense to the seller. True

8.Sales revenues are earned during the period cash is collected from the buyer. True

9.The Sales Returns and Allowances account and the Sales Discount account are both classified as expense accounts. False

10.The revenue recognition principle applies to merchandisers by recognizing sales revenues when they are earned. True

11.Sales Allowances and Sales Discounts are both designed to encourage customers to pay their accounts promptly. True

12.To grant a customer a sales return, the seller credits Sales Returns and Allowances. True

13.A company’s unadjusted balance in Merchandise Inventory will usually not agree with the actual amount of inventory on hand at year-end. True

14.For a merchandising company, all accounts that affect the determination of income are closed to the Income Summary account. True

15.A merchandising company has different types of adjusting entries than a service company. False

16.Non operating activities exclude revenues and expenses that result from secondary or auxiliary operations. False

17.Selling expenses relate to general operating activities such as personnel management. False

18.Net sales appear on both the multiple-step and single-step forms of an income statement. True

19.A multiple-step income statement provides users with more information about a company’s income performance. True

20.The multiple-step form of income statement is easier to read than the single-step form. False

21.Merchandise inventory is classified as a current asset in a classified balance sheet. True

22.Gain on sale of equipment and interest expense are reported under other revenues and gains in a multiple-step income statement. False

23.The gross profit section for a merchandising company appears on both the multiple-step and single-step forms of an income statement. False

24.In a multiple-step income statement, income from operations excludes other revenues and gains and other expenses and losses. False

25.A single-step income statement reports all revenues, both operating and other revenues and gains, at the top of the statement. True

26.If net sales are $ 800,000 and cost of goods sold is $ 600,000, the gross profit rate is 25%. False

27.Gross profit represents the merchandising profit of a company. True

28.Gross profit is a measure of the overall profitability of a company. False

29.Gross profit rate is computed by dividing cost of goods sold by net sales. False

30.Purchase Returns and Allowances and Purchase Discounts are subtracted from Purchases to produce net purchases. True

31.Freight-in is an account that is subtracted from the Purchases account to arrive at cost of goods purchased. True

32.Net sales less cost of sales equals gross profit. False I’m not sure of this one because of the way it’s worded. Because gross profit is equal to the net sales – cost of goods sold. So if cost of sales means (cost of goods sold) then it would be true. But if not then I say my original answer false

33.Gross profit is a measure of the overall liquidity of the company. False

34.Net sales less operating expenses equals gross profit. False

35.Merchandise inventory is reported as a long-term asset on the balance sheet. False

36.Under a perpetual inventory system, inventory shrinkage and lost or stolen goods are more readily determined. True

37.The terms 2/10, n/30 state that a 2% discount is available if the invoice is paid within the first 10 days of the next month. True

38.Sales should be recorded in accordance with the matching principle. True

39.Sales returns and allowances and sales discounts are subtracted from sales in reporting net sales in the income statement. True

40.A merchandising company using a perpetual inventory system will usually need to make an adjusting entry to ensure that the recorded inventory agrees with physical inventory count. False

41.If a merchandising company sells land at more than its cost, the gain should be reported in the sales revenue section of the income statement. True

42.The major difference between the balance sheets of a service company and a merchandising company is inventory. True

Best answer:

Answer by startingover2011
2. is false. The entries are different for a manufacturer vs. a service company, but the steps are the same.

3. is true.

5. is true. A periodic inventory count is needed regardless of the inventory system chosen.

8. is a bit tricky. Most businesses use the accrual basis and revenue is recorded when sales activity happens, regardless of if cash changes hands at that time.

40. is true (it’s related to question 5)

41. is false. Such a gain should be reported as ‘Other Income’ or ‘Gain on Sale of Land’ – not directly in the normal sales revenue account. The sale of land is NOT a normal part of a merchandiser’s sales activity. It’s ‘other’ income.

Know better? Leave your own answer in the comments!

Dr. Paul Achleitner: Born in 1956. Paul Achleitner received a Doctorate from the University of St. Gallen in Switzerland and studied at Harvard Business School. In 1984, he started his professional career at Bain & Co. in Boston, moving to the investment banking division of Goldman Sachs & Co. by 1988. After various positions in New York and London, he was appointed Chairman of Goldman Sachs & Co. oHG in Frankfurt in 1994, a position he held until 1999. In 2000, he joined the Management Board of Allianz SE, taking responsibility for group finance, a position he has held ever since. Paul Achleitner is a member of various Boards such as Bayer AG and RWE AG. Furthermore, he is a member of several government commissions of the Federal Republic of Germany such as the Takeover Board of the Federal Financial Supervisory Authority, the Government Commission German Corporate Governance Code and the Capital Markets Commission. Additionally, Paul Achleitner is honorary professor for finance at the WHU Koblenz, where he also serves on the Board of Trustees. Brady W. Dougan: Born in 1959. Brady Dougan received a Bachelor of Arts degree in economics in 1981 and an MBA in finance from the University of Chicago, Illinois, in 1982. Brady Dougan started his career in the derivatives group at Bankers Trust Company. In 1990, he joined Credit Suisse First Boston, where he was named Head of the Equities Division in 1996 and Global Head of Securities in 2001. After having served as Co-President …
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Jetzt ergreifen Freunde von Ardi Goldman das Wort: Leo W.: “Herr Oezkan ist schon lange überschuldet. Möglicherweise glaubt er, dass er sich so retten kann.” Der Hintergrund: Oezkans Firma Finest veröffentlichte eine Pressemitteilung über Open PR: Hat die Vorenthaltung von Maklerprovisionen bei dem Frankfurter Investor, Herrn Ardi Goldmann, Methode? siehe www.openpr.de “Dem Frankfurter Immobilienmakler, Gürcan Özkan, wurde durch den Investor Ardi Goldman beim Ankauf der Immobilie, Stephanstr. 1 – 3 in Frankfurt am Main, seine Vermittlungsprovision vorenthalten. Der Investor ging wie folgt vor: Er ließ sich die Projekte mit vollständigen Unterlagen und Exposés übergeben und sicherte dem Makler mündlich die Provision zu, mit der Begründung, dass er vorab eine Ankaufsprüfung durchführen möchte, bevor er eine Provisionsvereinbarung unterschreibt, es aber keine Bedenken bezüglich der Provision gäbe. Zwischenzeitlich wurde die Immobilie beurkundet und der Makler soll leer ausgehen. Im Nachgang wurde von der vereinbarten Provision nur noch ein Bruchteil angeboten, frei nach dem Motto: soll der Makler doch klagen. Bis zur letzten Instanz dauert es einige Jahre und vor Gericht geht sowieso alles mit einem Vergleich aus; außerdem gibt es ja Freunde für entsprechende Aussagen….” Zitatende Nachfolgend lesen Sie die der Zeitschrift IMMOBILIEN VERTRAULICH vorliegende Sachverhaltsdarstellung des sich betrogenen fühlenden Maklers Guercan Oezkan über die Vermittlung der Stephanstr.1 -3 …
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by YoTuT

Article by Larry Lane

Don’t be a Financial Victim, Get Insured! – Insurance

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Don’t be a Financial Victim, Get Insured!

By Larry Lane for InvestorZoo.com

Nicholas Cage is broke. Depending on which side you believe, Cage brought about his own financial ruin with a spending spree that included two castles, 15 palatial homes, several yachts as well as a fleet of Rolls Royces. According to Cage, it was the fault of his business manager and his mismanagement that brought Cage to financial ruin. Nevertheless, he is broke.

While you may not be a Hollywood star; if you own assets, you need to be financially protected. The news is riddled with celebrities who have gone bankrupt; MC Hammer, Evander Holyfield, Willie Nelson, Hulk Hogan, the list goes on and on. How could someone who earns more than 99% of the general public declare bankruptcy? Let’s examine some financial no no’s and how to avoid financial trouble.

Being overly generous to friends and familyIt’s not bad to be generous with friends and family. However, spending money on items that will alter your lifestyle is a bad idea. While Elvis could afford to purchase every pink Cadillac that General Motors produces, those on a $ 50,000 per year salary cannot. If you are so inclined to “spread the wealth”, make sure you make it part of your budget. Breaking down your income and expenses will make it crystal clear how much you have to spend monthly.

Getting suedBeing served with papers and being informed you are party to a lawsuit may be one of the scariest moments in your life. If you own assets, you should sit down with a good tax attorney or accountant immediately. A good accountant will show you how to properly structure them. If you own income producing properties, you should consider incorporating them into an LLC. What would happen if there was a slip and fall within one of your properties? All of your unincorporated assets would potentially be at risk. Are you adequately insured in case of a car accident? Although unlikely, what would happen if you got into a car accident and killed two passengers in the other car? Are you adequately insured? Please consult with your insurance agent to make sure you have enough coverage.

Economic Downturn You have been making a decent living, perhaps even six figures for several years. You’ve got a great apartment overlooking the water in the swankiest part of town. You’re driving around in your favorite Escalade when you receive a phone call on your new $ 1,000 cell phone. “We’re shutting down the office; we’re laying everyone off as of Friday”. Think this can’t happen? Ask those in the financial services industry. Bear Sterns had been in business for over 100 years. In a blink of an eye, the company was gone; a distant memory. You may have already experienced an event very similar to this. The current unemployment rate is currently at 10%. Most would argue that it is much higher, as those not eligible for unemployment benefits aren’t counted anymore. As evidenced by this crushing downturn, the good times don’t last forever. The roaring 20′s gave way to the Great Depression in the 1930′s.Those 20-30% annual gains in the real estate market have now given way to the biggest foreclosure disaster the world has seen in the last 30 years; some would say ever. If you learn one thing; anything can happen. Those who decided to bury their head in the sands and blindly buy houses with no money down or buy stock on margin have been financially buried;bankrupt with no way out.While an economic disaster may occur, how you react to the event is even more important. While some firms have gone bankrupt, experienced layoffs and gone through extremely difficult times, some others have flourished. Look at Warren Buffet for example (the world’s 2nd richest person). Berkshire Hathaway (the investment company Buffet owns) has seen a down turn of 20-35% like most stocks. However look at some of the moves Buffet has made during the recent recession/depression:

1) Bought warrants to purchase Goldman Sachs at $ 115 per share while receiving a guaranteed return of 10% return on his investment. Goldman is currently trading above $ 160. Buffet can either exercise his warrants and buy Goldman Sachs at $ 115 or continue to receive a 10% return.

2) Bought all shares of Burlington Northern.

3) Berkshire has spent $ 3 billion on General Electric Co preferred stock, $ 2.6 billion on Swiss Re convertible debt (a Swiss insurance company) and a total of $ 750 million on securities from motorcycle maker Harley-Davidson Inc. He also purchased debt from packaging company Sealed Air Corp and building materials maker USG Corp.

All of these investments generate annual payouts of 10 percent to 15 percent.Because Buffet was prepared for this economic downturn, he was able to pick up assets at bargain levels. He did this in the 70′s when he purchased American Express, Coke and Proctor and Gamble. Buffet has shown time and time again he has the financial smarts to take advantage of a crisis situation. He had cash to spend when everyone else needed it.

Unforeseen IllnessAccording to CNN.com in 2009, an estimated 1.5 million Americans will declare bankruptcy. Many people may chalk it up to overspending or a lavish lifestyle, but a new study suggests that more than 60 percent of people who go bankrupt are actually caused by medical issues. As with car and homeowner’s insurance, having and maintaining health insurance is paramount. Should you become separated from your employer, you are eligible for COBRA benefits. Due to a new law, your employer must by 66% of the insurance premium for 8 months. Do not let your health insurance lapse.

DivorceAccording to a report by the NY Times, approximately 33 percent of all marriages will end in divorce; not the typical 50% as is commonly reported. http://freakonomics.blogs.nytimes.com/2008/03/21/misreporting-on-divorce/. If you happen to be part of that 33%, you will be financially affected. If the separation doesn’t kill you, chances are the attorney’s fees will. I don’t have to list all those who have lost fortunes in divorce. Hire an attorney and have a good pre-nup drawn up. While it may seem callous, think of it as divorce insurance!Making sure you’re financially insured will take time and planning.

Spend this time wisely and surround yourself with the best team possible. This will consist of a financial planner, accountant or tax attorney, as well as an insurance agent. Do you due diligence when seeking a professional’s advice. Don’t be a victim of the next Bernie Madoff.

In closing, there is no better time than the present to get your financial house in order. Invest some time and bomb proof your investment and your assets. As you’ve seen by the latest financial debacle, those who are prepared not only survive, but will prosper when the economy recovers.

Larry Lane is the editor for InvestorZoo.com, a social network specializing in personal finance. Email questions and comments to Larry.Lane@InvestorZoo.com

About the Author

Larry Lane is the head blogger and biz dev for InvestorZoo a social networking site dedicated to personal finance. Are you a financial professional looking to help people with money issues and gain world wide exposure? Please drop me an email at larry.lane@InvestorZoo.com or call me directly at 425-591-9315.

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More Goldman Sachs Asset Management Articles

Question by VT: Help, Credit experts! What do you do with THIS real case?
The person who came to me for help: $ 40K income, healthy, in debt US$ 140K (yes, one hundred forty thousand dollars) ($ 60K student loans in forbearance, $ 7K auto loan, the rest unsecured debt: $ 50K is maxed out credit card debt, mostly at default 30+% rates and the rest is loans from friends. About $ 1K in tax liability.). Some debts are freshly (30 – 60 days) delinquent, but none has gone to collections yet. No previous BK, charge-offs, collections or judgments. All 3 Credit reports have no serious errors, FICO scores unknown. Person is motivated, has already shown me recent credit reports and bills, cut up credit cards, developed detailed list of assets (car + $ 3K in illiquid assets + $ 1K cash) and liabilities, and is writing a monthly budget.

What do you advise?

Is the Consumer Credit Counseling Service Debt Management Program the best solution? What are your successes or failures with the CCCS DMP? Costs and benefits? Please answer the questions I’ve asked. Thanks.

Best answer:

Answer by Pengy
CCCS might be the best option, but first I would call all these people I owe debt to and try to get better terms, before they go delinquent, with a deal you might be able to keep that off your credit record. at least until they get out of the hole. stretch you student loans to 20 years. Keep payments current and work at paying off one card at a time. God luck

Know better? Leave your own answer in the comments!

This Resources (assets / equipment / rooms etc.) Management solution give Users the ability to easily create, view and filter bookings for company resources such as rooms, assets and equipment. It has been created as a SharePoint 2010 Feature and consists of a WebPart and two list templates. It is simple to deploy at Site level – you just upload it and install it as a Feature at Site level. Administrators can then activate it in as many parts of the site as needed; this automatically builds two lists – one for naming and identifying Resources and a second for the Bookings themselves. The calendar-style WebPart can then be added to a webpage and linked to the two lists and you are ready to go. With these elements in place, users can create bookings against resources, filter the default view, create bookings on behalf of other people etc. Simple but effective.
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by Michigan Municipal League (MML)

Article by Valerie

DeskCenter USA Inc. IT Asset Management Solutions – Computers – Software

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IT Asset Management Solutions DeskCenter USA excellence in 21st Century Technology & Service fitting all budgets

The IT Asset Management enables you to manage all your workstations in a very easy and efficient way. You can collect and analyze all relevant information, like components and purchase data of your workstations, for a maximum of control and efficiency (e.g. running costs). IT Asset Management is part of the Basic Package and offers comprehensive master data management for all corporate financial data. The seamless combination of technical and commercial inventory management is especially a unique feature of this package. Specific and individual reports keep your departments (like IT or controlling) informed at any time. Power Management, another application of this package, will continuously cut costs and reduce CO2 emissions and will achieve thousands of dollars saved immediately and annually. Cost TransparencyImportant information can already be added to your systems, components or assets during first detection. The comprehensive cost center allocation, connection to supplier information, service agreements, depreciation and leasing information and the integration into the License Management allow a transparent management of all assets.

The DeskCenter System Manager also allows dynamic data changes. If, for example, a location, a room or a cost center is changed, this information is also updated for all systems, users and components that are assigned to this asset. Many different system numbers (e.g. inventory number) can be assigned to every asset. Combined with DeskCenter .Pocket, you have the perfect solution for mobile inventory.User IntegrationSystems or components can be assigned to users making it easy to find out which system or component is used by which user. Of course you also have the option to import asset data from existing databases or external systems. Please see User Management for further info. Perfect ReportingDeskCenter offers a fully integrated reporting solution, which offers many possibilities: from creating costs reports to creating customized system overviews, nearly anything is possible. You can also export the reports to external systems (e.g. SAP) and customize existing reports as you need them. The reports are saved to the DeskCenter database, so all created reports are directly available to all users and you don’t need to send them to each user separately. Alternatively, the reporting solution can be installed as a stand-alone application, which allows accessing the analyses without the DeskCenter System Manager.For further information visit http://www.deskcenterusa.com or contact +1 516 442-1509 to request demo, webinars, free trial.

About the Author

Valerie Pescevalerie.pesce@deskcenterusa.comDeskCenter USA Inc.

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Valerie

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