vania-janet/multiturn-rag-retrieval-data huggingface dataset:
"According to the FT article mentioned in the Reuters piece:  ""GSAM blamed the large outflows this year on investors pulling out of its money market funds, short-term investment vehicles that provide clients with a liquid alternative to cash. A spokesman added that the company’s mutual fund range, excluding money market funds, had inflows so far this year.""  also this...  ""Traditional asset managers such as Goldman, which has the majority of its assets in actively managed funds, have been hurt by investors dumping stockpickers for cheaper passive funds that track an index  (...)  Last year, bosses at the fund division told GSAM’s 2,000 employees that they must cut spending and banned all travel that was not associated with meeting clients and winning new business (...) Earlier this year, the company shut down the London operations of its internal hedge fund, which sits in investment banking, and told staff to move to the US or find a new job internally (...) The company has been affected by changes in the US money market sector, where new rules to strengthen investor protection and liquidity in the strategies were introduced last year. The prospect of rising interest rates and the potential for better returns are also making investors consider other investment funds.""   Source: That FT article"
So, you don't necessarily have to have your job be your life to work in finance. That's good to know, and makes sense, since surely there aren't enough Type A's to populate an entire, large, industry.   Man, I don't understand how one could work 100 hours a week for more than maybe one week. It would seem like basic needs such as sleep would become difficult with that level of work.
Use the chrome extension called Xray - the complete article is below Why Goldman Sachs Seized a Client’s 217-Foot Yacht Wall Street banks’ latest gold rush is making loans to wealthy clients; collateral includes Warhol and rare wine collection The yacht ‘Natita’ is listed for $39.9 million. The yacht ‘Natita’ is listed for $39.9 million. PHOTO: DUTCHMEGAYACHTS By Liz Hoffman Aug. 10, 2017 5:30 a.m. ET 158 COMMENTS Goldman Sachs Group Inc. GS 0.33% owns hundreds of billions of dollars of stocks, bonds and commodities. Add to its portfolio: a 217-foot luxury yacht called Natita. The story behind the boat begins with a 2014 loan to a prized Goldman client, billionaire Texas oilman William Kallop. It ends with Goldman suing its own client and the U.S. Marshals last month swooping down on a West Palm Beach marina to impound the yacht—which boasts a movie theater, Jacuzzi and helipad. Goldman’s nautical trophy is a strange but inevitable outcome of Wall Street’s latest gold rush: lending to wealthy clients, the loans backed by everything from Warhols to wine. These loans, which are growing quickly at firms such as Goldman, Morgan Stanley and UBS Group AG, are an exotic spin on the most basic thing banks do: lending money to people. They have the added benefit of building loyalty among prized, ultrawealthy clientele. RELATED Wall Street Needs You to Borrow Against Your Stock (July 27) Like any loans, though, they can go bad and leave banks holding assets that aren’t easy to value or sell. Goldman will likely auction Natita, which already has been on the market for almost two years with no takers. A Goldman spokesman declined to comment on the case. Mr. Kallop didn’t respond to requests for comment. A lawyer for Mr. Kallop declined to comment. “If you do it right, it’s a great business and clients will absolutely love you for it,” said Bruce Holley, a partner at the Boston Consulting Group who advises private banks on wealth-management strategy. “But there are a lot of ways to mess up.”
Goldman Sachs saw credit default swaps as an investment option too. You have to realize they aren't really in the buy and hold game.  Them seeing an opportunity to make money off something doesn't mean it will necessarily go up in the future.  Also the US economy is the strongest it's been in almost 20 years.. Eroding?
"The balance sheet for a bank is the list of assets and liabilities that the bank directly is responsible for.  This would be things like loans the bank issues and accounts with the bank. Banks can make both ""balance sheet"" loans, meaning a loan that says on the balance sheet - one the bank gains the profits from but holds the risks for also.  They can also make ""off balance sheet"" loans, meaning they securitize the loan (sell it off, such as the mortgage backed securities). Most major banks, i.e. Chase, Citibank, etc., could be called ""balance sheet"" banks because at least some portion of their lending comes from their balance sheet.  Not 100% by any means, they participate in the security swaps extensively just like everyone does, but they do at least some normal, boring lending just as you would explain a bank to a five year old.  Bank takes in deposits from account holders, loans that money out to people who want to buy homes or start businesses. However, some (particularly smaller) firms don't work this way - they don't take responsibility for the money or the loans.  They instead ""manage assets"" or some similar term. I think of it like the difference between Wal-Mart and a consignment store.  Wal-Mart buys things from its distributors, and sells them, taking the risk (of the item not selling) and the reward (of the profit from selling) to itself.  On the other hand, a consignment store takes on neither: it takes a flat fee to host your items in its store, but takes no risk (you own the items) nor the majority of the profit. In this case, Mischler Financial Group is not a bank per se - they don't have accounts; they manage funds, instead.  Note the following statement on their Services page for example: Mischler Financial Group holds no risk positions and no unwanted inventory of securities, which preserves the integrity of our capital and assures our clients that we will be able to obtain bids and offers for them regardless of adverse market conditions. They're not taking your money and then making their own investments; they're advising you how to invest your money, or they're helping do it for you, but it's your money going out and your risk (and reward)."
As a point of comparison, the starting salary at Microsoft for a new college graduate is six figures. For senior positions it's easily much higher than that. That's similar to Apple and Google, except that Seattle has a far lower cost of living than Silicon Valley. Somehow, I don't think adequate pay is a problem.
Yeah, I suppose that's true - and not just in finance but smaller companies in general. I think I might have a good gig right now where I can try my hand on both things. It's a bit tied to one IT system though (Misys Summit) but I guess a lot the skills are transferable.
"Six figures for college graduates. It's comparable to Apple and Google, except that Seattle has a lower cost of living than Silicon Valley so it's comparatively better pay. The downside is that there's a perception that working for Microsoft isn't as ""cool"" as Apple or Google."
"I took computer science in college so to be fair I can't call myself an engineer...  I figured it wouldn't matter, but apparently engineer is a protected term.  Which begs the question why 6 out of 7 computer science bachelor degrees in the university here don't officially make you an engineer. What are those web, application, software, systems, math orientated, game, ""general"", and art degrees are good for...?  Or does no one know this and everyone is applying to engineer positions and being titled engineer without being one...?  But you are correct. They do start at 60k. Funny thing though, I traded starting salary information with 6 different co-graduates. I actually got paid the most. 32-37k starting salary for associate in computer science."
Very unlikely to get 200k out of college, but not out of reach of as you gain experience and if you live in a high CoL area.  200k and higher is about right for all-in comp (base + bonus) as you reach IT management / specialty / sales roles.  This is why talent is a concern across finance right now. Grads are going to tech instead of banks because the pay is about a wash but work environment is better. They're not wrong.
finance is far from a useless degree, as a whole the business school will have one of the highest employment rates for your college and within that school finance/accounting/maybe some sort of business information technology will be the 3 highest employment and starting salary.  You may not be driving an audi and wearing a nice suit while watching the market everyday, but a finance degree in competent hands will give you an extremely high chance at not having to work some retail or food job. Degrees don't equal jobs, not hard to major in finance or CS and get a minor in something related to the other. Not only doubles the job pool u can look at, but gives you a more specific set of skills that certain companies will be begging for
Not sure how Technology Mgmt differs from IS but I would limit your options to be Finance, Accounting, TM/IS.   Technology is only going up and people are always going to have problems with it so no problems. Every larger company has an IT department that handles issues from looking for new technology or an IT Service Desk where you answer calls from someone having an issue with their computer. From what I hear from colleagues is experience is huge here. From an IT perspective I think this major would have the highest probability of landing a job.   Accounting and Finance is different. If you go down one of those paths, to be the most successful you'll have to take supplement courses to get either a CPA or CFA. Also working in the big accounting firms from what I've seen is super stressful based on when their clients close their books each quarter but is very rewarding. To move up in Accounting you'd want to get the CPA. If you don't have it, you'll plateau at some point and won't get any higher without it really.  I chose finance, but did not want to be a financial advisor. I did not like the idea of retaining clients by refers or cold calling. Essentially if you remember the scene on Wolf of Wall Street where Leo gets the little job and makes a huge sale off a cold call, that's what it is like when you first start out. You are pressured to sell insurance and stocks to your friends and family in hope that they refer you to their friends and family...it works for some people and it doesn't for others. Down this path you'd also possibly take the CFA tests and for sure series 6, 66, 7. Currently I'm not doing anything finance related but it is a great background for your personal finances and what not.  I would say you want to choose soon though so you can work on getting internships. Internships are huge as it will be a professional reference and if you do well in the position that company could hire you on once you graduate.  Hope this helped.  TLDR: Get an internship and experience the job.
Your numbers sound super off. Where exactly are you working? The starting salary for most CS jobs in SF/Bay Area is at LEAST 80k. Most of my friends in CS or anything marginally related in the Bay Area make closer to 150 at this point and at least half of them started with 90k+ starting salaries right out of school...I feel like you must be talking about a different part of the country. Although to be fair this study is pretty stupid because it doesn't take into account cost of living. 150k in SF is pretty much 75k in Chicago/Cleveland/Etc.
To answer your last question, yes I would strongly suspect that finance would be more lucrative than school counselling. But is that 46k starting?I'm non-US but that sounds pretty good to me. Also, you don't need an MBA to start getting experience in finance. If your degree is from a different discipline you just need some extra way of signalling that you're interested and capable. Even joining your college's Finance club would be a big help.
They also all qualify for a 35K student loan in their junior year. Just about every kid, takes this loan. Most of those use the money to buy a car. I know a young lady who did exactly that, and so did many of her friends. So kids with a starting pay of 45K also start life with a 35K. Buying a nice car in the military is especially silly as they cannot drive it while deployed and they are very likely to be deployed. At least, however, they are guaranteed a starting job with a nice starting pay, and upward potential. College kids who behave similarly might not have it as good. Will they even find work? Will the job have the ability to move up? How much security is in the job? One might say that this does not apply to engineers and such, but I am working with a fellow with a computer science degree who cannot find a job and has not worked in the past 6 months. This even though the market is super hot right now for computer engineers. So, in a word, be very careful what you borrow.
"It is precisely this kind of oversimplification that makes me laugh. I run a startup (well in it for more than 4 years now) and finding programmers is a grind. Yes we get some resumes, most could barely type, let alone write some decent code. As for paying ""higher salaries"", sure I wish I could pay $1MM starting salaries, yachts, and 3 months off and all that....you know how this ends.  If you wish to checkout the fact yourself, stop parroting the Lou Dobbs line and start your own company or go work for a startup. Ye shall see."
If you have children in a university institution, then your annual salary is reported via financial aid forms. The small raise could be the difference between full tuition covered and only half tuition covered.
I would rather have a SE turned into a finance career than someone who just went straight into finance. SE tells me that you love science. Most finance people are idiots who is in it solely for the money. Trust me, there is alot of them.
&gt; A lot of contract positions have become less or equal pay than the permanent workers.      That many be true in many industries, but not in IT.   Technology contractors typically make far more than employees.   The example in the article was someone working for IBM.   IBM is a low paying IT contractor, and still pays more than $50 per hour for legally resident contractors (H1B's is a completely different story).
My first job was in a technology/IT role on the trading floor which was an accident.  It didn't require any knowledge of finance/stock markets.  I didn't even look for that job specifically.  Before that I was at a small tech company.  So I guess you could say it was luck initially.
Anyone jump out of finance too fast? Been in acct/fin for 7 years and only in current role in 1.5yrs I'm being offered an ops role with a 60% bump but was told could get a promo in finance within a year.   Probably wouldn't be that much but am having trouble deciding.
In my opinion, it's all about knowing what you want to do. I know too many people who are in finance for the money who could've been doctors or engineers and enjoyed that life a lot more. That's not to say they aren't successful, money is a powerful motivator, but for the rest of us, you should really know what you're getting into.
I'm a college student with a technical and math background but I'm looking to apply to some jobs in financial tech because I find it to be an interesting industry. What are some good must-read finance books that can help me acquainted with finance for someone who has little to no experience/knowledge?
Its kind of a dumb question because no one believes that you can earn 8% in the short term in the market, but for arguments sake the math is painfully easy.  Keep in mind I am an engineer not a finance guy. So the first payment will earn you one month at 8%, the second, two.  In effect three months at 8% on 997.  You can do it that way because the payments are equal: 997 * (.08 /12) *3 = earnings ~= 20 So with the second method you pay: 997 * 3 - 20 =  2971
And to your point, the same thing that was said above applies - when younger people bounce often and end up being at inflated rates, they are more often the first to get cut when cost changes need to be applied. Seen it happen all the time in multiple companies. Sometimes it's okay to work up to a good position, than to get overpaid for being an underperformer.
Major in CS.  I'm 26 with a BS in Finance (with Accounting minor). I wish I went with a CS back in the day, but oh well. I'm learning programming and computer science on my own now while I work full-time. Fortunately, I'm well on my way towards a strong IT career since I work in business intelligence and big data. It can be a grind while working full-time though.  Don't think you are not good at science classes. I used to think the same. They're not easy, which means you will just have to read and study more and better. Keep at it, develop leadership skills and organize study groups, meet with your professors and TAs if you must. Don't be afraid to ask questions, ever.  Also consider getting a minor in something. It'll be harder but usually well worth it. Pick a minor in a field you find interesting. Every field and industry needs CS majors and you will make yourself that much more valuable. A major in CS with a minor in finance would make you look badass. But don't go with finance though, I suggest a science (any bio, physics or chemistry is good). You'll end up with a nice paying job. I consider my CS skills beginner, but I'm above average compared to the general population and already get paid very well.
"I speak from a position of experience, My BS and MS are both in Comp Sci. I know very little about loans or finances. That is very unfortunate as you are obviously an intelligent human being. Perhaps this is a good time to pause your formal education and get educated in personal finance. To me, it is that important. I study computer science, and am thus confident that I will be able to find work after I finish school. This kind of attitude can lead to trouble. You will likely have a high salary, but that does not always translate into prosperity. Personal finance is more about behavior then mathematics. I currently work with people that have high salaries in a low cost of living area. Some have lost homes due to foreclosure some are very limited in their options because of high student loan balances. Some are millionaires without hitting the IPO/startup lotto. The difference is behavior. It's possible that someone in my family will be able to cosign and help me out with this loan. This is indicative of lack of knowledge and poor financial behavior. This kind of thing can lead to strained relationships to the point where people don't talk to each other. Never co-sign for anyone, and if you value the relationship with a person never ask them to co-sign. I'll be working as a TA again for a $1000 stipend. Yikes! Why in the world would you work for 1K when you need 4K? You should find a way to earn 6K this semester so you can save some and put some toward the loans you already acquired. Accepting this kind of situation ""raises red flags"" on your attitude towards personal finance. And yes it is possible, you can earn that waiting tables and if you can find a part time programming gig you can make a lot more then that. Consider working as a TA and wait tables until you find that first programming gig. I am just about done with my undergraduate degree, and will be starting graduate school at the same university next semester. To me this is a recipe for failure in most cases. You have expended all your financing options to date and are planning to go backwards even more.
Hi, I am 20,  pursuing majors in Petroleum Eng. I have almost zero knowledge of finance or trading. I want to shift my career to finance (preferably algo-trading ). So I've started with learning python. What else do you suggest I can start with?
"To anyone else with this mindset: -Remember that your recruiters and potential employers don't care about the health of the national job market. They care about their own company. They want to maximize EmployeeValue/EmployeeCost. They know what they want and what they can afford. So of course they are going to fish for a lunker. Why wouldn't they? -Every damn thing is negotiable. Don't like that starting salary offer? Counter it. Know direct competitor starting salaries.  -""I don't have direct experience with X, but I do have experience with Y"". Use this.  Since I ruffled a few feathers here I'd be happy to look at any entry-level SW engineering resumes for feedback. PM me."
Cool! Financial IT is fun. Banks wouldn't run without us :).  I'm doing a Master's while working part time in IT in an investment bank. I'm kind of on the fence of if I should go for a more technical profile (software development) or business profile (IT business analysis). It's quite the different career tracks...
I'd say $1M is a reach and not guaranteed in any way. A friend that goes to a top target has said the upper end is about $100k including bonus first year in IB, and sticking in banking might get you to $500k after about 5 years. The pay advances a lot better than it does in engineering/tech.  Your major doesn't really matter as long as you have a solid GPA and can answer technicals.
I've been doing healthcare financial consulting for a few years now and I was going to start studying to take CFA Level I and slowly change industries, but ended up learning programming instead. At this point in my career, I'll be way too far behind if I don't solely focus on increasing technical skills related to programming and data science.   I think this is the point in time where if you don't start gaining experience and skills in those areas, any professional field is going to be out of reach in 5 years or so. For healthcare finance, no one will care that you have 10+ years of experience with the industry. If you can't turn the experience into useful data analysis, then no firm is going to want you.  Right now, our firm has moved from the typical pyramid structure with tons of analysts on the bottom and a few high-level consultants at the top towards more of a balloon. Most of our staff are in the middle-tier and we are all with varying level of experience but our real selling point is how we are able to collect and process a hospital's data. I feel like I started working at a typical small finance firm and now I work at a typical SaaS style startup. So, we can feel it in other financial fields, so I'm sure you equity folks are going to have the same experiences.
NOOOOO!!!!! Don't do it!  The outlook is so much better in engineering than finance.  The finance jobs out there are really really really hard to get and they're terribly boring.  I'm telling you, stick with ENG, it's a way better field right now.
I got sucked into working with a tech company when I was striving to be an Investment banker in San Francisco.   I can't stress enough how much better I have it now working with a great tech company, with great pay, flexible hours and great vacation time.   But i'll admit, sometimes it feels like we're in our own little flourishing world.