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comments on Wall Street's titles

Hi there

Shared many views with NS's article on your site:
http://www.xys.org/xys/ebooks/others/science/dajia/vp9.txt
  

Just a few comments:
As for 2(4) (Regarding to LI Bin),  
one of my friends passed following link to me.
I was shocked when I read his bio. 
In his bio, LI Bin claimed that he 
"joined Swiss Bank Corporation in 1997 and went on to
become one of SBC's 6-member executive committee for
North America."  It clearly stated that LI Bin
is one of Swiss Bank's 6-member executive committee
for North America. This just went too far! How 
could be possible for a guy with just four years 
Wall Steet experiences (according to his bio, he
graduated in 1992 and spent one year as a postdoc.
Joined Merrill Lynch in 1993) to be promoted as a
member of firm's executive committee with serveral
thousands of employees in North America?? He 
was not even a managing director (MD) at that time.
(There were probably many dozens MD at the Swiss
Bank, N.A. 

http://af.ustc.edu/new/Interviews/li_b.html
)

This doesn't do anything good for USTC, a top school
in China as this is a posing on its site.

As for 4, many people on the Wall Street graduate
from top schools. Some of them receive PhDs.  
An advanced degree (MBA or PhD) from top school
will give you a good entry point to top Wall Street
firms such as Goldman Sachs, Morgan Stanley, among
others. Unfortunately, when you start to work, 
Wall Street firms don't care too much on your PhD
(plus how many fileds need your PhD knowledge). 
What they really care about is about how much 
contribution you can make for the firm (revenue and
clients etc).  It's not often to see that PhDs from
top schools will be promoted to MD level within 2-3
years, unless these PhDs are well-established before
join the firm. For example, HE Hua (graduated from
MIT) was a tenured professor of finance at UC Berkeley
before joined Salomon Brother. 

On the opposite, I persoanlly met two PhDs 
at a top Wall Street firm. One graudated from Harvard
in Physics. He is smart but he was still an Associate
(one level below VP) 3 years after joined with the
firm. Another guy equipped an Applied Math from
Standford. He was not a VP until fifth year. Again,
PhDs on Wall Street don't mean much for at least two
reasons: (1) there are just too many PhDs :=(; (2)
some of PhDs don't do much for the Wall Street firms.
Wall Street is very practical: you are valuable 
only when you can make money for the firm.
 
Small correction(?), to my best knowledge,
ZHU Yu who is working for Merrill Lynch, is not an MD.

By the way, another folks from mainland China
has been on top level circle here is HU Shenhua.
He is now Senior Managing Director and head of 
fixed income derivatives at Bear Stearns. A minor
note, he did't receive a PhD although he was in
Stanford's PhD program.

Regards,

A Wall Streeter from Mainland - YC
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