Weekend Wars: The Senior Managing Directors?
Weekend Wars is an idea that's been on my mind a while now. The weekend is the working world's 20 second time out...a breather from the mugs you hate and a chance to forget about things you don't have time for .
Not so on The Street. Especially for the young Investment Banker. You will get to know your cubicle well, your cheap chair will get accustomed to your cheek grooves and you will be seeing a lot of both when most people are snoozing and watching college sports on the couch. You will also (most definitely) have weekends where you seriously consider invading Greenwich, in the hopes of smoking out the vile MD who dictated the surrender of your weekend freedom, demanding his unconditional surrender in addition to vassal status.
That having been said I want to try and break down the IB food chain a bit better for the benefit of some of the younger guys and info seekers. Ideally, through this Monkey Business quoting exercise, I'd like to give guys a view of not just "what", but "who" to expect once they land an internship or a full-time offer. War and horror stories by the veteran crowd are welcomed and encouraged.
Since we've already touched on the VPs , let us start from the very top of Monkey Mountain and the SMDs.
Also known as BSDs and WMDs (of your weekend/free time, that is).
The senior managing directors are at the pinnacle of the investment banking pyramid. They're the guys on the front line. They source business. They scour the world looking for ways to make fees for the investment bank. They approach companies in order to sell them on doing an IPO or raising money through a bond underwriting. They ask companies to buy other companies or to sell themselves. Every managing director's prime concern is to attract clients and bring fees into the bank. That's why they're paid the big bucks. Imagine a handsome gentleman in a twenty-five-hundred-dollar suit. He's neatly shaven, nicely manicured, and his shoes cost more than most people's living room furniture. That's the managing director.
Is this the guy you should expect? Keep in mind the book was written >10 years ago...
Perhaps adding "anxious wrist tremble/facial tick" to the formula would add a contemporary dimension...