with all these tales of horror, i'm sure the many students in this forum want to know about the brighter side too...
(besides the obvious huge bonuses, expense accounts, going to strip joints/bars, etc.)
so please share your happiest moment after being employed!
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probably the answer will be none, which is why so very few people get out of banking after a few years when they realize money doesn't buy happiness.
after we closed a deal we were taken to vegas from weds to friday and just partied, played golf and went nice dinners, clubs, strips club etc.
got a bonus that was 2X what i was expecting
You want my best banking moment? Here it is.
One time, for three whole days, my staffer didn't realize I wasn't doing anything and I got to go home at 5 PM every day.
That's it. That's the best of everything. I got to sleep, I got to eat at home, and I got to socialize for three whole days. No weekend in Vegas could be so sweet.
9-5? thats 7 hours plus unpaid one hour lunch.
Precisely.
closing a $2b+ deal is a heck of a feeling. you become the cockiest son of a bitch after the deal announces...a month later, its back to the grind and euphoria has ended
It's probably not a deal that you sourced. Chances are that all you did is perform mindless analysis for the people who actually structured the deal and and, more importantly, sourced the deal. Also, the client doesn't even know your name or won't remember you after two weeks. Thus, chances are you haven't learned a damn thing about deal making.
You should start getting cocky only after you start sourcing deals and having a client base.
Take it from someone who has closed over $7b worth of deals at $200m to $500m at a time.
Best of luck.
Agree with mikesdaboss. Getting the lucite for a big deal felt great. Until I was asked to build a model that night. Then I wanted to throw my lucite out the window.
The best feeling, bar none, is when your bonus check clears. At least it was for me, anyhow.
2 or 5bn? Get your BS right!
All of you junior people seem to be focusing on the wrong things, i.e., working as little as possible and dodging your associates or VPs.
If you really want to become i-bankers try focusing on learning how deals are actually sourced and structured - from a financial and legal perspective. Knowing how to do DCFs does not make you an i-banker. I can train my dog over a long weekend how to do that.
If you are not able to get some of that then you are either wasting your time binding pitch books and brag sheets or are working for the wrong firm. Try smaller, boutique firms where you'll get more exposure to the deal process.
Lodo is as smooth as sandpaper but he has a point. The monkey years of my analyst career were wasted thinking that nailing a WACC or finding something in a prospectus circle-up was important. The best banking experience (besides things like going on a roadshow in the latest gulfstream or smoking Cubans in Beijing getting smashed on Dom) is when a client calls you and asks for YOUR opinion on what to do. They may run a multibillion dollar company but when they want good advice or market intel, they call you. That
Yes, getting a good nights sleep and spending time w/family and friends does wonders.
Huge ego kick. Worth more than your bonus(at least you think so at that.)
It's good to see a positive thread about working in IB on this forum, outside of the money there is not that many positive posts about IB here.
lodo, could you please elaborate? how did you source your first couple of deals?
I have started to originate dealflow this year. (we are buyside and invest our/our LPs money). I have also worked a little (one transaction) on the corporate finance side of things.
would love ot here your thought or war stories.
one of my best finance experiences was when my boss told me to lead the meeting when a client came over to visit. it took a long time to earn that kind of trust.
I'd say best banking experience is probably first day - walking in ready to conquer the world.
At the end of a summer IB internship, sleeping 'till 3pm for a week straight.
And yet i'm going back full-time...
It has to be when my summer internship ended this past summer, I was fuckin' ecstatic, I wanted to dance naked right down the center of Madison Avenue, I swore I would never return to the profession again...now here I am going back to the same fuckin' place for 2 fuckin' years...
Jefco?
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