A question about banker life
So, everyone knows the hours that bankers work are insane. My question is....does it ever lighten up? Do experienced associates ever get to be home by 7ish or so on a semi-regular basis? Do their weekends free up and they can make weekend plans when it's not the busy season? What about at the VP level? Obviously, during busy periods I can understand working til midnight and on the weekends for even VP's. But is it ALWAYS like that until you hit MD?
If you begin as an analyst and work your way up, yes at the associate level things can get slightly easier, but not significantly so. At the VP level you begin to notice a big difference. The VPs in my office rarely put in weekends, but it still happened. And of course, at MD you've got a much better work/life balance.
..sometimes.
most of the time, expect to be in the office late. i've had times where for 3-4 months, I would not have a single weekend off. I would go home at 12am the earliest. And then there were times where I would be going home around 6-7pm and have weekends off.
Some MDs pull allnighters. I've had my fair share of MD's stick it out with me til 5am. Those guys were nuts.
Its not always like that, but it is most of the time.
MD's DO NOT stay until 5 am. Even analysts don't generally stay past 2, and yes I do work on the street...
Some do. Whether they are in the office or at home. They used to send me comments around midnight, 2am, 5am, etc. It was random and it did happen with different MDs. Sometimes they were there for just our project or for multiple projects.
its been my experience bro, dont know a thing about urs.
One of my MD's, if not traveling, is here regularly until 12-1 AM. I don't know about 5 AM though.... Most of the MDs are out the door by 6 or 7, unless there is something crucial that needs to be dealt with. But its not unusual for them to work weekends.
The VP I work with on most of my deals typically stays as late as the analysts, and sometimes later since he occasionally demands we go home if its really late if we've been working an unusually crazy week or deal. I doubt this is typical though.
So what's the general consensus on experienced associates and fresh VPs? Do they get to enjoy some social life and dinner at home when it's not particularly busy, or is that only the case when they're extremely lucky?
That you will never have a "normal" lifestyle in finance, no matter what level you're at.
In general, Associates work about the same hours as Analysts though I think it does get better as they move up into their 3rd and 4th years. Most Associates I worked with were definitely NOT home by 7 PM on a regular basis, though... it might happen occasionally but it's the exception rather than the rule.
VPs tend to go home earlier, but keep in mind it's still very far from a "normal" lifestyle.
I've never seen an MD stay until 5 AM (or even past midnight) but I suppose it could happen.
Also remember that at the senior levels, these guys travel a lot - so even if they're not "at work" officially, they're still out of town and thus away from their family/friends for days/weeks at a time.
I worked with director and MD over the summer, who for a week, were both there till 2am-3am. Both hard workers though - I also worked with another MD who was out by 6pm everyday...it can really vary I think
The 3rd yr Associates/VPs still had pretty miserable lives - largely because of the MDs...if you are looking for a good lifestyle, maybe consider moving to a lifestyle PE shop, or corp fin. I know that its no 9-5, but honestly, I don't think anyone in banking really has a "normal" lifestyle, and you are always at the client's/MDs beckoning
Yeah, we had one neurotic MD that was there until 1:30AM every night (by choice). He was a pain in the ass to work for, but he was good. Most were out by 7. The night before an IPO roadshow once the entire team (including the MD) and management team pulled all-nighters. That was fun.
Considering the market conditions and the dearth of deal activity currently and for the next year or two, do you guys think the hours will get better at the analyst level?
If no, then do you think the banks will have trouble filling up analyst slots with 100 hour weeks and no bonus?
Hours are way down on average with occational busy periods in my group. I generally leave between 6 or 8 now, although I worked a couple nights past 3am last week. Before things got slow I was happy to leave by 11.
A few of my friends in leveraged finance groups roll in around 10AM and get out at 5PM. Frankly, that's probably more time spent in the office than is needed in this current market environment, but I guess there's always that element of face time...
lot of guys i know who were doing the midnight or later gig at Wachovia have since shit hit the fan been surfing the net all day and leaving at 5
All the guys I know at Wachovia were surfing the net and leaving at 5 before shit hit the fan.
If analysts are just surfing the internet all day and leaving at 5 is it really a surprise that banks would not hesitate to layoff first years since their not even pitching anymore?
I personally am usually out by 8, but last week I did two nights till midnight so I can't say its been like a 9-5er. With that said, I have friends at the remaining BB's in IBD who are out everyday by 7.
An observation that I have is that the MDs and VPs at my firm are pulling the longest hours right now. They are working longer than the analysts and associates because they are figuring out news ways to source business/clients and really they are the ones that can keep the firms afloat. Analysts are really only needed to do minor research for the VPs and MDs (its not that hard to constantly update a pith book)and Associates are quite useless unless they have good ideas and should be promoted to the VP level.
*1st year associates (direct promote): Out by 7 everynight, amazing lifestyle. Did some work from home, some weekends
*1st year associates (B-School): worse than first year analysts
*VPs: Mostly out by 7, but lot of travel, and often weeekend work from home.
*SVP: Little improvement from above, more traveling, calls at all hours of the day and night
*MD: Out by 6. no weekend work that was visible from the analyst level, but completely hooked to the business, making calls, meeting clients etc. Again diff MDs have diff priorities. Some (although rare) do put family first and work super hard, but not retarded hard. Some just work their butts off as if to prove something to someone.
Everyones out when they are done with their work. Analysts get out before VPs if they have nothing to do.
I GET ALL 4 DAYS OFF FOR THANKSGIVING!!!. it is better than sex for an ex BB analyst.
Misspellings and fked up format on the above two posts: who gives a fk.
Sorry I take every opportunity I can outside of work to misspell and not care about what I type.
yeah guess it depends on the group. two guys i know definitely were pulling 80-90 before meltdown.
its not b.c they aren't "pitching". if the higher ups aren't giving them business there quite simply isn't much for them to do.
also I realize it's different. but when i was at Bear, the VP at my desk left on fridays around 12-3 in order to squeeze in a round or go boating or whatever; 7-10 on weekdays. most of the 2nd year analysts went home around 8-10 though midnight or later wasnt uncommon when there was a lot of shit to get done.
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