To ppl already in the industry...false expectations

If you had done proper research before entering the industry, you wouldn't have these idiotic expectations. This is why there's a low burnout rate in banking - people who are actually able to get in are people who know what they are getting into. Many people just do it to exit anyway.

"low burnout rate in banking"....ummm, seriously?

ummm... yes.

how many analysts quit before their contracts are up? less than 1%.

I actually agree with b2 on this one. Every single analyst in my class and the class below mine knew exactly what this job entailed before they started -- which is part of the reason we were chosen! To be honest, almost all of my expectations have been met in my first 15 or so months. The only thing that I have been slightly disappointed about is the misrepresentation of the hours. Going to a middle market bank in an off city, I was told the hours would be less painful than New York hours. In reality, we've have it just as bad and now that the market has turned sour for the BBs, we probably have it worse as our deal flow hasn't taken a hit.

MANY analysts, much more thsn 1% quit by the first year. I would say 15-20%

Secondly, however much you KNOW what you are getting into, you don't know jacksh*t.
its one thing thinking you could do 100 hours back to back to back, but quite another thing actually doing it. No amount of mental prep quite prepares you.

compb, i think your experience has been a little different than those of us in NY. clearly in a good way, since things are still busy. and i agree to the extent that expectations are (sometimes) met in terms of the work you will be doing, but in terms of hours, and actually pulling those hours, its a different story, no expectation can quite get you ready for that.

ghosht,

It is true that it is impossibly difficult to mentally know what it feels like to work 100 hours. However, many people go into this job just accepting the fact that they will not have a life and be required to work -always-. This sort of mental acceptance eases the ability to work brutally long hours even if you've never done it before and misjudge the pain that it causes.

Personally, long hours and late nights don't get to me as much as some other things (and I can generally dodge them as a 2nd year now that I know what I'm doing). As my day is probably split 80/20 between real work and administrative junk, I get really frustrated when asked to do admin crap (especially if it comes at the expense of my work product). My responsibilities have ranged from "print and distribute this to the team" to "cover international plant tours with our prospective buyers." As such, I get extremely frustrated when I have to do things that people should be sending to their admins.

And finally, for analysts quitting: I do think that less than 1% is a little low. We have less than 20 analysts in a typical class at my bank and typically lose one or two each year. I can't imagine that for every 100 bankers on Wall Street, only 1 would walk away. Then again, I'm not on the street so I can't really speak to attrition rate over yonder.

This is totally false. Around 20% would be correct.

What analyst seriously expects to have a house in the Hamptons? And dating a supermodel just because you're in IBD?

LOL. you obviously don't work on the Street. There's always some attrition from underperformance, but voluntary turnover is extremely low. 20% quitting... LOL.

I do

I think both of you are stating extremes. Every year and every firm differs, but the true rate of attrition for analysts is undoubtedly higher than 1% before the contract expires (especially if you include layoffs). I must say 20% doesn't seem that far off. By the time I was done with my 2 year analyst stint about 15% had left for another job before their contract was up. But we were a smaller bank so sample size might not give an accurate estimate.

1.) we're talking about burnout - not being able to handle the workload - therefore, leaving one bank for another bank or another job that is just as hour and labor intensive doesn't qualify as a "false expectation"
2.) I work for, what I feel is, one of the most relaxed and down-to-earth banks (i.e. no hassle if you come in at 11 or noon following a long night). We've had historically high employee retention because of the accomodating culture. Not a single class of 2007 analyst had quit following their first year (and I've worked at, in my estimation, the most intense bank, and, despite working like a dog, even that bank had high employee retention.)
3.) Attrition from underperformance and contract buy-outs are not uncommon, but, as I've stated before, burnout rate is extremely low.

what bank let you come in at noon?

SunTrust Robinson Humphrey. How's that corn field buyout going?

Haha, awaiting your angry reply that proves my point. Please be careful when chopping down the giant chip on your shoulder. There are high school kids on this forum, b2.

Umm... actually, I've only ever worked for top-BB firms. 3 of the top 5, to be more precise.

Alphadouchebag, I know that you're upset b/c I call out your prospective perspective bullshit, but please stop envying my skeelz and intellect. go back to studying for your "finance for retards" and "how to talk big game without ever delivering" classes at SCCC - kthx.

I'm the Jane Goodall to your chimp, b2: she did a good job of predicting what primates would do, too.

I wonder how it feels to be in the 65th percentile... it must be a weird feeling. I don't think I've ever even dipped to the 98th percentile in my life, so 65th would come as quite some culture shock to me... Alphadouche, how do you handle it?

98th percentile is so upper middle class... please come back when the register reads all 9s.

Well, I doubt that you're in the 99th, since you can't even properly read my post...

"I don't think I've ever even dipped to the 98th percentile in my life"

98.1?

Maybe they use decimals at your second-tier shop, but my associate would be mighty upset if I had left a decimal at the end of a wide-ranged percentage.

Ahhh yes, the magic of the sell-side...

funny how these chains or responses turn to crap..

anyways, to the OP, no analyst that I have met prior, during, or after my stint in banking had such lofty expectations. in fact, a lot of interviewers ask "how do you expect to handle the hours" or a question of the sort.

finally, who cares what the actual burnout rate is/was? and for the record, this rate can change pretty substantially - for instance i doubt many kids are going to quit in this market this year though a ton may be laid off.

I am quite amused in your guys reference to my alias' terminology in 25th hour.

Everyone wants to be a cowboy like me but there is only one Frank Slaughtery and thats trade4size.

http://www.spike.com/video/25th-hour-62nd/2458629