What is wrong with bankers?!
Hey guys,
I've been an enthusiastic reader of this forum for a while, but now I decided to write my first post to ask clarifications about something which is kind of a puzzle to me. What is wrong with bankers? Reading their opinions, I have the feeling that 90% of the evaluation of a job is made in terms of exit opportunities. It seems that everyone here hates their lives and their jobs, and that most analyst-level bankers do that job just in order to move somewhere else after a couple years. Well, why that?! I mean, banks offer sweet opportunities of career progression, and I'm sure the job there CAN actually be interesting and rewarding. So can you help me understand what this is all about?
Thanks for reading and answering, and have a good day/night, wherever you are!
The man always looks for the greener grass...In an industry of impulsive neurotic personalities, do you really think appreciation is something high on their agenda?
Appreciation? I certainly don't need a pat on the back. Appreciation is overrated.
Banking jobs are, arguably, the most prestigious jobs available out of undergrad.
After 6 months or maybe a year, most analysts realize that it's not as glamorous as they had hoped. PE/HF recruiting starts in their second year, and so analysts get enticed by that idea - more money, easier hours, more "important work". Maybe the newer trend is for IB/PE/HF types to be enticed by the idea of working with some buddies on a start-up and becoming billionaires.
There are also those who never wanted to be bankers in the first place, but go after it simply because of the exit opps.
So it's a mix of "grass is greener" + actual experience that banking is a grind + Millenials never being satisfied with anything.
I agree with this a lot. but, will offer my own personal opinions on this as well.
When I started in banking I thought it was interesting, exciting, and in a strange way, I thought taking a taxi home every night and working weekends was kind of a badge of honor. I considered working up through associate as I was enjoying myself and was getting paid well enough for a 22 year old.
Mentality completely changed in my second year. I was lucky to be given far more responsibility as a junior analyst than my friends at other banks which was good but, you still end up doing a lot of work and ruining plans for things that ultimately have no outcome on the deal. Thats when I realized all the senior guys (although smart) are more so paid on their business contacts than anything else and, for the sake of keeping these relationships, will jump through hoops for clients even if the requested tasks ultimately had no effect of benefit to the deals.
I agree that I definitely fall into the bucket of being never satisfied but, I could not handle the "do whatever it take no matter how pointless" mentality in banking and needed to get out, I was miserable. Doing countless PPT turns over weekends isn't a life no matter much much your getting paid.
Now I'm at a HF and am much happier, still working a lot (writing this from the office) although the lifestyle is definitely a step up. I see the direct effect of the work I do as we have PNL reports generated daily and I am getting paid better.
Banking is by no means a bad profession it just want not for me as I became very depressed. I do believe there are definitely "born-to-be-banker" types, and I have a few friends like that who love the profession and plan on working their way up but, it wasn't for me. Also - hard to justify staying when I had the opportunity to get paid more to work less and (in theory) do more interesting work. Also, I have yet to open up Powerpoint, which is awesome.
Everyone is different but thats my 2 cents. Good luck.
If you could do it again...would you do it again? I inquire, in regards to your following mentality: "When I started in banking I thought it was interesting, exciting, and in a strange way, I thought taking a taxi home every night and working weekends was kind of a badge of honor." Do you feel you could have done more satisfying things while still getting that exposure and training in finance that makes IB desirable?
In large part because college students act like PE is the end of the rainbow
Because it's the most interesting job you can do without a PhD in Marine Biology.
That's why people leave banking?
Common knowledge after 2-3 years in banking they all leave to cuddle with Walrus and Manatees. MBA means Marine Biology Associates, didn't you know.
This.
because working 100 weeks sucks?
One of the main reasons is because most analyst programs are only 2-3 years to begin with and they push you out, then you're expected to do something else, go back for an MBA and then you can re-enter as an associate and by that time you're in your late 20's. You have to consider that many people change their careers from their first job out of college. By that point in life people may have other priorities such as family and don't want to commit to 80 hour weeks and most likely having to live in NYC.
Some people also realize that there's a big difference between being an analyst/associate level person where you are basically processing work and where sharp analytical skills (excel), attention to detail (making sure every T is crossed and I is dotted on a 70 page ppt) and the upper levels of IB where you're expected to be a relationship manager (VP'ish) and then eventually your only goal is to bring in business (MD) and realize it may not be for them.
And everything above: IB on your resume can open many doors to other positions and that's not even necessarily limited to the PE/HF type of career progression. People think PE/HF and nowadays that the entrepreneurial and start up world are better options, and so on.
It’s like high school. You can’t fuck the prom queen until she finds out her best friend jerked you off underneath the bleachers.
Jerk off? I at least wanted a blow from her friends. And then you discover that the prom queen was a bad lay and that her 7/10 friend was an unbroken filly that you'd much better have spent your time. That's actually a good comparison to banking.
Good comparison to life really lol
Classic Ari Gold might I add.
good thing I studied compsci and can now go to a comfy tech firm
SAID NO BANKER EVER
OP meet the triangle.
It is the shape of pretty much any company with the exception of start ups that want to be "flat" only to wind up flat on their ass and out of money in a short time because no one could make a decision. But I digress. There are less jobs at every level. That's why the juniors want out. That and the job sucks, the hours suck, and their bosses for the most part are neurotic douchebags that like to scream at the top of their lungs at people about a power point slide margin error of .001 inches.
C.R.E.A.M.
Consider that is is much easier to get a promotion (and/or get a sizable bump in pay) when you change jobs.
Want to make VP. Change jobs. Want to make MD. Change jobs. Want to crack $500K. Change jobs.
A lot of analysts in the 18-25 range feel entitled.
Speaking from the perspective of someone who's about to start work in a few months, banking seems like a dream job but you're always hearing about how people burn out. As much as I believe that I was born for the job I got, I won't know until about two years in. If I find myself in a job which only has exit opps that aren't interesting to me I'm gonna be screwed!! So from my point of view its a case of hoping for the best but preparing for the worst
Post-college banking is good because it gives you MONSTER exit opps. Post-MBA banking on the other hand is glorified slavery with very little exit opps.
The lifestyle is simply not maintainable for the majority of level headed, intelligent individuals. If you can pull down 250-350k for 40hrs a week in a good corp position it's just a better quality of life for most. Engineers are always looking for good exits as well, doesn't mean being an engineer in industry is not desirable...
Where are the corp jobs that pay 250-350k after 2 years of banking as a 24 year old? lemme know
Mollitia ullam beatae quis. Vero voluptas placeat et consequatur et. Et ut dolorem et voluptatibus. Quos repudiandae necessitatibus eos laudantium rem et.
Veritatis velit eum est fuga eum voluptas in. Tempore quas molestiae aut praesentium. Qui pariatur iste ut ratione ipsum molestias. Praesentium maxime quisquam laborum et.
Eos error aspernatur beatae laboriosam. Officiis inventore quas ut corrupti in tempore atque dignissimos. Temporibus et labore rerum qui. Deleniti perspiciatis eaque nemo iusto. Voluptas debitis sed sint aliquam quaerat.
Odit alias doloribus aut dignissimos quisquam maiores. Quo eos sint quam voluptas quia vero quis quos. Dolor accusamus et et fugit. Ut optio nostrum molestiae consequatur quos vel officiis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Non tenetur non et hic dolores. Nihil ipsum totam autem repudiandae. Assumenda accusantium in omnis eligendi sit autem natus. Voluptas autem sit hic voluptas nihil amet aut.
Laborum cumque non ab voluptatem magnam nam perspiciatis. Consequatur ad aut impedit ab. Consectetur minus corrupti corrupti qui quae. Modi excepturi quia et delectus.
Magnam aut vel dolor cupiditate provident quod ullam quia. Sint et sed sequi quaerat nobis. Illo quia molestias est error officia temporibus.
Perspiciatis ducimus voluptatum aut cumque. In accusamus quis aut dignissimos voluptas. Corrupti alias nihil accusantium totam corporis quis eius commodi. Nemo nostrum molestiae quia blanditiis est nisi.