I am a second year analyst and very depressed from doing this. I have had a very rough couple of weeks which are too unbearable to elaborate on.
Can anyone explain to me once again why we do this?
| +365 | Evercore Intern Seizure | 54 | 12h |
| +70 | JPM M&A is Gone??? Purely Coverage Banking??? | 31 | 11h |
| +62 | Is DCM actually underrated ? | 24 | 22h |
| +51 | How do I understand vs. just memorizing? | 8 | 2h |
| +48 | Losing my personality in Banking | 9 | 22h |
| +47 | Are all Tech / TMT groups sweaty? | 38 | 23h |
| +42 | Associate & Above IB exits | 16 | 4d |
| +33 | Incoming IB Analyst: Best Ways to Prepare? | 11 | 2h |
| +27 | Which groups are ideal for laterals? | 12 | 22h |
| +24 | Thoughts on PEI Global Partners? | 4 | 1d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Delusions of grandeur.
Sad to say, but it beats the majority of conventional jobs out there. Yes being an analyst really sucks and you will hate yourself/be bitter for awhile, but afterward it only gets better.
Probably the most interesting part of ibanking is that you get access to some very high-level decision-makers, which you'd never get to see with a normal job.
Models and Bottles?
As Dosk points out, you do it because there is nothing better out there. Sure, you could do 40 hours a week at some corporate job, but you would still have to deal with much of the bullshit (stupid superiors, arbitrary grunt work, etc.) with much less potential for salary growth. In terms of comp, you would have to work 10+ years to hope to earn low-to-mid six figures per year in a corporate gig, whereas you could hit that in a year or two of banking.
Based on the time of year, I'm guessing your bonus may not have been up to snuff this year. Remember to think long term: in 5-10 years your analyst bonus in a down year will be a rounding error on your total lifetime comp. If you believe the market is cyclical, it is much better to be an analyst during the down year(s), when 10s of thousands of dollars are at stake, rather than an MD with millions on the line. Pay your dues and tough it out, and there is much to gain....
"When I get sad, I stop being sad and be awesome instead."
We don't get bonuses now, analysts get it in the summer.
What depresses me is that I haven't had a girlfriend in months. The one I had when I started this job left me shortly after for obvious reasons, and finding a girl for a serious relationship is impossible at this stage in life. I am a second year now. I have another year and a half of this analyst crap and then if I am LUCKY I can start again as an associate?
Think of it this way, if I worked in a corporate job and pulled down $80k a year, or even an account and pulled down $70k out of college, but I could do a 9-5 and then actually have a life?
I am just happy that I have at least some savings to show for this. How can I ever spend money in the future, knowing how much effort went into getting it?
Obviously, compensation and career advancement are huge perks. The skills you learn in banking are the most transferable you'll find. However, no matter what anyone tells you, you're giving up some of the best years of your life. That's a fact.
Banking is a very lucrative and risk averse career. That being said, if you're smart, there's a ton of other ways to make money outside of pulling 90+ hour weeks for the majority of your career. Look at your MD. I guarantee you he looks 10+ years older than he is.
He trains for triatholons in his "free" time!
F!
It's all about potential. What goals did you set for yourself when you decided on this career? You know why you're here. Tough it out and life will soon be good, and you're a 2nd year already. The light is at the end of the tunnel. Best of luck.
A few things to ponder...
Take one day at a time. Get up every morning and focus on what needs to be done that day and do it. Things seem so much less overwhelming if you can work at thinking this way.
Look at the flip side. I'm sure in college this was something you really wanted. At some point you knew that this was going to be the best for your career going forward and would lead you to the best opportunities. Try to focus on that mindset. Sure, you could have decided to go work in the corporate world, but I bet everyday you would have been wondering whether you could have made it in i-banking.
You are here now, make the most of it. Yes, you may be sleep deprived and overworked but this is only temporary. You can do anything for two years. And once you're done you can choose whether you want to do the whole hedge fund/ PE route or do the nine to five thing. A good read, "What Should I Do With My Life?"
Focus on how lucky you are. You are not the homeless guy trying to get by, figuring out where his next meal is going to come from. Nor are you a starving kid in Africa with no way of making a better life for yourself. By every person's standards, and even your own... you are pretty much in the top .5% of lucky people in this world.
Kind of deep, but seriously, sometimes you just need to take a step back and realize where you are. Hope things get better for you... you can definitely do it!
You reap what you sow. Stay strong, and once you're done with your second year, you can get out of there if you want.
The great thing about doing your two years is after those two years, you can do whatever the hell you want, whether that's going back to school, getting a less strenuous job, or becoming an associate of the firm.
if you dont make it through this rough patch. let me know where you work, so i can send my resume there!!
seriously, you dont know how lucky you are to be in the banking industry. look at other poeple your age, and they aren't making nearly half as much as you could potentially make in the next few years. for those in the BS corporate environment, they are stuck with the usual 3% annual pay increase. so really they are paid less each year since inflation is about 4.3%.
count your blessings and suck it up.
why not get a top tier MBA and segue into PE for the "40 hour workweeks"
Just to clarify, bmwhype, even in PE or at a HF you will not be working 40 hours a week... more like 60 minimum and more like banking hours if you're at large-cap PEs like KKR/Blackstone etc.
While there are options for those who want to make money while not working a whole lot, nothing in finance really meets that criteria... at least, nothing that I know of.
do analysts get a contract to come in as associates after b-school from the firm they worked at? or do they just leave after their 2 year analyst stint?
This is an intense career for top performers where consistent hard work can be rewarded, significantly. I started as an IB analyst 18 years ago, am still in the business, and work 70 hours per week. I still have a life, see my kids (work 6:30-6:30, get in at 5AM sometimes when I know I have to cut out early and get in 10 hours per week from late night when home or on weekend) and have a great marriage (wife also in the business for 16 years). Do we sacrifice a lot? Do we wish we see our kids more? Yes, and yes.
But we have a spectacular apartment (no mortgage), a great house in the Hamptons (no mortgage), a nice condominium on the Mediterranean (no mortgage), have fully saved for our children's education at NYC private schools and college ($900,000 per child) and are on target to retire at age 50 with a very significant annuity stream we can live on for the rest of our lives. We are not the richest people in NY and are not the richest even in our apartment building, but we are comfortable. And we have made many mistakes on the way financially so you may do FAR better than us.
Basically it's the first 5 years that are really tough but the same is true in law and medicine. If you basically like the field, stick with it and the rewards will come.
^that was really motivating if not inspirational. I'm already getting annoyed with this internship process....
"Solid GPA, excellent resume....oh but wait, you go to a non-target"
sigh
To think I'm going through a few more years of crap just to get to the crap bbanalyst is complaining about.
If someone ever told me they were going into ibanking purely for the love I'd smack them right there.
Bankbaron what kind of financial mistakes did you make along the way? Any advice to share please? =D
Wife probably switched firms too often so she didn't really get a chance to gel with one team. She is still SVP/Principal/ED and that is after 16 years though we did have children. Oh and we made a couple of investment in early stage dot boms in the bubble. Also I could have invested more in infrastructure in my HF when I was running one. My good numbers there could have resulted in greater comp if I had attracted more institutional assets. My point was just that what we have done is NOT AT ALL representative of the potential of working hard in this industry. But, YaSung, if I have one piece of advice it would be to spend first 5 years trying to identify what area of Wall Street you have the greatest proficiency in (and I know this is tough when working 100 hrs per week but really try to see what is out there) and then get into that area and stick it out. Perseverence goes a long way in this industry. I have seen medicore people (and I am probably being kind when I say they are mediocre) make high 6 to low 7 figures in mid-30s. But what they did was stay with it. Of course, if one is more proficient, the earnings could be much higher.
"have fully saved for our children's education at NYC private schools and college"
I've said it before, but the nyc private school network is incredibly powerful.
care to elaborate?
"care to elaborate?"
you know about using college networks to meet ppl, find out about jobs etc....the network you have via going to one of the good nyc private schools will easily rival any colleges.
Yea, private schools in NY are phenomenal. Especially the networks in Dalton, Riverdale and the UN International school. These schools have alumni networks that make sure you can get into any ivy league with an absolutely moderate SAT score or GPA.
"Yea, private schools in NY are phenomenal. Especially the networks in Dalton, Riverdale and the UN International school. These schools have alumni networks that make sure you can get into any ivy league with an absolutely moderate SAT score or GPA."
Nah, that's not what I mean nor is it really true. More in the business sense if you're chatting to someone and it turns out they went to the same, or similar high school to you, ppl bond over that much more than if you want to the same, or same league college. Also, in general the alumni of these pvt schools are more likely to be in professional fields, than the average alumni groups of top colleges.
Just my experience.
Hah if you want your kids to get into an ivy league school, marry a professor there. I went to school down the road from Princeton, we sent 21 kids there my year....
or donate a million dollars...
Here's the flip side... a post from a few months ago from another member.
:Im a May '06 grad from a non-target. I make a hair under $60,000 a year as a financial analyst for a F1000 company. I put in a 35-40 hour week, factoring in that I go to the gym for 2 hours on my lunch break 4 out of 5 days during the work week. I dont go on the 5th day because I play on a sports team that meets regularly. I scored 700+ on the GMAT, and am filling my evenings with activities that will boost my bschool resume, such as volunteering to coach a youth sports team. I plan to tutor the GMAT part-time, which will most likely push my salary to almost $70k and my hours to a ball-busting 50 a week.
NOW, that said, I cannot get into ibanking. I have tried. I didn't apply during school. I have applied at several boutique (crap) banks recently with no responses/interviews. Like I said, I am from a non-target with a 3.3 GPA. My current job does not require an intelligent bone in my body. My work is meaningless, with no deadlines, and noone who cares whether I get it done today, next week, or even if its done right.
The question is, should I be happy with my current life, or discontent because I am not an ibanker? Like all the other early 20's people on this forum, I have no kids or wife, no mortgage to pay, and am not about to make the "work-life balance" career choice. I am trying to further my career as much as possible, and will sacrafice a lot to do that; I just dont have the opportunity to.
Im hoping for an overwhelming majority to say I should push one way or the other, because I am completely torn right now and I switch my opinion from week to week. Any advice is much appreciatd.:
A million dollars won't work. For shits and giggles, my Dad asked one of the ivy league schools how much cash it would take to get an auto invite -- they said that you pretty much need to put up a building these days. Buying your way in just doesn't work these days.
Illo consectetur ratione dolorem fugit maiores provident eos. In dicta ad necessitatibus quibusdam. Error itaque sunt quo. Optio beatae officia provident voluptatibus.
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...
Dolores reprehenderit quas voluptas nisi voluptas. Officiis nobis quasi quae nihil provident doloribus laborum. Vel ut est delectus animi est aliquam. Voluptatem molestias qui ut. Laboriosam et repellendus laboriosam ut nam voluptas omnis rem.