PC Hours
Been working in PC at one of the larger funds for 2 years+ and my hours are horrendous, am I alone? Any funds with good WLB out there?
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How bad is horrendous?
At a similar shop and the last year and a half or so has been pretty tough. Have been averaging 80+ hours with flex upward when sprinting on deals (and sprinting very often).
Averaging 80 during the week and usually working at least 1 day on the weekend. Worked less during banking days
I worked at one of major PC sweatshops and left to strong but slightly less sweaty of a shop, 100hr weeks weren't out of the norm. Couldn't be happier with my decision, was ready to leave finance forever.
Mind sharing the firm name you went to, or list with set of similar firms? Curious myself
Does comp reflect the increase in hours or is it still at a discount to pe or ib
MFPC definitely pays above IB and on par with MFPE in the most part in junior levels – more upside potential in PE likely increases comp (Carry) for MFPE senior levels than MFPC. Not sure for independent credit shops
Discount to IB is hilarious
Holy shit I thought PC had good hours
The problem with PC is the good shops will typically have bad hours. Either through volume or diligence. You can coast at a middle of the pack to bottom tier lender but at some cost to your career as you look to advance but luckily tailwinds are still good for the asset class so might not be an issue.
You think it’s worth going downstream to Golub/Monroe type of shops in exchange for WLB?
OP, which city is your fund based out of?
Have been in PC for 5 years and never worked more than 80 hours, usually 45-55. Y’all doing it wrong lol
Would you be willing to share the name of your firm? And do these chill hours apply to junior employees like An 1s straight out of undergrad?
Nah it’s a large senior/uni player. We won’t be hiring for awhile anyway. Yes applies to AN1
Same here. Typical week is 45-50 hours and maybe 60+ when working on a new deal(s).
At a fund that’s a tier below the HPS, Ares, BX, Golubs of the world and would say average week for associates is like ~50-55 hours. Although our diligence is probably lighter and we stay away from anything particularly hairy
Would you consider Varagon/Alliance Berstein a peer?
Larger fund and bigger checks than either of those but yeah would say they’re in a similar ballpark
At Antares and hours are nice 😇
My hours are generally 45-55 at a MM shop.
Occasional 70-80hr week (2x-3x a year) when closing a live deal or working on multiple deals
Which shop, I need to make a move lol
At a PC arm of a large asset manager, hours have never been more than 70/week.
Ares?
there was a post here last year about how PC were averaging 40hrs. absolutely hilarious. deal pipeline must have been so weak.
for those spending under 80hrs a week working (and reading up also counts as working im sorry to tell you), how much time do you spend prepping for IC? model. paper etc
Deal flow still slow but much better than last year. Ebbs and flows. Can have weeks with absolutely nothing and weeks that I’m busy. Nowhere near being crushed though. Probably 40 on the non-busy weeks and probably 60 for busy weeks.
At a PC firm with >$15bn AUM and look at most things - typical hours if I'm closing 1-3 deals for the month is 60-70/wk, very rare I work past 12am. That said, we are too top heavy as a few juniors left for PE and IB(?).
How do you close 3 deals a month? Is that just committee every week with some junior doing the heavy lifting?
Not poster. Define junior? Some people would consider vp and director junior. This industry is a bit weird in that respect
Juniors leaving for IB?? I mean to each his own but feels a little weird
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