Is Life in ER Easy?
Hey WSO,
New member here. Was looking into ER roles in London and wanted to understand a bit what the lifestyle is like. I've read around and understood that it entails early mornings and 60-70h per weekly normally. Can someone confirm this? I understand it gets busier during earnings season, but was wondering what an average week is like. Does it every get easier at senior level e.g. 50-60h weeks? Also, what does compensation look like at the BBs for Analyst/Associate roles? Would love to hear insights from any ER folk in London or those who know people in London.
Thanks!
Verrukte
Like most jobs your experience will be heavily dependent on your senior analyst. But in research I feel this is on the extreme end of the spectrum because of the small team size and the nature of finance. I'll give you some examples from my firm, one senior analyst has the view that he has to 'break' his juniors... you think working for someone like that will be fun? Conversely there are teams where the juniors get to work from home every Friday.
If i had to give you an average I would say 60-65 hours during normal times, 70-80 during earnings, but be sure to do your homework on the senior you will be working for if you can.
As for hours as you progress in your career, they become more under your control. Some still prefer to work long hours in the office, others work entirely remotely. It becomes your franchise and how long you work to maintain it is up to you.
Comp at the junior level averages about $125k all-in for 3rd year junior analysts (meaning 3rd year on the job), and 145k for first year associates. I think the base increases $15k each year but im less certain on this as I just made 1st year associate.
Also your numbers may be lower due to being based in Europe with MiFiD pressure. I was citing a top US based BB for research. Just something to consider.
How much did you make in your very first year in the industry?
I lateraled in at the 2nd year analyst level from middle office. But I know starting salary for 1st years are 85k, I’d guess $10k stub bonus.
This is accurate. If you come in as an associate, it really depends on your analyst.
depends on banking...market volatility is your base salary...vetting names/deals tell your bonus / upside
That sounds about right. It would depend on your analyst(s), but ER hours are nowhere near as bad as IB. The busiest season is earnings but that generally lasts 2-3 weeks and you can plan around it.
My impression from the buy side is that senior SS analysts have a decent lifestyle so long as they're ok with travel. The senior analysts spend most of their time on the phone or on the road meeting clients, accompanying management on roadshows, attending conferences, etc. The grunt work / 11pm nights spend updating Excel files are left to the associates. Keep in mind most of these analysts have spent 10+ years covering the same industry, so they are already know their companies very well and in most industries not that much really changes quarter to quarter.
I'd estimate the average non-earnings week at my bank is 50-60 and skews toward 50 more often than not. I think I've worked past 4 once on a Friday. No complaints coming from me..
Do you work at a BB?
I've been in ER for four years. Definitely depends heavily on the analyst, but I'd say 60-70 hours is accurate for an average. I'd say that the average day for me (outside of earnings) over the past four years has been 7am-7pm. There are teams that come in closer to 8am and leave closer to 6pm, but those are more so the exception rather than the rule. Then there were others that came in at 6:30/7am and worked every night until 8:30/9pm. In my experience the top teams and the newest teams work the longest hours (maintaining top II rank or a young analyst trying to establish his/herself), while everyone in the middle probably works in the lower end of the range. Comp is highly variable (especially if you start looking at boutiques).
I worked in a MM bank in continental Europe. On average we were in around 7-7:30 and out around 19-19:30. Fridays we were in early too but we leave around 17:30-18:00. Usually no work on weekends. However, things get worse on earnings season. That days we are in earlier than 7 and out later than 21:00. It's tough when you got companies reporting the same day at the same time. Finally, your lifestyle is completely subordinated to your senior analyst. I've seen senior analysts that make their juniors work consitently 7-21:00.
On another thread I upset the ER people by keeping it real and basically said what everyone else in this thread has said.
Easier hours than IB, but less comp and “prestige” of youre into that. Just make sure you don’t work for a senior analyst that is insecure or mean spirited and you’ll be fine.
If you really start to get down on your comp, I’ve seen research juniors break into banning, but you make have to step back a year.
it’s soo childish and shallow to think everyone cares about comp and wants to break in to Banking
It might be less hours but you'll spend a lot of extra time worrying about when the next cuts are going to happen and whether you'll be able to get out. ER sucks. The best way to get out is to never get into it in the first place.
Your experience is completely shaped by your senior analysts and more or less your bank doesn't matter (unless you exit outside of finance then "brand" matters more). Like any other sub industry in finance think of your experience on a bell curve. There are some with exceptional lifestyle, there is a team at my bank that the associates work ~40 hours (outside of earnings), have a great relationship with their analyst who is respectful, but more importantly goes to bat for his team, and gives credit for work publicly. But for every one of those (would argue 2+ of these for every "unicorn" boss), there is the exact opposite, egotistical and insecure analysts who slave drive their associates 80+ hours a week, give no credit and throw the associates under the bus at any mistake. So if you have options, I would recommend you vet the analyst as much as possible. More than likely you'll end up in the middle ~60 hours a week
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