1st Years Quitting / IB WFH in 2022
There was a post from ~1 year ago about the exodus of 1st years and the overall mess that WFH turned into for those in banking. As someone looking to break in sooner rather than later, I was curious to get a 2022 update from everyone.
Given the never ending COVID, how has WFH quality evolved?
Are senior still expecting you to start at 8am and get off at 3am?
Are hybrid models still in play with the new COVID strain? If yes, are days in the office significantly better than the ones at home?
How are first year analysts currently ramping up? How have mentorship opportunities been with associates?
Have teams been able to establish any form of culture that makes the grind more sustainable, or has work continued to feel hyper transactional?
These are just some of the common themes I had seen in that previous thread, but I would love to hear about people's updated experiences in the space, as well as any thoughts about how this continues to evolve as we move through 2022.
I prefer WFH a 100% even though I know there are things that I should learn or whatever in an office (most of it being bs cooperate politics). I value flexibility a lot more in eating whenever, laundry whenever, walking around, blasting music, watching mindless TV and podcasts when doing tedious tasks, taking a shit in the comfort of my own bathroom, etc. If anything being chained to a desk in stiff clothes would make me more likely to leave.
Curious to see how others feel. But I imagine in general analysts (this generation in particular) are not going to just sit there and take a lot of shit regardless, with all the other opportunities out there. Gone are the days when a corporate career is the key to a house in the 'burbs and a family. If anything, it's far less likely than ever to even get you to there at a reasonable point.
People in the labor market are waking up in general and "young professional" corporate careers will be no different. The tide is turning.
Maybe I'm overly trying to speculate on your situation, but how do you look at the ability to have all the flexibility you mentioned compared to the demands of seniors bankers rising in a WFH setting? OR are you in a position where you have the flexibility that you mentioned, AND you don't have to be up at 8am and on till 3am? Maybe that was hyperbolized anecdotes from that other thread, but, again, I only have an external perspective.
So I’m lucky enough to have never had some thing as awful as 8am to 3am or something but I view something like that occurring as more of a banking in general issue that I sort of alluded to above rather than a WFH issue. I mean just think about it, if even you’re in the office whe n you head back home you have your laptop now to do work and handle asks from home regardless now.
I prefer WFH but learning and relationship building in the office is crucial for your development. Most banks are hybrid 3 days a week in the office, and no one goes in on Fridays obviously.
If you don’t have to be in the office to do something (print books) then you can leave and come in whenever depending on your group’s culture. Most people at my bank get in at 930-10 and are out the door by 5-6. As long as you’re doing what needs to get done people don’t care where you work from
WFH is 100% better. The whole bEiNg iN pErSoN fOr cArEeR dEveloPMenT is nonsense. Maybe if you suck at your job and don't know anything it could make a huge difference but if you are competent and learn quickly which most analysts are to even get hired in the first place youll be fine. Only one analyst has left my bank out of ~100 first years so far. Things have definitely gotten better compared to the craziness of last year. The pay bumps have also helped retention.
I'm a fan of the current model we have - three days in the office, two days WFH. Ideally, I'd like it to be three days WFH, two days in the office. As people have mentioned above, WFH's flexibility is awesome. You don't have the pressure of constantly "looking busy" if you have downtime. While I'm still very busy throughout the day, now I have the chance to occasionally read, cook, exercise, etc. However, I do think that the in-person component is very important. Especially since so many things are new, it's very helpful to have a second-year analyst or associate sit next to you and show you the ropes. WebEx/Zoom is helpful, but it's hard to beat in-person learning.
been also wondering this! how are opportunities looking for people 1-2 years out of college with non IB experience
Nice to hear others in a similar boat looking to break in. What industry / role are you looking to break into IB from?
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