A Reminder: We’re Lucky to Be Here
Hi, incoming FT analyst here at a BB. I love this forum, but I’ve been seeing a trend and wanted to see if people agree. People going into IBD are not nearly as appreciative as they should be. I went to a non-target, so please keep that in mind as you read this.
Grinding during my internship was not the best, and the learning curve was hard. I worked more than most of my friends who had non-IBD internships, but here’s the thing. I made more money than them, I got to (and will) live in the greatest city in the world (NYC), and I got to interact with some of the most interesting companies and people out there. I looked at my friends (who are extremely qualified and hardworking) and quickly realized that they were not learning nearly as much as I did during my short 10-week internship.
Again, keep in mind that my school is nowhere near a target. It genuinely saddened me to see close friends and acquaintances struggle to find jobs. The worst part is that the ones who did were getting offered 50k to 60k. This is basically unlivable, even in cities such as Philadelphia, Boston, or NYC.
Yes, we do have to work very long hours, and sometimes the job sucks. But I’ll say this, people would kill to be in our position. We are nothing more than semi-smart college grads who got good at Excel and PowerPoint. Please keep that in mind before you make posts about how hard life is here.
Maybe I’m new to all of this and will end up eating my words, but all I know is this. If you told high school me that I would be in this position, I would have said that you’re crazy. I would love to hear more perspectives below. Thank you!
Great post.
I am equally happy to even have a job in this economy. It's not GS, but still a very good BB and it keeps me going until something else might come along.
This forum is very helpful also.
Honestly this is the typical appreciation/reflection post that comes up here now and then but I hardly disagree.
"The worst part is that the ones who did were getting offered 50k to 60k." - This statement alone indicates that you are not really reflected.
All in our bubble, be it MBB, PE, IB are somewhat chained to an internal obsession of accumulating wealth/power in a highly competitive environment. That I choose this path is no "blessing" to me. That you work ~100h a week and earn a meager 150-200k is also not a blessing. Heck, 95% of the population would never ever want to step a foot into an IB under the conditions we are working in.
The only reason why we feel IB/PE is so desired is because there is a relatively small subsegment within the total population who have decided that the highest societal work standards is to take up a career in that professions.
To me my college friends - who find it absurd that I would work even more than 60h per week - who maybe make 70-80-90k per year, but live a fully happy and content life, filled with a lot of family/friends time and recreational activities are truly blessed. I don't feel anymore blessed by earning 300-400k and having more "funny money" to throw out for consumption in the limited free time I have.
I would love to go back to a version of myself where I did not think a single minute in my day aobut "prestige" or over obsessed about my career. I'd much rather be close to my hometown, put in significant effort in a "normal" white collar job, leave work everyday at 5-6 and spend time with my family.
Maybe one time I make the loop but as of now I am mentally chained to a self image of myself that is "succesfull business-men/finance person" and I have zero self confidence about myself outside of that persona.
It's funny that OP is an incoming FT analyst- I definitely thought the same before I joined FT. Now as a 2nd year in PE I ask myself once a month what's wrong with me and why I do this to myself. I think if you ask me honestly I also just don't know who/what I'd be without the label of successful finance person as you described.
I'm deeply thankful for a lot of things (health, family, friends) but few if any of those things are w/r/t my career as it stands today.
I read OP's first line and chuckled.
Yes, OP is green but the basis of his post is still true. You can be jaded and still recognize that you do get paid an exorbitant amount and in theory can walk away at any point with a line on your resume that will open doors that many others cannot access.
There is nothing wrong with finding a mustard seed of gratitude in our situation, and quite frankly anyone outside of this industry reading your response would think you’re grossly out of touch, because you are. Learn how to practice gratitude or find a religion that helps you do so or you’ll always be unsatisfied and miserable.
I don't think its true. It's just fair market compensation for an abusive and extremely unhealthy work environment (read: effects on low sleep / stress on the body).
Now if you were to racket 300-400k as an A1 or 1-2mn from Associate, that is the point I would consider to say "call yourself lucky to be in this place" because even for the hours you are getting paid well.
And frankly, if you turn back the time, you will see that inflation adjusted comp was much much more in line with were you could have said "well it is super tough but the pay is more than lucrative".
I'm in Europe but I recently checked the Lehman Salary leaks and is freaking insane. Their associates earned more in a time where a 3 BR flat went for like 1/3 the rent of what it is now. Lol, or a McD menu cost 4.50. Imagine how you lived like a king being a young finance professional back then.
Whereas now? Not the greatest spot to be in.
.
we're lucky to be anywhere
lots of factors outside one's control determine where he ends up in life
the only thing one can do is just to position himself in such a way that he gets a higher chance/lower chance of experiencing a favorable/unfavorable outcome
Oh brother, you haven’t even done the job yet. Chill with the mental masturbation thinking how much “luckier” you are than all your peers making an “unlivable” 50-60k. We are not game changers or titans - you should think of yourself as doing the same job as your measly friends, for basically the same hourly pay, only you are going to work double (and in some weeks triple) their hours. Oh, and no one is happy or has fun, and there is little to no chance of ever making the huge amounts of money you seek
Hi OP - first of all good post, and I don't necessarily disagree with all your points. You're right that earning $100k+ salaries straight out of college is something that most people won't experience, and that (especially in the first few years) whilst the hours are grueling you also get to learn a lot doing (relatively) interesting work.
However, it's also undeniable that finance salaries have seriously stagnated over the past decade whilst the cost of living/housing have skyrocketed (yes there was a bump in pay during Covid but that's since dropped away almost completely). I realize no-one in the general public will be getting out their violins for us, but the fact remains that IB/PE is no longer the promised land for the following reasons:
Dealing with the boomer/Gen X mentality - again whilst I'm grateful to be earning $300k+ in my 30s, it can be highly irritating when you have to work for MDs in their 50s who whilst smart and hardworking, were in the exact right place at the right time to make millions. I.e. they rode the wave of the mid-2000s & 2010s, own a mansion and a summer house, yet think you have the exact same opportunities they did. I.e. they'll work you to death (sometimes literally tragically) as that's what they had to go through, without acknowledging that you'll be lucky to own one nice home yet alone multiple.
Yes the senior guys are smart, but in today's environment do they become multi-millionaires/billionaires? If Rishi Sunak started as an analyst today rather than in the mid-2000s, would he make millions and end up married to an heiress and Prime Minister of the UK? The odds would be a lot harder I imagine (I'm sure he would still make a good living however). And take a lot of the PE/HF guys e.g. Chase Coleman - if he starts his career now would he become a billionaire or even a multi-millionaire? I'm not so sure.
Anyway sorry for the rant/stream of consciousness OP - my point is that yes whilst you have a point that we should acknowledge we're fortunate, it's also undeniably true that IB/PE is not the automatic promised land to make millions anymore. Working insane hours in your 20s and 30s to obtain an upper middle-class lifestyle that a boomer could have had in a regular corporate strategy job 20 years ago, isn't quite so appealing.
I agree with your points but are you saying there are no similar opportunities for young people today? Who will be the future Coleman or Sunak (even if it is in a different industry)?
I mean there are definitely still opportunities to make it big for young people, but they’re a) scarcer then they used to be and b) increasingly in areas other than banking/finance, eg crypto/social media. Yes I realize that crypto millionaires/influencers are outliers, but so are people becoming billionaires in finance.
My point was more that finance used to be an essentially guaranteed way to an upper middle-class lifestyle (if you stayed in long enough), with a tail upside of becoming worth multiple millions/tens of millions for the lucky few. Now it’s more like a path to just being guaranteed to be solidly middle-class, which doesn’t have quite the same appeal. And the opportunities to make multiple millions are much rarer.
You shouldn’t compare the times now for the times in the older days. You will just breed resentment by looking back with rose-colored glasses. You need to un-emotionally look at the opportunities presented right now, and make an educated decision, without distracting yourself with the past.
He wanted to brag he broke in from a crappy college, but crafted the post to seem less douchey.
We get it. You effed around in high school and went to some crap state college but broke in anyway.
Congrats dude. And if you’re chubby and ugly, you’re not gonna love nyc as much as you think you will.
Random question, but wanted to know Smoke Frog’s take on NYC currently given you mentioned it? I haven’t seen a longer post on it from you. Still think it’s a good spot for people in their 20s or is COL and other factors too out of control? Other cities you would prefer for young people? Always curious to hear your thoughts
This is 100% ragebait lmao
NYC is, and always will be, the place for a young guy with money to spend his early to mid twenties.
The plethora of finance job, attractive women and amazing nightlife is virtually unmatched.
Plus if you end up like me, a mediocre banker who could never make it a hedge or private equity, you’ll have plenty of opportunities to marry a cute rich girl.
What other city competes with nyc on all these factors?
Maybe London? Dubai? Hong Kong?
This kid is going to be in for a rude awakening
To be very clear I know my life is going to suck for the next couple of years. But if my life is going to suck it would rather it be during my early 20’s. I’m not naive to how much banking takes a toll on your physical and mental health.
Yeah definitely come back in 6 months with an update post.
Snark aside, its very different to conceptually accept the idea of the hours vs the genuine physical, mental, emotional effects after some of the very rough periods. The sentiment of being grateful is nice, but the tone on which you're looking down on those 50-60k job kids is ironic to the concept of this post.
You are completely naive. You don’t have a clue what you are talking about.
There is initial shock of what a late night is during the internship, then there is the bad part of the job which is the compounding effects of IB hours and treatment over years. You think you get it because you made it through a summer internship, which for an analogy is like you running 3 miles and saying “marathons aren’t that bad” (an internship is like 1/8 an analyst stint).
Marathons generally don’t get bad until the last 8 miles—IB is no different. Just wait until you are more than halfway through a 2 year stint and watch as your perspective changes. At that point, you might feel less grateful and more indignation. I am grateful for my time in IB, but this post clearly comes from a place of not having a clue what makes the job hard. My first thought was this was rage bait, but I think you actually are just that stupid.
You are naive to it though, because you have not experienced anything close to what you will. The interns get babied and are not given anything real or important to work on. Yeah you may have to stay late a few times, but it’s really not the same.
The compounding effects of this job are what make it unbearable. Long days + constant stress + sleep deprivation are really, really terrible after a few weeks on end. And it never stops. You think it gets better at associate? Not really, maybe marginally. That’s like 5 years of your life doing this.
And your rationale for wanting to do this in your 20s - I completely disagree with having done this for a few years. As a male, your 20s are when you can achieve peak form - your test levels are at their highest, and instead of working out, fucking, and becoming a beast, you sit in an office all day and become a mushy, pale, shell of a human. Do not underestimate how bad this job is. There is a reason why everyone leaves. It is death by a thousand cuts - each day you get a little more worn down and further away from what you once were, and you never have any chance to recover.
Hey OP, thanks for the reflection. Make sure to come back in 5 months when you're on the verge of jumping off the Brooklyn bridge.
Bad humble brag, you're going to be humbled real soon
This forum consists of users in the trenches who don’t see the fruits of their labor the same way an outsider or even their own 40yo self will see it. Working a technically challenging job that makes $150-200k out of school is an unbelievably fortunate place to be and sets you up for generational wealth and success. Just hard to see in the moment.
There’s also the challenge of seeing past the brokenness around us. The economy is in a rough spot, internet culture is negative, and finance leaders don’t care about our well being. Up to each individual to see past all that and focus on the positive.
This is bullshit. I did 4 years of IB at a BB and currently make around 160-170k in NYC at a corporate job. Generational wealth? You’re delusional. I remember reading this same crap on here when I was in college and sacrificed a lot. Now look where it got me.
Perhaps, if you stick with IB, PE and HF long term sure, but the vast majority of people in IB don’t do that. I make barely above average comp for 2025 NYC in a role I could have gotten to by just taking a normal job and working for four years. Stop selling interns and prospects bullshit dreams. The world has changed.
🧂
I think you are the outlier my guy
Come back in a year and lets revisit how "blessed you feel."
Sigh. It's always the "Incoming Analysts".
Check back in with us after you hit the desk lol
"I looked at my friends and quickly realized that they were not learning nearly as much as I did during my short 10-week internship"
"We are nothing more than semi-smart college grads who got good at Excel and PowerPoint."
Make up your mind brother, which one is it? 100% agree that getting paid that much money in IB is great, but what do you learn exactly? I'm very curious about this aspect of personal and professional development that you're highlighting. What makes you think that people who are interesting in improving themselves won't just utilize their idle internship time doing something productive that'll still teach them new skills instead of just doomscrolling all day?
"I got to (and will) live in the greatest city in the world (NYC)”
This one has to be a joke
"What makes you think that people who are interesting in improving themselves won't just utilize their idle internship time doing something productive that'll still teach them new skills instead of just doomscrolling all day?"
This.
I literally did this during my crappy junior year summer internship. Starting FT in a few weeks.
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