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I'm in the exact same boat...I'm a senior VP (3rd year) and feel like I'm back in my early Associate years.
Good to know I'm not alone. Recently promoted in MM shop (Blair, HL, etc.) and thought things would get easier. Most Associates/Analyst in our group are double staffed on one or two deals leaving early to grab drinks at 7 on a Wednesday while I'm spread thin across multiple live deals. Feels like I work for them half the time.
Our firm hasn't announced any layoff plans but the VP level is the most stressful position to be in IB with layoffs across the industry. Not saying I'm irreplaceable, but hard to think about how anything gets done without me.
I feel your pain. I have noticed the lives of many of our junior bankers getting materially better, but the amount of work to get done hasn't changed meaning it has gotten pushed upwards.
Love that some entitled junior threw MS here. Buddy, glad your life is so much better, and your pay is higher. Not hating at all, just stating a fact that the amount of work hasn't changed, and the only thing that has given (in our group in particular) is the amount of hours being worked by our junior team...
Just curious - was it always like this for VP? I thought the hours get marginally better once you hit senior ASO / VP level.
It ebbs and flows. This industry goes through cycles, and is notorious for layoffs. Oftentimes a bank will make significant cuts, and then be understaffed for the current workload, at which point they will over hire, and start the cycle over again. From my perspective, you can point to a few different causes for the current environment.
1. We have a lot of deals in the "prep" phase that have been pushed for a variety of reasons (debt markets, general macro factors - cost inflation/freight challenges/labor challenges)
2. More attention being paid to work/life balance for juniors in an effort to attract and retain talent
3. COVID impact on junior development (I am sure there are those who will disagree, but IB is still an apprenticeship model, and no matter how many training courses you take, it is very difficult to replace the in-office conversations/interactions)
I also think it is a common misconception to assume work/life gets better at the VP level. The job changes (depending at what bank you are at), meaning you need to spend more time focusing on developing your network and learning how to bring in business, but you are still required to oversee execution. I think the biggest difference between what the role should be, and what I personally am experiencing at the moment, is the amount of time I am having to spend "playing down" on the execution front.
Love your username lmao
The managers at my old financial firms are pulling insane hours each week. I wouldn't be surprised. However, prioritize your health first and foremost.
Power teams are getting crushed. VPs working similar hours
Getting killed. Doesn't help that we're low at the senior associate level.
Associates / analysts getting crushed too. Only people seeing lifestyle improvements are the ones who can hit the golf course everyday to do "business development".
I work for one of the two firms you mentioned and I’m seeing this as well. I have occasional late nights but definitely seems like some VPs are getting it worse than me. I joined this firm to be a career banker but seeing this is making me have second thoughts.
VP is probably one of the difficult steps in the transition TBH. You're now one foot into business development / relationship management, still have one foot overseeing materials from the juniors and have your dangly parts squarely in execution.
Technically if anything goes wrong, its your fault. Error in the deck - you're too focused on BD, you fucked up. Client is pissed - you're too focused on the materials and nitty gritty, you fucked up.
The trick is to detach from the modeling / slides shit, and you do that by having a rockstar associate. One who takes clear direction and "gets it".
Going through the ringer of A2A, and STILL having to work such awful, degenerating hours like that.
I get that the money potential is unmatched by most other fields. And I respect the work ethic. But geez… how do you all live like that?
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