Wondering how the hours have been for 1Y analysts WFH due to covid? Have been reading it was really bad in 2020. has it gotten better? do you still have downtime during the day to work out/do chores or are MDs so desperate for business that they are shoveling shit non stop for you to turn/pitch? how many hours a week?
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Pretty constant work averaging 82 median is 87 a week. High of 110 (hit it 3x) since starting in Aug. low of 45 (week of Christmas/NY and Thanksgiving was 50)
thanks. does firm plan on having you back in office or you think it will be fully/mostly remote moving forward?
What about the STDEV.P?
17.4
Yup, c.90 per week on average which is not terribly worse than before..it's just the feeling new analysts have that they need to be constantly on stand by, picking up the phone on 4am on a Friday (has happened to me) in combination with the lack of mentoring / teaching and loss of office fun and chatter. Working in the same place you eat, relax or watch a movie doesn't help either - no chance to unwind really
how was the 2020 bonus?
Work in a particularly sweaty group with probably 110 being average
So you work 9am - 3am Mon - Fri plus 20h over the Wee constantly?
Unfortunately, yes but we have been closing a pretty large number of deals to be fair. They aren’t as aggressive with the pointless pitching so I’m not as frustrated. Sundays are full 9am-3am days now though, no exceptions.
do you guys make time to work out ever or does that not really happen?
Used to but not nearly as consistently anymore.
9 to 2am minimum. I'm in a lifestyle group bb too.
Its hell.
Don't do ib.
This is not a "lifestyle" group despite what you've been told.
“Lifestyle Group” = no weekend work except for live deals and Monday meetings. Not what you’re describing.
Think he meant it used to be a lifestyle group but COVID ruined it
2nd year at an EB sweatshop.
Plenty of cases where 1st years have been spending over 120+ hours consistently over a few week span.
IB is just broken - I feel bad for them and the next class as well.
My man, you can't mean this literally / precisely, right? My worst week ever was just shy of 130 hours logged and I can't believe keeping this speed for 3 (or even 2) weeks is humanly possible. I don't work at an EB sweatshop, so i don't really know what it's like but I just can't wrap my head around that.
Most people exaggerate hours worked (like when people say 100+ hour weeks for IB)
It's real - think the analyst left.
1st two to three weeks was at about 65. Ever since, I'm averaging 90-95 in a product group. I'm 2nd yr at EB/BB, joined from another firm in the Fall
What does the product group entail? For m&a that’s manageable but really high for ECM
to be fair ECM getting crushed these days too. Especially with the amount of SPAC work. there's nowhere to hide lol
product group mid BB
75-85 hours
i think u guys are forgetting that due to WFH and COVID the hours are definitely 15-20% more than normally would be
also feel bad for current 1st year analysts
the best part about the analyst program is the comradery you develop with your class
its like pledging, its gonna be hell when your enduring it but you'll be making great friends through the process
2nd year EB here, hours were much better pre-COVID. Since June it's more or less been 9 AM - 3 AM, M-F. Then not much weekend work usually.
What are you staffed on?
Been a few things that have cycled through since March when COVID hit, but done ~5 pitches, and main staffings have been: 1) a dual track IPO / broad auction sell-side process that is endless work 2) large sell-side for a PE portco 3) majority recap of company in distress during COVID - been lingering for a while and randomly pops up with new work 4) targeted sell-side for ~$1B revenue direct marketing business that is ramping up now as 2 and 3 are slowing down in work
How do you manage not working over the weekend? No live deals or MDs just too nice to send emails during weekends which is hard for me to imagine
It definitely still happens, no protected weekend policy or anything. If something comes up Saturday and it isn't a fire drill then I defer to the first year except on the deal where I don't have anyone below me on. I honestly forego my Friday night in an attempt to have some freedom on the weekend. What also helps is I am going to be an A2A promote whereas most other 2nd years are going to PE, so the staffings and general attitude is slightly more favorable than those that are bailing.
Think the following is somewhat representative for my firm (think GS/MS/JPM/EVR/PJT/CVP type) based on my hours and analysts I know in a few other groups:
Monday - Thursday: 9:30am - 1:30/2am
Friday: 9:30am - 9pm
Saturday: 4 - 6 hours total
Sunday: 10:30am - 1am
90-95 on average seems about right with hours flexing up to 115 / 120 on bad weeks and lighter weeks closer to 80
My group had hours like this. Getting bad flashbacks.
Sustaining that rythm for years and years is just insane. I don't know how VPs and directors do it. Hopefully it gets substantially better.
VPs aren’t that far off those hours at my firm. Even some MDs seem a bit burned out. Seems like it’s getting to everyone
@ one of the firms you mentioned. that was close to my schedule last week. only 2 hours of sat work but 8am until 1am on sunday. monday was 9am until 330am.
brutal stuff.
Any time a new thread on IB vs consulting pops up this thread should just be linked. This is pure insanity.
I don’t think hours will ever go back to Pre-COVID until a market crash. The MDs figured out zoom calls and can have more meetings, and thus need more materials. This will likely be the standard going forward.
Be honest, would you guys prefer to be making $90k working 40-55 hours a week at a respectable F500? Why or why not?
Also, if it is a high growth tech (Twilio, DocuSign, ServiceNow etc.) the perks and upside from RSUs are quite good. Know someone around 27-28 pulling in 300-350k with 9-5.
In what type of role?
Strategic Finance
What's their role name? manager? and what was their previous background?
I would assume director with decent RSU to get to $350k
Only reason why I am trying to stay in Banking although im not in GS. Hoping for a better future so I can get tf out of this.
I’ve been chilling. Think the analysts are busy though.
60-80h is the average for me, normal week would be like 9am - 12am with little WE work. Had a few 95-110h weeks (4-5) which were hard. Minimum was like ~25-30h after a 80h/week project ended
Generally considérable variation depending on projects, it’s not like working 75h every week but rather 60 then 90 then 70, etc Our staffer is good though so when you’re in a 90h/w period and say you have 0 capacity, he doesn’t throw new staffings at you
I’m talking effective work time though, you still have to be responsive between 9-12am every day and weekends even during slower weeks
Also have been lucky enough to have my protected weekends and holidays respected.
What kind of firm is this? Can you give a general sense?
What firm is this lol. Looks like heaven at this point.
VP1 - been around 75 hours / week on average. Have to think analysts are averaging 2 hours a day more so 90 seems about right.
Interesting.. that's rough for Analyst 1 all-in pay of 150K/yr @ 90 hours is effectively $66K/yr @ 40 hours
Couple other points, one in support of your argument and one against. Don't think you can interpolate the pay for a 40 hour week because hours 41 - 90 are significantly more onerous, so deserves a multiplier. From that perspective, the first 40 hours equates to even less than $66k a year. On the other hand, a 40 hour a week job doesn't allow you the opportunity (typically speaking) to make a million dollars a year within 10 years with hours that are significantly less than 90 (although the stress is still there).
That's insane for a vp. Are you looking to lateral out of banking?
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