Burnout rates among young bankers

I think people from finance families are fine, but some people from poor backgrounds might contribute to higher burnout rates. I say that as someone from poverty, and knowing others who went for IB from that background.

I think a lot of us have this thing where you never feel like you have enough money, which is a threat that stays in the back of your mind.

IB then appeals to someone not from a finance background because it's associated with prestige - infinite wealth, access and luxury beyond what most people will see in their lives. It's not a rational or accurate view of the industry.

I do not know how many people authentically love M&A (and ECM/DCM) for itself, not the prestige.

The application cycle, preparation, getting into a target school, etc can consume someone's life. If this was something instilled into a person as a family tradition/norm, then they are probably used to it. Less pressure, as it was always "what they were going to do".

The people who came to it through social media/movies, maybe trying to prove something about themselves, could be a different story.

It requires several years of your life dedicated to achieving an insanely exclusive career. When you finally get it, suddenly it becomes the norm while the high goes away.

It also turns out that the cultural perception of how decadently IB guys live is 20+ years out of date, and that you better enjoy yoga/giving back.

You have no life, no relationship, and the realisation that the house in the Hamptons is still 4 decades away is a hard pill to swallow. T1 city cost of living burns the salary as fast as you get it.

There is no endpoint; you are never safe, and the realisation that a career in IB didn't solve all your problems probably hits hard.

A lot of people probably heard or later changed their thinking that PE was the real prize and IB was just a stepping stone along the way. That might be demoralising in itself to hear, or they might realise somewhere in the first two years they weren't going to be ranked in the top bucket, so chances to pivot were not likely.