Career Longevity in Banking
When I was an analyst, I felt like I was struggling every day and every week to survive. Crazy compounding sleep deprivation, personal life was in free fall, mental health was awful. When I look back on those years, it feels like a black hole where everything that wasn't work stopped and I was living a shell of an existence. I always wondered how did people who made a career in IB avoid complete burn out. The only logical conclusion I can come to is that they had to basically hold their breath and survive till they were VPs and then basically pass on work to their underlings. But even then my VPs didn't seem like they had any boundaries and were slaves to the job as much as all of us lowly analysts were.
People who have lasted 5+ years - what did you do that helped you to have that longevity? What damage has the job done to your personal life, physical health, mental health, and relationships? Do you feel like you were able to grow and experience life in the same way as other people in their 20s and 30s or was it all a black hole where life and time paused for you? Can you imagine living the rest of your life in this career?
Based on the most helpful WSO content, here are some insights on career longevity in banking and its impact on personal life, health, and relationships:
Longevity Strategies:
Balancing Work and Health:
Self-Care:
Personal Relationships:
Impact on Personal Life:
Health Issues:
Personal Relationships:
Life Experience:
Reflections and Advice:
Regrets and Lessons:
Career Satisfaction:
Conclusion:
Sources: How much damage has banking done to your life?, How much damage has banking done to your life?, Who wants a better life? I want to help., Do you guys actually enjoy your jobs?, Life after Investment Banking
You have to like the work and like *to* work. Doesn’t mean you like every day. 9-5 corp drones don’t like every day either. But you have to want a demanding career that evolves from analysis to a high profile version of sales. The posts from aspiring or baby bankers whose claimed priorities are the gym, 9hrs of sleep, friends they won’t have in 10yrs regardless, some weirdo hobby and THEN work, boggle the mind. No one is stopping you from making $60k/yr in Milwaukee dude. The lifestyle comes with the dinner. And I regret to inform you it doesn’t get materially better as you become senior - it’s just in different form. It is a client service business and there is a reason we work more, and can make more, than many of our clients
Also it can’t be solely about the money - that only comes once a year and you will be disappointed, immediately or eventually.
This is 100% true. There’s a thread from years back about what are the traits that make somebody MD material and numero uno is this. You gotta love the chase. And that chase evolves every single year.
Will be VP3 next year and started as analyst, I’ll bite here and give my thoughts.
Agree with poster above.
1st year - you are going to eat shit. No other way around it. Definitely was a blur. Combo of a lot of work + you suck at the job.
I think the key after that to lasting is:
1) Ideally staying in the same group. Goodwill is really hard to build so once you do it is a huge thing and people respect your time more / allows you to do more of the below
2) You should be near top bucket but it’s fine if someone is ahead of you. It’s about lasting, not always being 1st place. It will help you maintain some sort of sanity. Related to below.
3) Choose your battles. Know when it is really something you need to lose sleep over and grind on vs. something that you could not kill yourself over. You know what the important pitch / deal deliverables are - crush those and you will put yourself in better position to not kill yourself on stupid small stuff
4) Find an industry / product you like. I do not think I would be in it if I did not do that or make the move to one.
That all being said, definitely still a grind, but the reason I stayed in is because I love the pitch / chase of making connections and building that way. So hopefully I continue to enjoy it more in my director years.
Have I sometimes had to sacrifice a weekend plan or something fun during the week over the years? Of course, but I don’t think I miss an amount of things that I have lost touch with friends or family ever. You get much more control over when you do work as you go up the ranks. Basically when you hit senior associate it would be rare to miss a social event if you really want to go (at least not being a MD).
What you learn as you get older is that every job is a slog in a way - just commuting to the office and having to be in your seat exactly at 8:30/9am sucks in any regular corporate job.
If you can last out some of the shitty junior years it is definitely worth it - you will be glad you’re getting paid very well vs. still having the slog of a corporate job and getting paid like crap.
Rambling thoughts as I sit on the toilet
The hunt is what makes it worth it. You know if you have this type of mentality early on. The market also continually changes. To stay at the top of your game you need to constantly learn and adapt. Most of the hours I put into this job are because I want to not because someone tells me to do. I’m constantly proactively thinking of ways of closing the gap to potential fees. This is a sport for me now. To be great requires the same mentality. It’s not just a job which is what makes it thrilling.
I made sleep my 2nd priority (after work) and let other things go. You listed several problems but sleep deprivation is really the one that must be solved.
Not great for personal relationships that I put work first and sleep second. But you don't lose people just because you spend less time with them. You send the occasional text and make sure those rare downtimes (Christmas, August etc) are well planned so you're catching up with those people.
Try to get into public finance IB, hours are much better I’ve heard
Im assuming bonus is significantly less
Depends on the year and what bank your at, do you want to live or do you want money lol? I think associates at top banks in PubFin clear about 250
I would assume it's mainly masochism when you're a junior and sadism when you're a senior that drives you
You have to enjoy the hustle to get some longevity.
Also the key to not being crushed as you get to VP is to enforce an ownership culture with your associates. The biggest time sink and soul destroying piece of being a VP is having to step down because your associates are shit / lazy / both.
Sane thing with Directors - ownership with the VPs. You need leverage to rise.
I'm a VP who cut got in a RIF and I'm coming to the conclusion that I'd be happier at a lower prestige bank / role if it means more predictable hours and less stress over the next 30 years even if it means a discount to comp.
I've seen what life is like at the D / MD level and I'm not impressed. I'm also not excited about transitioning from an execution role to a pure origination role, as is the natural progression. There are front office credit roles that let you do that.
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