Does life get better as an IBD associate?

It depends on whether banking is right for you. Your hours will go down, which definitely helps, but the level of responsibility goes up. When clients/MDs asks you questions, you can no longer pretend like a clueless analyst and get away with it. You are also responsible for not just your performance, but your analysts’. If they fuck up it’s on you, so train them properly. Sometimes you even have to check in and make sure your VPs and MDs are doing their jobs properly, because if they don’t, it could make your life miserable. Basically you are much more integrated into the team - you understand the deal and the “story” better and others listen more to your views. If banking is the right path for you, I think you will find the job more interesting and enjoyable, and be much happier despite the increased level of stress. But if banking isn’t the right path for you, then as someone else has pointed out - you are fucked.