EB’s are a fucking SWEATSHOP

Anyone who tells you a smaller boutique like Centerview/PJT/PWP has a "good culture and WLB" is straight up lying to your face. It's a fucking sweatshop. It's non stop hours here. I'm in one of the three and my two other friends in the other EB's say the same exact thing.

Long, long hours and technical work. I wish it was logo editing, but it's not. Help me.

Comments (62)

  • Intern in IB - Gen
Jul 23, 2022 - 1:42pm

Every time someones tells you to go to an EB because "mOrE ReSponSibIlity" it just translates to more work and hardo kids fall for every time lmao

  • Analyst 1 in IB - Gen
Jul 23, 2022 - 1:44pm

Literally. Like it's a tough balance because on one hand I guess it is more interesting to have a more client facing role and learn the technical stuff, but at the same time it's fucking exhausting. Anyone at a boutique comes out either 1: a fucking superstar financial engineer or 2: brutally depressed wishing they were editing logos at some random BB cov group. If my bonus isn't 100% of my base I'm gunna lose my shit.

  • Analyst 1 in IB - Cov
Jul 23, 2022 - 2:45pm

I would argue that the work is no more "client-facing" than BBs, and maybe even less so. Technical, yes probably. But lack of client interaction is a known and established downside of EBs. At EBs, the only people interfacing with the clients are MDs and often VPs and below don't interact at all. At BBs VPs tend to be the first point of contact.

  • Analyst 1 in IB-M&A
Jul 23, 2022 - 1:43pm

EBs just churn and burn people. I don't know anyone who is at an EB and even modestly content with their life, granted I only know 4 people who work at one.

Jul 23, 2022 - 6:31pm
lilgrizz, what's your opinion? Comment below:

If a well known boutique no history of A2A promotes does that typically mean it's miserable af? Trying to lateral into one and I saw that no analyst has ever stayed longer than two years.

Jul 23, 2022 - 6:39pm
Purple9988, what's your opinion? Comment below:
lilgrizz

If a well known boutique no history of A2A promotes does that typically mean it's miserable af? Trying to lateral into one and I saw that no analyst has ever stayed longer than two years.

Not necessary, but it can definitely be a bad sign. I would see if there are any analysts which are leaving prior to 2 years or if those which are exiting are leaving finance all together; both are red flags. Exits to PE, HF, bis dev, or AM are not a bad sign, but other exits can be a good signal. 

I would reach out to firm alumni who have left and speak with them about their experience.

  • Associate 2 in PE - LBOs
Jul 23, 2022 - 2:02pm

'More responsibility' = having a crap load of work dumped onto your lap with minimal guidance and if you can't complete it on-time and to a high standard then someone senior is going to yell at you

  • Prospect in IB-M&A
Jul 24, 2022 - 6:34am

with minimal guidance

is it like being told to make 10 slides on abc transaction and to update the model without being given explicit instructions on how to do so?

Most Helpful
  • Analyst 2 in IB-M&A
Jul 23, 2022 - 2:43pm

Would prospects these days prefer to work 80-90 hours/week at Centerview/PJT/EVR and make 210k+ in their first year, or work 75-85 hours/week at Barclays and make 140k? 

  • Works at Goldman Sachs
Jul 24, 2022 - 12:09pm

Agreed with you at first glance but if you really think about it, is one clearly better than the other? When we get to the 75 hr/week threshold, every additional hour worked starts to cut into things like sleep, so the marginal difference here becomes meaningful. Don't know about you guys but I'd rather somewhat preserve my health and take a pay cut.

  • Analyst 1 in IB - Gen
Jul 23, 2022 - 5:35pm

Why do people say EBs are more technical ? Don't you do valuation and models everywhere ? I think it's a bit delusional. The client facing aspecr is true though, as an analyst I was attending client meetings where eg in IPOs only VP+ from BBs were attending 

  • Intern in IB-M&A
Jul 23, 2022 - 5:43pm

Why do people say EBs are more technical ? Don't you do valuation and models everywhere ? I think it's a bit delusional. The client facing aspecr is true though, as an analyst I was attending client meetings where eg in IPOs only VP+ from BBs were attending 

Maybe because EBs don't have dedicated product groups so coverage analysts do all the modeling? Idk 

  • Analyst 3+ in IB-M&A
Jul 23, 2022 - 9:49pm

Why do people say EBs are more technical ? Don't you do valuation and models everywhere ? I think it's a bit delusional. The client facing aspecr is true though, as an analyst I was attending client meetings where eg in IPOs only VP+ from BBs were attending 

I'm at an EB - believe when people say "more technical" they might mean that generally younger people are owning those key technical work streams. Not uncommon for an analyst to own a very complicated data cube for M&A with assistance from associate and sign off from the VP. Three people doing all the work with most of it being at the very junior level. Would be interested in other viewpoints too.

  • Analyst 1 in IB - Gen
Jul 24, 2022 - 7:41am

Isn't it the case in bulge too ? Maybe I'm used to very lean teams but don't really get why you would need more people (unless you don't have capacity and get some kind of double staffing to manage)

What do the coverage guys do in BBs if they don't touch the VDR / model etc ? Just the non technical slides of the CIM?

  • Analyst 1 in IB - Cov
Jul 23, 2022 - 11:00pm

Not saying this is misinformation, but doing IPOs is very different experience depending on the bank position. If you're an analyst and you weren't on calls, you probably just weren't lead left or right. If you're lead left (only GS and MS these days), analysts are absolutely on calls and talking to the client. Your job is literally to take notes on the investor meetings and entertain them during the roadshow.For most bookrunner a and Co-Ms, quite honestly, not even your MDs are invited to the calls since you're not there to add value / provide advice.

  • Analyst 1 in IB - Gen
Jul 24, 2022 - 7:43am

I've worked with MS in IPOs and the analysts only joined the all hands weekly calls (I have no idea about investor calls). Everything related to refinancing, shareholder meetings, go/no go, steercos etc they did not join. I was mostly exposed to internal meetings of course given I was on the IFA side

  • Analyst 1 in IB-M&A
Jul 23, 2022 - 6:32pm

We already knew this dude we go to EBs for the pay not the wlb lmao.

  • Analyst 1 in IB-M&A
Jul 24, 2022 - 1:11pm

Don't know which EB you're at but deal flow is just fine lmao. Is it record 2021 level banking craze? No but that's not the norm anyway. Probably industry dependent but in down markets like this M&A is actually likely to increase because strategics are looking to buy businesses that can't raise at a discount and there is a fuck ton of dry powder left for sponsors. If anything there might be a lul and buyers set their strategy but I expect end of year/Q1 M&A to be heavy.

  • Analyst 3+ in PE - Other
Jul 26, 2022 - 7:20am

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Jul 25, 2022 - 11:58am
ConfusedGuru, what's your opinion? Comment below:

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  • Analyst 2 in IB - Cov
Jul 26, 2022 - 5:25am

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