For the Kids: Don’t go into IB
This is my experience/opinion and may not reflect others experience
I barely lasted 1 year and this has been the worst experience of my life. I have never struggled with insecurities or mental health, but IB humbled me.
All I cared about was money, but now that I was in a seat making good money, I realized there’s more to life. I’m not comfortably making $105k and super happy with great WLB.
I realized pretty fast into the job that I was unhappy. No sleep, no working out, no sunlight, no free time, no family time. Only work work work until 4:00am. On top of that I was extremely stressed out and anxious 24/7
For what ? A 60k bonus at the end of the year? After taxes it’s 35k ?
Personally, to me this was not worth the negatives that this job brought upon me
I experienced verbal abuse, nasty comments, and a hostile workplace. Being called an idiot, questioning my credentials, called a baby, being blamed for everything because seniors wouldn’t check work.
I don’t want to rant, I just want to let the new generation, current interns, understand what they’re going into. Your life will be hell because of the hours, expectations, lack of sleep, and healthcare neglect.
Some can tough it out, others can’t. I guess you will decide once you start. I thought I could, but couldn’t.
And now that I’m out I’m so much happier in my work life, social life, and personal life. I can fly over the long weekends to see my family and girlfriends family without having to check my email at 11:50pm on Friday and 9:00 am on Saturday. I can go to the gym, go out for dinner without stressing on whether or not I will have to clock in any second. I have ownership of my life which is completely overlooked in banking. I’m no longer shackled to my desk and I feel like I can breathe again.
To all prospects: Know what you are getting yourself into. IB isn’t the only way to be successful in life. Lastly, success is measured internally, not externally. Comparison is your worst friend. You will never be Elon Musk rich, you will never be Jeff Bezos rich, and that’s ok. Live your life in a way that makes you happy and complete :)
I will say though, you learn a lot in banking, but that’s about it lol.
Anyways, happy Friday everyone
You had me up until you mentioned you were blamed for everything because seniors didn’t check “work” haha
Have you ever worked in IB kid?
Nah, but I once achieved 99 mining in RuneScape
thick skin, head down, and long-term thinking, that's what you lacked, because I heard nothing related to interest in banking/or lack of. but def, let this be a caveat for other kids getting into for the wrong reasons and with wrong expectations.
"don't have to check my email at 9.00 on a Saturday" sheesh gimme a break haha
Restless, I think the point OP is making is that going into banking for the money is definitely not the right reason to do it if you end up hating the work. Long-term, working in big Tech at a unicorn as a PM could even out (with stock and RSUs) than some bankers and if you’re more interested in the work, then it’s a better option. I think a lot of of these kids think that going into Banking is going to solve their identity problems and/or make a ton of money. No one is denying that the money is good, but it’s not life-changing funds, you’re going to be better than average but you’re not going to be worth over a $100M even as a GS MD.
No one here is suggesting to be soft and not put up with shit in your 20s to get a better life but there are other options then Banking to do it that could be way more rewarding. I think a lot of kids have this masochistic view on banking where they wanna work their asses off, get fucked by the hours, brag about how much hours they work because it makes them look better than other people who don’t have to deal with that. At the end of the day, no one gives a shit.
appreciate your well-crafted comment.
where I come from is that every kid will read this and say "naaa, it won't happen to me, I will ball like Jordan Belfort. GS here I come" to then have existential thoughts at 3am under a fluorescent light. Youth is youth. But yes, I agree with the existence of other options, but again, too many on auto-pilot and keeping up with the joneses on their campus to step back and understand themselves, so they'll ignore this and will end up like OP. It's like a cycle, call it the "It won't happen to me IB cycle". So let them do it to get convinced by themselves.
and I'm also a big advocate of what you say re. following your genuine interest because if that's 100% considered, money won't be an issue.
I'm in college and I'd be really appreciative to learn more about other opportunities to pursue other than banking.
Sounds like you just hated the work you did.
Entrepreneurs work crazy hours but they genuinely are passionate about the work they do. Sure they would like to be compensated well one day, but I would argue they feel validated with solving a problem vs what you experienced in IB.
Did you do SA at this bank? I ususally find people that completely burn out are the ones that lateraled during FT.
I think so too. Usually the summers get eased in and trained so they feel more prepped when they go into full-time. When you come in as a lateral, you’re usually competing against other experienced bankers, so the expectations are a lot higher which could contribute to the burnout op is facing.
Well that's because you're at the wrong bank. Plenty of banks out there to work 30-50 hours a week and make $220k+ all in as an analyst 2.
Lol what?
Yes I am not kidding. Think of FSG groups or non-producing groups at strong-ish banks
Or just go to Private Credit, making ~$400k ish as ASO3 and hours are like 65 max
Where is that one kid who is an incoming SA to tell you why you’re wrong? I think his username is Monkey something or other
What do you do now?
I do Corp Fin at a F500 company . Most I’ve worked in a week is 50 hours : )
Great for you but your logic of "avoid IB" is flawed. Do you really think you could have landed this comfy corp fin job at a F500 company without having an IB stint on your resume? Don't you think chasing that coveted GS IB offer is worth it so that you can spend a year or two getting your ass kicked and then just pivot into something less stressful but pays decently? After all, you'll have that IB brand on your resume forever making you prepared for most jobs you want to pivot into.
I feel like real estate is the move
What specific industry in RE?
bro just stfu such a cheap and intellectually shallow post hahaha
One of the happiest days of my life, was the day I quit banking. I feel you
Marginal utility of money. I‘m at MBB and it happened to me too. Once I reached 130-150 (Europe) I realized, that any „reasonable“ more does not change my life significantly (i.e., the lifestyle changes come in bumps/after reaching certain buckets, ie 150 k vs 2mn big difference, 150k vs 300k no difference).
I had a very nice flat, was eating outside constantly, went to nice vacations 2-3 / year, could buy nearly every consumer good (TV, coffee machines, etc). But the big reality check was .. that money does not change you. The insecurities stay, independent of you earning 100/200/500. I think a lot o people who go into banking/consulting are rather insecure/nerdy and think that landing that gig at GS/McK will make them a baller. It does not. And literally nobody outside our bubble cares if you are at GS in IB or a F500 in Controlling.
Ok but even if you last one year, think about the difference in opportunities available for a fresh college grad and someone with 1 year of IB experience… let’s not pretend many people really go into IB to stay
What other careers would you recommend I look into? I'm in college studying finance thank you
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