Since its been almost a year since the whole revamp and improvement on hours at most investment banks, I'm wondering if hours actually have improved across the board.
Its been a bit more mainstream for the BBs, but I'd like to hear about their hours now as well as the Elite Boutiques and other top IBs like Jeffries and Guggenheim. I've heard people on here saying that Guggenheim/Jeffries have horrible hours in a previous post on here, but it seems that firms like these are in line with bulge brackets by 5 hours on average according to surveys.
What are the hours really like? I know WSO and other sites actually published surveys, but how accurate are these? They say that BBs are averaging 65-75 hour weeks on average while the elite boutiques are almost always 80-90.
http://news.efinancialcareers.com/uk-en/196881/10-worst-banks-working-h…
http://www.wallstreetoasis.com/forums/2014-best-investment-banks-lifest…
Is it now a 10-9 job every day of the week with the occasional all nighter? Seems like these surveys suggest that. Let me know your thoughts.
No one in investment banking at a big bank is averaging 65 hours a week. You are going to consistently work 80+ at most banks, with good weeks generally not that much better, and bad weeks significantly worse.
I mean, I thought it was kind of silly hearing Morgan Stanley works only 65 hours a week. Then again, I'm sure people over-hype how many hours they work. Physically, they would be dead.
Read the comments under WSO survey. Someone pointed out that these numbers are not just banking/advisory. For example, MS number could take average between banking and S&T/Wealth Management/MO/BO
I keep in touch with a few guys from my old bank and it seems to be somewhat better for sure, though it's still banking. At the very least, you know you have a couple days off a month, which you didn't before.
Spent 3 years in M&A. In short, yes the hours are actually closely monitored, and I think enforcing the rule has moved beyond being just a PR stunt / following other banks on the street. Truth is if you are regularly leaving at 8-9pm in banking, either your bank is getting terrible deal flow or you're not regarded as a very good analyst and probably getting BS work.
Don't worry about the hours too much and work hard. Easier said than done, but 2-3 years go by faster than you think. You'll have learned MUCH more than you think by the time it's over
I don't work in banking, but from talking to peers the only thing that has changed is protected Saturdays
Two cents: The improved hours is not as easily implemented at MM and Boutiques. At my firm, when the topic came up in a meeting, there was a small chuckle and then senior person mentioned it would not be feasible given office dynamics. IB is essentially sacrificing 2-3 years of life and learning to how best work around it (If you can). After that, hours should improve from promotion or going to a role outside of IB....
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