How has IB affected you?
Finishing up my IB internship and have started to see how IB could have an impact on someone’s life—whether it be emotionally, physically, etc. Apologies if this question is beat to death on this forum, I just want to hear some of your experiences
It’s soul sucking. My significant other has made comments such as “you’re not yourself, even on Saturdays”. It consumes about 90% of your life. You’ll sacrifice instant gratification, short-term happiness, health, and sleep. It can be a mentally beat down. Need to just stay transparent to your loved ones with what you’re going through. It’s also important to remember that nobody is forcing you into IB or forcing you to stay. It’s a job that 95% of the world would give a limb to have. But if you’re busy, it’s very difficult to not have negative side effects. Not knowing your schedule or when shit hits the fan will weigh on you. Only been in banking for a little over a year, so apparently this gets better, but most VPs and Directors I work with are also logging 90+ hour weeks and grinding on Friday nights and weekends. My advice- get in and get out as quickly as possible. I’m sure others will feel differently. The upside is definitely worth it, so just remember that when you start and try to take small wins (making it to 3 pm, 8 PM, 12 am etc.)
Definitely interesting to hear, thank you for your input. Even as an intern I’ve had to make some sacrifices so your post kind of just reinforced that it only gets worse.
Did you go into IB from an MBA and enter as an associate? If so, how much longer do you think you’ll be in banking considering you mentioned that VPs are still grinding?
Went in as mba associate and plan on getting out as soon as humanly possible. Tough job market right now. So likely next March?
Associate 1 in IB - CovWent in as mba associate and plan on getting out as soon as humanly possible. Tough job market right now. So likely next March?Have only been in the job for 15 months too. Internship is table stakes (not a good indication of real thing, unfortunately). The added layers of all Friday night and Sunday definitely changes things
What do you want to do next?
What sort of bank/ coverage group are you in? I was wondering if you have considered switching out to a product group instead of leaving banking
In M&A and I think about this often but it’s honestly tough to know what you’re signing up for (WLB, hours, plus when layoffs come probably safer in product…It’s always busy)
Where to?
My wrists and forearms look a bit different...
First time in 5+ years that I feel content in my work. My job is highly intellectually stimulating compared to industry, my coworkers are competitive, ambitious, and reliable, and I make enough money to where my wife no longer has to work and can be home full time with our son. Hours are long sometimes (65+), but generally, very manageable.
Granted, I'm not in a prestigious EB or BB bank and I'm in a LCOL city. I struggle to find complaints.
Also a non-target student (seems we both flaunt it in the username), this is the exact lifestyle I’m looking for. I know it’s taboo on this forum but could I PM you to chat about your experience more?
Sure, feel free
Sounds like you have it made. Quick question, I assuming you are at a regional bank? and if so - Is the pay good and has it always been good? I think this is the one of the things I see at regional boutiques is that the the pay is just so bad at the lower levels it really is not worth it.
Not at a boutique, but my firm matched street pay (at least base) for juniors a little slower than most. Analysts' pay is now barely less than street I think. Associate pay still matches, save for some EBs.
Which group are you in at your bank?
It's M&A but more of a niche group.
inferior complex vs. my classmates who went into tech; they make more impact, work less and get higher comp
I would definitely say it’s made me a worse person overall. My ex gf pointed this out when she dumped me like 7 months ago and it was really a wake of call.
Pretty much made me a more pessimistic, self serving, and bitter. Have been in survival mode while working this job and since I’m leaving soon, I’m forcing myself to be more aware of my personality and attitude. I try to do better by day and doing little things to restore my humanity and humility, but damn it’s been a long two years. You know it’s bad when loved ones and friends tell you to your face you’re changing
I think the self awareness is great man and hope things get better. Feel the same way re: pessimism and generally more negative outlook on life
Same, One of my good friends called me out for having a shitty attitude and that I was a former shell of myself and it was a big wakeup call.
If you like this stuff you will bear it. At times it will beat you up, but in general my gf has a harder time with it than I do. If you are solid in your relationship and supported it makes things easier.
Associate 2. Even though I'd like to say "it" has ruined my life, the fact of the matter is that I've allowed it to ruin my life.
If I could turn back the clock to my early twenties I would have devoted my time and passion to engineering and/or programming and made the most of what was once quite a creative and imaginative mind. Every day now is filled with anxious despair as I fret about my path and the crappy environment I have to endure. Yes, there are many talented people in IB and it's great having smart people around, but there are so many damaged characters in this industry that I find it difficult to think of a single role model, at least within my firm. Sure, the money has allowed me to enjoy some nice things, but I've become increasingly apathetic towards that aspect and try to divert it to good causes now whenever I can (no righteous pat on the back here, just saying it how it is).
So that's me answering the question from my perspective. Now if I may offer some unsolicited advice to those only just getting started, it's to use it as a painful means to a more fulfilling end, whatever that may look like to you. Just be sure to hold yourself accountable and don't neglect your mental wellbeing...
Good luck out there!
You just ain't got that dawg in you bro
-
Is bofa EGRC a lifestyle group? Have heard good things about culture/hours
This is a nice thought / victory lap, but let's not pretend you consciously selected for the less prestigious bank with worse deal flow and exits while you were recruiting. You took the opportunity that was in front of you (which many of us do) and it happened to be a better experience than many would give it credit for. Great.
Even if that's true, isn't his point that everyone tries to look for great deal flow and exits whereas in reality banks with worse deal flow and exits might actually give a better lifestyle?
Friends and family loving it, social life is stellar and the break in deals has been nice. Refreshed and ready for the deal flow to come back! Too much free time
Losing: my hair, my muscle, my personality, most of my non-finance friends, a will to live.
Gaining: marginal post-tax money, a superficial sense of superiority, in-depth knowledge of Microsoft suite shortcuts, inches on my waist line.
Looking forward to: retirement, sleep, living without a sense of impending doom.
My gf is losing: her patience.
I know this is jokes, but I hope it gets better for you my friend
Everything listed on the losing list tends to come back after you quit IB assuming you put in some effort. Even hair loss caused by stress tends to regrow after you reduce your stress exposure. Starting again friendships with non-finance friends may be the hardest because of the differences between lifestyle, experiences, and interests after those years but it may also be doable.
Dude hair transplants are not cheap.
It’s made me value time and happiness more, and money less.
I feel like I could’ve done this job forever when I was single. It’s difficult in terms of longevity and stamina, but it’s not the most technical job in the world.
Now I have a girlfriend who I plan to marry and a more rounded outlook on life, I plan on leaving when bonus hits next March.
Ipsa nihil quibusdam laborum qui vitae sint ipsam. Debitis dolores similique doloribus illo vitae cum.
Eum officiis corporis et fugit occaecati. Atque commodi tenetur atque aut. Et et vel hic mollitia dignissimos. Earum quisquam quam earum ut minus occaecati.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Nihil sunt repellat facilis. Voluptas ut non odit modi. Omnis iste ipsa neque. Voluptates modi explicabo expedita impedit ut et qui. Voluptatem illum et nobis autem. Adipisci doloremque et at necessitatibus officiis laudantium.
Culpa iste perspiciatis est aut occaecati. Eveniet voluptate eum voluptas id soluta.
Nisi qui omnis dignissimos. Voluptatem et dolorum ipsa est.
Et et officia magnam praesentium dolorum. Et dignissimos vero molestias laboriosam autem nihil libero. Impedit numquam praesentium maxime et quam.