Is the life of a VP at a 'top-bank' really good?
Lets compare experiences pls for top BBs/EBs to have a solid frame of reference.
I always had this inner thought that if you would make it to VP, life would get significantly better.
If I re-evaluate this now and look at peers who are in VP seats at top BBs (e.g., GS/MS) I don't really think they are having a good lifestyle.
I think this forum heavily skews to interns/analysts who paint the VP lifestyle as overly rosy, but just because someone is not sitting at the desk until 2 AM actively working on a model, does not mean the person is at home chilling and relaxing.
What I observe:
- Pressure is really high; they hold the 'pen' on execution and are first in line to be screamed at/catch heat from seniors. I think especially analysts underestimate - while working long hours suck - how much ease of mind it brings to just be a cookie-cutter and work through a checklist to create a work product
- Things outside their control; relates to latter part of bullet above. There is no dopamine hit anymore for just cranking out a clean looking model or some nice looking slides. There is so much more stuff to handle (i.e., client relationships, process management) that is less tangible and requires a lot of thinking/contemplating often dragging into the private life
- Still in the weeds; From my sample at top banks, the hours are still horrendous. I never understood how people here said that VP work is like 9-8pm with a little weekend work. Most of my friends still basically are on around the clock. Especially weekends are super hard to actually do something that takes more time then going for dinner or coffee (i.e., whole sunday hiking/event/trip). I was at Oktoberfest last year with a colleauge from GS and he had to leave around 5pm on Saturday to work, I mean wtf
I’m currently in a group this site would consider a top 3. My VPs average 70+ hours a week and are shit on by the Ds and MDs.
Do with that what you will.
It’s way worse than associate - even if the hours are slightly less the stress compounds 10x more
VP at an investment bank is the worst job in finance. You get squeezed and shit on above and below and you are literally the funnel for every single deliverable.
Complete opposite. Putting aside the competent VPs, it’s the corporate layer in which one can easily cruise, delegate everything to juniors, kiss the above and collect incredible paychecks.
How incredible are the paychecks?
It's only easy if you're doing it wrong. And there are two ways to do it wrong: 1) not being deep enough in the weeds to be additive (have seen - a lot - MDs marginalize VPs when the MDs figured out that it was easier to work directly with the competent associate), and 2) not realizing that the VP (and early Director) years should be spent in part building relationships with future clients. The MD title is a vote of confidence in someone's ability to originate, not a reward for years in the trenches and/or the accumulation of execution skills.
not sure i wouldn’t know
VP here. Can confirm. Everything, every deal is your responsibility. Analysts and associates don’t realize how much a stuff they don’t do, or screw up. If something needs to happen asap and my analyst is either too slow or tied up, I can’t go tell the MD sorry analyst can’t get to it. It’s just my responsibility toaje sure it’s done.
Hours are same as associate, stress is 3x. My group definitely has some structural issues that compound this, but after 10 years of IB this ain’t it. I’ll be collecting one more bonus and peacing out.
this x10000
pay is of course good but stress is through the roof. #1 vp skill is to be able to take shit. another thing people miss is your life quality will depend on your juniors. so if you get the good ones you'll be ok. if you get the bad ones you'll be doing everything yourself
ahh the one more bonus tagline. A tale as old as time
I’ve heard it takes until about VP2 for the lifestyle benefits to start showing. There is an understanding that everything is your responsibility but people I’ve spoken to mention if you get enough exposure to different types of processes in your junior years you have decent frameworks for how to lead your team through them.
Yes, lifestyle is much better in terms of no longer being tied to your computer to make excel, PPT and PDF changes. However, now never have “off” and no longer given benefit of the doubt if things go wrong, baseline expectation is that everything goes smooth. Flexibility in terms of where I chose to work from (i.e. my desk at the office, or the desk at my house) has improved; however on many more calls during weekends vs. Associate/Analyst tenure and never have a “clear” weekend. Money is much better, but overall lifestyle on adjusted basis is about same or better. Basically, any bank that pays well is going to make you work for it.
I personally think it depends on what shop you’re at. My VP friends at the top tier banks get absolutely cranked because they’re constantly leading multiple processes simultaneously, so there’s no off switch. Yeah maybe they’re not working until 2am but they’re still on from 11-12 and subject to a lot of stress. My buddies at mid and lower tier banks have it much easier. They’re leading one deal for a while before it goes through or dies, then they’re doing only pitches for a few months, then another deal comes back up, etc… more up and down.
How “easy” the job is also depends a lot on the banker. I find it much easier than associate because I find the job more interesting and I enjoy the people, process management, etc. But I can see certain people hating it.
VP2 at a MM - Stress is much higher, but the time away from the desk / bullshit work certainly makes it easier to compartmentalize. My weekend flexibility has improved dramatically. It's much easier to step away from something to take a call vs being chained to the desk all weekend.
The increased travel burden has been the hardest to deal with.
Have been a VP at BB and EB. VP-1 at BB, was very much like an associate role on steroids. Most of the times you get an average associate / analyst pair to work with, and it becomes stressful to clean up their work to get to a certain standard / MD’s and clients expectations. You also have to cover sometimes for your MDS absence in client and internal meetings, and you learn to BS and provide off the cuff remarks on market / industry. At the BB, you just have multiple products and you need to know basics of each products before you hand off to the product expert. When you have a good pair of associates and analyst, the stress is much lower and they can get things right without much back and forth. VP-2 onwards has been better as you get used to the cadence of the job, and are able to pull more experienced associates and analyst for critical deals / pitches
Are you still at BOFA or moved? How's the transition for BB vs EB?
The "Just One More Year" post had a hilariously accurate sentence: "You get copied on fewer meaningless emails and more terrifying ones"
top bucket vps have significantly easier lives than both junior bankers and mid/lower bucket peers
bottom bucket vps have a truly miserable experience..their processes are shambolic, they are forced to operate as super analysts, and they work on low quality deals that don't give them the relationships/skills for the next level. the very best juniors don't work with them for the same reason.
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