Hi all -
I’m starting out as a post-MBA IB associate at a BB bank this year.
At the risk of getting the “Oh, honey” responses, how do you guys deal with the hours and the stress?
My primary concern is the grind/sleep deprivation that bankers face. I enjoy financial modeling and did well in my corporate finance classes. However, I’m not stupid enough to think that simply having an interest in the subject matter means that much in the real world. If anyone has any tips/advice I would greatly appreciate it.
Thanks!
First, try to get a good sense of what the hours and culture are really like by talking to people at the bank. That way, you can at least be prepared in advance for the hours and stress rather than gettig hit with it all of a sudden at the beginning.
Keep in mind that as a first-year associate with no banking experience, you will have to work long and hard hours in order to get up to speed with the bank and its processes. Everyone has their own motivation to keep going. For analysts, they're usually more driven by the exit opps ahead of them and the bonus they receive. For associates, they've usually chosen this path because they actually think they would enjoy the field for the long-term and hopefully the people they work with. Trust me when I say that at least at an intellectual level, more of your work as an associate will be interesting compared to an analyst's. It's pretty rare for an associate to be re-arranging logos at 2am. Take interest in the intellectual parts of your job: how do we want to position this client in this industry, who would it make the most sense to reach out to, what types of diligence questions should we be prepared to answer?
Those are just some thoughts but trust me, that it will be tough at first, but you will slowly start to get used to these hours and the stress. As a kid, I remember being tired after sitting in class until 4pm but now it's pretty easy to keep working (with little breaks in between) late into the night. That being said, make sure that you take advantage of the early night days and catch up on sleep. The unpredictability of the job can also take a toll on your sleep and how long you sleep, specifically.
Hope some of the above helps.
First of all I second everything Entrepreneur Hero said above. Spot on. Worst thing you can do is an associate is expect that your workload will be "bad but not too bad" in your first year, and then get surprised by how hard it is.
IMHO there's no tougher job at the bank than first year associate because you're expected to own the deliverable by managing analysts who (i) know more than you and (ii) care less than you because IB isn't their long term future.
The least stressful approach is to accept that the first 6-12 months will possibly be absolute hell and cut your expectations. Set up your life assuming that you'll be living at the office. In reality you may get lucky and its easier than that, but assume the worst. If you go in like that, the long hours will be the only stressor in your life. You'll go home (late) every night knowing that you're in good standing and that it will get easier.
Unfortunately some of your associate classmates will make the mistake of working 90-95% as hard as you (meaning they cut corners) and then they will go home some nights with the additional stress of wondering if they're in good standing. Don't be one of those. Bust your ass and get whatever sleep you can. If bad hours are the only problem in your life, its not that bad.
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