Was it worth it?

It’s not worth it in itself. You have to genuinely have a passion for the work. Then it’s fun and super worth it

No.

Slaved away for 2 years, but really happy with my work now. 60 hour weeks aren't that bad for me (9am - 8pm, 5 hours on weekend give or take) and I make some really good money. To each their own

Let’s not kid ourselves, the reason you do IB is for the money you’ll make from it throughout your life. It’s a concrete well trodden path that if you play your cards right, you can choose to become rich by sticking around in IB for a while (MD for example) or absurdly rich by moving to buy side and killing it for many years till your now built up fat carry kicks in. It’s one of the most “consistent” ways to make a huge amount of money compared to riskier endeavors like entrepreneurship. While your WLB does improve if you go buyside, it will never be amazing, but your apartment will be. At the end of the day you gotta figure out what matters to you.

You are generally right that it’s not super optimal if you plan on going down entirely different more corporate routes, but if your end goal is those routes & you want a nice WLB, IB never really should have been the goal in the first place. Don’t underestimate the valuable experience though you’ll have from the skills you’ll gain though

If you do banking for a couple years and save up, then when you are mid 20s and want to move to a more traditional corporate finance role in a normal city, you can have a down payment on a house saved up. Huge underrated advantage imo.

additionally, within finance you have tons of optionality for exits which is a huge draw.

As someone with minimal experience, please take my perspective with a grain of salt. Based on conversations with those who have pursued investment banking for the long-term or have transitioned to the buyside, the consensus seems to be that working in investment banking is a transformative, educational, and life-changing experience. The demanding workload, strict deadlines, and high expectations create an unparalleled learning environment, and in the process, reveal one's values in life. Investment banking demands substantial time and effort, which can result in extended work hours and heightened stress levels. Nevertheless, this work ethic and devotion are typically compensated through ample financial rewards and rapid career progression. These elements combine to cultivate an environment where professionals are incentivized to continually enhance their skillset and expand their knowledge base.

A prominent professional that I have interacted with (who has spent over two decades in investment banking) acknowledged the sacrifices required, including time with loved ones and personal well-being during intense periods. Don't take these sacrifices lightly. Nonetheless, the decision to break into IB or not ultimately depends on one's priorities and willingness to make trade-offs.

Investment banking provides a solid foundation for future career opportunities, is a unique and prestigious industry, and offers unforgettable stories and relationships, if not a lifelong learning experience and generous compensation at the very least.

Ignore title, I'm now an analyst at a hedge fund.

For me, it was absolutely worth it. My two years in banking were tough - my girlfriend and I broke up, I worked constant 80+ hour weeks, and I'd constantly question my purpose in life and what I really wanted. I went through the existential crises of how important money was, what my values were, and what I wanted to do with my life.

I went to megafund private equity, where my WLB improved, but I still had constant stress with deals blowing up my weekends and vacations. I was still working 65-70 hours a week, which isn't that bad, but my life still wasn't where I wanted it to be. It's still hard to maintain hobbies, relationships, fitness, and good sleep at those hours.

Now, I'm at a hedge fund, and my life is great. The work is intellectually stimulating, I make a relatively stable 500k+ per year, and I work <60 hours with significant flexibility in setting my own hours (which for me often means no weekend work). My boss is smart, also lives a decent lifestyle, and is an incredible person to work for. Yes, I could be fired or have a bad year, but I'm pretty happy with the set-up right now. I've gotten back into multiple hobbies and play in a few sports leagues, have a strong relationship with my girlfriend, get great sleep every night, and still have 30 min to an hour to read every night. 

I couldn't have gotten this job had I not 'earned my stripes', nor do I think I'd be able to appreciate it for what it is. I'm not saying that this is a guaranteed path for everyone, but simply providing my perspective that it was worth it for me. Commenting this because I see a lot of similarities in my own thinking back then reflected in yours, and I would've liked the encouragement that it can get better in this industry.

Short answer, yes, its worth it. More nuanced answer: it may not be worth it for you

From your post, it sounds like you're thinking specifically from the perspective of "I waste hours in my 2 year IB stint to either waste slightly less time on the buy side OR I waste 2 years and then end up in a role I could have done anyway". What you're missing is the actual professional growth you get through spending that extra time working.

I know many who would think about that time as prime learning opportunities. That extra 40 hours a week over two years will result in you coming out the other end slightly bewildered how your peers who didn't do it end up overwhelmed by professional challenges you now consider par for the course.

There is a very real caveat to this though: you do lose that time that could have been spent on more emotional growth. I have close friend who did the IB to PE Megafund route, and he's one of the most articulate and connected people I know, but it's come at the cost of him simply not being able to read the room in what most people would consider non-work related situations. 

Ultimately, IB is just you switching life's default setting to professional development, rather than "balanced development". It's up to you to be aware if this is something you want, and to calibrate for the downsides accordingly.

Wasn’t for me, but if you’re interested in PE (I’m not), then it’s the well-trodden path. 
 

Pros - camaraderie w/ fellow analysts who are typically chill, experience with deal processes, branding/prestige that opens doors across finance, good pay, exposure to management teams/senior bankers/other shot callers, low stakes environment to make mistakes 

cons - unpredictable schedule, boring work, crap shoot when it comes to culture/modeling reps/overall learning (every single group even within the same bank is different), seniors are generally pricks, learning curve flattens very quickly, living in a constant state of fear/anxiety

i suggest you go pursue whatever it is you actually want to do instead of just following others. You seem sharp and can clearly form your own opinions so don’t bother

I'll offer a slightly different response. From a hiring manager's perspective at a corporate, there's a lot of benefit for having IB on your resume as an applicant. It's kind of like a preliminary screen, similar to why certain companies recruit mostly from top MBAs. While there's some variability in personality/fit amongst applicants, I generally have an idea of what I'm going to get. If I see someone who spent a couple years in IB and now wants to transition to a corporate role, I know they have likely had decent grades/test scores (screened by the IB), have worked through some difficult hours (even though we don't), have gone through some sort of standardized modeling training (which we don't provide), and are used to creating neat(er) presentations/analyses. I'll absolutely take that base level of productivity and am happy to teach the rest. Alternatively, there's a lot more variability of what I'm going to get when we hire someone from a more general corporate background since their experience can be more easily fabricated-- in this case, my preference would be a blue chip FLDP. 

Some people go into IB looking at it as if it is two more years of school. IB is one of the best places to learn in finance and even business in general because of the nature of working with many companies and top execs. Many of my peers see IB as two more years of learning, then they hope to pivot to PE to do two further years, then either stick around in finance or get an MBA during which they figure out what they really want to do.

I know only a few who actually want to stay in IB, and a good amount who don't want to end up in any high finance role at all, but recognize the learning opportunity and resume building ability of IB.

Hey man. People on this forum feel entitled to be weirdly mean to young people who ask questions about this stuff. You will see a billion comments along the line of "just enjoy high school", "get laid", "touch grass" etc. Or just straight up troll posts like the one above.

Part of the reason is that working in IB isn't like becoming a professional athlete, artist, etc. It's not something you need to aspire to from a young age to achieve. Another part of the reason is that people who are overly into finance from a young age sometimes have misperceptions about how 'cool' the industry is or make their aspirations to work in finance the cornerstone of their identity. Not saying this is you - your post and questions are very reasonable. I'm just explaining why this forum is hostile to high schoolers.

The number 1 thing you can do for your career now is to focus on getting into a good college. That's all you need to think about. Frankly, your job preferences are likely to change in the next 5-7 years before you get a full time job. Maybe read a book or two on finance. Outside of that, just focus on being a well rounded person 

Don't set your eyes on just money/IB. The world is your oyster. You're young and high school doesn't even matter. You'll come to learn that college doesn't either. Keep your net wide and think of other things to do outside of IB (like becoming a doctor or advancing technology or figuring out ways to improve healthcare). There's enough bankers in the world and all it does it make money out of money. I'm over it. Money can make you and loved ones happy but only temporarily. Make sure to pursue a degree and major in something truly interesting. Not just finance and making money

It's absolutely worth it for the standard 1-2 year analyst stint because your opportunity cost is basically just your time. However, long-term is a harder decision since opportunity costs will be time with your kids, your hair, your health, etc.. I wouldn't be in my cushy $250k+ corporate role at 25 without IB, but I'd rather crawl through glass than be a career banker. This is just my two cents.

absolutely worth it.