Let’s say investment banks increased the headcount to the point where everyone was working 9-5 type hours and reduced the pay drastically. Like f500 financial analyst type pay. (I know given the nature of the business it wouldn’t work out this smoothly but just play along) Would you still do IB?
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That's called Big 4
But even Big 4 hours can get pretty wild. I don’t think any group at Big 4 works 9-5 except for like tax during the slow season.
Big 4 is still client service and hence you still receive ridiculous requests from clients. I was pulling relatively insane hours 6 months out of the year in audit.
Due to division of labor issues and the client-serving nature of the business, this would be impossible for IB to implement. Playing along, I’d still do it for the exit opps
Do you think that Big 4 audit employees are underpaid relative to the hours that they work, as compared to investment bankers who are paid much more money for working slightly longer hours during the whole year? They are both client service roles which receive ridiculous requests from clients.
Can't opine on if audit is underpaid since I've never done it, but in addition to being less busy, it also seems like less challenging work where you wouldn't need the best talent.
If you're looking at sheer "work" a banking analyst does, they are likely underpaid. At more senior roles, they are probably a bit overpaid in terms of the work they do, but the "value" they bring can't be that easily quantified.
First you get paid for what you do, then for what you know, then for who you are. It does not scale linearly with hours.
this is the correct answer. and it makes Big4 a better choice for somebody who loves finance but also wants to have a life.
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