Who actually enjoys working in banking?
This is mostly directed toward A to A associates and/or VPs. For those grinding it out in the middle, who stays in the job for something besides the money? Interested to hear peoples' "why", aside from the more typical responses like working with new clients or closing a big deal.
First years are fresh, exiting second years know they can take their foot off the gas for a bit, and MDs (while the travel, "always on" commitment and pressure to generate revenue are no joke) can at least take solice in the fact that they've "made it" and don't report to anyone on a day to day basis.
For those in the middle, what keeps you happy beyond the money?
For those grinding it out in the middle of the investment banking hierarchy, the reasons for staying and finding satisfaction beyond the money can vary, but here are some insights based on the most helpful WSO content:
Intellectual Challenge and Growth: Many associates and VPs enjoy the intellectual stimulation that comes with running deal processes, solving complex problems, and strategizing with clients. The transition from being a "doer" to a "driver" of deals can be rewarding for those who thrive on responsibility and decision-making.
Team Dynamics and Camaraderie: Positive relationships with coworkers, especially within tightly-knit teams, can make a significant difference. Some associates and VPs genuinely enjoy working with smart, driven colleagues and value the camaraderie that develops over time. A strong team culture, where everyone knows each other's work styles, can create a sense of belonging and purpose.
Client Interaction: For those who enjoy client-facing roles, the opportunity to build relationships, advise clients, and make an impact on their businesses can be fulfilling. This aspect becomes more prominent as you move up the ranks and take on more responsibility in client interactions.
Defined Career Path and Influence: Some associates and VPs appreciate the clear pathway to advancement and the ability to shape their careers. They enjoy having a say in the types of deals they work on and the opportunity to influence the direction of their teams or groups.
Learning Opportunities: Banking offers exposure to a variety of industries, business models, and high-stakes transactions. For those who value continuous learning, this diversity can be a major draw.
Mentorship and Leadership: As associates and VPs, many find satisfaction in mentoring junior colleagues, sharing their knowledge, and contributing to the development of the next generation of bankers. This leadership role can be both personally and professionally rewarding.
Strategic Thinking and Autonomy: At the VP level, there’s often more autonomy in decision-making, from determining what goes into a pitch deck to running deal processes. This shift from execution to strategy can be a motivating factor for those who enjoy taking ownership of their work.
Ultimately, while the money is a significant factor, many associates and VPs stay because they find aspects of the job that align with their interests, skills, and long-term goals. For those who don’t, the grind often becomes unsustainable, leading them to explore other opportunities.
Sources: How can we do better?, The Work Always Gets Done, The Work Always Gets Done, So Much Talk About Exits: What About Staying, Going A2A.. feel like a failure
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