Why do bankers think they are superior?
Fwiw, I'm a junior banker. After interacting with people in the industry, either at work with my seniors or with a couple of remote family connections who are now VP/EDs, I cannot but notice that quite a feel somehow think they are superior to other people.
I know that ib gives you some healthy $ to live by. I also know quite a few small and medium business owners who, while not Bill fucking Gates or some Musk dude, make roughly the same as an MD at a top group or more. They don't need to pull deals constantly. Some of them have pretty chill lives.
It's just a job. Yes, it's a good job, but it's only one aspect of a human being.
because bankers are doing God's work
Sheds an American Tear*
Damn straight we are
Because synergies ain’t gonna be estimated themselves, asshole.
ironically most synergies are estimated by the consultants and not the bankers...
Because they were likely beaten up a lot in school and now want to sublimate their abuse in a non-physical way towards others. And also, they likely have small pensies.
Here is a list of reasons:
1. Better educational background i.e. I went to Harvard you went to a state school so you're a peon....this is enough for some people
2. Working 80 hours per week i.e. I am a superhuman compared to those working 40 hours per week
3. Size of transactions - I closed a $5 billion dollar deal while other people think 6 figures is a big number
4. Prestige whoring gets to people - Working at JPM, GS, etc sounds cooler than being the financial analyst for the Dress Barn
5. Pay - Despite the hours, you get 6 figures at a young age so you must be an evolved human being
6. Selective process to get the job - hundreds apply only a few get in...must make me special.
Note I personally think that these are all stupid reasons but a cocktail of these ingredients will make 90% of people feel that they are superior to others. As you note, a small business owner might earn more, but rarely does a small business owner get to experience all 6 of those factors at once.
Yeah and we just have a way bigger dick too so
People would be shocked by how many of the small business owners and car salesmen in your communities make more than the average partner at Blackstone.
I highly doubt small business owners make $1 million+ consistently, and that's after working at the business, assuming the risk/liabilities, and having capital invested. You always have to worry about competition, economy, and depending on the industry, regulations.
For context, I make $500K, no financial risk or investment. I average 70 hours per week, work from home, and have certain perks business owners don't get (meals expensed, 401k match, healthcare plan, etc.). The execs at my IB can worry about competition, market conditions, and regulations. If I get laid off or fired, on to the next gig (after collecting some modest unemployment in between).
Don't even get me started with car salesman...
All of these are so true. It's human nature to feel that way even though it's dumb. And agreed based on my past experience that bankers typically tend to feel that way towards non bankers. What's interesting is that many of them also tend to drop that attitude real quick when they talk to PE or HF people, presumably because they think PE/HF is all of what they have and some. I don't agree with that. It's a job at the end of the day, but that won't change people from feeling how they feel.
They make enormous sacrifices in terms of free time, mental health, and physical fitness so they need to convince themselves that they're a highly evolved form of life to justify those costs.
I think this is the right answer. People -- all people, not just bankers -- have a need to feel like the choices they've made throughout their lives were the right ones. When presented with evidence to the contrary (i.e. hey did you realize that there are people who make as much as you or more, with a higher quality of life and with fewer sacrifices along the way?) they'll squirm and figure out a way to balance the equation ("but my work is more impactful" or "yeah but they got really lucky" or "but my risk is lower" and so on).
If the equation doesn't balance, then they'd have to come face to face with the realization that they could have made different choices that would have been better for them, and a lot of people can't actually face that reality. It's funny at first and then really sad watching someone's brain melt when they run out of arguments and see the truth.
I'm not saying being a banker is a bad choice, by the way. It's a great option for someone with a certain skillset and drive and interest in the nature of the work and the clients. But that's a smaller population than the total number who make the choice.
I am always surprised at how many people in IB I've met that drank the Koolaid (and shotgunned that shit down their golett at that). And the end of the day I think people become consumed with their job due to the hours, early recruitment, and stress. It becomes the whole personality of some people and that naturally leads to thinking you're better than those which aren't solely focused on their careers.
Honestly who gives a fuck.
My own take, is you gotta go in and say "I'm paid more than 95% of people in this country, and will have the best exit ops on the planet after 2 years".
They're assholes, but they're paying you.
Bank your bonus, and look back at it in 2 years as being glad to have gotten a good exit opp.
Investment banking is what it is. Most people use it to springboard themselves to a new career afterwards. It's temporary. You're young. And the world has a lot of fucking problems. Being paid 150K at 21 in a fancy skytower in Manhattan ain't one of them
I go to the grocery store, and see 60 year olds earning minimum wage doing fucking labor.
Yes the industry is shit. Do your 2 years and get the fuck out to PE/B-School/WTV you want.
You gotta pay your dues in your 20s man. No shortcuts to success and money.