Is there a major workload difference between an analyst in their first year and one in their second year? I always thought they were relatively the same, with the 2nd year person sometimes getting more work because they know how to do things already.
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bell_hk_sig, it depends on the bank that you are at and whether or not your bank double-staffs deals (i.e. puts two analysts on a deal). When I was in banking, there was little difference between the workload of a first- and second-year analyst because we were a lean MM and only put one analyst on a deal. This resulted in a negligible difference in the hours worked by first- and second-year analysts. This might be different at larger banks, but judging from my friends and those who I know who worked at BBs, this is not usually the case.
The main advantage of being a second-year analyst is that the first years are the ones usually stuck with the grunt work. When I was a second-year analyst, I never spread comps, never updated our precedent transactions list, never assembled PIBs, etc. That being said, the quality of work expected from a second-year analyst is much higher. Basic mistakes are no longer acceptable and everything that is less than perfect is viewed as a failure. No one holds your hand any longer.
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