Is there anyone either currently or previously in IB whose mental/physical health has not suffered. Seems like all the posts now are about people wanting to quit IB less than a year in which is super scary to see for those about to enter the field
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I mean working a ridiculous amount of hours is just part of the job and everyones mental health probably declines a bit but tbh a decent chunk of analysts and associates I know are able to keep in shape, maintain good relations with SOs and friends, etc. Just got to be good at pushing back and be somewhat consistent in your schedule (Working out and sleep).
The answer is no, everyone that works the job sacrifices their health in some way. The job has tradeoffs. Some people are ok with them others aren’t. Most people find the job is worth it for a little bit, then they find it is no longer worth it. This doesn’t mean everyone has a mental break, but it does mean almost everyone eventually does some introspection and realizes despite being paid highly there is another role that will either 1) pay them more 2) teach them more or 3) give them better life balance
Just very superficially:
I wouldn’t be afraid of the role because it can be enjoyable or worth it for some time, but eventually near everyone decides it isn’t worth it staying. Those that do, usually make the tradeoffs and are ok with it such as having less children or being less present in their children’s lives or just having less friends and hobbies. There isn’t a right answer for these things you need to figure out what your ideal work situation is and how a career plays into your life—that’s part of growing up.
Yeah I wanna die
Same
I was class of ‘22. I made it 1 yr in banking then left to PE. Can confirm both have equally bad WLB - In a years time, I hope to pivot to something in strategy/biz ops. Some are able to juggle it but personally my body is deteriorating from lack of sleep..
Was it worth going to PE after a year? I plan on joining a LMM shop after the 1 year mark
It depends..if you’re someone who knows finance is the place for you then absolutely get a year’s head start. For me tho, I didn’t know what I wanted to do after and PE was the natural exit path..it’s been a huge learning experience but I’m ready to have more time to pursue my hobbies
Is it a LMM or MM shop? Thought PE would have been at least a bit of an improvement on hours.
You will definitely work insane hours and it's a level of sacrifice that is not for everyone. You know that going in though, and if you choose to do the job, then you should be ready for it. People have different ways of coping and a lot of it also comes down to managing up. That being said, you will certainly endure a lot which means you will develop a very thick skin and a good sense of where your bottom line is, which is important and will help you in the future.
If you eat right, you can maintain your health.....I haven't seen anyone actually improve it but maintaining is not too difficult. On mental health, you are just screwed. Unless you've reached a higher level of zen, your mental health will be destroyed.
Don't know anyone who has been in IB without significant damage to mental health.
The lack of sleep has a great effect on both your mental and physical health. Feeling weak, constantly tired, easily annoyed, more pessimistic etc.
The total lack of WLB results in you not being able to pursue your hobbies, be with your friends, have a nice dating life or even just take a couple of hours to chill and watch a movie at the end of the day. Your life on every day of the week except for Saturday is literally waking up, working, sleeping, and repeating. Some will say that you have all the options in the world to do what you want on Saturday, While true in theory, you are often so tired after the week that you do not have the energy and you also have to catch up on chores.
Moreover, the work itself is really boring. I think people would be more OK with the hours if you did something really interesting like building a revolutionary start-up or similar. But when your work (as a junior) consists of taking notes, scheduling meetings, and updating the comp table for the 87th time this week, the hours become so much rougher.
Lastly, there is the culture in IB. You are not treated as a human being, you are treated as a resource whose only purpose is to maximize output. I've even seen people who had deaths in their immediate family not being allowed to take a few hours off immediately after the announcement of the death. You can work for 2 days on a presentation and do a great job but the only feedback you will get is "thanks. Why is there a double-space in the footnote on p.82? Please double-check the entire presentation for double-spaces".
With that said, the combination of sleep deprivation, lack of time to pursue a life outside of work, boring tasks and shitty culture makes IB a very difficult industry to enjoy. I am yet to meet anyone who even remotely enjoys the industry and is below VP. As you might be able to guess, I strongly regret going into IB myself but will soon join a UMM PE fund. Surely, the WLB will not be great but the tasks will be more interesting and culture seems much better.
The work will be more interesting, but if you’re going to a top UMM with expectations of good culture do I have news for you…
I mean the fund consists of ex-bankers so obviously, culture will not be amazing. Meanwhile, I still got the feeling that people are a bit more laid back and also care more about each other as they plan on staying there long-term (compared to IB where everyone just wants to leave ASAP so why even care about culture).
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