How does PTO work in banking?
I may be a complete idiot for even asking how PTO works in the industry but because there is always work that needs to be done, is there any time an analyst can ask for time off? If so, does the PTO consist of still working off your laptop?
As an analyst don’t take more than 3 consecutive days
also have laptop be handy at all times
I work in CB, I put in the request, gets approved by my MD within a day, and I take time off. Will sometimes check my phone if I’m bored waiting at the airport etc, but no requirement/expectation to work. I have taken a week off, and some of my coworkers have taken 2 weeks off
In industry-aligned M&A IB and guess my experience is unique. I’ve been able to take a full work week off every analyst year for a vacation, as well as a day here and there for weddings. Think that’s true for everyone in my team. We just have a culture where everybody else on the deal team or pitch team steps up during that period to cover for whoever’s out to the max extent possible, knowing they will also get the same courtesy. I’ve had to address questions and respond to emails during PTO but never had to skip a whole day of skiing to sit at my computer making excel outputs. I’ve also been lucky to time my vacations right after deals close or before they launch.
The MDs and Group Head also usually do a week or two off twice a year, once in August once in winter or spring, where they still hop on client calls and live deal calls and such. All of this is still a fraction of the 20 days of formal PTO and 15 sick days our bank contractually gives us.
Hasn’t stopped me from being on a couple closed deals a year, getting above street bonuses, and getting promotions. The stories I see about people never being able to take vacation really shock me. There must be a lot of key men on WSO whose groups can’t survive without them for an even few days.
This has been my experience as well, and tbh it still sucks ass. Pretty messed up that we work in an industry where taking a whole 5 days off in a row is considered “great” after working continuous 80hr weeks. In my experience, it’s not nearly enough to meaningfully recharge, especially when you are getting pinged one off with random questions.
The worst part is, I work in a group that is considered to have a “good” culture yet I feel tremendous anxiety actually asking for and taking PTO. It try not to give a fuck but it feels frowned upon any time someone is out. Then on the other end of the spectrum I have friends who have never taken more than 2 days off in a row lol. The sad part is most of the actual PTO you get is between jobs.
From my analyst years to now VP I’ve switched thrice (so total 4 firms). Took a month break each time.
I don’t know how I would have survived without it
The brainwashing is such that you think a week off is a great outcome
every other job you have people taking 3 weeks off and not checking emails more than once 3 days
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