I-Banking is great
But does anyone REALLY want those AWFUL hours?
I'm an intern directly under an MD at a boutique in Toronto. I've spoken with many different associates/analysts and all seem to point out that iBanking has horrible hours.
One (now research) associate I spoke with used to be at Scotia Capital and had to put in 100 hours a week! Also, you make money when deals happen, which at a bank-owned operation like Scotia, happens very often. Sure, the pay is great but having no life isn't. So after all of that, what's left to be appealing from the iBanking side?
(Sales & Trading and Research are looking way more attractive to me now.)
You're perfectly right. That's why I am gunning for S&T. Think about it: you work around market hours, you get weekends and holidays off, and you make as much money as bankers. There was a thread: "Quarter life crisis," where all the bankers were complaining about how miserable their lives are, and the S&T guys rubbing it in.
The only thing holding me back from making a solid decision is exit opps. I'd like to eventually get into Management Consulting. Is there anyone really looking to stay in banking forever?
I think the difference is that in trading is heavily performance based, where as in banking you don't need to be top of your game to keep your job until you hit VP or MD. Since in trading you have a P&L and I'm assuming if you screw up bad enough once you get canned and have a better chance to occur since your market driven, not deal driven like IB.
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