Losing Excitement For Summer Role
Ive worked my ass off and landed a summer intenrship at a known sweatshop with a good chance of full time. All my friends (who wanted to do IB or ER this time last year and havent) have been nonstop talking about how terrible IB is and how its a sad life. Considering ive already accepted, and worked hard for it, can people share some of the brighter sides to the job, why its good, lifestyle if you stay, what you can afford to have, etc. Love making money over most things, but need a bit of a boost.
you signed up for this life; deal with it
As long as you like the people you're doing it with its bearable. It just sorta becomes a new normal to work til 1am every night
As long as i can go to the gym i am happy. Can you afford a fairly luxurious lifestyle? And do the consistently crazy slave hours last into ASO1 and beyond? Is it expected you are working at those hours or are you just buried in work so you end up awake at those times? Thanks
You seem a bit naive (not necessarily a bad thing I remember when I was there too). So I'll answer:
I was a college athlete and didn't have enough energy to go to the gym consistently and lift weights working 80+ hours.
If your group is a sweatshop, associate thru MD will be working long hours. My MD would be up late late when I was in IB. It doesn't really get that much better, just different type of hours.
But yeah lifestyle is nice
You have a foot in the door. Does working a bunch more hours than your friends at 2x the comp make a difference? It does. You just need to make sure to play the game and balance your hours so you don't go crazy.
It is way easier in NYC, if that's where you are going? People are still out at midnight to 4am 7 days a week if you want to let loose. Figure out ways to make travel happen with the full acknowledgement that your trip might get canceled before or during. I was once at Lake Tahoe for 4th of July, which was on a Saturday that year. I get a call from my group head while I was on a boat (maybe more than a few drinks deep) asking how fast I could get to London. I made it for the redeye that night with help from a friend. You sacrifice a lot, but if you carve out room for yourself around the margins it feels way better.
Thanks for the insight. Worked in New York last year. I’m in another financial Center this year, similar culture. I really only need half a day a week to do my own thing and I’m happy guess that’s up to me to find the time
For me it was very much about finding a few hours here and there, often sacrificing sleep, but it made a world of difference to have some social connection outside the office, even if it was with other analysts from my class.
This guy I know reneged his internship and has been living a great life since. Don’t believe the bullshit people tell you here.
are you trying to say i should decline the offer now? wasnt really what i was hoping for
Not sure what this guy is trying to say, but don't decline the offer. It's a few months out of your life. Who cares? Do it well, get a return offer, and if you hate it, you will then be making an informed decision. As one of the older posters here, my advice would be to suck it up for a couple of months and see how you like it then you can make an informed decision. Even having summer analyst on your resume will help you down the road, assuming you want to do something finance related.
It blows. Welcome to hell.
If you can be a doctor, I would honestly choose that.
Medical Doctor is definitely a harder and more challenging path.
This…your average primary care doc in the US makes $250k. They generally have different priorities but are making 3rd year analyst money while taking on hundreds of thousands of dollars of med school debt. Don’t become a doctor for the money.
you say wendys employees make more on an hourly basis, obviously no clue what you are talking about
If you do the math (which you clearly didn't) - you'll see I am not far off.
Let's assume the absolute worst case scenario and say that you work 140 hours/week every single week of the year as an Analyst 1 at a BB (I work at a BB in NYC currently).
1. Let's first assume you get NO BONUS at all.
$100,000 / (140 * 52) = $13.74/hour, which is LOWER than a McDonald's employees in New York - $14.89/hour (minimum wage). But that's the worst case.
2. In a more likely scenario, let's now assume the economy is bad like from 2001-2003, 2007-2009, 2020 and your bonus is only ~$30K. In this scenario, let's say you work 100 hours/week on average.
$130,000 / (100 * 52) = $25.00/hour, not great but now, assuming a bonus, we are higher than McDonald's.
3. Now let's assume a really good year, assuming bonuses are $100K (100% of salary - rare).
$200,000 / (100 * 52) = $38.46/hour. By no means is this a stellar hourly wage - it's about on par with other professions at our age, if not lower.
The real advantage from finance comes not from what you make now, but your future earnings potential (which is being reduced every year in this industry) and the connections you make. But it's far from a guarantee and often not worth the risk.
There are HUNDREDS of jobs with a far higher hourly salary (>$40/hour) on base salary alone than an IB Analyst job. Had you done some basic math, this point would have been easily illustrated to you.
I repeat. Being a doctor (if you can handle Med School) is a FAR better option. The average hourly pay for a GP in New York City is just under $100/hour, all while barely working 50 hours/week, with unbeatable job security.
It sounds like you’ve put in a lot of effort to get to this point, and while the grind is tough, there are definitely some bright spots to investment banking. First, the pay is great—especially once you move past the junior levels. You’re looking at high six figures once you’re more senior, which allows for financial freedom, luxury, and the ability to afford things most people can’t. The experience you gain, particularly in terms of financial modeling, deal-making, and the overall skill set, is unmatched and can open doors to hedge funds, private equity, and other high-level finance roles down the road.
Another bright side is the network you’ll build. The people you meet are often incredibly driven and can lead to powerful professional connections that will help you later in your career. The learning curve is steep, but if you’re someone who thrives under pressure and enjoys problem-solving, the intellectual challenge can be very rewarding.
While the lifestyle isn’t exactly relaxed, it’s also a choice—working hard early on can set you up for much more flexibility later in life. And if you’re passionate about making money and enjoying the perks that come with it, IB offers a lot of room to grow and live a lifestyle that reflects your success. Just keep in mind, it’s important to balance work with personal care and make time for things outside of the office when possible.
Thank you love this
Do well this summer, secure a return, and then fulltime recruit for consulting or something else more chill if you don't enjoy the lifestyle.
Yeah agree with this. Also, it’s easier to get another offer if you already have an offer in hand (even if you’re not going to take it).
Seconded...you are in a good spot so figure it out as you go. If you decide to bail, you will be doing it with some learnings and a line on your resume. The DBL guy should just apply to medical school as he knows how it is such a better path. As an informed party, it isn't. Don't listen to him.
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