We Are All Here to Feel a Little Stress

Mod Note (Andy): WSO readers qualify for a $100 discount to Jared's Daily Dirtnap daily market newsletter...just email [email protected] and mention "WSO Monkey Discount" You can follow Jared on twitter at @dailydirtnap

Quick story from the associate training class, Lehman Brothers, 2001.

The businesses would come in and give presentations to the MBAs. Some of them were good, some were bad, some were boring, some were funny. We got about 25 of them, and they all started to sound the same after a while.

I don’t know why this sticks out in my head, but one day we were hearing from the FX research guys. This very European fellow had finished the boring presentation and had moved on to the Q&A. I had mostly tuned out because this wasn’t about trading, and all I wanted to do was trade. Some noob in the back asks the FX research job if his job is stressful.

I’m like, what the hell kind of question is that? Plus, he’s a research guy, so how stressful can that be?

European guy takes it in stride, thinks for a moment, and says, “You know—we are all here to feel a little stress, no?”

To this day, that is one of the most profound things I’ve ever heard.

I think this is where you have to ask yourself, what are you trying to do here? You know that a career in banking or the capital markets is stressful, right? Do you know how stressful? Sure, there are scary stories, like about the banker kid at BofA that actually died, but if you’re like a lot of people, there’s a good chance that you haven’t been mentally or emotionally tested even once in your life, not remotely. Even competitive sports doesn’t really count in a lot of cases—just because it’s physically demanding, doesn’t mean it’s stressful.

So in all sincerity—and I’m not trying to sound like a jackass—my job was pretty stressful. I had grossly underestimated how stressful it was going to be. The average day got my heart pounding like it was going to burst out of my chest at least a couple of times a day, or pounding the desk, or absolutely losing my shit at one of the sales traders. It wasn’t good. I really wanted to drink an abnormal amount of alcohol when I got out of work.

You know, my very first day on Wall Street, sometime back in 1999, when I arrived in the office of the trading firm I was working for, there was an older guy who was packing his shit. “Where are you going?” I asked him. He was quitting, he told me. He had various complaints about how the market was getting more efficient, but I learned later from the others that Ben had just “burned out.” That was how it goes, I was told. If you were a trader, you either blew up or burned out. You didn’t last long. Not many guys over 40 in this business.

So in 2008, when I quit, yes, I wanted to start my newsletter, but if I am being honest, I will say that I burned out. I did seven years at Lehman and I couldn’t work another day. I was done.

I suppose there is some kind of shame associated with burning out, but so what. Today, I couldn’t be happier, or healthier.

So I think you need to be realistic about what you want out of this career and I think you need to understand that the lifespan of a front-office person tends to be very short. You could be one of the rare ones who works until his or her 50s, but that is exceedingly rare.

All in all, I had just short of a ten year career. Was it stressful? It was harder than anything I’ve ever done. I wouldn’t trade it for anything.

 

If you're never stressed at your job, either you're just going through the motions because you hate it and are just there for the paycheck, or your job is too easy.

My job currently falls under the too easy part, but there definitely stressful parts. I think any role where you have to talk to clients is stressful, because they can make something completely simple, not.

make it hard to spot the general by working like a soldier
 

I Could only imagine that it would be extra ridiculous because you could be making their kids happy as can be, but not in a way that they want so you'd have to other things, making them not as happy...

make it hard to spot the general by working like a soldier
 
Best Response

I quickly read Lutnick's bio on Wikipedia. Try being Howard Lutnick at 18:

In 1978, Lutnick was a senior in high school when his mother died of lymphoma. The following year, Lutnick entered Haverford College in Haverford, Pennsylvania. During his first week at school, Lutnick’s father died while in a hospital being treated for colon and lung cancers.2 A nurse treating Lutnick’s father gave him 100 times the dose of chemotherapy drugs that he was supposed to receive.3 Now orphans, Lutnick and his two siblings were largely abandoned by extended family members and instead relied on themselves for support. Lutnick, then 18, was forced to hire a lawyer to settle the debt his father left behind.2

 

Funny post. Got to admit that I'm one of those idiots who like to be stressed and come through on the other side. Had a similar experience when I started; one of the traders got up, after I'd been there an hour, and left. Came back the next day and packed his stuff.

CNBC sucks "This financial crisis is worse than a divorce. I've lost all my money, but the wife is still here." - Client after getting blown up
 

Esse dolor dolor assumenda consequatur optio sint. Cum optio id perferendis quisquam animi vel et. Et rerum veritatis laboriosam ut eligendi tenetur.

Alias non quibusdam sed in nihil. Architecto quo sunt velit inventore animi. Dolores in illo at quo.

Career Advancement Opportunities

May 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Lazard Freres No 98.9%
  • Harris Williams & Co. 25 98.3%
  • Goldman Sachs 17 97.7%
  • JPMorgan Chase 04 97.1%

Overall Employee Satisfaction

May 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.9%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 04 97.1%

Professional Growth Opportunities

May 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.9%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

May 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (21) $373
  • Associates (91) $259
  • 3rd+ Year Analyst (14) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (68) $168
  • 1st Year Analyst (205) $159
  • Intern/Summer Analyst (147) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Betsy Massar's picture
Betsy Massar
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Secyh62's picture
Secyh62
99.0
5
dosk17's picture
dosk17
98.9
6
kanon's picture
kanon
98.9
7
GameTheory's picture
GameTheory
98.9
8
CompBanker's picture
CompBanker
98.9
9
Jamoldo's picture
Jamoldo
98.8
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”