What do MDs, Directors, and VPs do at their computers?
If they're not working in excel or powerpoint...what are they doing? VPs I can kind of understand as some of them are checking excel backups and editing stuff in PPT. Still, you can't be checking work or giving comments all day long. And what do MDs and Directors do exactly? There's a director in my group who I see sitting at his computer all day long. He doesn't travel to client meetings much (not sure why). So...what could he be doing all day long?
That’s where you’re wrong- you CAN give comments all day. As a VP, all I do is stare at my screen to help me brainstorm on how I can create more unnecessary work for my analysts. I’m talking about 20 pages for the appendix that no one will see, LBOs out the ass with a million different scenarios, none of which will make sense. Formatting for internal shit that no one will look at is also very important. People think that being a VP is about doing deals, talking to clients, but they’re wrong. It’s about doing 77 turns on a 100 page deck on a 5% minority stake stale in a $100mm EV Lithuanian shitco. That’s where the value add is and nothing gets me off more than providing bullshit comments to torture people.
I like to crawl beneath the bull pen line and tuck myself under a nearby desk so I can listen to what analysts are doing something cool and when, then I pick the kids with the best plans and ruin them with pitch decks for companies I’m not interested in.
Then I pop up, say “we used to sleep on yoga mats under our desks back in my day you fucking sloths” and go back to my office.
Fun fact, I've slept on a yoga mat under my desk.
And in phone booths.
Not in IB so maybe take this thematically rather than literally, but we sort of do check work or give comments all day long.
Sometimes i'll have to read myself back into the project I'm focusing on. Then I'm re-reading something that's been sent to me to see if I have more comments.
While the team is turning that, I might have some emails to send (i.e., today I received a question about a previous deal for someone new wanting to get up to speed).
Then there's meetings to prepare for - it's not just the materials, but also making sure you're thinking through all the questions you'll receive and if we have the materials to cover those. What risks might be flagged? Do we think we're covered and how do I convey the commercial terms protecting us in that instance?
All of the ruminating above might lead to more materials, comments, or changes I need the team to make (or I make myself).
Once things are coming together, I'll jump into the excel models - I like getting involved and I'm faster at checking inputs and if the output makes sense if in excel and not on a slide.
Beyond that there's various leadership updates to read through. Reports / data to look at, emails or phone calls that come in from external partners or clients, etc.
Comparatively, I've also had days where I don't leave my desk or pay attention to emails and just read / redline agreements for 4-5 hours.
MDs, Directors, and VPs have distinct roles that shape how they spend their time at their computers. Here's a breakdown based on the most helpful WSO content:
Managing Directors (MDs):
Business Development:
Strategic Oversight:
Internal Management:
Networking and Relationship Management:
Directors:
Transition Role:
Deal Execution:
Internal Coordination:
Vice Presidents (VPs):
Deal Execution:
Team Management:
Client Interaction:
Process Management:
Why Do They Seem "Idle"?
MDs and Directors: Their work often involves thinking, strategizing, and communicating, which may not be as visible as building models or creating slides. Even if they’re at their desks, they could be:
Directors Not Traveling: If a Director isn’t traveling much, it could be due to the nature of their group or deals. For example, they might be in a support-heavy role or working on deals that don’t require frequent client visits.
In summary, while MDs, Directors, and VPs may not be in Excel or PowerPoint all day, their roles are critical in driving strategy, managing relationships, and ensuring the team delivers high-quality work. Their "invisible" tasks are what keep the wheels turning.
Sources: New VP struggles - asking seasoned VPs for help, New VP struggles - asking seasoned VPs for help, Questions about VP/D/MD levels at investment banks, Life at Mega Developers, The Work Always Gets Done
i'm worried that this is me
Also not in IB, so take it with a grain of salt, but I've found that the more senior I get, the more meetings I get roped into. There are days where I have back to back meetings from 9-5 with very little time available for other work.
Leading origination and execution
I mean, it's sort of important to note that the "work" that you do all day long, editing models and powerpoints, is pretty useless in the scheme of things. No one cares. No one reads the pitch decks. No one validates the numbers, which are based on a huge series of unknowable assumptions, or bothers to look at the league tables, which are all done with cherrypicked data.
Senior people in most industries are engaged in building, maintaining, and strengthening relationships. Your long time client doesn't use your group again and again because JP Morgan or Barclays is any better or worse than the other at the super easy job of underwriting and selling a deal, they do it because they have a relationship with your senior banker.
Senior people in any industry are thinking about the issues their clients care about, thinking about how to address those needs pre-emptively, how to be able to answer their questions when the phone rings so they have a response all teed up and ready to go. Everything, everything, a junior banker does is just window dressing to allow their senior bankers to get to the point.
Even beyond that, think of all the other shit that goes on a large organization. Your boss has people to whom they report. They have data to pass up the chain: numbers and analysis surrounding their group's performance, thoughts about hiring/firing, and all the other bureaucratic nonsense that comes with being part of a large organization.
It takes a special degree of self-centeredness to think that the entire organization exists to validate and critique the work that you, and you alone, are doing...
Bingo
Funny rant — tendency is correct but the junior pool is still crucial to eventually bill a deal. What you are describing is the “rainmaking” / origination stage, but execution is also relevant, since there won’t be other deals if the team fkd up.
Would add to your list: tons of project calls (even if your MD/D seems to skip a lot of stuff, it’s because they work 5-10+ topics plus marketing…), internal discussions on what you’re doing / what you should be doing (weekly updates / pipeline etc.), discussions with product teams on specific items (e.g. sector coverage checking in with DCM/ECM regarding environment / pricing / specifics before suggesting something to a client), partially also recruiting and making sure we have sufficient headcount. This sort of stuff takes up a lot of my time… the MDs are even more tilted towards the origination part and internal red tape.
Yes, the people doing the grunt work are "necessary" but I'll point you to the theme of this website for evidence of how important any given person is. Monkeys at typewriters.
And execution is fairly irrelevant. Lets be honest. Citibank still gets deals despite making 9 figure "oopsies" on a regular basis. People still borrow from Wells Fargo despite their long and repeating history of fraud against clients. Goldman has no effective controls around underwriting huge frauds like 1MDB. All of these institutions still rake in billions and billions of dollars of business and fees.
What was the last investment bank that went under because it "executed" poorly? Barings? Even a firm like Bear Stearns or Lehman didn't fail because they failed their clients, they failed because they had abysmal internal controls. Either clients don't give a shit about performance (or put differently, "performance" is so opaque that no one knows if they're getting good or bad service) or the actual job being done is so obscenely easy that it's effectively failure proof.
What do DJs actually do on stage is it a volume dial? Is it even connected to anything ???
My friend is a senior MD at a company. He sent a text to all us bros earlier today. Said he closed his door an is not doing anything today except eating his pimento sandwich and watching the masters. He took a picture of said sandwich and TV. LOL
They pretend to be working to avoid the one analyst who matched with them on Jerkmate Ranked...
It's an email job at that point. They communicate for a living.
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