Am I at a Sweatshop?

I recently joined as an Associate at an EB and recently got back into banking post-COVID. Heard hours were bad overall but wanted to get a sense for if my firm/group was average or especially bad. 

No exaggeration at all and I've been keeping a log for my hours every day to make sure it's accurate.

  • Usually log on around 8:30 - 9:00am and wake to some ASAP tasks sent early morning from senior people

  • Throughout the day, there is not a single moment of "free" time. The only time I get to eat, grab a coffee, shower or to go outside is when I make up an excuse like I have another call or something

  • Tons of last minute ASAP tasks come up that have been in the MD's inbox for X days but they didn't get a chance to look at it until now

  • Zero training and fully plugged in from day one leaving me feeling legitimately confused even though I did 3 years as a banking analyst at another firm

  • Average log off time of 2-3am with maybe one night at 12-1am and one night at 4-5am; Fridays are usually chill though and can get off around 9pm

  • Worked every Saturday and Sunday so far, although Saturday work as mostly been light <5 hrs


It's tough and I'm doing OK, but I really wonder how sustainable this is long term. Most Associates have quit in my group which is why they are hiring a bunch of people. How does this compare with what other people are experiencing?

 

I think you answered the question about sustainability when you mentioned the heavy turnover. As for the sweatshop question, I'm saying yes but there is room for it to get worse if those Saturday hours flex upwards. I'm sure others on this forum will see this is as average (those in other sweatshops). Best of luck.

 

This is totally a sweatshop and unless you are deadset on making it to MD over having friends, family, a significant other, you will 100% burnout. I would try and find a group, any group, even within the same EB that has better hours because that is absurd. 

 

basquiatbitch

I'm at a firm commonly-described as a sweatshop and it's like that

Ie, you're at a sweatshop

 

It's weird... in my group Associates are making a lot of PPT slides and models and a ton of what I would consider "analyst" work at my old firm. Like I'm deep in diligence trackers and making a lot of PPTs from scratch and my analysts usually just tells me they are busy and get off the hook for everything leaving me to do it. But even when they do help, it often times creates more work than if I just did it myself. It's not like that for every deal, but I'm on 4 live deals and a pitch right now and 2 of those deals I'm effectively both the analyst and associate.

 

Probably 10-15 hours better per week, on average. I was Aso1 all of COVID in a group with strong deal flow throughout most of the year, so I was probably averaging a rough 85hrs per week in 2020, with multiple 100hr weeks in there. Now it’s more like 70-75, with longer hours obviously during an end-stage live process. I was also ranked top bucket and am seen as a rising star FWIW, but I think that’s a function of quickly “getting it” and earning the trust and respect of both analysts and VPs/MDs during my first 1.5 years.

Basically, those 2am nights are now 11pm-12am, I’m usually off by 7pm on a Friday, I almost never work on a Saturday, and I usually put in 3-6 low key hours on a Sunday split between early morning and evening. Certainly makes the lifestyle more sustainable and the job more enjoyable.

 

Sounds sweaty, but is similar to what I've heard from some other Associates at BBs. Would a Summer Associate be expected follow this same schedule during his/her summer?

 
Most Helpful

Geez this sounds sweaty...

Lets do the math!!:

M-Th: 9:00am to 2:00 am = 17 x 4 = 68 hours

Friday 9:00am to 9:00 pm = 12 hours

Saturday: "less than 5 hours" lets call it 3 hours

Sunday: How much on Sunday? Assuming a semi full day since you describe Saturday as light... lets call it 7 hours?

68+12+3+7 = 90 hours a week plus or minus 5-10 hours? 

From what I've heard consistent 90+ hour weeks (at the Associate level) is totally a sweatshop. Other forums on this thread describe the hours (even As1) as 75-80 average a week. If more of your associate peers are leaving in your bank verse other banks then that might be a sign as well. 

 

Tbf, you should be teaching them. They’re 22 and 23yos in their first job and your assumption should be they don’t know anything. I always take the extra 5-10hrs and walk them through things meticulously the first time so that they actually get it rather than nodding their heads and going off to fumble with their dicks for hours on end. It basically always saves time on the back end, the analysts appreciate the mentorship and makes your life way better.

 

I’m at a sweatshop EB and what you described sounds exactly to what I have. These hours were a shock to me even though I had previous IB exp before joining…. Our VP is literally grinding hard too, probably working longer hours than the juniors doing models, pitches, comps, everything.

funny enough, one MD is the cause of all of this.. he sucks 60-70% of the resources in the office. The other MD (we are a small team), uses the other 40-30% of the resources. Both generate the same revenue though.

Can’t wait to see that bonus and test the theory that we get paid more than bigger banks… if my bonus is below avg then I’m out of here.

 

Firstly, is post COVID official

Secondly, you’re not going to make it long-term

Thirdly, you better have your resume updated and start interviewing. You’ll be axed within a year if you stay

I come here when I'm bored....
 

RacoonFood

Firstly, is post COVID official

Secondly, you're not going to make it long-term

Thirdly, you better have your resume updated and start interviewing. You'll be axed within a year if you stay

Why would they be fired?

 

Covid has made every firm like this. The difference is what the firm is doing about it - talk to your bosses about it and let them know what your expectation is on hours. If they can’t restaff stuff or add more resources then quit for a firm that will provide that.

 

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