Do bankers really travel all that much

I read a lot about bankers traveling a lot.

Define a lot?

I define a lot as minimum 2 flights a week. Meaning, if you don't travel more than a consultant - you're not traveling a lot.

So with that definition in mind - do bankers really travel "a lot".

I read somewhere that VP's travel the most out of bankers? In consulting firms, I think low level partners will travel the most - and by a lot i mean, they'll do 6 flights a week.

Comments (120)

Feb 16, 2010

The more senior you are, the more you travel. VPs and above travel >50% of their time I think.

Feb 16, 2010

It is very random at the analyst level.

Feb 16, 2010

I know this kid who summer interned at MS...who ended up going to Greece with their Shipping team. NICE. Extremely rare as an intern...rare even as an analyst...

"Whenever I'm about to do something, I think, 'Would an idiot do that?' And if they would, I do NOT do that thing."
-Dwight Schrute, "The Office"-

Feb 16, 2010

To echo macro's comments, very random at analyst level. The senior guys are almost always gone.

Feb 16, 2010

what type of tickets do bankers book? Full fare coach or discount first for domestic?

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Feb 16, 2010

what about associates?

kennethlchen: at my BB the policy was business/first for SVP and up on transcontinental and business for all employees traveling international (outside North America). However, our team was mostly visiting regional clients so lots of the flights were either on puddle jumper regional jets or smaller planes..

Feb 16, 2010

yea - banking budgets are way better than consulting budgets.

Best Response
Feb 16, 2010
kennethlchen:

yea - banking budgets are way better than consulting budgets.

This doesn't make sense. When a banker travels for deal purposes, the expenses are billed back to the client, including travel. If you're trying to say that banker clients complain less about exorbitant travel expenses than consulting clients do, then that may be a fair statement.

Feb 16, 2010
CompBanker:
kennethlchen:

yea - banking budgets are way better than consulting budgets.

This doesn't make sense. When a banker travels for deal purposes, the expenses are billed back to the client, including travel. If you're trying to say that banker clients complain less about exorbitant travel expenses than consulting clients do, then that may be a fair statement.

Pretty GMAT-like. Good point.

Feb 16, 2010

Great post compbanker!

Feb 16, 2010

Here's the difference.

Most consulting contracts are fixed price even if they're quoted as Time and Material. That said, consulting budgets typically work with 10-20% expenses depending on locale of the project. If it goes over that amount - you eat the expenses. Period. You can't bill every expense to the client. Many firms have to discount the hell out of their work. If at a small consulting firm with a middle market client and your firm is only billing out at $120 / hr and you've got 10% expenses, your lifestyle is vastly different than if you're on a big name client, that only wants several months of work at really high rates - then you can spend as you like. Bankers take car service and I know my previous firm especially noted no car service. Furthermore, many projects even required your plane tickets be less than X amount and in instances where it wasn't - you had to e-mail the project director - not a comfortable e-mail.

Most consulting firms are unwilling to eat that additional expenses. Furthermore, on proposal work, expenses need to be minimized. At my previous firm, they prohibited all non client travel (for the most part) because many directors or partners traveled to places to work on different proposals.

You can't bill whatever you want to clients - at least not in consulting - not by a long shot. More and more clients are requiring receipts for things over X amount. Many Senior managers complain that while they're trying to manage expenses, directors and partners are spending $3100 full fare first class ticket, staying at a $500 / nt hotel and buy $200 dinners for themselves and their spouse - and expense it all to the project with the 10% fixed fee contract.

Many of you might be wondering - if you're billing hours, how is it fixed fee? It's a good question, but its because when you provide the fixed fee - the fixed fee number needs to be generated from somewhere and it also provides some flexibility for the project in terms of resources and provides a clear project metric.

So yes - while It depends on the project, clients are becoming smarter and smarter about consulting expenses and don't want exorbitant expenses. Exorbitant includes first class domestic airfare and business class for analysts to go overseas. Apparently Banking M&A deals provide a little more latitude?

Feb 16, 2010

Thats too much info for me (or anyone) to bother reading.

Feb 16, 2010
Mezz:

Thats too much info for me (or anyone) to bother reading.

in short, expenses work differently - so it does make sense?

Feb 16, 2010

Isn't this the IT guy who wanted to kill himself?

Feb 16, 2010

Where to start w/ this thread...

1) MD/Ds in my group are on the road at least 2-3 days a week and sometimes will link 4-5 days together if they go out West and then travel back Easy.

2) Analyst/Associate travel tends to be deal oriented and unpredictable. I was gone for something like 10 consecutive business days as an Analyst because we were on an equity roadshow. M&A diligence can also require alot of travel if you are on the sellside and managing "management meetings".

3) Travel is billed to the client on deals and often travel expenses incurred are rolled into future deal expenses, but only if you ended up winning the mandate. In some cases, such as M&A, you'll define a reimbursable expense budget (say $50-$100K) in the Engagement Letter.

4) Most tickets are booked as coach, but the senior guys almost always end up with an upgrade because they have fairly high status on most airlines.

Feb 16, 2010

I was told that bankers book full fare economy if they book economy. (Y/B fares) - so that's why they always get bumped.

Feb 16, 2010
Feb 16, 2010

I honestly have no clue about the different fares within a given zone. Bankers in my group just give the admin a destination and their flights are booked for them.

Unless they are flying a high traffic route, they end up being upgraded. The one exception is when they fly regional flights and end up on planes that don't have first class.

And I'm pretty sure they're allowed to book first class on any cross-country flights (i.e. NYC to SF or LA).

Feb 16, 2010

I'd say industry bankers travel a bit more, but not significantly more.

Leveraged finance bankers weren't travelling too much in 2H 2007, while ECM bankers weren't travelling all that much in 2H 2008. Product bankers will obviously travel more when their product is hot.

2nd/3rd years may get upgraded if they have been travelling a decent amount, but that's somewhat unusual. Although, every once in awhile you might have a senior guy who throws you a bone and upgrades you.

Feb 16, 2010

I personally don't even enjoy traveling, what are benefits?

Feb 16, 2010

I guess it's exciting at first to meet CEOs/CFOs of various companies, go out to nice restaurants, stay at nice hotels, etc. It's also good to be part of those meetings because you get a realtime view of various industry issues and market sentiment.

From a pure financial standpoint, travelling alot means you get all your meals paid for and accrue miles, etc. that can be used to purchase personal airfare.

But, yeah, the excitement of travel wears off pretty quickly. Especially as an Analyst/Associate when you're expected to keep up with all the work you're missing in the office. Nothing like getting back after travelling and going directly into the office.

Feb 17, 2010

kennethlchen - what you are saying may be true for IT consulting but for strategy consulting, the economics are completely different. As a 1st year analyst, my bill rate was between 350-450/hr, expenses were always 15-20% and I was fortunate to be relatively flexible about travel. I was based in NYC and I can tell you, we travelled/expensed better than any banker I know. I realize this sounds like bragging but obviously the story was completely flipped come bonus time.

Some of the expense stories I heard, you would not believe if you don't understand the economics. One international project stands out in my mind, project manager was racking up > 20k/week in expenses without breaking a sweat.

Feb 16, 2010
ideating:

kennethlchen - what you are saying may be true for IT consulting but for strategy consulting, the economics are completely different. As a 1st year analyst, my bill rate was between 350-450/hr, expenses were always 15-20% and I was fortunate to be relatively flexible about travel. I was based in NYC and I can tell you, we travelled/expensed better than any banker I know. I realize this sounds like bragging but obviously the story was completely flipped come bonus time.

Some of the expense stories I heard, you would not believe if you don't understand the economics. One international project stands out in my mind, project manager was racking up > 20k/week in expenses without breaking a sweat.

Sounds like good living.

Which industry were you doing / time frame and what type of work?

Feb 17, 2010

It's difficult to generalize. These are the two most extreme examples that I am intimately aware of.

Deloitte won a bid to a Fortune 500 at $135 an hour with 100 free partner hours last spring.

Last fall 7 of us expensed 110k for one night of strippers and booze. Never did anything remotely close to that when I was at JPM, and I no longer work at a bank.

I rich, smarts, and totally in debt.

Feb 17, 2010

At a meeting there was a former executive/ founder of Top 5 Consulting Group and the guy told us that he had flied every 2 or 3 days between NYC and London for almost 20 YEARS...

I can not imagine being able to do that.

Feb 17, 2010

Me neither, I rather do the IBD traveling schedule than a consultant.

Feb 17, 2010

I expensed $1.5-2k/week as a consulting intern at a m/b/b. IIIRC, the breakdown was something like:

$600 - RT "Y-up" domestic fare (fully refundable, automatic upgrade into first)
3 x $200 - Hotel for M/T/W - (Was staying at a W)
~$150-200 - cabs (I actually took a car service to/from my apt, but a cab to/from client site)
$200-300 - food (could be significantly more if I picked up the check for a big dinner)

I'm not sure it was really that much more extravagant for partners. They got suite upgrades at the hotel on occasion, but that was just a result of SPG status. Some were juggling multiple cases = more flights, as well.

(I should add that this was mostly pre-economic meltdown... I've heard expenses have tightened up mildly, i.e. I wouldn't have been able to book y-up fares if I were on the same case now (but I might still get upgraded as a result of status or instruments)).

Feb 17, 2010

a few things about traveling...

at the analyst/associate level, traveling sucks.
1) because you still are responsible for work with other deals and pitches you are involved with. thus it means even more work b/c of time away from your computer/desk.

2) one of the hardest parts about going to a client meeting is staying awake! no joke. When you are in the office you are constantly thinking and doing things. then when you have go to a 3 hour meeting, and not saying a word...not a word, other than hello. All of sudden, your body goes into rest and relaxation mode....and the eyelids get extremely heavy, b/c you haven't slept in days. One time I had to pretend like i needed to go to the bathroom so I could wash my face with cold water.

A lot of people don't realize that often times when junior guys travel it is just for image (except for roadshows where there is babysitting and logistics to coordinate). The bank wants to portray the image of, " you are important to us...look at how many of our team members are here to serve your needs". So often times they would fly people not even involved in the deal to places across the country, just so that at the meeting there could be 3-4 bankers that gave off the image that there was a lot of people attending to their needs and serving them....i was quite shocked when I heard about this, especially when you realize how much the flights/hotels cost. The junior guys rarely talk, rarely. Often times the junior guys will fly home right after the meeting, and the senior guys will stay to do the entertaining at restaurants/bars/golf.

Finally, let me also add that which junior guys get to travel also has to do with image, not always, however I noticed general trend. Generally senior guys want to have guys that look older than they actually are and/or good looking girls that give of the image of "hot secretary". We had a really hot Asian girl that wore the tightest pinstripe skirts... guess who got invited to all the meetings? There are also analysts who haven't quite gone through puberty yet, nobody want their little brother tagging along with them. Let me also add, it also the people who dress the best... as crazy as this sounds, there will be people in the office who dress a lot more stylishly than others, better fitting clothes/suits, overall sharper appearance, in better shape, etc. I recall one time a VP came over to me to discuss exactly what each of us would wear the next day, ensuring we wouldn't look the same. Another occasion he suggested to an associate that he buy a new briefcase, no joke, however to the two of them were good buddies, it was easy for him to be frank about his cheap looking briefcase.

As far as the consultant/banker debate...consultants get a lot more travel perks than bankers. simply because their career is traveling and consulting firms ensure they are comfortable. check out this weblink. these guys spend their lives living in hotel rooms.
http://managementconsulted.com/consulting-lingo/pe...

Feb 17, 2010

My guess would be in Banking most travels have a much shorter lead time (say 1 week) compared to consulting (3 weeks). This probably leads to higher fare classes based on availability, like B or H, compared to LUTM. I'd be surprised if any bank allows any Analyst/Associate to buy F, unless that's the only option available. But as a consultant, if you are traveling every week, you should be in top tier status, and get upgraded with your M fare leaving ORD or ATL even Monday mornings.

Also in your IT consulting scenario, when a company is paying travel for 20 people for 70 weeks for a support function, they'll be much more concerned about cost than 2 trips for 6 people. And if you are staying anywhere below Sheraton/Marriott/Hilton (would want to be in Westin/W/Ren actually), that does suck. But then again, you can't expect much in Tulsa compared to Manhattan or LA.

But if you want my own experience (non-MBB, but not IT), I've rolled into client site in a H3 (rented intermediate) and bought fair share of H/B/F fares and got my suites (even with jacuzzi) for <$150/night. If you are going to the same location every week, you probably see the same people manning the desks in Avis/Hertz or the hotels. Build some relationships.

Feb 17, 2010
brick:

My guess would be in Banking most travels have a much shorter lead time (say 1 week) compared to consulting (3 weeks). This probably leads to higher fare classes based on availability, like B or H, compared to LUTM. I'd be surprised if any bank allows any Analyst/Associate to buy F, unless that's the only option available. But as a consultant, if you are traveling every week, you should be in top tier status, and get upgraded with your M fare leaving ORD or ATL even Monday mornings.

Also in your IT consulting scenario, when a company is paying travel for 20 people for 70 weeks for a support function, they'll be much more concerned about cost than 2 trips for 6 people. And if you are staying anywhere below Sheraton/Marriott/Hilton (would want to be in Westin/W/Ren actually), that does suck. But then again, you can't expect much in Tulsa compared to Manhattan or LA.

But if you want my own experience (non-MBB, but not IT), I've rolled into client site in a H3 (rented intermediate) and bought fair share of H/B/F fares and got my suites (even with jacuzzi) for <$150/night. If you are going to the same location every week, you probably see the same people manning the desks in Avis/Hertz or the hotels. Build some relationships.

You'd think that with the regular travel, consultants would book into cheaper advanced fares. But because of the volatility of the travel (case could be canceled / team could decide to stay in the office on a Monday) - consultants typically book into fully refundable fares, which are the Y/B/H fares you mention.

Feb 17, 2010

Travel varies by group - Analysts in our group travel all the time and our policy is always to fly business

Feb 17, 2010

$135 / hr is chump change and I find this hard to believe that they accepted this. Also - Deloitte policy says no strip club expenses period. You'll get audited by the expense nazis.

If you think about it. $135 * 45 = $6075. At 15% expenses is $911 a week. I don't know where you're flying from but that's really little.

Flight = $250 - BEST CASE
Hotel = $150 / nt + 11.75% tax ~ $500. (3 nights - 3/4/5)
Car = $200 / week. That's 950 already. Deloitte eats the balance.
Food = $50 / day ~ $200. That's 1150.
Taxi to and back ~ 100 - 150.

That's $1300 / week. Much greater than your alloted expenses.

Furthermore - 110k seems ridiculous for 7 people for one night. That's like 15k a person.

Even for an IT project $135 is really really cheap and at that point, you're competing against Indian IT firms.

Partner's often don't book their time - just their expenses anyway. Clients should know that they don't want partners around because its the partners that are expensing the exorbitant expenses.

I'm not sure if you've seen the pricing model but $135 / hr is really cheap. I don't know how long your project was and hopefully it wasn't a strategy project otherwise Deloitte is in big trouble.

Feb 17, 2010

Possible though. Last spring was tough times, as far as selling works go. I'd guess it was a short term assessment type of work with possibility of leading to something longer/bigger?

But I'd be more concerned about how they staffed the project. Even internal cost rate for most resources (not Analyst) should be above that, and that's before the margin you have to maintain, which is pretty high.

Feb 16, 2010

I don't think consultants "typically" book this. I think that's a HUGE overstatement.

Booking Y/B fares all the time will have someone pointing fingers.

I don't know which consultancy you work for - but let me know. It's almost always cheaper to book 3 weeks in advance and then change then to just book a Y/B fare. There are what if's in life but people don't book their flights last minute because of them. If this is a common practice for you, I really think its unethical.

Feb 17, 2010

I never booked a flight > 1 day in advance.

kennethlchen:

I don't think consultants "typically" book this. I think that's a HUGE overstatement.

Booking Y/B fares all the time will have someone pointing fingers.

I don't know which consultancy you work for - but let me know. It's almost always cheaper to book 3 weeks in advance and then change then to just book a Y/B fare. There are what if's in life but people don't book their flights last minute because of them. If this is a common practice for you, I really think its unethical.

Feb 17, 2010
ideating:

I never booked a flight > 1 day in advance.

kennethlchen:

I don't think consultants "typically" book this. I think that's a HUGE overstatement.

Booking Y/B fares all the time will have someone pointing fingers.

I don't know which consultancy you work for - but let me know. It's almost always cheaper to book 3 weeks in advance and then change then to just book a Y/B fare. There are what if's in life but people don't book their flights last minute because of them. If this is a common practice for you, I really think its unethical.

My experience was at an M/B/B (as an intern!) and I'm 100% sure my entire case team booked fully refundable tickets. We were also permitted for this case (and this was a bit unusual) to book Y-UP tickets that came with an automatic upgrade to first. But the fully refundable tickets was pretty standard operating procedure -- people would do things like book 3 or 4 flights on Thursday (for example - the 3 p.m., 4 p.m. 5 p.m. and 6 p.m.), so they could reserve their seat in first, and then the company would get refunded for whatever flights they didn't end up taking.

This was all done through the travel department - so it wasn't like I was specify specific fare classes or anything like that. I imagine the terms were all worked out with the client beforehand...

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Feb 17, 2010

Precisely. My schedule is generally predictable, Monday-Thursday, switch between cities. But lately I had to change around. Even yesterday I changed couple of RTs that I bought last week. They were $600 to begin with, but I won't go buy Y fare just for the heck of it, unless I am told on Friday 3PM to report somewhere Monday 11AM.

I am just a lowly Analyst though, working for one client at a time. Different stories for partners who are managing 4 current clients and trying to sell work to 5 more, all in the same week.

Feb 16, 2010
brick:

Precisely. My schedule is generally predictable, Monday-Thursday, switch between cities. But lately I had to change around. Even yesterday I changed couple of RTs that I bought last week. They were $600 to begin with, but I won't go buy Y fare just for the heck of it, unless I am told on Friday 3PM to report somewhere Monday 11AM.

I am just a lowly Analyst though, working for one client at a time. Different stories for partners who are managing 4 current clients and trying to sell work to 5 more, all in the same week.

Right on brick. We are lowly people. =(

Feb 18, 2010

MD in my group, fixed income sell side bulge bracket, travels >3 days a week. He has a max $150 a head at dinner, can go over if he needs to. Books mostly last minute tickets. I just got back from Jersey to Boston that was $800 a ticket airfare. What a joke.

I'm an analyst and have traveled once in the first 8 months here. Our clients are always accessing the debt markets so we are almost 75% repeat customers. MD mostly travels to take clients out to dinner. No joke the guy flies to Cali from Boston to have dinner and is back in less than 24hrs, total.

Regarding first class. They don't always get booked first class but they fly so damn much that they get auto upgraded on most flights.

Feb 21, 2010

Don't forget that the bigger the firm, the better the deals you get. IBM consulting is unfamous for pushing for huge discounts as they book, what, 100.000 nights per year?

Feb 21, 2010

Road Shows sound pretty miserable...corporate jet...5 star hotels...expensive dinners...ROUGH

Feb 21, 2010

if it was just a trip with a jet, nice hotels, dinner etc, it would be awesome (also this stuff gets old real fast). but no, you have a ton or work, other projects, etc that youre still responsible for and the traveling is just another pain in the ass that makes it harder and less convenient to get your work done. its tiring and fustrating really. but it is nice in that you do get out of the office and see a different change in scenary. thats about it

Feb 21, 2010

Um a direct quote from Monkey Business...."Traveling is a bitch."

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

Feb 21, 2010

I do trips back East every now and then, and it's a pain in the butt and you get tired very easily. The only upside, is that my firm doesn't have a limit on dinners or drinks, so I really look forward to those and make time to enjoy the food where I go.

AND this shitty part about doing work while traveling is... you have to use a laptop which has shitty-ass keyboard with no 10-key! I hate that part a lot.

Feb 21, 2010

Get a USB 10-key from Staples for $20

Feb 21, 2010
PoolSideBanker:

Get a USB 10-key from Staples for $20

Good idea. Will do before I leave next week.

Feb 21, 2010

Agreed, I've got a USB 10-key from Walmart, it was $15 or $20 I believe. It's actually nicer than a regular keyboard, because you can move it around.

Feb 21, 2010

travel...great in theory...terrible in practice

Feb 21, 2010

In my experience, I get more sleep when I travel than when I don't. But think about it -- not only are you probably working on only one deal when you travel (thus more likely to get at least a few hours of sleep at night), you get hours on the plane where nobody can bother you... and if you don't have to work on something on the flight (I never do), it's some of the most peaceful time an analyst gets.

After a while the sheer exhaustion of being responsive 24-7 to multiple people around the world, it's very nice to have a few hours where I know the Blackberry won't go off and my phone won't ring. Zero responsibilities, zero interruptions. It feels incredible.

Feb 21, 2010

Hate traveling...usually. Airlines are never, ever on time; we always have to reschedule our flights; senseless security protocols; working from laptop in hotel room sucks; hotels will frequently screw up reservations for our rooms or meeting rooms; driving analysts by remote is much less efficient; hate all the catch up upon return.

That said, though, we tend to drink a great deal on trips, which is much fun. And, like Mis Ind said, one does tend to get more sleep, most of the time. Plus, every once in a while, we will go someplace very cool like Amsterdam, Prague, or Copenhagen, and have an "extra day" before we go back.

Feb 21, 2010

How frequently do analysts travel? From my experience with analysts (1 at LEH and one at MS), they travel about once a year. You get to travel significantly more in consulting. And I hear, from analysts (M/b/b and Accenture) that the travel is significantly more laid back and a lot more fun, due to the time off.

Feb 21, 2010
wannabebanker:

How frequently do analysts travel? From my experience with analysts (1 at LEH and one at MS), they travel about once a year. You get to travel significantly more in consulting. And I hear, from analysts (M/b/b and Accenture) that the travel is significantly more laid back and a lot more fun, due to the time off.

According to the consultants I know, traveling loses its appeal real fast.

Feb 21, 2010

I travel every couple of months as a first-year analyst. Some travel more, some less.

Feb 21, 2010

sure, just find a firm with 0 deal flow

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Feb 21, 2010
BTbanker:

sure, just find a firm with 0 deal flow

If a firm has zero deal flow, it won't be in business.

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Feb 21, 2010

Associates definitely travel some, but not too often. It's really the MD's and VP's that are always gone.

Feb 21, 2010

There are plenty of small boutiques. Pay and deal flow won't be on par with what you think you know about IB, but if the boutiques are regionally focused, they tend to only travel with a few hours to clients.

Stay away from boutiques that are strong in a specific industry vertical because they will likely have national clients.

As others have said, generally analysts aren't traveling as often, though I cannot speak to the BBs or EBs.

Feb 21, 2010

I would probably work on your fear of flying vs. enabling it. It is going to be hard finding a place that doesn't travel a lot because travel can be unexpected many times. And ok, suppose you find a low travel place now. What are you going to do in 3-5-7 years when you will be expected to travel more?

Fix the problem, don't build your life around it.

Feb 21, 2010

You should look into management consulting.

Feb 21, 2010

Even smaller banks have some level of travel. It's sort of the nature of the beast. I'm in PE and my firm partners set up the business so they wouldn't have to step on a plane again (for portfolio companies at least), but that's a huge exception to the rule. Travel's just a part of the business when you get to that level.

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Feb 21, 2010

pop some pills, get on the plane, pass out. Problem solved

Feb 21, 2010

Out of curiosity - who travels more? MBB partner, or BB MD?

Feb 21, 2010

I'd say MBB partner but the more successful the MD, the closer he gets to that level. Not much difference overall, I think.

Feb 21, 2010
BlueShirt:

Out of curiosity - who travels more? MBB partner, or BB MD?

Don't know about BB, but EB and MM group sponsor coverage MDs are always traveling. And I mean always.

Feb 21, 2010

I agree with TNA that you should work on it rather than work around it. In the meantime, try shooting for groups like Tech in the Bay Area, or energy in Houston. Those groups tend to travel (fly) much less frequently simply because most of their clients are geographically near the office.

Feb 21, 2010
fryguy22:

I agree with TNA that you should work on it rather than work around it. In the meantime, try shooting for groups like Tech in the Bay Area, or energy in Houston. Those groups tend to travel (fly) much less frequently simply because most of their clients are geographically near the office.

Would Chicago industrial groups fly less frequently?

Feb 21, 2010

Xanax and a scotch = problem solved.

Feb 21, 2010

you can always walk to wherever you need to go

I eat success for breakfast...with skim milk

Feb 21, 2010

you know how bad that is on the guccis mane?

Feb 21, 2010

Those are type of questions that you need to ask during the interview. You sound like someone who does not know why you chose IBanking....It is going to be rough...Good luck

MC2

Feb 21, 2010

the travel is not like in consulting. maybe once or twice a month max. business class if the distance is over a certain amount. nice hotels. your bank probably has guidelines to hotel price per city, as well as meal allowance etc.

on the few occasions that i travel, it's usually domestic within the US and always business for overseas.

Feb 21, 2010

Cool - thanks for the info. I have heard the same general things from other people. I figured travel would be more frequent (maybe once a week) for client pitch meetings. Either way, as far as I'm concerned twice a month is just about right in terms of lifestyle.

Feb 21, 2010

New associates don't travel once a week, or anywhere close to that. Once you got some yrs under your belt, you start traveling a lot more.

Feb 21, 2010

generally speaking the product bankers (M&A, LevFin) will travel less. Nevertheless, this is probably way too early to think about at this point in your career...

Float like a butterfly, sting like the bee.

Feb 21, 2010

really depends on your group

Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...

Feb 21, 2010

asp monkey, you have not worked a day in IB or even set a foot in a bank building. Please don't say "really depends on your group" when you have no clue about the topic.

Feb 21, 2010

I travel 1-2 times per month, but it can be every week depending when pitches hit. Do analysts at CIBC go on all pitches?

Feb 21, 2010

I'm pretty new to this site but after reading various forums I am extremely turned off by aspiring monkey. He acts like he knows everything, thinks he knows exactly how to plan out his life, and is obsessed with ibanking, but claims its a bad career because of the lifestyle.

Dude, time to get real. stop answering questions on topics you know nothing about.

I actually will be an investment banker and would appreciate advice from people in the biz. Not freaky losers.

Can you imagine working alongside this kid? Dude, who would hire you?

Feb 21, 2010

To be honest, I have no idea what the analysts there do in terms of going on pitches. I know they travel sometimes. Just wanted to get an overall view.

Feb 21, 2010

I interviewed with their Latin American M&A group (very sadly, did not make it). I was told that their analyst do travel a bit. One of the guys that interviewed me used to work for an industry group and he said their analysts did not travel at all. I guess it depends on the group (and bank).

Feb 21, 2010

I didn't travel at all my first year at a BB. My second year, I traveled probably 2-3 times a month. Now in my third year, it's 3 times a month, even more.

I just got back today from a bunch of travel in Canada.

Feb 21, 2010

i doubt you'll be traveling much with CIBC, especially as a first year. maybe once a month. however, a friend of mine really enjoyed to travel, and as a first year analyst at RBC, he really pushed to go on pitches, and ended up meeting more with clients then other analyst did. contrary, i would not assume you are going to be able to choose you optimal amount of travel. i suppose i have contradicted myself, oh well...

Feb 21, 2010

not my fault everyone here has a superiority complex.

"ooh I'm in IB"
"ooh I'm in ivy"

Most of my information IS correct, but just because its not out of the horse's mouth...everyone gangs up, since apparently I'm not in the industry.

i.e. lets take this topic...travelling...it does indeed depend on your group. Some industries will have you travelling to india, china, europe for due diligence, while others might have you only traveling within US.

as far as employers and friends are concerned...do you really think ANYONE on this board acts the same way in person?

As far as pissing people off, I really don't...but with this board, it crossed into blind hate, and its just plain funny.

And people do want me here, w/o me this board would be boring as hell. And all you'd have is weekly question after question of "What firms are considered to be BB."

Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...

Feb 21, 2010
aspiringmonkey:

And people do want me here, w/o me this board would be boring as hell. And all you'd have is weekly question after question of "What firms are considered to be BB.

where have we heard this before? Oh yes.. Dan Bush.

when people were telling him to get off the board and get a fucking life, he also claimed that the board wouldn't survive without him. well, he hasn't been posting for a while, and for some strange reason, it looks like we are still surviving. people are asking questions, and people actually in IB are posting answers. wow.

without your constant drivel, the signal to noise ratio would be much improved, and people might actually get the information they are looking for instead of the "i heard from my friend's friend" shit you feed them.

isn't it strange that the two people who have had huge post counts on ibo, dan bush and this idiot, spend the majority of their day on this forum, have a blown up sense of self importance, add nothing of value, and are basically losers in real life?

Feb 21, 2010

"Oh I'm in Ivy"
"Oh I'm in IB"

Show me somewhere that people are actually bragging. The only time someone would bring something like that up is to shut some fraud from giving out inaccurate information and sounding like a jackass.

As far as you keeping this site afloat or something is a ridiculous. Flooding this site with asinine posts may be the only thing you are good at, but you certainly aren't good at keeping this site interesting.

I joined this site to learn more about my future career. alot of the topics look very interesting with alot of comments. But usually they just consist of you sounding like an idiot and everyone else pointing that out.

Jesus Christ, you've posted 1034 times. That's insane. GET A LIFE.

Leave this site alone. For the love of god.

    • 1
Feb 21, 2010

if there was a functional search option I would. The current search sucks, completely useless.

oh I disagree, drama keeps things interesting. Think about it with this kind of site, you always get the same thing all the time.

Same questions will be asked, same answers will be given. Out of 100 or so threads, only 1 or 2 will be something "NEW", the rest will be a bunch of recycled questions(which would have been countered with "SEARCH!" if the search function didn't suck)

You've been here 1 DAY! Of course everything seems new and exciting to you. But if you've been here for more than 1 day, you would notice that the questions get repeated over and over and over and over and over.

Yes I have a 1034 post count..know why, because I reply to everyone. In this thread alone I posted 6 times so far. And so far there is only been you crying like a bitch...now imagine the same but with me replying to 5 people. BAM 1034.

As far as leaving this site alone, I already covered that before, if you weren't a 1 day old member you would have seen my reply. But since I really don't feel like repeating this for the 10th time...SEARCH(hah good luck with that)

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Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...

Feb 21, 2010

you yourself posted 8 times in this thread, more than me, so you are on the way to a high post count yourself.

Anyways I'm off to bed, who knows, maybe you are right, and I'll blow a huge load while thinking of IB.

Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...

Feb 21, 2010

difference between me and dan bush, is that I never claimed to be in IBD. And if you think Dan Bush isn't still on here you are retarded.

Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...

Feb 21, 2010
aspiringmonkey:

difference between me and dan bush, is that I never claimed to be in IBD. And if you think Dan Bush isn't still on here you are retarded.

Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...

So you're better than shit. Congrats, what a winner

Feb 21, 2010

what the fuck is wrong with you people. This is fucking pathetic, you're fighting about analyst positions. No one here is a big shot, at all.

Feb 21, 2010
tuneman:

what the fuck is wrong with you people. This is fucking pathetic, you're fighting about analyst positions. No one here is a big shot, at all.

precisely, they think they are Investment Bankers...CEO's top advisors

please...you aren't an investment banker until you are an associate.

Feb 21, 2010

Assmonkey loves the cock, he's a homo.

Back to the original topic, it depends, if you can speak a foreign language, like Spanish, then I would presume that you would be subjugated to quite a bit of travel.

Feb 21, 2010

get out of the closet wasting

Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...

Feb 21, 2010

best and brighted go into IB because they spend 160K on their college education, and they get out not knowing wtf they want to do with their lives, so conviently a bank shows up with a structured 2 year program that pays bank.

Our education system, teaches you how to be a corporate worker bee, so that you'll work for someone else, it doesn't teach you how to be an entepreneur so that you can make your own future.

Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...

Feb 21, 2010
aspiringmonkey:

best and brighted go into IB because they spend 160K on their college education, and they get out not knowing wtf they want to do with their lives, so conviently a bank shows up with a structured 2 year program that pays bank.

Our education system, teaches you how to be a corporate worker bee, so that you'll work for someone else, it doesn't teach you how to be an entepreneur so that you can make your own future.

what the hell are you talking about? "so conviently a bank shows up"? your first paragraph makes absolutely no sense. if you don't have anything intelligent to say, then just shut up.

if you think being an entrepreneur is so great, then get the fuck off this forum and go build something.

Feb 21, 2010

you need to get that dildo out of your ass and go get laid...sheesh

what i meant by the conviently shows up, that like you said it recruits the best and brightest, into its analyst program.

i don't have the enterpreneur spirit, if they taught it at school maybe I would have it, but i'd rather be a corporate slave

Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...

Feb 21, 2010
aspiringmonkey:

you need to get that dildo out of your ass and go get laid...sheesh

what i meant by the conviently shows up, that like you said it recruits the best and brightest, into its analyst program.

i don't have the enterpreneur spirit, if they taught it at school maybe I would have it, but i'd rather be a corporate slave

so basically, you don't have an argument at all.

and don't tell me to get laid. i'm doing just fine for myself, thanks. i would be more concerned about you, seeing your comments like "men should never get married", and "all women are golddiggers", i'm sure you are a real hit with the ladies.

just the fact that you were posting on a forum on a thursday night shows how much of a social life you have. that's really just pathetic for someone in college.

you really need to change your attitude in all aspects of your life, because you're well on your way to being a failure both professionally and personally. at least salvage one of those.

Feb 21, 2010

and good news, you can now have sex with mike Tyson since he became a male prostitute

Former boxing champion Mike Tyson is to become a male escort after agreeing to work at legendary Hollywood madam Heidi Fleiss' new legalized brothel for women. Fleiss bought 60 acres of land in Nevada, and his work is scheduled to begin on Heidi's Stud Farm. She has high hopes for Tyson, once heavyweight champion of the world - despite the fact he is a convicted rapist.
She says, "I told him, 'You're going to be my big stallion.' It's every man's fear that their girlfriend will go for Mike Tyson."
Tyson, 40, adds, "I don't care what any man says, it's every man's dream to please every woman - and get paid for it."

make sure he doesn't bite your ear off

Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...

Feb 21, 2010

what does my opinion on marriage have to do with getting laid. You really think I let them know that BEFORE? hell no

right because its the BEST thing in the world to go get wasted on a school night. I grew tired of the whole party scene by the time I got to sophmore year. Don't have the need to go get wasted to feel good about myself.

As far as my attitudes, yes they are fucked up in my personal life, but professional life its nothing but an advantage.

While the married guy cries to his boss that he can't move to europe to head a group there, I'll be more than ready to go, to further my career

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Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...

Feb 21, 2010

Ah, for the love of fucking GOD. Quite highjacking threads with bashing of aspiringmonkey. I seriously wanted to find out about the travel in i-banking, yet had to read through 20 bitch-fight comments. Jesus Fucking Christ. Get off this fucking site to fight about who can piss farther. Now, if we can actually get some proper responses on the travelling topic. I for one, thought that the European road trip in Monkey Business was the funniest part in the book.

P.S. If you don't wanna read his comments, here's a suggestion for you..... SKIP OVER THEM.

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