FIG hours/lifestyle
I’ve heard on this forum that FIG has some of the toughest hours in banking. Is this actually true? If true, why is it that the hours are so much worse than that of other coverage groups?
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FIG hours are tough and the threads are spot on. It’s very technical especially when you throw in asset level data on top of traditional operations.
Bump
Technical but interesting if you like to see how people make money with money. Hours are the same as any other IB group or worse, because there’s always work to be done. Banks, private lenders, broker dealers, etc. are always merging and spinning off divisions, portfolios etc...
Think about it this way, though: there’s always work to do some regardless of the economic cycle. Even if the entire Ponzi scheme that is the western world’s financial system goes down at some point, you’ll be fire selling banks/loans and doing a lot of restructuring.
Yes, FIG is tough probably everywhere. Busy sector, v technical, lots of industry specific stuff, corporate filings are long and complex to read. A simple task in FIG will take you 3x the time of that of any other standard industry.
Interned in FIG at a US BB over the summer - tough hours (similarly to other groups) and technical work is very complex and different to a typical Industrials or HC coverage groups. Regulatory standards also need to be understood well and forget about EBITDA for banks as well haha...
EBITDA is not a relevant concept for banks, but it is relevant for other sectors within FIG, e.g. mature fintech to name just one.
Does FIG actually not have good exit ops or is that statement false?
idk about FIG in general but I talked to someone in JPM FIG and he said they had good exit opps for PE. Brutal hours though
As always, your exit opportunities will be a mix of (i) your talent, overall resume, work ethic, skill in interviews, etc. etc., (ii) the strength of the firm and group you're recruiting out of, and (iii) how your experience matches up with the focus of the firm you're recruiting for.
FIG is very specialized so you will have a bit of an easier time recruiting for FIG positions than in other industries. But FIG groups are hard working and very technical, so if you do well in a FIG group you will be able to get opportunities working in other sectors in your next job.
Is fig more technical than O&G?
Yes. FIG, O&G, Power and Utilities, and Real Estate are all examples of highly differentiated industries, in terms of the fundamental technical concepts employed. So they are all challenging in that way. But FIG is without question the most technical of this group.
FIG has several characteristics that cause the work hours, on average, to be more difficult than in other industries. Here's a partial list:
Put those two factors together and you have a thesis for why the hours can be more difficult. FIG MDs are also more likely to be weird, technical guys with lower EQ.
No one asked, but there is a risk of getting pigeon-holed in FIG if you start your career there, because the technicals are so different. But if you want to move out after your analyst years, it's not as hard as moving out of certain other specialized industries (e.g., real estate), precisely because it can be very demanding and technical. Senior finance people know it's tough and are more likely to think "if this kid made it in FIG, he can do consumer", or whatever.
Also, FIG can be fascinating. It's like looking into the heart of capitalism.
Fee pools are small? Correct me if I'm wrong, but I was under the impression that FIG is the coverage group that earns the most fees (around 30% for some banks)?
Good question - I was referring specifically to M&A, an unconscious bias given that I am an M&A professional. Financial institutions obviously raise a lot of capital; I do not know offhand their contribution to the ECM/DCM fee pools on an industry-wide basis. The contribution will obviously vary meaningfully across specific banks.
Can anyone comment on PE exits from mid-tier fig groups (the likes of Baml/Citi?)
Good
...
Could be. The FIG work I did at Moelis and Houlihan seemed like the hours were pretty good. Though I wasn’t really in either of those groups. Seems like the people had good hours but hard to tell. Not sure who is still working in those groups for what that’s worth
It’s kinds like corporate work when you do fig banking. More like a 9-5 maybe. Jobs don’t always last that long though
Lol what? Not even remotely true
I’ll just echo what has been said above in that FIG and that the banking sub sector specifically is very differentiated from other industry verticals in terms of valuation methods, but also in the reasons banks combine and/or raise capital. For M&A there is a bigger emphasis on geography than other sectors due to the impact of demographics, cost of deposits, cost saves from branch overlap. Another unique aspect is the regulatory ratios mentioned above (leverage ratio, TCE, CET-1, etc.) that can influence banks’ ability to do a deal or raise capital. Starting out in FIG can feel a lot like drinking from a fire hose but after one or two deals once you’ll surprise yourself with how much you’ve learned.
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