How many hours do ib summer analyst interns work?
Trying to compile a list of the average hours people worked during their internship. Bulge brackets, Boutiques, Middle Market, etc.
Trying to compile a list of the average hours people worked during their internship. Bulge brackets, Boutiques, Middle Market, etc.
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Bank Tier: Mid Tier BB Average Hours: 70-80 Upper End (Only a few weeks): 90+
Thanks. Just wanted to separate this by bank, but I'm assuming its similar across the board.
Bank Tier: Well-known boutique specializing in a specific sector Average Hours: 80-100+
This is a significant improvement from prior years when interns worked with everyone else at the firm until 3 or 4am (due to people at all levels leaving all the time in the summers). Unfortunately, interns won't leave until after their superiors are gone so they would usually stay for very late into the night. The interns were really good at their jobs though by the end of the internship period since they got their reps in. You got to put in the effort to reap the gains though.
If you're a really good intern, expect to work 100+ hours every week. Saturdays were supposed to be protected but like many banks, were not followed with interns. If an intern was working
What do you mean by "get staffed"?
At any reputable bank there's a position called staffer, sometimes a dedicated role or filled by a VP / assoc, who puts analysts / associates on pitches / deals depending on their capacity. For example, at my shop we have a dedicated TMT staffer who will coordinate with MD's based on their junior banker needs. Additionally, we have a staffing sheet where you list hours worked on a particular pitch / deal. Based on your capacity (upper limit is 80 hours worked, so actual work, not "in the office" for 80 hours), you're either put on a new project or skipped over for someone with more capacity.
Ex: If John and Jane have 60 and 50 hours listed on their staffing sheet, respectively, Jane will be staffed on MD 1's pitch since she has more capacity, unless MD 1 hates Jane because she produces shit work.
How sexist to assume that Jane would be the one doing shit work!
Jks
Out of interest is being a staffer a good career move? Do they do actual work too? In my consulting shop we have a team dedicated to helping with staffing but they're all HR background and work closely with MDs.
At a BB, often times the staffer is a rotational year for junior VPs - it is beneficial career wise because you build a lot more connectivity internally, especially with the senior team, and visibility into what is going on broadly across the group from a business perspective (i.e. what clients matter to seniors, how the deal pipeline looks, etc). They don't only manage staffing, but also usually work in a quasi-chief of staff role for the group. Usually they can choose if they want to be working on deal teams too and sometime they'll keep 1-2 key clients that they like, but mostly they take a back seat from actually executing to focus on the staffer role for the year
Yeah I mean that was just a random example.
Similar to the answer below, being the staffer is a role that rotates to junior VP's. In my current group, our junior VP is rotating off the staffer role while someone takes on the position full-time given the size of our TMT group across the US.
How much saying in the recruiting process do the staffer have?
It means they get put on a new deal.
Curious to know what firm this is. That's crazy actually.
Curious to know what firm this is. That's crazy actually. The interns must be so burnt out by the time they're done with the internship.
Wow, this sounds brutal. I hope the interns are okay after this...this is just too much. I wonder how the analysts/associates were being treated...
Just another perspective: some banks cap hours and take it easy on their summer interns which leads to them being in the office 40-60 hours a week at some places and maybe they'll actually being doing work 20-40 of those hours. Keep in mind, every bank and group is slightly different. Also, even the same team can change a lot from one year to the next depending on deal flow, who is hired/fired, management changes, etc.
MM firm - as an intern I did 60-70 on average with a few 80 hour weeks.
Consistent with my experience.
I will note that many of the senior associates/VP's had relocated home by 9 pm most evenings.
BB NY CapMarkets Average Hours: 60-70 Upper End: 80+
Important to add my group overhired and we have pretty good culture (little facetime etc.) - last summer the interns worked 90+ consistently when there were half as many as this summer.
MM NY Generalist
Average Hours: 80-90
Worst week was 104.7. Yes, I calculated. Yes, it was sweaty.
1080 hours in total
Bam! OP roasted for lack of Attention to Detail
Clearly, OP isn't working nearly enough hours as he should be if he's got time to do this...
Bank Tier: MM Coverage Group
Average was 80-85, with upper end being 90+ (only a couple weeks). There were a few slow weeks, especially around the 4th of July. Culture was not big into face time so that helped but I did have to work most weekends
EB. 75-105. Usually 80-95.
BB in London with protected weekends, averaged around 80 hours. Group didn't care about facetime and were angry if you stayed late doing non-urgent work.
I know that at some EBs, interns work less than 60h/week and most of the time they are chilling out with events at 6pm 2 or 3 times a week
What EBs? Asking for a friend
Can confirm this - EBs seemed a lot chiller than BBs for SA 19
Upper MM Bank Coverage Group 85 hr / week on average. A handful of nights staying until 3-4. Worked most weekends.
BB NY Coverage Group Average: 70-80 hrs per week Longest: 100 hrs
169
Was in an IB-like role at my BB this summer - no protected weekends Roughly 80-85 hours a week
so IB credit risk?
Nope, much more specialized and transactional. PM if you're still curious lol
MM Boutique Average: 80h per week
Weekends were protected for interns but they could come in if they wanted, it was seen as a plus. There was definitely no facetime and interns were regularly questioned if they stayed in until very late frequently whether it was really necessary to stay in that late.
Uhm... dafuq? Isn't that the definition of facetime?
Well, obviously if interns show that they want to work extra hours it is seen as a sign of motivation and will be highly appreciated. Maybe my definition of facetime is different though. I'd say that facetime means that interns are required to be in the office, rather than that it is appreciated if they are there.
what is a "MM Boutique" lol
A small firm (headcount-wise) that works on MM deals.
Yeah this is facetime bud.
Not to be a snob, but is # of hours really important. Its an internship and it will definitely end, quite sure if you already chose to do IBD you can tough out a few 80-110hours weeks and go back to school and enjoy happily ever after.
Rather, I would urge you to choose a bank where you really feel you can gel with. Even if its 10/20 hours more a week (for both internship / fulltime )you are more likely to excel and get the conversion and will not hate yourself everyday in the morning.
169
Lazard in Frankfurt, on average:
Monday - Thursday 09:00 - 02:00 Friday 10:00 - 22:00 Saturday 10:00 - 16:00 Sunday always off
~5 allnighters per month (German definition of that is to be at work untill 07/08:00
Salary for an intern: 2500 EUR gross Salary for the first year analyst: base and bonus around 100k (with living cost 0.5x - 0,75x that of London)
Don't you all ever get tired? You all seem to be acting like 80 hours is nothing...
Its what it is, you come in prepared for it and you get used to it.
MM Bank in Chicago Average: 80-85 Longest: 100+ Slowest (4th of July): ~60
Saturday's protected, Sunday's were normal days.
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As many as it takes.
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