Comments (50)

Sep 30, 2019

Bank Tier: Mid Tier BB
Average Hours: 70-80
Upper End (Only a few weeks): 90+

    • 1
Sep 30, 2019

Thanks. Just wanted to separate this by bank, but I'm assuming its similar across the board.

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  • Analyst 2 in IB-M&A
Sep 30, 2019

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 <80 hours, everyone would notice and they would subsequently be staffed the next week.

    • 1
Oct 2, 2019

What do you mean by "get staffed"?

Oct 3, 2019

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.

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  • Analyst 2 in IB-M&A
Oct 6, 2019

It means they get put on a new deal.

  • Analyst 3+ in 
Oct 11, 2019

Curious to know what firm this is. That's crazy actually.

  • Works at Bank of America Merrill Lynch
Sep 30, 2019

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.

  • Analyst 1 in IB - Ind
Sep 30, 2019

MM firm - as an intern I did 60-70 on average with a few 80 hour weeks.

    • 1
Sep 30, 2019

Consistent with my experience.

I will note that many of the senior associates/VP's had relocated home by 9 pm most evenings.

  • Analyst 2 in IB - Gen
Sep 30, 2019

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.

  • Analyst 1 in IB - Ind
Sep 30, 2019

MM NY Generalist

Average Hours: 80-90

Worst week was 104.7. Yes, I calculated. Yes, it was sweaty.

Oct 1, 2019

1080 hours in total

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Funniest
  • Associate 2 in CorpDev
Oct 1, 2019

Bam! OP roasted for lack of Attention to Detail

    • 5
  • Associate 2 in CorpDev
Oct 1, 2019

Clearly, OP isn't working nearly enough hours as he should be if he's got time to do this...

    • 1
  • Intern in IB - Gen
Oct 1, 2019

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

  • Intern in IB-M&A
Oct 1, 2019

EB. 75-105. Usually 80-95.

Oct 1, 2019

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.

    • 1
Oct 1, 2019

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

  • Prospect in IB - Ind
Oct 1, 2019

What EBs? Asking for a friend

Oct 2, 2019

Can confirm this - EBs seemed a lot chiller than BBs for SA 19

Oct 1, 2019

Upper MM Bank Coverage Group
85 hr / week on average. A handful of nights staying until 3-4. Worked most weekends.

Oct 1, 2019

BB NY Coverage Group
Average: 70-80 hrs per week
Longest: 100 hrs

Array

Oct 1, 2019

169

Oct 2, 2019

Was in an IB-like role at my BB this summer - no protected weekends
Roughly 80-85 hours a week

Oct 2, 2019

so IB credit risk?

Array

    • 1
Oct 2, 2019

Nope, much more specialized and transactional. PM if you're still curious lol

Oct 2, 2019

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.

Most Helpful
Oct 2, 2019
PocketMonkey:

Weekends were protected for interns but they could come in if they wanted, it was seen as a plus. There was definitely no facetime.

Uhm... dafuq? Isn't that the definition of facetime?

    • 4
Oct 2, 2019

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.

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  • Intern in IB - Ind
Oct 3, 2019

what is a "MM Boutique" lol

    • 1
    • 1
Oct 3, 2019

A small firm (headcount-wise) that works on MM deals.

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    • 1
Oct 3, 2019

Yeah this is facetime bud.

Oct 3, 2019

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.

    • 1
Oct 3, 2019

169

  • Prospect in Other
Oct 6, 2019

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)

  • Prospect in Other
Oct 7, 2019

Don't you all ever get tired? You all seem to be acting like 80 hours is nothing...

Oct 9, 2019

Its what it is, you come in prepared for it and you get used to it.

  • Intern in IB-M&A
Oct 7, 2019

MM Bank in Chicago
Average: 80-85
Longest: 100+
Slowest (4th of July): ~60

Saturday's protected, Sunday's were normal days.

Oct 7, 2019
Comment

Array

  • Intern in IB - Gen
Oct 10, 2019