Investment Banking: Myths, and Truths

I had been excited about working in IB for a long time. Over the same course i heard a lot about it, sometimes from friends who knew someone, who in turn knew someone in IB or forums like this one. Having entered IBD of a BB bank in London and having very close friends at most of them, i thought of sharing some thoughts with what i have found to be true at ML, LB and MS at least.

Truths:

Long Hours: Average 16-17 hours a day for associate, minimum 11, and maximum, none

Myths:

Bankers dress up: At the very senior level (MD), yes but below that its only some stupid analysts who do that. So please don't take it beyond reason. Dress decently but it's not a fashion show.

Earning Power: Actually it's low. The lifestyle imposes constraints such as laundry/drycleaning in expensive places, maid to clean you house on weekends..simply because you don't have the time. All these and more lead finally to just a decent way of life and not much more until VP level.

Bankers are agressive: A few are agressive, most are pretty decent people. Very matured, down to earth individuals. The proportion of agressive people is not higher than other places.

Women in banking suck:Not too bad. It's not like advertising but better than a lot of other corporates. Citigroup actually has a pretty hot chick in Consumer :).

Nobody gives a fuck about you: A myth in the sense that you are given as much importance as you will get in other places. You can't be treated like a God but senior people don't think of you as a worm either. More like someone who is replaceable in a team. However if you are good, trust me people don't mess with their teams once they attain a well oiled machinery.

Drugs:Some outliers, some who do it for the sake of it. It's not a "Let's snort" kind of atmosphere.

Clubs:Bankers spend in style when in clubs, but very very well within their means.