Is I-Banking really worth it?

I'm a senior in high school, and I'm deciding on a career.
Obviously, money is a big priority for me, but if I-banking is really that bad it doesn't seem worth it.

Anybody in the business currently, if you have any comments, please andwer.

 

I am currently working with KPMG corporate finance, previously been associated with an investment banking group called BMA Capital, one of the biggest local investment banks. Hours depend on the amount of assignments you are working on, at BMA I used to norm a 90 hour week, here its slightly less ... if anyone knows, tell me about UK, how are the hours there?

 

The analyst stint is suppose to be challenging and grueling. After the difficult two year period many leave and are "weeded out." The ones that stay are truly interested in a career in IB and are willing to sacrifice their time to work in their chosen field. Not only that, but just think of all of the jobs available to a second or third year analyst! It is like your own investment in the job market and it could really pay off.

 

Everyone has their own answer for any career where you must make sacrifices. I know lawyers who say law school isn't worth it but others say it is the best job ever! Same thing with med students who turn doctors. Some love their jobs while others regret theeir choices. Do you homework by talking with people who have gone through the process and diversify. Don't weigh one opinion too much because people go to different firms and have different personalities.

 

Yep, high school's a bit early to think of banking. What is essential is to get a really strong GPA, but if you have this, than you still have planty of time to decide on a career. I-banking is not worth it for the money you make, 'cause you sacrifice too much. You need to enjoy the business, be excited about deal, to really make it worth the pain. After a few years you actually get your return on investment.

 

Australia might be slightly laid back but banking is banking. It's a matter of 110 vs 95 hours. At the lower rack you are essentially everybody's tool. Goldman Sachs works hard everywhere whether it's NYC, HK or Sydney.

And yes Australia pays alot less than London and NYC. HK is a different story, they have a crap load of deals from all over Asia. China is a great booming market (I have a friend interning at ML HK and another at GS HK). Oh you don't have to be Asian and know an Asian language. Knowing Mandarin, Japanese, or Korea certainly wouldn't hurt though.

 

Hey Back That Asset Up. For your friends interning at ML HK and GS HK, how did they get the job if you don't mind me asking. Did they already work at ML NYC and transfer? Or did they just apply through the site or through school? if school [ie career services] what school do they go to and how are their GPAs? I ask this because i'm really interested in landing an IBanking gig in HK or asia but i just don't know how to go about it. any advice would be appreciated.

 

Im a student in london and considering investment banking as a career, but from this forum and other forums here so many people seem to hate their job... Part of the reason why I wanted to go into it is because I always thought I would be the weird type to like the 100 hour weeks and the extreme demanding-ness of the job at analyst level. Is this a ridiculous reason, and one that Im likely to grow out of when I come back to my senses?

 

No one likes the 100-hour weeks in IB. There are people who love to work long hours, but they also need to hold entirely the reins on when and how they work. So they fit in well to a research environment, where they work long hours but can direct themselves under minimal or no oversight, small companies with informal structures, and self-employment. They don't fit in well to hierarchical organizations, especially not ones in "on demand" service to very demanding clients. So the people who love 100-hour weeks, while they exist, don't fit the IB profile.

IBers tend to be risk-averse; they want to be rich with a very low chance of failure, and an IBer who has the (actually quite rare) stamina to keep up with the hours is a walk-on for eventual MD-ship. (Those who fail in IB are those who overestimate their stamina and willingness, especially as they see greener pastures with slightly lower incomes.) If they had riskier appetites, they'd take "vanilla" 40-hour jobs (actuarial science, computer programming) and use the other 60 to pursue a crazy startup; the hours would be identical and it would probably be more fun. Of course, this route would have a nonzero probability of failure, but so does IB when one considers the health risks attendant to the hours.

 

I couldn't agree with you more. I am a recent grad who turned down ibanking with no backup last year for a passion of another career. The job I ended up with was not the best, but if I had ended up with a top choice I would never look back.

So for the capable and risk adverse, your options after ibanking (even with just one year) will be great.

 

I just got hired as an IB analyst for KeyBank in Cleveland. I wanted to ask all the NYC bankers what your opinion is on an analyst position in a middle market, midwestern bank like mine. Is it a respected position? Are we inferior to NYC analysts? Could I still go into PE or Hedge Funds? Don't hold back. Please be honest.

 

i think ibanking is worth it if you're doing if for the right reasons. if you're just doing it for the money, you're going to hate yourself. however, if you have a decent interest in it and realize that life won't be perfect during the two years, then it is well worth doing for the experience and exit options

 

hours suck. at the beginning you find the work is mind-numbingly boring (e.g. going through 10Ks and analyst reports to fill out a comp sheet). while you're doing it, you don't feel like you're learning anything. but most people are pleasantly surprised when someone asks them a financial question two years into it and they can actually answer it.

 

I think if you are interested in Finance do the 2 yrs in investment banking. It will open doors for you if you want to leave after 2 yrs (PE or Hedge Fund), you can decide to stay if you love it, and you can always use it to get into a good MBA program.

 

Sure, the money is great but I think it is the experience that a lot of people go for. Just like any beginning job, ibanking analysts have to "pay their dues", no where else can you get the experience of getting your butt kicked/learning a lot/great opportunities Sure you do your fair amount of crap work, but any entry level job does.

 
BigMonkey:
anyone successfully done the analyst roll while being married / engaged or with a significant other?
I'm sure some people pulled it off, but it takes a huuuge commitment on the part of women..and we all know how much they lack this quality
 
aspiringmonkey:
BigMonkey:
anyone successfully done the analyst roll while being married / engaged or with a significant other?
I'm sure some people pulled it off, but it takes a huuuge commitment on the part of women..and we all know how much they lack this quality

Bateman, I was referring to aspiring's comment about women's commitment above!

 
Best Response

Guys, I'm an engaged female analyst. It's tough. Just for some background: my fiance used to work at a tiny and somewhat crappy hedge fund before we came to the city, so he understands the lifestyle, and we talked and planned it out for a full year before we started so that nothing would surprise us. We've been together for years, so we're extremely stable. We even went to counseling together before coming here to make sure we had the skills to make it through. We've got great communication, the right expectations, total compassion for each other, etc.

Thus, we started out with (I think) the best possible foundation. That said, it's not been a smooth ride. We see each other every other day or so (even though we live together). We eat together once or twice a week, squeeze in some sex 1-3 times a week. Most of our conversations are about rent and bills and how to pay them and whether or not we'll be okay this month.

My job never ends, and so neither does his. If I work until 3 AM and come in angry and tired, he's the one that's got to wake up and soothe me enough so that I can sleep. If I pull an all-nighter, he's the one who drops off clean clothes for me on his way to his job. He handles my dry-cleaning, gets the mail, does the dishes and the laundry and the ironing, cleans the apartment, restocks the household, buys whatever I need, and works a normal (9-6) job.

Now, I've got some latent misogyny, so what I'm about to say is going to be tempered by that and is probably going to piss people off. But I don't know too many girls of my generation who could make a commitment like this and deliver on it. I think it smacks too much of submission to them, when logically it's just efficient role distribution. If your girl isn't as rock-solid and mature as my fiance, I wouldn't put her through the i-banking wife experience. It's brutal.

 
tuneman:
My belief is if you are going into ibanking purely for money, you will fail. You will absolutely fail, and it is in your best benefit to do so.
agreed, you gotta enjoy what you do, or you'll hate it. Think about all the people that hate their 9 to 5s, now imagine doing that twice as long. It just won't happen
 

I don't think questions of lifestyle in banking, at least at the analyst level, is as big of a deal as people make it out to be. It's only two years. It doesn't matter if you want to live like this for the rest of your life, because the reason why we are doing this and paying our dues now is so that our options will be better in the future. (and so that we might choose not to do stuff like this in the future)

I am sure that no-one wants to live the college student lifestyle all of their lives either, but we all suck it up for at least 4 years. I don't see banking too different, it's an investment. It's really almost on par with a degree, in terms of the credentials that it lends. It's really the only time where you get paid, paid well, to invest in yourself.

Granted, there are times where I am looking through a 10k, repeating the Ctrl+F function on numbers that may or may not exist, knowing that what's taking me hours to find will probably be looked at by my VP for 10 secs before he decides that he doesn't need it after all, times like that makes me feel that let alone two years, I don't even know if I could last two more numbers(or markups).

But despite the frustrations at the micro level, when I think about it rationally, I definitely think that doing banking is a great decision. For one thing, I think I'll be ready for any kind of life-style after this experience.

 
Japanalystfemale:
I don't see banking too different, it's an investment. It's really almost on par with a degree, in terms of the credentials that it lends.

We think alike.

As to the original poster: if IB is a career you are interested in, try to choose a university which is 'targeted' by firms in the industry. Also, aside from vault there are employee profiles (from analyst up to MD) on some* company sites.

*Lehman an Citi for sure.

 

if you're the banker type, the a 9-5 would be the most dreadful thought..., most ppl in banking, even the analysts that didn't survive, can't go back to the 9-5 mindset. Also, 120 hrs are definitely not off the table... it takes one bad associate to ruin your wk(s)

 

Depends on what your priorities are, most Bankers feel like the 2-3 years of back breaking work as an analyst is well worth it because of the future rewards.

But you should do it only if you're really committed and can mentally handle not having a social life. It's for people with very low threshold for boredom and an immense capacity for doing mind-numbingly boring, pointless work.

 

I did banking for a short time, and thought that I'd do anything to go back to the student lifestyle. But after banking, it was hard to re-adapt to the life of having a life, lol. You feel a bit sluggish.

Alot of people think that 2 or 3 years of "fun" during their early 20's entices enough not to consider choices that could have long term benefits. Really though, when a person is successful and is accordingly rewarded financially, the type of fun he/she will have at that point is on a completely different level. (that getting wasted sporadically can't even compare to)

 
my:
you are thinking abou this in high school?!

I'm pretty sure that the original poster is going to a target school in the fall, so it's definitely not a ridiculous concern. I've seen his username floating around in a university forum.

 
figure out an hourly rate though and you may make less than somebody at mcdonalds

Thats total BS, you have to take into account the expense accounts, the lavish lifestyle they keep tempting you with, the contacts you make, (lol!) and above all the exit opps. Although I understand your statement abt the exploitation, but not many other jobs available right out of college allow for such a high compensation and substantial exit opps. IB analysts have to undergo the rite of passage, you have to dig into the ground before you can drink from the well. So, yea you suck it up if IB is a catalyst for where you want to go. However, I find it hard to imagine that somebody could work that insanely hard for two years, w/o a specific goal in mind and just for the money.

"Show me a person without an ego, and I'll show you a loser!" -Trump
 

man I'd rather play blackjack, like last night where I didn't leave when I made $1k...oh well, life sucks. But I did get to play with Steve Phillips (ex Mets GM, ESPN commentator) which was more than entertaining.

but more on topic, you need to make your own decision and you've got plenty of time. You'll hear both good/bad about I-Banking so I'd suggest take things with a grain of salt...like your probably not going to make $100K out of school right now, if you do your only keeping $60-70k after tax.

 

Can these ventures run without you while you're an analyst? Getting the banking experience can help give you the resources (capital+knowledge) to take them to the next level. Conversely, you can nut up, tough out the 2 years, then hop into PE and add inches to your dick. Nothing is gonna be easy, and from experience, as much as entrepreneurship seems like it'd lack the mundane aspects of banking, there is still plenty of it.

 

If you have to ask it's probably not worth it for you.

All kidding aside, that's a totally subjective question and impossible to answer for you. Evaluate the circumstances the job entails and see if the pros outweigh the cons for you personally.

 

I know a lot of people in IB saying that if only kids in undergrad really knew what they were trying to get themselves into, they wouldn't even bother in the first place. I'm the type of person that has to experience things for myself, though, and after completing the BIWS course, I'm actually genuinely interested in IB, believe it or not...

 

Dude, I'm in PWM and have interviewed with with banks for IB analyst positions. Although I was given plenty of offers to GWM/PWM firms, I did not get an FT analyst offer for IB. Either way, I'm glad because everyone tries to get into banking for the money and turns out to hate themselves in the process. Read into people when they say they are all about being analytical and thriving under pressure.....it's all that bs. Most people want to get into IB because of the money and exit opportunities to MBA programs and high finance (hedge funds, P/E, V/C).

There are plenty of ways to make money, but to kill yourself for 2-3 years by working 100 hour weeks while having no life outside work.....not worth it in my opinion. Besides, do you really want to work with a bunch of elitist assholes that have no lives?

 

All of the above make great points. All through Ugrad I was set on IB. Thought it was "for me". Luckily I managed to jump straight to the buy side and looking back I'm glad I never landed one of those coveted IB offers. While the money is great, even working on the buy side with ~60-70 hour weeks makes maintaining a personal life a little difficult. It's less about the hours than it is about the inconsistency. Tough to get in a workout routine, make dinner plans, vacations, etc. If you want to do IB, there can't be any question as to if it's "for you". It's a huge commitment for 2 years.

 

As you go through it, you will definitely question if it is worth it. There were so many times I wanted to up and quit on the spot. You end up dreaming about the day that you can wake up and just do nothing. You start to hate your blackberry and even the most basic request infuriates you.

However, once you're done and moved on to the next job, it becomes clear that the training you received was well worth the sacrifice. I've positioned my career far better than I could have by taking a different job.

Conclusion: Definitely worth it. Fight through it for two years and you'll be staged for a success, regardless of what you pursue.

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 

Agree with CompBanker, it's absolutely worth the long hours and sacrifice. In my opinion, there is no better job for a recent grad / someone in their early-mid twenties than investment banking. True, you work ALOT, and true, you're social life will definitely take a backseat to work. But in terms of career advancement, learning, pay, the quality/caliber of people you'll meet and work with every day, investment banking cannot be beaten. My friends think I'm crazy for working so much, but at the end of the day, not only am I earning multiple times more $$ than they are, but I'm positioning myself for a much better career in the long run (and this, IMO, is what REALLY makes investment banking worthwhile).

When I first started, believe it or not, the hardest part for me wasn't the amount of time we were required to be at work. I've always found that the time I spend in the office each day working on deals (whether it be 12 hours or 20) flies by, as long as the deal flow is strong and there is work to be done. The hardest adjustment I've had to make in terms of lifestyle since taking a job in IB is managing my time OUTSIDE of work. Since so much of my time is spent at the office, when I'm not at work, I have very limited time to actually enjoy life and do things for myself. It's easy to not go out with your friends because you're tired, or to not work out because you'd rather get that extra hour of sleep.

Moral of the story, know what you're getting into before accepting the job, and you'll be fine.

 

All depends what you want out of life to really be honest pal and I don't mean that in the sense that get into banking and you;ll have millions of dollars and an island when your 30. Please explain to me where you'd get a starting job that would pay you the same amount as a first year analyst? Despite the hours, work hard now and really reap the benefits of your hard work a few years down the road. If you have some unresolved things you want to do before you get into a career like travelling than do. Just remember you will never have the best of both worlds so take a job in IB and embrace it or take the easy road out with an easier job in accounting, teaching, marketing (whatever it might be) and embrace that

 

It depends on where you end up and what kind of work you do. While they say that all banks are the same, in reality they are all different in terms of experience they give you. It's extremely easy to set your mind on not having a life for two years as long as you get a great learning experience (a lot of modeling, good deals to put on your resume, etc.) and get along with the people you spend 90 hours a week with. Getting a decent bonus helps as well.

But sometimes it just doesn't work that way, and that's where you have to wonder. Many, many, many analysts start out doing nothing but PIBs all day for the first 6 months - a pretty big dissonance from what usually is a modeling-intensive training period. And if it's not PIBs, it's a crapload of administrative and clerical work that 2nd year analysts won't do. Or just dumb manual assignments in general, like scanning and binding 1000 documents or something for 10 people. Deal experience? Well, if it's a shared analyst pool, or if you work for the M&A dept, then sure, you should be fine. But what if you get assigned to a particular industry MD, whose only expertise is doing small equity raises for small biotech companies? Then your life will be all about the equity committee memos (and at best about CIMs), and you'll never even come close to touching a model. What if your MD is just starting out and all he/she does is pitch equity deals?

There a lot of things that can go wrong when you go to work for a bank. I think most people who think they'll be doing banking imagine things to work out perfectly and don't mind spending long hours to work on lbo models and then have multi-billion dollar buyouts to put on their deal list. But, in reality, and especially if it's tough for you to break into this industry, you might end up going to some MM or boutique and not get the experience you need. At that point it might not be worth it.

 
midnight_oil:
But sometimes it just doesn't work that way, and that's where you have to wonder. Many, many, many analysts start out doing nothing but PIBs all day for the first 6 months - a pretty big dissonance from what usually is a modeling-intensive training period. And if it's not PIBs, it's a crapload of administrative and clerical work that 2nd year analysts won't do. Or just dumb manual assignments in general, like scanning and binding 1000 documents or something for 10 people. Deal experience? Well, if it's a shared analyst pool, or if you work for the M&A dept, then sure, you should be fine. But what if you get assigned to a particular industry MD, whose only expertise is doing small equity raises for small biotech companies? Then your life will be all about the equity committee memos (and at best about CIMs), and you'll never even come close to touching a model. What if your MD is just starting out and all he/she does is pitch equity deals?

This is a very valid argument and I would reckon that more than 50% of analysts end up being pitch bitches.

 

Let me tell you - there are smart kids who end up becoming slackers. Then there are the soldiers who just won't stop. They are like machines. Then there are the guys who don't last. And then there are the bitter ones who didn't get in. And finally there are the ones who didn't want to do it and didn't try to get in.

I respect only the second and last groups. Only the second and last groups have integrity.

From the ghetto....
 
Tier2Sta:
Let me tell you - there are smart kids who end up becoming slackers. Then there are the soldiers who just won't stop. They are like machines. Then there are the guys who don't last. And then there are the bitter ones who didn't get in. And finally there are the ones who didn't want to do it and didn't try to get in.

I respect only the second and last groups. Only the second and last groups have integrity.

I can't respect the first or fourth either, but the third have to have some measure of respect. There is nothing wrong with saying banking isn't for you and pursuing something else, its certainly better than getting fucked off with the whole thing and becoming a slacker that is a drain on the team. At lease leaving frees up a spot for someone who may want it more.

“I'm tired of this back-slapping "Isn't humanity neat?" bullshit. We're a virus with shoes, okay? That's all we are.” - Hicks
 
Tier2Sta:
Let me tell you - there are smart kids who end up becoming slackers. Then there are the soldiers who just won't stop. They are like machines. Then there are the guys who don't last. And then there are the bitter ones who didn't get in. And finally there are the ones who didn't want to do it and didn't try to get in.

I respect only the second and last groups. Only the second and last groups have integrity.

I can't respect the first or fourth either, but the third have to have some measure of respect. There is nothing wrong with saying banking isn't for you and pursuing something else, its certainly better than getting fucked off with the whole thing and becoming a slacker that is a drain on the team. At lease leaving frees up a spot for someone who may want it more.

“I'm tired of this back-slapping "Isn't humanity neat?" bullshit. We're a virus with shoes, okay? That's all we are.” - Hicks
 

Conan Sobroen said it.

2 years in IB is not going to ruin your family, probably not drive you insane and if you hit the gym even once or twice a week, you won't turn into Jabba the Hut either. All things considered, I think you'll live.

in it 2 win it
 

Even if you find other alternatives, you will get the point that you sometimes or often have to give up your freedom, free time, family etc. to be successful. Any work can be stressful and requires the willingness to give up something you really love.

I think that being successful doesn´t require your high IQ or intelligence, but trade off between your part of freedom and money.

Good luck

 

No offense, but if you're asking this question, banking is not worth it for you. Don't get me wrong, banking is the most overrated job by far, but when I was in school, nobody could have told me otherwise and I knew there was nothing else I wanted to do at that point. I came from a complete nontarget with an average gpa, and it took me hours upon hours reaching out to people / talking on the phone over and over again until anything would stick.

 
SHORTmyCDO:
No offense, but if you're asking this question, banking is not worth it for you. Don't get me wrong, banking is the most overrated job by far, but when I was in school, nobody could have told me otherwise and I knew there was nothing else I wanted to do at that point. I came from a complete nontarget with an average gpa, and it took me hours upon hours reaching out to people / talking on the phone over and over again until anything would stick.

This^^^^.

At least there is still some hope on this site with occassional good advice. If you are already bitching / worried that networking is too hard, you are going to be a shit analyst. Yeah, banking sucks - it's been said a million fucking times on this site. However, where else you going to make >$150k year out of school and position yourself for double that on the buyside (pending you aren't a douche, which that is most likely the case since you are worried networking might be too much work). WOW...you sound like the kid that blew an MD off for a phone interview BC he went to the beach or some shit.

"Jesus, he's like a gremlin; comes with instructions and shit"
 

in my experience, there are two distinct analyst "types" which you can sort of identify almost immediately. The first are guys you can tell are going to be totally into it, almost looking forward to the grind. theyre going to grind out 2 years and all nighters with no complaints, having accepted that it's a two year life-suck that is a piece of the puzzle they are going to need in order to get from where they are to where they want to be (i.e. rich and successful). This group ends up going to PE, HF, MBA-->buy-side, etc careers.

The other type are the "one foot in" analysts. The ones consistently confused and wondering why "the system" is the way it is, why there is face time, why bankers work ridiculous hours doing nothing beneficial in the world. All legitimate questions, but they arent the ones who are going to follow the path. they either quit midway, go through the 2 years zombie like, or are fired. Their ambivalence usually also means that they are the ones never staffed on any good deals and have few mentors at the bank. After two all nighters in a row this type of analyst is usually broken, no longer interested in kicking ass but just skating by until the two year commitment ends. What separates this type of analyst from the "successful" one? Mostly its mentality going into this gig. An analyst program would not appeal to ANYONE if it was a truly lifelong career. But the truth is an analyst program is NOT A CAREER, and those that understand that do well. Its more like residency for doctors - its shit you have to get through. No one likes being an analyst, it is a fundamentally shitty, unlikeable job. You are a formatting monkey and your best moments are when you get to spend time with a model trying to understand the underlying finance. Most of the time it is a massive waste of time.

That said, the opportunities that the program creates are HUGE and i think very unique for anyone interested in finance. I think for the ambitious and motivated it is absolutely an amazing (and at the same time horrible) opportunity.

 

^ i guess but i am thinking of the work wouldnt the title of investment banker on a resume look better than something else? I can see how working at some place like google might be better.

I want a lady on the street, but a freak in the bed, Go Bucks!!
 

it all starts with the determination that you have for wanting to go out and get the job. agreed 2 years of ibd aren't going to kill you but people who are determined to get a job in this industry already have an edge over you. it depends on what you want. since you're asking the question, i'm guessing that you don't really have an idea as to where you want to end up or what you want to do. you should network to see what some of your school alumni are doing and see yourself in a similar role as them.

 

Draw a graph of where you think their salaries are gonna go in the next 5 years at their respective jobs, and then draw the one you would have if you stay in IB/make a lateral to the buyside. Is it worth it? I don't know that's for you to answer.

This to all my hatin' folks seeing me getting guac right now..
 
  1. prestige

  2. future opportunities

also, money is still a factor, let me explain...

your friend making 50k says he is making 50k. no one is amazed, impressed etc.(for the most part) you make 120k and live in NYC, people are impressed and amazed and think thats awesome that you make so much money and have a cool job in a cool city.

you know deep down though the take home pay is much lower because nyc and you know the hours suck. they do not, the people on the outside have no idea. People in IB etc. like to show they are top notch whether they truly believe it or not. Thus its worth it.

Frank Sinatra - "Alcohol may be man's worst enemy, but the bible says love your enemy."
 

Judging ENTRY level salaries is one of the worst ways to compare careers.

Given that the average person works for 40 years, why not look at their jobs at say... 35 years of age?

Maybe one is making 100k getting smacked by the glass ceiling while the other is a VP in PE clearing 750k. I'll let you guess which one is which.

 
Press0:
Judging ENTRY level salaries is one of the worst ways to compare careers.

Given that the average person works for 40 years, why not look at their jobs at say... 35 years of age?

Maybe one is making 100k getting smacked by the glass ceiling while the other is a VP in PE clearing 750k. I'll let you guess which one is which.

I'm guessing the second one is a VP in PE.

 

40 hours a week in Big 4? Doubt that.

Also the timeline for making partner in Big 4 gets pushed out farther every year. It grew by about 5 years in the time I was there and they dont tell you that most people who stay become Director and never see above $250-300k which, although not terrible, is not commensurate with your financial service peers or the hours put in to attain that level.

 
NYU:
40 hours a week in Big 4? Doubt that.
Seconding this. Big 4 audit is definitely more than 40 hours, and it's some of the most mind-numbing shit you have ever seen. Consulting hours aren't quite MBB but definitely comparable (60-70), no idea about tax but I doubt it's 40 hours. I guess maybe if you're working HR at a Big 4...
Currently: future neurologist, current psychotherapist Previously: investor relations (top consulting firm), M&A consulting (Big 4), M&A banking (MM)
 

its worth it if you are able to take a more long-term perspective, these "omg they are making only 40k less and work 40 hours in much cheaper locations" threads are getting a bit boring.

You also have to be reasonable with your exit opps expectations. If you know your one of the smartest kid going in to it (alot of bankers are quite avg. to be honest, just worked hard and ticked the right boxes) and can land a good gig and perform strongly on the buyside its def. worth it.

otherwise probably not no, as a long-term career banking kinda blows, your hourly adjusted pay is a complete joke, its nowhere near as riskfree as ppl think it is (health risk, industry in structual decline etc...).

 

"is drinking my own urine necessary? No, but i do it anyways because its sterile and i like the taste"- dodgeball

basically you have to answer this q (is IB worth it) for yourself. and keep in mind 50K is pretax, average analyst at a reputable firm will make 110-130K all in, so like 65-85K all in AFTER tax

your friend pulling 50K will keep like what, 35K after tax? assume he wants to put some into a 401K..25K/30K for discretionary spending?

its still doable to live on, but not everyone wants to just slim by with the bare minimum. just my two cents. not trying to offend.

 

Investment banking requires a lot of time, money, and effort. The best way to find out if investment banking is right for you is to ask the experts themselves. Our online mobile community, Polariis, seeks to connect interested MBA candidates with mentors who have graduated from top tier business schools, such as Booth and Kellogg, and who have years of experience in their respective fields.

 

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Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
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Overall Employee Satisfaction

March 2024 Investment Banking

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  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
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Professional Growth Opportunities

March 2024 Investment Banking

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March 2024 Investment Banking

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  • Associates (86) $261
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  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
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