Some guy was telling me that traders just do coke all the time. Is that a myth or fact? I am really curious
Did you watch Wolf of Wall Street?
7,548 questions across 469 investment banks. The WSO Investment Banking Interview Prep Course has everything you'll ever need to start your career on Wall Street. Technical, Behavioral and Networking Courses + 2 Bonus Modules. Learn more.
Yes, and I read his book.
I meant my comment as a joke.
Also worth noting that not every bank has a necessary drinking culture like people believe. You might have to go to Happy Hour and stuff with your group or class, but don't have to go out on weekends if you're the stay in type; it's just that most people in Banking are not the stay-in type
Some guy told me in a bar trading is like the Wolf of Wall-Street and I was very dubious.
I think that his attempt to hit on you. It's not logical to use coke as a stimulant to stay alert during market hours as it wears off way too fast and traders would legit be blow-ing their whole salary on coke if that's how they used it.
I was very dubious because a friend of mine said the heirarchy at Goldman Sachs was non-existent and I just found snorting coke all the time would just be impractical. Also, he's applying to be a trader....
while its true that some traders and brokers do use coke...adderral is more common for traders...because it lasts longer...and the effect is more in line with the job requirements...paying attention to flashing numbers on a screen for 10 hours straight, every day, can be difficult sometimes.
just google it...you're welcome
I work on a trading floor. From my experience, the traders are more like those described in Liar's Poker by Michael Lewis; extremely outgoing, force of nature personalities, and generally have a don't give a fuck attitude. With that said, I don't think any of them are chronic drug users, but it wouldn't surprise me.
statistically...i'd say that 30% of off-screen brokers use coke..20% of traders use adderral...and 10% of traders use coke. A little higher than the avg population...but not that out of line....and not a majority.
When I first started recruiting, one of the conferences I went to had a session on drugs and drinking. Through anecdotes, they shared that adderral is the drug of choice for most people in IB and that coke is something you do if you were born before 1970, or if your favorite rock group is still Motley Crue for some reason. They hammered it into our heads "Don't do addy! You pay for it later."
In reality, I'd say that what I've seen is 30% addy use, 20% coke use (the venn diagram of users is pretty much overlapping), and 5% other stuff. Weed was probably around 30% as well, but nobody cares about that. This includes my time in school, my current bank is remarkably clean.
Full salary, interview and review access + industry reports!
$19.99 per mo billed annually
Free Access - 1 Click
Gain access to all forum content + 6 financial modeling lessons ($199)
All Courses, 3 mentor hrs, CV review & video library (save 50%)
$99.99 per mo billed annually