Ibanking hours?
Are the hours REALLY as bad as they are made out to be for the analyst and associate positions in IBD? I hear everything from 90 to 120hr work weeks, is this for mon-fri? I don't see how that is humanly possible.. If it is including sat&sun thats a little more believable but still pretty absurd. For you guys in the industry what would you say a typical workday is like, 8-8? 8-10? And do the hours lessen as you move up the ladder to VP and so on?
beating a dead horse. search function please. If you can't do that simple research then you would never cut it in IB
^^ is right in his content, but a bit harsh in his delivery. I'd say an Average week, in my group (which is not necessarily representative of all groups on the street) - is 9am-12am mon-fri and maybe 8-10 hours total on the weekend - so that's about 85 hours a week - can be much less (9-7 mon-fri and no weekend) or much more (9-3am+ for 7 days) - it really depends
yea your right, I was a bit harsh. I just hate seeing posters with less than 10 posts that always ask repetitive questions that can easily be answered using google or simply searching on this site.
Dude...I'm going to be perfectly honest and blunt. If you have to ask how many hours you work in ibanking, then you don't belong. When we interview and someone asks that question, we don't make an offer.
Fair enough, but i think thats why OP is asking about this online and not at the interview. He could have searched tho, yes.
I hate to heap it on here but do you really think all of the stuff you've heard about how horrible the hours are is BS? I mean it isn't like there is some vast conspiracy to make college kids think the hours are horrible when in actuality they aren't. You've heard about it because its a huge part of the lifestyle that goes along with the banking profession.
My guess is, like most work places, it would go by activity at the firm. Expect 80 minimum and 100-120 when deadlines approach/lots of deal flow picks up.
It really varies based on group, based on deal cycle, live deal or just pitch work, etc - most averages are 70-80, can have some weeks where it's less and many other weeks where you hit 90, 100+ ( http://www.bankonbanking.com/2010/07/15/gmats-banker-hours-school-decis… ).
The truth is, it depends on how hard you want to work as an analyst. There are always some analysts who don't pull their own weight -- leave at 1:00am every night regardless of how much work is left to do, and don't ever stay late on weekends. They push back when a staffer tries to give them a project and frequently lie about how much work they have to do to avoid getting staffed again. These analysts tend to be the ones who receive the smallest bonuses and complain the most. They also usually strike out in PE recruiting.
If you're gunning for top bucket (or even a reasonable ranking), get staffed on a lot of active deals/projects, you can expect 90+ hour work weeks on a very consistent basis.
heavily depends on the group. If you are on multiple live deals, you will have peak weeks with >90 and slow weeks with ~60.
However, if you are pitching constantly and don't win anything..expect >90 weeks on average
What about Associate, VP, and MD hours?
Varies incredibly, especially on the Associate level. Associates who used to be analysts will be far more capable and won't require much time getting up the learning curve. Associates who came from backgrounds such as the military will likely struggle to get up the efficiency curve (this could take more than a year). Either way, you can expect an associate to be putting in almost as many hours as the analyst. VPs and above it depends on the individual and how hard a worker they are.
1st year Associate in BB M&A group here. I wasn't an analyst previously and, in my group, I'm more or less staffed like a 2nd year analyst for the first 6-9 months. Challenge is, I'm still expected to know "what's going on" as opposed to just cranking pages and models like an analyst. Translation, I have pretty long hours; I'd estimate that I'm doing between 90-105 in any given week and usually work 7 days a week. Some of that is due to me still being slow at a lot of stuff; but as I get faster, I just get more work so it cancels out. The 2nd year associates have relatively lighter schedules, but then it ramps up again for the 3rd year associates as you are then expected to be much more independent (draw up pages, but still jump into a model when needed).
CB's experience is also a little bit different -- from what I know, very little pitching, most time spent on live M&A deals (multiple deals at once, sometimes up to five at one time). Most groups, there will be a decent split between pitching and "live" deals, and unless you're in an M&A group, they won't be all sell-sides (which is easily the most time consuming process). When you split your time between pitches and live deals (which include equity and debt offerings), you can definitely find weeks where hours are much less than the aforementioned 90. Just over the past month, I've had a 90 hour week and a 45 hour week (I'm in a regional office and have been at this for over a year and a half, so I'm pretty efficient, but this isn't standard in main offices -- but at least in my group, there is this level of fluctuation -- I've seen an analyst work 110 hours one week and then 60 the next). So hours can and will fluctuate, depending on the group, but you can definitely expect to see 100+ hour weeks at least occasionally, if not the norm. Some groups will be less inclined to go "balls to the wall" on pitches, which is really what will make or break your life... If they're less crazy on pitches and face time, you can expect to find decent weeks here or there. It also helps when you have good associates who know what they're doing.
Tell me what group is working on five live deals at once these days. Seems like a bit much, but correct me if I am wrong. How do you keep track of everything?
To answer the general question about hours, I think it depends mostly on group and culture. I've seen groups that pound out pitchbooks a day or two in advance (surprising I know) and hate staying in the office late unless absolutely necessary. I've seen other groups where first years have been essentially working 100 hours non-stop since their first day on the desks. So in short, it really varies based on bank (bulge, boutiques etc), group (coverage vs. M&A vs. product), dealflow (pitches vs. painful, in-depth pitches vs. live deals) and group culture. Hope that helps.
It seems as if you guys are only referring to industry groups and M&A. What about product groups such as Sponsors, Leveraged Finance etc?
Sponsors is an industry group, but from what I've heard... Better hours. Our Sponsors group is all senior bankers and one analyst, and most times, a Sponsor guy will pair with an industry banker and the industry banker preps materials. LevFin is typically a busy group, but again, depends on the bank. LF deals can be time consuming depending on what types of deals your bank generally does (if you're doing lead books, syndicated bank deals, it can be time consuming -- bank book (CIM), lender presentation, model work -- but if you're doing club deals with small holds, it's basically internal crap). M&A is going to require the most hours, typically has the most intense bankers, and will give you great experience to become a generalist at a buyout shop. If you're bank has good dealflow, you'll probably get sucked into pitches on occasion but a lot of time will be spent on live deals.
Ask CB. I can't imagine working on five live sell-sides at once... But back in mid-to-late '07, when M&A dealflow was off-the-charts... I could see it happening at strong M&A shops.
I managed to hit five live deals at once in mid 2008. Didn't last too long because three of the deals were in the last couple of months and therefore there wasn't much work for me to do. In general, 2-3 live deals per analyst was normal at my MM bank back in the good ol' days.
my group averages 90 hrs a week easy... it'll hit 100-110 depending on the deliverables and deadlines. But it's pretty much expected to be at least 90. It's a healthy mix of a couple live deals and pitches.
Let's be real here - how bad are the hours in Ibanking really? Anecdotes tell OTHERWISE. (Originally Posted: 08/20/2010)
Alright the word on the street is that first year ibanking analysts get 70-120 hours a week and are really stressed out and have no time for relationships or even sleeping in their own beds and it's a general perception that ibankers sit in their cubicles at 3AM cranking away on an Excel Spreadsheet.
NOW...that's all fine and dandy. But I have 6 friends from a target school who graduated 2009 and are now working for Goldman, JPM, and MS. Looking at their Facebooks as well as what they've been telling me, they party their asses off Friday and Saturday nights. Just the other day one of them even wrote (at 4PM), "can't wait to get off work today and have dinner with my babe!" (dinner with your babe? really? that doesn't sound like stressful work hours to me!) I'm in NYC for my internship so I messaged one of them and said "hey man, im in nyc this month! lets catch up dude!" and he actually responded telling me he's free on weekends and would be up to party anytime. 3 of the 6 guys are still in committed relationships and seem to be going well. They've also been posting tons of pictures on FB of general debauchery around NYC ever since moving there. None of them look like they've aged 15 years and when I met them in person, they looked great and healthy. No bags under their eyes, no slurred speech (except for us partying on a THURSDAY NIGHT in NYC. Shouldn't they be working on a spreadsheet around that time??)
So what is it guys? How bad are the hours in ibanking really? My friends seem to be having a blast.
All of them are in investment banking....unless they're all lying and are really in Operations instead. But I doubt it - they all graduated Phi Beta Kappa.
There's an industry conspiracy to present the idea that we work 100 hour weeks, when in fact we do not. Your friends are failing to uphold this practice, and will likely be fired very soon, possibly even "taken care of." I might be too for having told you this. If I haven't posted by this time next week, it's been real.
2 things... the hours comein waves... and during the summer the analyst bennefit from the summer analysts and summer associates who take a ton of pressure off of the full time analysts (add that to the fact that things are slow in summer)....
this was a fucking stupid post
1) Ah ok. I didn't know that summer analysts took so much work off the analysts. I guess that helps to explain it. Thanks for the answer, appreciate it.
2) Fuck you.
An alum told me about an analyst in BMO mining who works 8:30 - 2 am but gets off at 6 on weekends. I think it varies by work flow as someone else noted. BMO, however, is number 1 in mining so naturally they're pretty busy.
Wow, seriously, another one of these threads?
And btw, summer analysts don't do shit for workflow. You're basically worthless and a liability, I'd just as soon lodge my head behind a tire when parking on a hill as I'd trust a SA to do something without spending, probably about as much time it would take me to do it myself from scratch, checking it over. Dealflow is always down in the summertime, thats why workflow is better. You have very little to offer along those 10 weeks other than an opportunity to gauge if we want to work with you in the future... and if you're a cute chick, something to look at.
As for hours... my summer has been 80-95 hours solid... which is atypical. This time last year I was probably doing 60-70 hours, and got completely demolished come the post labor day avalanche.
So its pretty rare to average 100 hour weeks day in and day out throughout the year. By way of example, I work in restructuring and even throughout one of the worst economic downturns in US history, and in a year when my firm did 3x as much business as it had done in the next busiest year of my firms's somewhat long history... I probably still didn't average 100 hours a week, 52 weeks a year... or even 50 weeks a year for that matter. I probably average 80-90 hours a week... with a range of 65-120.
That being said, there are times when you get killed. I've done a few 120+ weeks and there's nothing fun about it... no matter how easily you work long hours, and I do better than 99% of people.
Does BMO have a graduate recruitment program? I can't find it on their website. It just takes me to "Job Search"
Can I just say in my group this summer... almost all the SAs worked 90-100+ hr weeks along with the FT analysts... workflow was slower towards the middle of the summer, but was crazy busy towards the end... btw although I do agree that FT have to check SA work, but the fact there is someone below you to hand menial tasks to saves the FT a lot of trouble (i.e. printing, delivering)...
That is wrong on so many levels, Once you have SA's you will realize how much more work it actually means for you as a FT.
questioning it does not make it any better. the hours are what they are. nobody like it but thats the way it is. accept it or find another career your interested in.
I'm on the buyside and work 55-70 hours a week. That's 9 to [8-11], 5 days a week.
All of my friends in M&A work more.
things are always much, much slower before labor day, so that probably plays into it somewhat right now
id say 80-90 is probably the norm, and its definitely possible to still go out 1-2 nights a week and occasionally have nice dinners with friends/significant others on those hours
IF you took out all of the face time, how many hours would you be working?
i heard one kid did 165 hours a week last week , he was really stressed out
Oh yea? He couldn't manage to work the remaining 3 hours that existed in the week? What a pussy
The deal flows come and go. However, you can usually expect to work 9 to 12/2 every night from monday to thursday, then maybe getting off on friday at around 5pm
The weekends vary as it depends on the client / pitch you are doing. But I would say in a reputable IB, 70-100 is definitely there.
I am up at school watching kids move in and as soon as I saw this post I realized it must be that time of year when this board gets deluged with rookie posts.
Hours ebb and flow. Some weeks are easy and some are hell. The hours in Banking are a bitch because you cannot plan for them and you need to be on call all the time. You get compensated for it though. Deal with it.
Its totally group dependent, and if you get stuck with certain MDs. I had periods of consistent 100 hour weeks solely BC a horrible associate and MD. My peers were doing easy 70s during the same time frame. You shouldnt be worried about hours in general though if you want to do banking...
On that note, which groups work the least hours on average?
Yes.
The smart way to think about hours is:
1) Do not work with people who will waste your time by asking for huge pitches, irrelevant analysis, useless information, etc. It will take forever, you learn nothing, and nobody cares. The worst offenders are lateral hires who have something to prove and senior bankers in weaker groups who will do anything to try to get clients.
2) If you are spending a lot of time on large, mandated deals, the hours are worth it and will be long. If you are doing pitches or providing "coverage" to clients by helping them with presentations, etc the time is wasted.
3) Greatly depends on how many projects you are working on and deal flow of the group.
4) Hours worked does not determine pay and does not necessarily equal amount learned. If you are looking for exits, get 2-3 great deals. At that point having time to prepare makes the biggest difference.
Real IBank Hours (Originally Posted: 04/24/2008)
Guys, I want to know how long bankers (specifically analysts, not associates or SA's) work. Sure I have heard anywhere from 65-140 hours a week, but how long do YOU work personally? (First hand info only please).
This question has been asked 100s of times, but I'll humor you.
Usually about 70-80 hours.
9am - 11pm on average 5 days a week (that's 70 hours) then a couple odd hours on the weekends.
I live in London and do 70-90 with the average definately around 80. There are periods that are way more intense but they usually happen in crunch periods. All analysts I know, in my bank or others all work these hours, with some having an average closer to the 90 some towards the 70s. 100hrs constantly is just not true. Barely ever does anybody come into the office on both days of the weekend and even on the day they come in its not usually as if its like a regular day from 9-12 or something.
when things are busy: 9am - 1am on weekdays, 2pm - 10pm or so on sunday and possibly saturday as well (roughly 90-100 hours)
when things are really busy: on avg, 9am-2am or so on weekdays, with maybe an all-nighter (rare) or close (not as rare) on 1 or two days, 11am - 1am or so both weekends (could be later) (somewhere between 110-120; this does not happen that often for me)
on avg: 9am-11pm, with maybe 6-10 hours on the weekends, depending on the work load; lately this has been more like 9am-10pm or so
summer time: 9am-7pm sometimes, with no real weekend work (maybe a few hours on sunday, sometimes you can just citrix in and get it done from home)
60 to 75. The latest I've been in the office was 4am, the earliest I've left has been like 5:30pm. Definitely during live deal times, average midnight/1 am.
I'm in a pretty specialized group so we spend most of our time executing and not much time pitching. My group is also super against facetime.
Depends a lot on the group and how you (I) perceive face time. I think there's a bit in my group. That said I average around 75 hours per week.
What type of work specifically? modeling?
i mean, banking is alot more than just modeling right, at least usually, especially in industry coverage groups
Analysts love to exaggerate their hours; in my experience the average is around 75 a week. However, don't underestimate the crappiness of working a 75 hour week consistently, especially coming in from undergrad when you are required to be in class for what, 15 hours a week. It's a huge lifestyle change whether you are working 70 hours a week or 90.
what about 1st year associates?
Thanks for all of the responses, I do get the hint at times that analysts exagerate their hours a bit, nevertheless, I don't care how much you love your job 80 hours a week is a lot.
Probably not that relevant to you, but here in Dubai our analysts generally work 9 to 10 weekdays and say 4 hours per weekend in an average week. A busy or very busy week would be 9 to 12:30 or 1am (probably with an all-nighter somewhere in there) with half the day Saturday (Sunday to you guys) and a few hours Friday (our Saturday).
I am a first year analyst in CEE. I work about 55 hours a week (9:30 am to 8:00 pm), with the odd few hours on the weekend.
I'm an analyst in non-BB firm (but not some regional no-name either), and I'd say mine are more like:
9 AM - 11 PM Mon-Thurs 9 AM - 9 PM Fri 11 AM - 8 PM Sat 11 AM - 7 PM Sun
So average week = 85 hours
Of course there are weeks whenever I get off Sunday. Of course there are weeks whenever I don't leave before 1 am on weekdays. But this all averages out.
The longest strech of 6-plus hour days I've worked, by the way, is 7 weeks in a row (my group is all about the "no all nighter if possible" factor and not the "okay, here's a day off" lifestyle)
Must say your life seems pretty miserable for a non-BB.
Aceman - I hope PowerMonkey doesn't mind me reposting this, but in another thread about hours as you move up the ranks he wrote the following, which I found to be very helpful:
1st year/stub associate - +5 to +10 analyst hours. Assuming you weren't an analyst before you went to b-school you will be in the office more than the analysts your are working with. You will have no idea what you are doing and will slow down the entire process. Everyone will think you are worthless for the first 6 months. You have absolutely no control over your schedule.
2nd / 3rd year associate - -0 to -10 analyst hours. You probably have some idea of what you are doing at this point, efficiency gains will kick in and you can get shit done. That being said you will be on more projects then your analysts, so you will have more hot items at once. You have a little control over your schedule.
Last year as an associate/1st year VP - -10 to -20 analyst hours. True efficiency gains, projects under your control, other associates doing work under you. At this point you set timetables and manage both above and below you. At this point unless something is really under crunch time you will no longer be ordering seamless at the office. An efficient person will have a lot of control.
VP-SVP-MD - Its all up to you, you are managing client relationships, meetings etc. If you like to be in the office you can, likewise you can make everything a call you can take from your couch in your absurdly sized house in NJ or CT.
To what AltESV said, cut and dried hours are not the way to think about it at any level. If you read the posts around here, you will see that is the case. One group you might be in everynight to 1am as an ass or an analyst. Another group you will be out every night at 10pm. Think in terms of how much those around/below you will be working and the control you have over your life.
From this thread: http://www.wallstreetoasis.com/forums/hours-for-associates-vps-mds
Just going on my personal experience (2 SA internships) an analyst in the M&A teams I was in averaged 06 85 hrs in 2006 which seemed hectic at the time. However in 2007 I was totally slammed for 12 weeks.....it was a 9 - 3am Monday - Fri (90hrs) and then Sat - Sun 10 - 15 hr adding up to 100 to 105 hrs per week.
IB at BB hours are not that bad. (Originally Posted: 08/17/2006)
The people that say M&A analysts never leave work are fucking blowjob givers. Im a 2nd year at a BB and work like 70-80 a week. i have time to workout every day and go out and fuck on the weekends.
you must be the worst analyst ever (no MD trusts you with his work), with an empty shelf above your desk.
enjoy the 25k bonus
fuck you dick shit fuck face. im just not a fuck like you prob. are. i get my shit done and done right.
and which region?
At 70-80 hours, I wouldn't say your chances of advancement are bad, but they're lower than most bankers your age would accept. Like it or not, advancement in IB is based primarily on the hours, and you're up against people who are willing to nail themselves to the wall.
"Like it or not, advancement in IB is based primarily on the hours, and you're up against people who are willing to nail themselves to the wall."
This is true. Because IB work is not very difficult, it's almost impossible to be bad at it. Thus, being a standout doesn't mean being smart, it just means killing yourself day in and day out.
It's actually very easy to be bad at IB work; it's easy to be bad at anything given sufficient sleep deprivation.
agreed even if you get all your shit done you need to be in the office for face time and just in case you get a late night assignment. im sure the other analysts love that you go home at 10 while they are there until 2 am every day.
I work at a BB as an analyst and I usually work from 9 am - 9 pm. If there is a deal closing, I will stay really late or all night. But on the average day, I am out of the office around 9 or 10.
This kid is lying look at his response, hes a 18 year old CHILD. It's a dawg eat dawg world.
Its true, in banking your hours worked equal your value added, since the work is rigorous but not particularly difficult. This is why most of the brighter analysts end up in hedge funds or LBO shops, where you're rewarded more for quality than quantity.
BB IBD Working Hours (Originally Posted: 04/20/2013)
A few of my friends worked in BB regional offices and pulled 10-11 hour days (IBD). Some of my friends worked in regional offices and pulled 14-16 hour days (IBD).
Is it true that London/New York/Hong Kong have the toughest working hours for IBD? Is it true that regional offices (BB IBD specifically) are better in terms of working hours (and overall culture?)
I'm not basing my career decisions on this - Im just curious.
Staffing plays the biggest role - if you are thin, you will be working very long hours.
Coverage groups generally work slightly less than product groups. Varies from bank to bank, but M&A will almost always work the longest hours.
Regional makes no difference - if it is front office, you are going to be in the office a lot.
Size (boutique vs. MM vs. BB) makes no difference - if there is deal flow, you are going to be working long hours.
I have heard that HK banking is particularly brutal. London and New York are more or less the same (in my experience).
It's not really fair to clump all regional officers together as they vary themselves. Houston is generally considered to be more relaxed and less about facetime. However, the deal flow can cause a lot of hours. There really no point in attempting to making a sweeping generalization as it varies so much, not only from city to city but from group to group.
Basically, it's all about deal flow, and the small regional banks typically don't have a pot to piss in, so on average, they don't work typical BB IBD hours.
14-16 hr days at a regional office is exception, not a rule.
Some regional hubs have longer hours than NYC/HK/London. Typical example would be Lazard in Paris, known for being way more brutal than London.
Hours in IB (Originally Posted: 08/20/2010)
Hi, I was wondering, how many hours are you guys clocking in, in your current gig? Do you guys frequently work weekends? Or only work weekends when there is work to do? I am currently interviewing with a boutique. They say there is no face time, but people are usually there 7-10pm on the weekdays. What are your thoughts?
My group was 9-2 AM on average (though it's arguable that there is no "average" day)
^ I should add though that this was SA's... MD's leave much, much earlier.
as an analyst in a boutique ( assuming local ones, not the really well known ones) you should expect 9am - 9/10pm on weekdays and few weekends
If you are in a well known one, you better hope your MD doesn't bring in 3 deals at once ( hence the 9am-3/4 am days start)
honestly, how often has this been discussed on here? like a zillion times?
IB Hours are Killer. Literally? (Originally Posted: 11/22/2013)
http://www.ibtimes.co.uk/articles/524463/20131122/moritz-erhardt-intern…
Correlation is not the same as causation. Interesting though.
Interesting that this was said though:
"One of the triggers for epilepsy is exhaustion and it may be that because Moritz had been working so hard his fatigue was a trigger for the seizure that killed him," said Coroner Mary Hassell at a Poplar Coroner's Court inquest into the intern's death.
Wasn't this news over summer?
yeah, this was months ago. nothing to see here, move along.
Yes but they just released info about the actual cause of death
In other news, Romney lost the election.
hahahahahaha omg
This is old news, yes, but they just released the cause of death.
Did this kid know that severe fatigue could trigger a lethal epileptic seizure? Did the bank know he had epilepsy? I don't think he should have been doing this job.
He lied about his epilepsy on the paperwork he had to submit to the bank.
Why would you lie about a MEDICAL condition?!?
Anything to break in...
I heard JFK got shot
Question on Banking Hours (Originally Posted: 07/26/2012)
What percentage of the 80-100+ hours you work each week are actually spent working? I'm currently in public accounting (kill me now please) and during our "busy season" I'll rack up 70-80 hour weeks that are chargable. If I count the time spent in the office, but not actually working (e.g. meals, personal fuck-off time, etc), then I'm actually "at work" 80-90 hours. Is that similar to how IB is, or are the 80+ hours the time you actually spend working?
Depends on your group, bank, location, and dealflow. 100 hours a week could mean straight cranking 15 hours a day, 7 days a week, but usually there's at least some downtime (when you're waiting on turns or publishing or whatever).
Yeah I think the standard answer is it varies. You could have some shit consecutive weeks where you really are just working 100 hours week after week, but usually you'll have ups and downs, where some days you'll have buckets of hours completely free now and then
Let me put it this way (speaking for myself, @BB) - you will be working on average from 9am to 01:30am. Less work and more rest on weekends.
Depends on how many deals there are, especially true for MM and boutique
Depends on the work load and on the group. Face time drives up the hours significantly, especially for first years analysts/associates. Small groups tend to have less of a face time component.
The real trick to managing the hours is to KILL IT in the first 6 months. I mean just kill it. Earn a reputation. Then, when there is some downtime you can go grab dinner with your girlfriend, get a pair of shoes, get a haircut, etc. When you know a turn isn't coming until 4am, you can take off at 8pm and get some sleep.
You will work a lot. Establish yourself and don't be scared to claim the downtime as your own.
Working hours per week...IB (Originally Posted: 01/22/2007)
I heard one has to work 80-100 hours per week if you get job in IB field. Is it true? Can you guys tell me how many hours you are working per week?
From a blog of a 1st year analyst:
"The wave of death is coming to a close, but it's been a brutal 3 week start to the new year's. I've been sleeping through meetings, through calls, in the elevator, everywhere. Going home at 3 or 4 day after day, with 8 am calls or 9 am presentations the next day. Going into work on a Sunday at 10 in the morning and leaving at 5 the next morning... When people asked me how I was doing, I would mutter, "miserable, ask me again when I wake up". I am averaging 5.5 hours of sleep and 15 hours of work in the month of January. But last night, got home at 5, and slept till noon. That was the best sleep ever. Ever. And surprisingly, feeling surprisingly free and happy at the moment...
And the funny thing is, half the first year analysts in our office are pulling worse hours than this. One guy's done something like 3 all-nighters and 2 near-ones in the past week, on 4 simultaneous projects."
Is this from "The All-Nighter"?
Nope, just a random 1st year analyst's personal blog.
I'm an analyst at a top tier bulge bracket and recently we've been given the option to work 8:30 - 4:30 because the firm want's to encourage work-life balance. It's created this touchy feely atmosphere and everyone gets along with each other now.
lol. I asked for 10-6 so I could sleep in a bit more.
LOL
Lol at patekphilippe
"if you have to ask how expensive something is, you can't afford it."? That's like banking hours, especially at the analyst level - "if you have to ask how many hours we work, you couldn't handle it."
Read message From: bullmetaljacket To: patekphilippe Subject: Where? Date: Tue, 2007-01-23 00:08
Hey man...I saw your post, and was just wondering which firm you work at?
Wow, just wow.....
Horrible hours? Why not hire more? (Originally Posted: 05/31/2007)
This might be a very naive Q but I have been pondering for a while...if there is so much work to get done by analysts, why don't banks hire more ppl??? I think analysts would be happy to loose half of their bonus or even more, if they could get out by 8pm, or something like that. 60k is still very competitive for a 22 year old. Thoughts???
Associates don't have time to ask hundreds of analysts about fuck ups in the model...
What is the analyst to associate ratio?
Depends. Pyramid is a good way of looking distribution of employees from top-bottom.
accountability
also, 60k a year would attract a different crowd, much less desiriable than 140k+
banking analysts do not get paid that much. More like 100 k a year.
this is true. ppl need to be fu..ing hungry for this job to make the immense cash, and are willing to be the bitches of senior ppl. one thing I do not really understand! Why do you need such a high GPA and be top notch to get into i-banks? The work is nothing more than doing analysis on Excel. Seriously...Do not tell me that only Ivy Leaguers can do this job efficiently! Just in comparison: McKinsey pays 70k in total and I guess ppl still wanna go there. I think they need a little more "brain" to be able to do their job. What do you think?
People are still mistaking the bonus for the total comp. Guys, the bonus number on the spreadsheet is just a bonus. That doesn't include the rest of the compensation. Even first-year banking analysts this year are making well over 140 unless they're at a no-name bank.
The avg. I-banker makes around 100 k. Only at the top few banks is compensation so high.
And to answer the original poster's question: entrenched culture of long hours, flat deal teams, unwillingness of senior bankers to extend deadlines, inability of two people to effectively share a model. And, as Structure said, accountability.
It actually could change, I think, if the industry made a concerted effort to lessen hours... but it's not going to. So shut up, suck it up, and make bank. Sounds harsh, but it's what we all do.
Why should we want it to change? I would rather earn $100k for 100 hrs work than $50k for 50hrs. Apart from a few wimps and a few 'work life balance' harpies most people in the industry are happy with the trade-offs (and there's always commercial banking for those who want a lesser workload and a comfortable salary). Of course if they were offering the same salary for 75 or 50 hours then I would like that but simple economics dictates that it ain't gonna happen.
if you made 100k last year, im assuming u did something terribly wrong, or work for a bank that underpays.
Mis Ind is right, 140 is a relatively low/medium (all in) number for analysts this year and last.
140k was not low/medium last year. no first yrs at a bulge made that with 80k top bonus and 55k base. 140 will be low end for this yr though, with projected 100k top bonus and 60k base.
yup. I think bonuses alone for GS, JPM, ML came in the 100-110 bracket, right?
About 80-100 elsewhere. Alot of activity...
According to the compensation database on this site the average toral comp (i.e salary+bonus) for 1st year analysts was $111,536.
weren't you the one the other day asking if you might be able to get an interview with your low gpa, meanwhile you are claiming to know the actual salary range for bankers? 100k all in is not what they make. this year its looking like top bucket first years will be makin at least 160. 2nd bucket prob 150, 3rd around 140, much higher than 100k eh?
People are comparing bulge bracket salaries. Boutiques bring it down immensely.
100k is soooo July 05
avg. was $120k from 06. so from 80 to 140 for the 1st year is good approx.
if your all in was 100k... u just got owned.
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