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+4,000 | Bank of America - Juniors Strike to start Monday May 6th | 421 | 13m | |
+849 | BOFA ALREADY TRYING TO COVER UP THEIR TRACKS | 79 | 1d | |
+596 | This is a dark day for Wall Street. | 46 | 12h | |
+446 | BofA Associate Death - WSJ, FT, CNBC, Bloomberg | 48 | 57m | |
+191 | How to strike without being fired. | 21 | 17h | |
+184 | Analyst at Bofa FIG-Thoughts | 28 | 1d | |
+171 | Big Layoff at Barclays - 5/1/24 | 88 | 1d | |
+165 | Hey WSJ, BBG, CNBC, FT, it's been more than 72 hours that this BofA IBD Associate was reported dead | 23 | 11h | |
+150 | BofA List | 37 | 11h | |
+138 | Reporters, please post your info in this thread for visibility so people can easily reach out. | 4 | 2h |
Career Resources
Yes, the work will come. Enjoy your freedom while you have it. Soon you will look back on this post and laugh. You’ll be fine with getting up to speed.
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Ask the other associates if you can do anything and everything to help them. be very vocal about being bored
think everyone is misunderstanding what I am saying about being vocal. Just dont sit there doing nothing about a lack of work especially if others are grinding that is never a good idea.
Yes, being annoying is really a great way to help you get acclimatized to the group.
not necessarilly being annoying but if you sit there and do nothing you dont want to just wait and hope people will give you work
What specifically do you feel behind on?
Firehose will turn on soon.
Well sounds like paradise to me. Paid big $$, barely working. Investment banking is paradise.
Just wrapped up my first associate year and can assure you the work will come. There are ebbs and flows in this job- sometimes you even have a whole month where the work is 'slow'. For now, try to spend your time practicing modeling, flipping through relevant materials, etc. If you're going into the office try to grab coffee with bankers, especially senior ones you admire and connect- it pays dividends when you're staffed together or they may even staff you directly on something if they like you. Enjoy getting to bed at a reasonable hour, it'll keep you sharp for the moment your staffer asks if you have capacity which will inevitably come...
How did you enjoy your first year? What were your average hours like?
I liked it enough to not quit at the one year mark, but a lot of people in my class are leaving/have left.
I hate the average hours question because its transaction dependent. Generally, I worked 9am to 12/1am give or take some weeks with 4/5am-ers in there for crazy deals or pitches. Some weeks were like what you described- quiet-ish and loved those the most!
I'm not built to be a career banker though, my marriage couldn't last the level of unpredictability required to make this a career, plus the upside is not there as much as it used to be in my opinion. Looking forward to taking the skills and the network to something where I have more ownership and control of my time and life.
What type of role are you looking for?
Start my own thing and see how that goes
That’s the dream. What industry?
Why do you think the upside isn't there anymore?
Ignoring the potential huge upside if you are lucky and join/start a startup that goes bananas, nowadays there are so many other career paths that provide a solid six figures, plus equity AND the ability to spend time with your family on weekends, thats the real upside!
Banking used to be one of the very few jobs offering a solid six figure career, but that's just no longer the case. Do I want to be 40 years old and chasing deals while ignoring my family? Nope. I think its a fine jumping off point in your 20s and early 30s if you can manage it, but from where I sit, I've seen and experienced enough to know I can have a much happier and full life with economic security in another arena which is more important than hopefully making it to MD (?!?!) and maybe (key word) having a good year when I close some big deal after ruining all my relationships to get there.
Well said! SB'd!! Are you thinking of Corp Dev as a potential exit?
Corp Dev doesnt interest me as much as trying to start my own thing-very tbd on what it looks like, but im hoping to use my end of year bonus to just go all on in on an idea ive had, scratching that entrepreneurial itch and if it fails I have a good feeling i'll be able to lean into my network and experience for something else.
Thanks I appreciate this. Makes me feel better.
Use the time to get into a sustainable workout routine (something that you can do ~30 min a day) and grab coffee chats with as many people as possible, including contacts in other parts of the bank. Get access to your sector's ER reports and start understanding the ins and outs of the industry. Practice some modeling. Look through old decks. Enjoy your sleep. Finance is an apprenticeship model which means you will all of a sudden look back in a year and realize how much you learned, even if you feel like you are not actively learning day to day. Completely normal.
You should reach out to your staffer. The advice for enjoying the free time while you have it is spot on... After you've been through the grind a few times and have built up a reputation, but if you fall behind others early on in terms of learning and reputation building, you'll quickly get passed over for the best and most interesting staffings in favor of those who have been in the trenches and made those relationships. The best thing I ever was throw myself into everything for the first 12 months and it allowed me to be significantly more selective and have significantly more latitude by year two. Three years in and I was hand picking what I wanted to work on, not the other way around, and it's because I built up that rep for the first eighteen months and learned more in that time than most of the other associates had in three years.
Unfortunately this things are not linear, if you don't capitalize on on the first 18 months it's much harder to make up for it after that, both in terms of learning trajectory but also reputation.
This approach could work, if you’re ready to work >100h weeks for the first 12 months, which isn’t the case for everybody. Tbh I doubt you would fall behind, I think after a month you’re usually staffed already and fully on within month 3. Not necessarily a function of whether you’re good, but just pitches converting / other people leaving
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