PWP and Timesheet

Heard from friend that you need to submit a weekly timesheet at Perella Weinberg to the staffer on the projects you are working on each week and the estimated time spent on each. As a result, many analysts don't want to "overbook" their hours and end up killing themselves and go beyond their staffing capacity (ie. 90 hours on paper turns into 120+ hours actually worked).

Anyone else think this is a stupid system?

Also, please confirm that headhunters are completed fended off and analysts do not have access to exit opps. Thanks.

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Comments (6)

Feb 17, 2011 - 10:19pm

That's fine. But why would you do it to a class of 6? It is clearly a well schemed mechanism used to create a competitive environment and overwork the analysts (ie. Analyst books 90 hours and actually works 100 hours. Analyst 2 knows that, wants to impress the staffer and books 80 hours but actually works 110).

At my bank (not PWP), time sheets are used in bigger groups. It's not unique to PWP. And yes, there is a lot of temptation to overbook.
Best Response
Feb 17, 2011 - 11:08pm

In London there was an unwritten rule that you don't go over 40 hours or something ridiculous like that on the time sheet so that the firm wouldn't "look bad" or get into any legal trouble regarding overtime, etc.. So people were scared to put a realistic number down. However, everybody was also scared to put any number appropriate for a normal non IB job, for fear that the number could be misinterpreted by an MD as equalling the real amount of hours that you actually worked. In order to protect themselves from legal concerns regarding tampering with timesheets, the MD's never clarified what they wanted other than the fact that "time sheets need to be filled out weekly." It was a very taboo subject and nobody really knew what to do. In the end, despite constant nagging from HR I, personally, never filled out a weekly timesheet and my coworkers filled one out maybe for the first two weeks or so before giving up on the whole thing.

Only in investment banking could timesheets become such a complex and anxiety-driven issue. It was like somebody out of the Khmer Rouge.

  • 2
Feb 18, 2011 - 12:53pm

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