QUESTION ON OFFERS/BANKING

First of all let me say that I appreciate any advice. I have two full time offers from BB investment banks to join as a first year analyst after graduation. I also have a gf and am a pretty normal guy (not really a number cruncher type). Basically, I'm trying to make a decision if I should accept either offer. I'm a hardworker and I know I can work the hours but I also think accepting would have a hugely negative impact on my relationships with my family, friends and girlfriend, and that I would be much happier if I had free time to do things I enjoy like go out to bars, movies, sporting events, etc. I would appreciate advice to the following:

  1. Why should I sacrifice two years of my life for a better career path and money? Is it worth it? (very broad question I know but appreciate the help)

  2. What jobs exist within finance outside of investment banking and PWM and how do they compare in terms of hours, compensation, career opportunities, etc. How would you compare working at a small bank to a BB?

  3. What are your thoughts on accepting an offer and then rescinding? If I'm unsure and facing a deadline should I accept even though it is possible that I end up finding a different job?

Thanks in advance for any help.

 
Best Response

I don't think anyone here is really going to try and convince you why you should go in to IB. If you are unsure and need the convincing, step aside and let somebody that is willing take your spot.

There are a myriad of finance related career choices, banking is a very small part of it. Go and speak to your professors, career guides, alumni etc. One of the main reasons people value IB grad roles so highly is the pay, which is a double-edged sword. You want the money, you have to work for it. That means long hours. Don't want to do the longer hours means you don't want the money that badly, therefore an endless number of jobs open up.

Definitely accept the offer. If you are deciding between banks it might be a different story. Yet, if you other option is to not go in to banking entirely, rescinding on the offer is not going to hurt you going forward. Just look at the Goldman thread in the S&T forum, banks have no problems rescinding their offers. Why hold yourself to a higher standard?

Accept the offer, then use it as a ticket to interview at any and every finance related institution. Talk to the people there and you will find where you fit.

 

How long have you been interested in banking? Are the hours just recently something you have been concerned with? Maybe you are getting cold feet about your career path?

It really depends on what you are looking for in life and where you want to live. I personally, think it would be really hard to live in the Northeast and not be in a high paying finance job. But that's just me. I myself sacrificied time and relationships for my career and it has paid off. Now I have a more normal job with better hours, but I am much farther along in my career had I not. I have a job at 25, that most people have at 30-32 with a MBA. Banking/S&T really does have good exit opportunities.

 

monkeygames, I had exactly the same questions as you a year ago and ended up in a capital markets group at a BB. Our hours are not nearly as bad (about 65 a week) and it still seems like an insane amount of work to me. I would have been absolutely miserable in an IBD role, and I think the fact that you're so concerned about it right now suggests that you would not like it, either. That said, if you're willing to sacrifice for a few years, these are great roles to learn in and set you up for future opps. If I were you, I'd try to leverage my offer into an offer in a different part of the bank, like capital markets, s & t, etc. but I don't know where your interests lie.

nyc9982, I'd be interested to hear more about your career path. I think that many of us junior analysts don't know very much about what "normal job" options exist (espec. those with better hours) after an analyst stint, aside from jumping to PE or a HF, which don't really guarantee better lifestyle. Thanks.

 

"How long have you been interested in banking? Are the hours just recently something you have been concerned with? Maybe you are getting cold feet about your career path?"

I've been interested in banking since the beginning of my sophomore year so about two years. What worries me about the hours is not that I can't cut it or won't do a good job but more that I feel like if I did banking for two years I wouldn't have the free time to do anything that I enjoy. Two years of having almost no time to go out, watch TV and movies, go to concerts, sporting events, etc. is what worries me most about the hours.

Another thing that worries me is the career trajectory. I'm fine with sacrificing making less money immediately out of college (I can live on under $100k a year), but am worried that if looked at over a ten or fifteen year span, the loss in money could be much, much more significant.

 

"How long have you been interested in banking? Are the hours just recently something you have been concerned with? Maybe you are getting cold feet about your career path?"

I've been interested in banking since the beginning of my sophomore year so about two years. What worries me about the hours is not that I can't cut it or won't do a good job but more that I feel like if I did banking for two years I wouldn't have the free time to do anything that I enjoy. Two years of having almost no time to go out, watch TV and movies, go to concerts, sporting events, etc. is what worries me most about the hours.

Another thing that worries me is the career trajectory. I'm fine with sacrificing making less money immediately out of college (I can live on under $100k a year), but am worried that if looked at over a ten or fifteen year span, the loss in money could be much, much more significant.

 

Obviously you haven't been thinking about your career path enough the past 2 years. Any idiot who has been looking at a banking lifestyle knows that you make a lot of sacrifices of personal time the first two years. What the hell have you been doing since sophomore year? That's plenty of time to figure out if the lifestyle is something you want to attempt.

My advice to you is to sit down figure out for yourself what it is that you want, accelerated career options or a balanced lifestyle.

 

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