I am a first-year Analyst at one of those, wants to be a BB but isn't but also is not quite a MM either firms. Anyway, I have just gotten done my first 5 months and I cannot for the life of me understand where this myth of 100 hour weeks came from. Sure things get terribly busy sometimes and once in a while you will see someone pull such a week but people genuinely feel bad for that person and senior folk will go out of their way to thank them for putting in the effort. I never see anyone working those hours consistently. Even working 80 hours per week is exhausting and is a fairly busy week.
Yet everytime anyone talks about investment banking during college you always hear "are you ready for 80-100 hour weeks?" Why are we perpetuating this myth to each other if we all know it isn't the case? It is extremely annoying to me because I feel as though all it does is cause new analysts to force themselves to stay in the office for projects they don't necessarily need to be spending that much time on just to meet some prior expectation of their work-life. Further, it only deters good people from entering the business altogether who, if told the truth that they would really be working an average of about 70 hours per week, would have loved the job.
Is this all just for some perverse sense of pride? Please be honest in your responses as to the cause of this phenomenon. I know that we have all pulled something like a 100 hour week but can we stop pretending that we do it all the time.