I understand that IB is very stressful but I just wanted to know the nature of the work that makes it so hard.
Is there a huge volume of pitches at all times?
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Volume of work can definitely contribute. Seniors are always trying to create a "value-add" which means you end up doing esoteric bullshit analysis that no one reads. Profiles that no one looks at. Constant revisions with fast expected turnaround. For pitches, teams tend to be a lot smaller, which means the burden of checking the nitty gritty falls onto one or two people. Just dealing with demanding personalities all the time is stressful.
IBD analyst here so I can share my thoughts, people may disagree but I guess stress differs for each individual. I think it mainly comes down to two key points A) the short deadlines and B) managing multiple workstreams/projects. I expand on these below:
If any MDs see this, please share with your fellow senior bankers and help create change to improve the culture of banking.
Love the last sentence. We need more Jerry McGuires in finance. SB
This and WFH is making the job so hard for new analysts.
My first week I was staffed on a big pitch so a 3rd year can focus on a live deal. The md wrote his comments in cursive and on a few slides I thought he wrote “Love this” so I was like sweet, no changes. Turns out he wanted me to kill parts of 10 sides and replace it with another slide. Had the 3rd year working until 5am for 3 days trying to fix my fuck up
this made me chuckle
I can attest to the "multiple projects" stress. When you're working for multiple MD's/Seniors, each with their own engagements and simultaneous tight deadlines, work can get very overwhelming very quickly as people are continually blowing up your inbox asking to get more and more out of you. There's a finite amount of hours in a day but the work still has to get done with a certain level of quality and on-time. This can apply even more so for an analyst whos gunning to impress and doesn't want to say no or hasn't figured out how to effectively push back.
First year that’s having troubles with this. How do you push back? I’m worried of being labeled lazy but I have 3 meetings in one day, I literally cannot take on more work.
Yeah this + what other posters have said. The work itself isn’t overwhelmingly complex, but attention to detail is extremely important and you have to make minimal/zero errors if possible.
All this whilst balancing multiple projects which are all extremely urgent. Plus whilst you’re working frantically trying to balance all this simultaneously - you might have calls/meetings throughout the day you also need to attend. Headsets are a godsend as they allow you to multi-task at your desk (nothing worse than being trapped in a meeting room for an hour or two when you knew before you were already going to be working past midnight before the meeting came up). However you can’t get sloppy and just tune out calls in the background while you work - you need to make sure you follow anything important/relevant on calls, as it’s pretty embarrassing to ask a question later and someone say “we covered that in the last meeting.”
Basically IB is not about complex math or finance knowledge (finance concepts are important but excel models really aren’t that hard in the scheme of things) - rather it’s about attention to detail, ability to multi-task, coping under pressure, and relentless stamina. A lot of people either don’t have those abilities or don’t want to be in that environment - hence the high starting salaries for new analysts compared to other industries.
Agree on all your points besides the “girls treatment”. As a woman in banking, it has been the opposite - guys get the boys club treatment and clear favoritism is shown towards deals they’re put on and higher bonuses end year. Not saying that what you are mentioning doesn’t happen, but women have to deal with so much more than delivering high quality work such as proving ourselves and trying to fit in a frat culture (in most banks/groups)
I get your point but most groups aren’t a fratty culture. I work in an intense group and most MDs scream at guys but talk to girls with a disappointment in their voice. I think it’s a big problem tho. People should be rewarded based on merit and I’m sorry you feel like you’re not being treated fair.
No doubt that women have their own set of issues and looks like you aren't receiving some of the benefits - if it should even be called that. I'm a bit older now with friends that are ED range and can attest that some have told me they go easier on the girls. Not because of the reason above, that is too sensational, its not to get laid. Its just that some guys don't feel comfortable being an ass and ripping the face off a chick the same way the do with a guy. Its like the whole you can't hit a girl thing, but in the professional sense. However, this is clearly bad because aside from favoritism, it hurts a girls ability to improve if they aren't being reprimanded to making mistakes merely because the guy doesn't feel comfortable with it. The whole situation is a mess but at least some girls do get a benefit, in terms of daily sanity at least.
all true
I think this is pretty comprehensive. My addition is getting thrown under the bus by an incompetent MBA associate (and knowing the work you did was for nothing)
Sorry, incompetent MBA associate is redundant (for most of them, there are definitely rare exceptions)
Expectation of perfection to the point of stupidity. Ex. miss a period at the end of a footnote and your associate will act like you just tried to burn down the bank.
Yeah I found that horrendously demoralising - you would work multiple all-nighters only to miss something very minor (but obvious) and get treated like an idiot, and it felt like all your hard work was invalidated and for nothing. Towards the end of my IB stint I felt like I almost picked up mild OCD - I was so obsessive about checking and re-checking any piece of work before sending it out.
Edit: the sad thing is that isn’t so much the fault of IB as it is client’s expectations. One very useful (but sad) thing IB taught me is you can have the best/smartest analysis in the world, but if it’s poorly formatted or has even minor spelling mistakes, most F500 executives won’t take it seriously. Whereas some remedial mickey-mouse analysis that took 10 mins in excel but is beautifully packaged in a slick PowerPoint will be studied and poured over as if it contains the secrets of the universe.
Shoveling shit for clients and seniors who make you do bullshit tasks
.
The guy above hit the nail on the head but I definitely want to say that always needing to be "on call" is the worst. There is always some background stress in my life because it is impossible to avoid the feeling that I could get hit with work at any moment. This can be the one off bullshit task on a weekend you thought was clear that basically breaks up a whole day, up to multiple deals going live at once and killing you for the foreseeable future. Working as an analyst at an investment bank is the literal equivalent of living in a haunted house from a scary movie. Those ghosts are coming for you no matter what, and they aint gonna stop until you either move or die.
so. damn. true. when i look back on why i didn't have any hobbies in my early 20s this is a major reason why.
Going thru that right now man. I don't do shit and with COVID, I barely even go out.
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