Why Would You Ever Ever Want to be an Investment Banker
Let's face it...it's a horrible career choice. Your life will suck, and there are plenty of other ways to make as much money. As much as the industry thinks it is changing, it is absolutely not. Leadership is crap and no one cares as long as you work like a slave.
thanks for your window shopping analysis
Not window shopping analysis...I have been coaching bankers at all levels for 10 years and what I see this career do to personal lives and individuals really is sad...I have more insight into the psyche and culture than the majority of people on this website.
10 years and you still make less than me in my first
Sorry the interview did not go like you expected...
I'm not a banker...I'm a professional coach who specializes in the financial services industry.
You're so right. There are a ton of laid back chill jobs that pay 22 year olds 120k per year and set them on a track to become millionaires in their 30s.
are there tons of career choices that provide the same earning opportunity as Investment Banking...no, however, there are many that provide a very sizable earning potential. See that's the problem with banking, it's simply all about the money at any cost. Which is why it's great to see so many 1st year analysts leave once they have a taste or not enter the field at all.
I think it has to do with people's motivations.
I think for people who know what the industry is, the demands, and the sacrifice going in and they still want to do it, it's a great choice
There's also a significant proportion of junior bankers who are doing it simply because they want to be/feel elite, For that group, I'd agree it's a bad choice.
exactly...I coach a number of uber successful bankers who have found a way despite the challenges of the career to make a good life for themselves without ruining their health and sacrificing their families. If anyone reading this would like insight to that kind of support, you can email me privately and I can share with you what I do that has worked for others.
It worries me that you've posted this when you're a therapist, especially one who claims to cater to a client base that includes a lot (it seems) of bankers.
A few observations about your post:
Going into investment banking is very different than staying in investment banking. This website is mostly about the former. Going into banking makes a lot of sense because, after two years of toiling away, most analysts will have a chance to exit. The banking skillset is something that will be valuable at ALL levels of business, whether it's product, marketing, investing, management or operations. Two years of sacrifice for a career's worth of valuable skills is, in my opinion (and in the opinion of many) a fair price to pay.
You're seeing a limited subset of people within the profession which is likely clouding your objectivity. Happy bankers/finance professionals (yes, there are plenty of them) are unlikely to hire a therapist, so you're only seeing the ugly side.
It's not as simple as just switching that side of yourself off. There are mental blocks and specific motivating factors that are unique to different people. Different people value different things. I could take an exit right now and get paid $200k/year comfortably working 40 hrs/week for the rest of my life, but I choose not to because I would be bored out of my mind. The sacrifice right now, to me, is worth it because I would be more unhappy if I were just coasting along. At some point that will stop being true. And at that point, I will stop. But you can't fault me for making the right decision for myself at this point in my life (to note - I'm not in banking, I'm on the buyside, but same thing) even if I'm unhappy, because I don't share your values, and only I know how to optimize my own happiness.
As for your clients - I know the kind of people you're referring to, as I've worked with a number of people who appear to be incredibly unhappy and should seek professional help. For those people, I'm glad they have someone to talk to, and I hope you listen with an open mind. It's not as easy as "just quit," because there's a reason they're staying put. People can be irrational with sporadic decisions, but largely become rational over a long enough time horizon. Why does the money matter so much to them? Are they just afraid of change, or is something else motivating them to stay put? What are the consequences of leaving, and would they be worse than sticking it out? What makes them happy? I hope you're thinking about those questions, because what they value is likely different than what you value, and projecting your world view helps no one.
I mean, what makes banking unique is that you do A LOT of it. If you don’t like banking, you’ll be doing A LOT of what you don’t like. If you have shit leadership, you’ll experience that A LOT. But for many it’s the other way around.
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