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re: How do you feel about young NY investment bankers being worked 80-100 weeks?
Posted on 5/9/24 at 7:29 pm to Thundercles
Posted on 5/9/24 at 7:29 pm to Thundercles
I had 2 IB offers post MBA. The culture is so bad, not just hours but how bosses are. Stereotypes are usually true. The 80 hours don't end 2 years in. They last until VP/SVP level at 35-40. Maybe 70 hours at 40 years old. Maybe 60-65 hours at 50. If you show up after your boss to work or leave before him, you can kiss the job goodbye. There's also fewer spots as you go up.
I went to a top 10 MBA and talked with every bank/studied what all they did. Turned it down for a job that pays a lot more per hour.
My company just got a new UT grad that had competing offers for Investment banking analyst from JP Morgan and Goldman Sachs. That's the very tip top for finance. Hundreds of thousands going for maybe 150 spots. We also have another analyst that did an internship with Credit Suisse IB and declined full time offer to work for us. An MD worked at Jefferies IB as well. All these guys say it isn't worth it. I luckily work for an excellent startup company with shares that will 10x if we get the license for a certain project.
My prior boss did Investment Banking, the dude would threaten to fire me if one single column on an excel sheet with 20 pages was 1 pixel larger than the other columns. He sent me a 5 paragraph email telling me how inappropriate it was that I started an email with "Hello" or "Hi". He was so toxic. Biggest surprise to me was that he had a wife. I could not wrap my head around how any woman would want to spend her life with him.
I went to a top 10 MBA and talked with every bank/studied what all they did. Turned it down for a job that pays a lot more per hour.
My company just got a new UT grad that had competing offers for Investment banking analyst from JP Morgan and Goldman Sachs. That's the very tip top for finance. Hundreds of thousands going for maybe 150 spots. We also have another analyst that did an internship with Credit Suisse IB and declined full time offer to work for us. An MD worked at Jefferies IB as well. All these guys say it isn't worth it. I luckily work for an excellent startup company with shares that will 10x if we get the license for a certain project.
My prior boss did Investment Banking, the dude would threaten to fire me if one single column on an excel sheet with 20 pages was 1 pixel larger than the other columns. He sent me a 5 paragraph email telling me how inappropriate it was that I started an email with "Hello" or "Hi". He was so toxic. Biggest surprise to me was that he had a wife. I could not wrap my head around how any woman would want to spend her life with him.
This post was edited on 5/9/24 at 7:56 pm
1
Posted on 5/9/24 at 7:30 pm to Thundercles
quote:
frick em. There are a million jobs where you can relax and get paid 1/3 of what they earn. No one is forcing them to take and continue in these jobs, and there are a thousand people that want to do it for every one person that can't hack it.
This.
Posted on 5/9/24 at 7:32 pm to Thundercles
Meh, this is and always has been part of the gig. Ludes and coke is how the guys in the 80s survived.
It’s a similar lifestyle for young associates at top tier law firms in mid/major markets. Sleeping at the office, always bringing a change of clothes, skipping meals etc. comes with the territory. Either you make partner track after 5-7 years, or you “wash out” and move to a smaller firm or cushy (but not as well compensated) in-house counsel position with one of your firm’s F500 clients.
In any event, you’re financially better off than most people unless you spend like an absolute retard. Whether it’s a fair trade off is for them to decide.
It’s a similar lifestyle for young associates at top tier law firms in mid/major markets. Sleeping at the office, always bringing a change of clothes, skipping meals etc. comes with the territory. Either you make partner track after 5-7 years, or you “wash out” and move to a smaller firm or cushy (but not as well compensated) in-house counsel position with one of your firm’s F500 clients.
In any event, you’re financially better off than most people unless you spend like an absolute retard. Whether it’s a fair trade off is for them to decide.
Posted on 5/9/24 at 7:35 pm to Thundercles
quote:
worked 80-100 weeks?
Sign me up. I've put in over 2000 weeks so far
Posted on 5/9/24 at 7:38 pm to Thundercles
quote:
For reference, these guys are getting paid ~160k out of college with hefty annual bonuses but in return they're expected to be on call about 18 hours a day for two years to make tiny changes and updates and do research for their superiors. If they make it through that meat grinder they enter the making millions territory and that's why they stay around.
Sounds like a good deal. They're not surgeons
Posted on 5/9/24 at 7:41 pm to Thundercles
I don’t care because the work they do is a net negative for society.
Posted on 5/9/24 at 7:45 pm to Thundercles
quote:
If they make it through that meat grinder they enter the making millions territory and that's why they stay around.
Sounds like successful startup companies.
The harder you work your arse off for peanuts early in your career the more you’ll make the rest of your career.
Posted on 5/9/24 at 7:46 pm to fareplay
VP I is around 550-600k TC which some of that may be in shares that need to vest over time and not cash. I went to T10 MBA and had 2 IB offers. It's like Associate 1 is 275k, II is 350k, Associate III is like 450k. This is total comp, not salary. If you leave mid year, don't get bonus. Some bonus may be in vesting shares (which only pay out over time to make you stay longer) and not cash, dependent on bank.
You're not quite at 1 mil at VP level.
You're not quite at 1 mil at VP level.
This post was edited on 5/9/24 at 7:52 pm
Posted on 5/9/24 at 7:47 pm to Thundercles
quote:
My take? frick em. There are a million jobs where you can relax and get paid 1/3 of what they earn. No one is forcing them to take and continue in these job
Correct
Posted on 5/9/24 at 7:48 pm to Thundercles
Ive known guys who worked in Med Device making $350k-$400k per year (back when that was worth way more than it is today) and on-call 24/7… To a man, they each said it wasn’t worth it, not even close to being worth it.. said it inevitably resulted in alcoholism, divorce etc for them… Now, ive never made that kind of money, i feel like i could suck it up for a few years then just retire a multi-millionaire.. but going by what they tell me, it’s a completely miserable experience .
Posted on 5/9/24 at 7:51 pm to BPTiger
quote:
Sounds like successful startup companies.
As an aside, I’ve noticed an interesting approach at startup SaaS companies with engineers in particular: they negotiate some type of equity grant early early on, hang out for a couple years then bounce to the next place. Essentially, they view it like collecting lotto tickets in the hopes of an acquisition or IPO wherein they hold a big enough % and the market price vs. whatever they got it for at the strike price is substantially higher.
That’s one way to do it I suppose haha, never know when you’re working for the next Microsoft
This post was edited on 5/9/24 at 7:53 pm
Posted on 5/9/24 at 7:55 pm to BK Lounge
Different strokes for different folks. Everyone that goes into IB knows what it is about.
Posted on 5/9/24 at 7:56 pm to Thundercles
The smart ones do that for a couple of years then move to some smaller city with a lower cost of living for similar or better money with another company.
A family member got a degree in Finance, interned at Goldman-Sachs between Jr and Sr year then took a job offer with them. Stayed there for a couple of years then moved back to work with another company and got a nice raise to do so.
Those staying there and working themselves like that are hardcore Type A personalities.
A family member got a degree in Finance, interned at Goldman-Sachs between Jr and Sr year then took a job offer with them. Stayed there for a couple of years then moved back to work with another company and got a nice raise to do so.
Those staying there and working themselves like that are hardcore Type A personalities.
Posted on 5/9/24 at 7:58 pm to Thundercles
They’re really upfront about it. This falls into the “there are no victims, only volunteers” category.
Posted on 5/9/24 at 7:59 pm to Thundercles
Are these the regular kids, affirmative action hires, exactly who? Seems like it’s voluntary, and everybody is getting crapped on equally. Let the strongest and best make it. Isn’t that kind of how it always was?
Posted on 5/9/24 at 8:01 pm to lynxcat
quote:
Different strokes for different folks. Everyone that goes into IB knows what it is about.
Agreed.. im just saying that if every single person (at least in re to Med Device) has said to me ‘never do that, run far away’ and not one single person i know has ever said “Yeah it’s a grind but totally worth it, i made it through unscathed and im glad i did it”… then one should factor that into their decision whether or not to accept such a position .
Posted on 5/9/24 at 8:03 pm to Thundercles
I would say do it!!! And suck every part of it up. My cousin worked for Goldman Sachs in NYC the bonuses those guys get are absolutely insane like insane.We are talking like 2 mil bonuses. If you can do it go all in. Just don’t get lied to by your bosses and set up for crap.
This post was edited on 5/9/24 at 8:06 pm
Posted on 5/9/24 at 8:04 pm to Thundercles
quote:
How do you feel about young NY investment bankers being worked 80-100 weeks?
They aren't "Being worked". They are choosing to work... and I really couldn't care less. Why would I... or anyone else... care at all how much someone else chooses to work?
Posted on 5/9/24 at 8:04 pm to Thundercles
I see some of the finance bros working 80 hours or so at my company, woof. I did it for 5 months before I left my last accounting job, I'm good working 45-55 hours a week.
Posted on 5/9/24 at 8:07 pm to Thundercles
Work half the hours, get half the pay. Sounds reasonable.
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