Sorry, I only translated it directly from Chinese rather than translating the meaning.
It’s said that way because Chinese live off rice.
So… rice = method of living
It means IT is a young men’s game, you can make a lot of money earlier on in your career and if you don’t make it to management after 35 years of age, there’s not much further development from there. (Because the industry changes rapidly and progammers’ hard work requires top energy level etc etc etc)
Yeah the money is good, but for me it’s all the learning and wide array of subjects and projects I am working on. However, on the subject of money, currently I am being allowed to purchase units in a IPO we are doing next year. It’s a MLP, so if you know anything about public MLPs, they are valued on yield, and while private they are valued on multiples. So there is good size uplift abritrage opportunity, basically free money. So yeah money is good, but it isn’t about the money for me at the moment. Maybe I’ll get jaded 5-years down the line and be cynical like everyone around me.
Any ways, leaning away from the OP’s question: Yes, those are routine banking hours.
Is that why you’re miserable?
Maybe I need to see the “real world” more but I honestly pity those whose job security is in danger if they don’t put in “face time” even if they’re getting great results for the company.
I cannot stand a life where I show up, do my job, and then sit there for many hours just so you can leave at an appropriate hour. Maybe if I only worked 8 hours a day I can understand… but being forced to stay for 10+ hours a day in the office when you’ve finished early is not an acceptable lifestyle in my books.
^ You are not getting it. Jobs like equity research or banking, there’s no real “finished for the day”. It’s not face time here
In ER, news flow happens ALL the time, and how busy you are depends on how busy you want to be. You could be spending time creating industry research, digging for data, talking to people, there’s no “finished for the day” because you can keep working forver, there’s always something to do. So if your boss decides to do something, then you will be there too.
In banking, the MD’s are out sourcing business, then finish at say 4-7pm and once they land a deal or get a pitch idea, they hand it off to the junior’s below who start working on it.
If you can’t handle 10+ hours a day, you’ve eliminated many top finance jobs. That’s just how it is.
Well, I’m just “allergic” to the idea of sitting there for hours with no “work” to do or having to come up with work (my sense of face time.) Nothing wrong with keeping busy for 12+ hours a day.
Well… I don’t “pity” these people, given how much they get paid. Maybe there’s another word, but definitely not pity.
http://www.wallstreetoasis.com/salary/investment-banking-compensation
For someone who’s not even “in”, you sure do whine a lot. Not a good start man, I think you should reconsider a career in finance. you may be suitable in back office though, I’ll give you that
And here’s a quote for you
“let me tell you what’s required. You are required to work your fucking ass off at this firm. We want winners here, not pikers. A piker walks at the bell. A piker asks how much vacation time you get in the first year. Vacation time? People come to work at this firm for one reason: to become filthy rich; that’s it. We’re not here to make friends; we’re not saving the fucking manatees here, guys. You want vacation time, go teach third grade at a public school.”
One of the best scenes in movie history!
Well, when there are no real-world consequences for posting my honest opinion about something, what do you expect?
I do realize that not all of my expectations are realistic and cannot all be fulfilled… that’s perfectly fine. You’re welcome to criticize, reprehend, reject, etc. any of my honest ideals – that’s my intention of most of my posts here. I just want to figure out as much as possible, get an idea of what sacrifices need to be made, and thoroughly perform a cost-benefit analysis early on rather than decades down the road.
I have very little interest in other fields than finance at this point; If finance is not for me, then so be it but I have yet to arrive at that conclusion in my self-assesement and reflections.
You do make some great points in many of the posts, and they’ve been quite useful for a reality check. Definitely keep it up (no, I’m not being sarcastic.)
actually, with you “allegy”, you probably won’t get a job anywhere. if i’m your boss and i ask you to jump, i expect you to answer “how high” and not “why do i need to listen to you? i want my work-life balance! give me mommy!”
the real world is a cold place. get used to it before you freeze you buttoms off.
But of course, in real life, I just suck it up anyways and do what I’m told while keeping these ideals to myself… at least until I do not need the money anymore or do not fear being fired/terminiated.
Otherwise how would I have a job in the first place?
good, you are open-minded enough to understand. The hard-core finance jobs usually begin with the initiation phase, which is a nice way of saying you are the bitch for 1-2 years. Those who can’t handle it, complain, or give up will get left behind. Those who excel move on to the world of high paychecks and prestigious titles.
To survive the grunt years, you keep your mouth shut, ego in check, and do what you are told without question. If you have what it takes to produce more than expectations, then more power to you. This is what the world is like in the world of “high finance” and even if you make it, always remember there are THOUSANDS of people hungry to fill your spot should you give it up.
I’ll end with another quote
“I’ve been in the business since ’69. most of these Harvard MBA types don’t add up to dog shit. Give me guys that are poor, smart, and hungry and no feelings. You win a few you lose a few but you keep on fighting. If you need a friend, get a dog. It’s trench warfare out there, pal.”
Good points… really puts the competition (and potential rewards) into perspective… it may take a while to completely digest but well worth the read.
Btw, for the record, I’ve been in Finance for over 2 years (doing various Front and Back office roles for a start-up asset management firm) although I wouldn’t characterize myself as having “made it” yet.
Sorry if I might come across as complaining or whining from time to time but I pretty much take on an entirely different character when working vs. on online forums (not just this one.) I have yet to complain to anyone at work over the hours or to give a rat’s a$$ over the daily verbal abuse given to us Front Office grunts.
Work/life balance has always been important to me, and it has certainly come at the expense of career advancement. Luckily I don’t have a strong desire for a nicer house/car/watch/etc. It is also convenient that I live someplace with a relatively low cost of living.
My father has worked 60+ hours per week his whole career and has been extremely successful. But it certainly had some downside on his personal relationships. I think that intense career focus can work for some, but it’s not for everyone. You can have work/life balance in finance, but just don’t expect to be a BSD making seven figures if you want to head home at 5 or 6pm to hang out with your kids.
i find that sometimes it’s a generational thing - dads who were hard working (60+ hours) and are well off financially tend to have kids that are more laid back and like to enjoy life (ie: why work as hard if you don’t have to). dads who didn’t do as well tend to have kids that are hungrier because they want to bring home the bacon and help their families.
Work-life balance is the end goal but making sacrifices in the beginning is realistic and acceptable. I see it as an investment… putting in more hours now to be able to afford more free time in the future (or to have a few million in the bank so there’s no need to “work” anymore.) After all, I personally don’t see 60+ hour work weeks as sustainable over many decades.
Working at home is also another alternative compromise if coming home at 5-6 to spend time at family is important.