steph96 Wrote: ------------------------------------------------------- > nequity Wrote: > -------------------------------------------------- > ----- > > But I guess you are saying this is what the > > analysts already do > > Yes. Did I not say this already in my post above? give me my props.
I wonder what the industry wide generic batting average is for M&A. In terms of deals pitched vs. deals live. I know a lot boils down to your MDs, sector/group, and firm, but, it would be interesting to know that for X # of pitchbooks your deals go live 15% of the time. M&A sounds miserable. All of my friends hate it with a passion but stick with it purely for the money.
It seems its a love or hate game. It seems enjoyable and work Id like. But im guessing its mostly the hours that makes the hate?
nequity Wrote: ------------------------------------------------------- > It seems its a love or hate game. > > It seems enjoyable and work Id like. But im > guessing its mostly the hours that makes the hate? Most of the guys I know slave away with the eventual hope of jumping to a PE firm. A buddy up in nyc, formerly working for BAML, was putting in 100 hours a week on a regular basis since he graduated (2008). He just landed a PE job but still thinks he’ll be working 85+ hour weeks. Another guy I know works for HLHZ and was given the opportunity to work in London. He thought his hours would be better but he’s still logging 90+ on a routine basis. Normally I’d give their hours the AF discount factor but seeing how my friend spent a total of 10 hours in town for xmas day, only to see his family, I think they’re pretty accurate. Once again, he hates his job more than the Jersey Shore but, still plugs away trying to live the PE dream. If given the opportunity I’d probably do it. IB jobs can open quite a few doors down the road.
nequity Wrote: ------------------------------------------------------- > It seems its a love or hate game. > > It seems enjoyable and work Id like. But im > guessing its mostly the hours that makes the hate? The hours and also the unpredictability. Just because it is Friday night, you had a slow day, and some hot chick tells you that her and her hot friends have a VIP table at the club doesn’t mean that you are going to make it. You’ll say you have no plans, your MD or VP or Associate will call/email at 10pm about some crazy deal that you know will take 6 hours to submit. You say f*ck, go to the office, the 6 hours turn into 8 hours and then you end up pulling an all nighter straight into Saturday, then end up being at the office all weekend only to go home to shower and change. I say this because I have a handful of close friends that bitch about that all the time in NYC their first year or two, but then they learn to deal with it, and their friends learn to accept that they just can’t keep friends. The girls don’t understand though as actions are a lot stronger than words or intentions. The lives of people who work in M&A (and some other parts of IB) are not theirs and they can never keep plans.
crazt calls at 10pm on a friday night, its like these guys are emergency room doctors. For christs sakes, its just putting making companies buy eachother. Its surely something that can wait till monday!!
i think that is pretty regular. 90+ hour weeks. life is too short to be doing things that you don’t want to do. and the money, its great. but i make enough to be happy. 2 years ago, i was very silly in wanting to be an ibanker. i guess lots of ppl go through that phase thinking its the way to go. the thing is, you would try and kill for a job like that which makes it extra crazy.
I went through this silly phase this summer where I thought IB was the end all and be all of finance. Then I realized everyone hates their jobs and are for the most part miserable. IB intrigues me because the skill set required between the analysts and MDs is vastly different. Analysts are number crunching excel junkies whereas MDs are simply salesmen who regurgitate the pitch book info in their silky smooth accents.
nequity Wrote: ------------------------------------------------------- > crazt calls at 10pm on a friday night, its like > these guys are emergency room doctors. > > For christs sakes, its just putting making > companies buy eachother. Its surely something that > can wait till monday!! sometimes it cannot and sometimes it can. But you have to understand it is somewhat of a power trip to screw someones’s day/night/weekend/life via email. Both sides expect this “paying of dues”.
I can relate to these posts. A few years ago I was doing anything I could to get into a hedge fund. Once I got in on the inside it wasn’t everything I thought was going to be. C’est la vie. Took a while, but eventually I learned there was more to life than structuring my whole existence around earnings reports.