Hi guys, I’m fresh out of college, working at one of the large investment banks in an analyst program. I work in the fixed income trading space. With all of the turmoil in the markets right now along with some seperate personal issues, I’m reconsidering my job/lifestyle choice. I don’t dislike the work - in fact, it’s very interesting - and I can handle the hours. I put in about 60-65 hours a week and have my weekends off typically - so by “banking” standards my hours are very good. My pay is very good (well, maybe not if we hit a recession) and pay growth potential is very, very good. However, I look at my coworkers and wonder if working 60 hours a week for the next 5-10 years (or even the next 2-3 years) is something I want to do. If I were highly motivated by money, the way virtually everyone else at my bank is, it would be a much easier decision - but I’m not, really. I’d gladly work for 2/3 of the pay (or even half the pay) for a 40 hour week. Even though 60-65 hours doesn’t sound horribly bad, I typically leave the house at 6 AM, return by 9, and have 2-3 hours to get ready for the next day, eat, and check email/talk to friends/family. My group eats lunch on the desk so I don’t really get a break during the day. I have a free day on the weekend, but the other day is typically spent doing chores/errands and getting ready for the next week. Part of this is just adjusting to the real world, I know, but I also know that I work far more than the average American. This post is prompted by 2 weeks of rougher than usual hours, so perhaps I am complaining a bit too much - and I’m certainly not looking for sympathy or anything like that - many of my friends would kill to be in my position right now. However, my question is this: are there jobs - analytical-type jobs, not back office or PWM-type sales jobs - in finance with normal hours that I can look forward to down the line, or even look into now? Or if I decide that a 65-hour workweek is not for me, do I need to look elsewhere? If you work at a job you enjoy with reasonable hours I’d love to hear your story… BTW, I’m not dead-set on sticking with either S & T or FI - I was actually originally interested in equity research, which is what got me into this industry. Luke
FI S&T, next to Equity S&T probably has the best hours/pay combination out there in finance. If equity research is what you want to do, be forewarned that your hours are probably going to be a lot worse than what you’re doing now; especially if you’re on the sell-side.
Just to clarify, the “pay” issue is not real important to me - provided it’s not awful. And I’m not deadset on equities or research - I’m more interested in seeing what’s out there, in equities, debt, or other…
Work for a small RIA is lifestyle is what you seek. You can knock back as much as 80k in your mid 20s and work a 8-5 with a nice hour long lunch break. If its small enough and growing fast enough…you might get equity in the firm after a few years.
I work as a buyside analyst. Left university in Q3 2004. Worked in IB for a year, then moved to buyside equity research. I’ll probably make about $200k all-in this year (plenty of upside in years to come), working from 9am - 6.15pm Mon-Fri. I occasionally take some reading home, but this is genuinely optional. It’s great being me. That’s all I’m saying.
Etienne Wrote: ------------------------------------------------------- > I work as a buyside analyst. Left university in > Q3 2004. Worked in IB for a year, then moved to > buyside equity research. I’ll probably make about > $200k all-in this year (plenty of upside in years > to come), working from 9am - 6.15pm Mon-Fri. I > occasionally take some reading home, but this is > genuinely optional. It’s great being me. That’s > all I’m saying. Left university? Undergrad?
I am going through the same type of thing, wondering if 70-80 hour weeks are worth the allure/money/status of a successful career on wall street. I think a lot of people on the street desire a work/life balance, but few are actually willing to make that happen.
drs Wrote: ------------------------------------------------------- > I am going through the same type of thing, > wondering if 70-80 hour weeks are worth the > allure/money/status of a successful career on wall > street. I think a lot of people on the street > desire a work/life balance, but few are actually > willing to make that happen. Where I am (abroad) people tend to work 40 hour weeks and leave early on Fridays. For me it wouldn’t be worth attempting an 80 hour week, it’s too late for that now.
I work Sell-side ER and hours aren’t that bad … 7h15 - 6h30 mon-fri, no week-end
Etienne Wrote: ------------------------------------------------------- > I work as a buyside analyst. Left university in > Q3 2004. Worked in IB for a year, then moved to > buyside equity research. I’ll probably make about > $200k all-in this year (plenty of upside in years > to come), working from 9am - 6.15pm Mon-Fri. I > occasionally take some reading home, but this is > genuinely optional. It’s great being me. That’s > all I’m saying. I graduated from college at the same time as you. Spent two years at an independent equity research shop, now working in sell side equity research. This year I will probably make a bit less and work longer hours (4 hours more each day and often sat or sun). On top of that, a small portion of my day consists of doing your work–namely, aggregating data for buyside clients. I need to move to the buyside.
joemontana Wrote: ------------------------------------------------------- > Etienne Wrote: > -------------------------------------------------- > ----- > > I work as a buyside analyst. Left university > in > > Q3 2004. Worked in IB for a year, then moved > to > > buyside equity research. I’ll probably make > about > > $200k all-in this year (plenty of upside in > years > > to come), working from 9am - 6.15pm Mon-Fri. I > > occasionally take some reading home, but this > is > > genuinely optional. It’s great being me. > That’s > > all I’m saying. > > Left university? Undergrad? Actually, I left with a non-econ/finance-related MA, after get my econ BSc a year earlier. But my first job was in Q3 04 (I started in the summer, in fact), which I suppose was your question. After a year getting killed in IB, I have been very fortunate.
you could work on the relationship coverage side in one of the Global Ibanks - Citi,HSBC,Barcap have thoise type of roles which will involve you cross selling a suite of products. I work with these guys on pitches and they probably work from 8.00-6.30 and take lengthy client lunches. They seem to do well on the pay side too without working ridiculous hours. An Associate Director who I know fairly well is on GBP 85k basic and brought in 1.5x for Bonus (27yrs old)…
you could work on the relationship coverage side in one of the Global Ibanks - Citi,HSBC,Barcap have thoise type of roles which will involve you cross selling a suite of products. I work with these guys on pitches and they probably work from 8.00-6.30 and take lengthy client lunches. They seem to do well on the pay side too without working ridiculous hours. An Associate Director who I know fairly well is on GBP 85k basic and brought in 1.5x for Bonus (27yrs old)…
luke77, did you get the msgs I left you on WSO?
No I didn’t - could you resend?
sent it to you a few days ago…check your “read mail”
Alayle Wrote: ------------------------------------------------------- > I work Sell-side ER and hours aren’t that bad … > 7h15 - 6h30 mon-fri, no week-end Alayle, do you think it is a good idea to move to the buy-side with such a turmoil on the markets and a downward trend? Isn’t it a bit risky? Or maybe there isn’t there correlation between a successful career in analysis and the markets? Thks
Seb25 Wrote: ------------------------------------------------------- > you could work on the relationship coverage side > in one of the Global Ibanks - Citi,HSBC,Barcap > have thoise type of roles which will involve you > cross selling a suite of products. I work with > these guys on pitches and they probably work from > 8.00-6.30 and take lengthy client lunches. They > seem to do well on the pay side too without > working ridiculous hours. An Associate Director > who I know fairly well is on GBP 85k basic and > brought in 1.5x for Bonus (27yrs old)… Those jobs might be more interesting (and accessible) for more senior people since you need to know lots of products / clients / processes. Don’t know for the hours but you might need to travel a lot (so wake up late for your plane, etc.)
I’m a May 2007 grad and felt the same way as you as an IB analyst. For me, I concluded that 55+ hours is an unacceptable work/life balance. I concluded that life is too short to work too too hard. You can’t take a penny with you to the grave. I quit after my first summer and am now working in a different industry with far better hours, much less money, but with good long-term financial prospects (10 times what I’m making now in 10 years, adjusted for inflation) and maybe even less weekly hours in the future. You’re feelings are not abnormal. Not everyone was cut out for a life utterly dominated by work and sleep, especially during the best years of your life (20s).
kkent, weren’t you doing muni finance at an independent shop? that’s very different from investment banking.