i would say it depends on the area in muni finance. if you are on the banking side at a top 10 firm you are going to get crushed just like the people in corp fin (this is from experience) with the big difference being that the projects you work on arent nearly as interesting imo. being an analyst in pub fin is essentially the same monkey work, modeling, pitch book creation, proposal drafting/redrafting etc.
kkent Wrote: ------------------------------------------------------- > > 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). I’d rather work the long hours in my 20s and pave the way for less stress in my 30s/40s when I’m married, have kids, etc.
jax, you are correct–monkey work is what it is. And municipal finance is boring as heck. numi, debt financing for municipalities. The exact same thing–bid process, abnormal hours (do nothing for an hour and then get crunched at 4 pm), Excel modeling, modeling, and more modeling (booooo), deal structuring, long hours (although mine were short in comparison to most Wall St. bankers–then again, I was not a Wall St. banker). I’m not sure what the material difference is–my shop did the exact same thing as any other firm that raises capital in the primary market for clients, only we specialized in serving the government rather than corporations. There’s no material difference between my work and a UBS investment banking analyst. I’m not sure what the definition of an “independent shop” is. The shop I worked at was pretty much THE shop municipalities go to to structure bond deals. I guess that makes them independent–not sure how that makes it not investment banking. Dermot, that’s fine. But there are career paths that entail good money and hard work that will never require 60-100 hours on a regular basis. There are far better (and smarter) ways to make big $ than working in IB.
CFAin2009 Wrote: ------------------------------------------------------- > 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 I have only been working on the sell-side (or the finance industry for that matter) so my opinion is not even worth 2 cents. But I’d stick to the sell side.
bump
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. Same here, except I graduated in 2005. I work a 45-50 hour week on the buyside (RIA) as an analyst and now PM. Typically about 8:30-5:30, sometimes later, sometimes I am out by 5. I usually eat at my desk (by choice) and read the broader global news. I couldn’t imagine an 80 hour week. We are a small growing firm, and a small equity position in the company has been bestowed upon me which is nice. I would definitely suggest the buyside, but make sure it is a firm the you are comfortable with. I started at my current position two weeks after graduation and if I don’t ever have another job, I wouldn’t be upset.
since we dont know who u r… can u tell us how much u make, e.g. what is 2/3 of your pay for 40hrs?
kkent Wrote: ------------------------------------------------------- > 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). how is that possible that u get paid less and have a BETTER LT financial outlook than an ibanker?
monki Wrote: ------------------------------------------------------- > since we dont know who u r… can u tell us how > much u make, e.g. what is 2/3 of your pay for > 40hrs? I’m not sure what you mean…I’m a first-yr analyst, so I make 60k + 10k signing, and bonuses at my firm last year were I think 70-90K for first years. I don’t have any idea how much bonuses will take a hit this year for junior people.
hey luke, that $70-90K is looking pretty optimistic this year…unfortunately. you’re considered part of S&T right? i heard S&T and ER at your bank got their year-end numbers today (though i assume you’ll get yours during the summertime). were the changes to your group as large as some people expected? what was the sentiment regarding comp? hopefully everything is OK on your end btw, i got your msg on WSO and i’ll write back when i have a moment. feel free to write to me privately if you prefer.
Yeah, I’m considered part of S&T. From what I heard, bonuses for anyone VP-level or below were actually decent, although management has spent the past 3 months trying to temper expectations. It was the MDs that took the hits. I have not heard specific numbers yet, though - I’m not sure if they’ll leak over the next few days or not. My group is actually fully intact so far, so things are still kind of up in the air. Yeah, I’m not expecting 70-90K this year - any thoughts/ideas what the range will be? You’ve been at it for a bit longer than me.
sure, i’ll send you my thoughts via pvt message later tonight. my prediction is probably no better than anyone else’s in your group but i can definitely share with you what i’ve heard (and also reply to your previous note)
Luke 77, It may be worth keeping in mind that the larget pay packs that exist on the street are there because the free time of highly educated proffessional has an exponential cost component built in. Finding a job that has 1/2 the hours for 1/2 the pay is probibly not that realistic. You should expect to do 1/2 the hours for 1/3/ to 1/4 of the pay (all else =).