Findings From Vault's 2012 Banking Survey

by Derek Loosvelt | June 20, 2012

An overwhelming percentage of investment bankers are extremely satisfied with their jobs. Company culture is deemed the most important factor by jobseekers when deciding upon which bank to join. Prestige is the second most important. A firm’s commitment to social responsibility and diversity is the least.

Three out of every four bankers are white males. One out of every 33 bankers is African-American. One out of every 50 is openly gay, lesbian, transgender, or bisexual. A large majority of bankers believe the diversity hiring practices at their firms are highly effective.

Most bankers are not satisfied with their compensation packages. Bankers at boutique investment banks are much more satisfied with their compensation than bankers at bulge bracket firms. By far, the two most appreciated non-monetary perks are full medical coverage and vacation time. Numerous bankers say their firms do not expect them (or encourage them) to use all of their vacation days.

Bankers are more satisfied with the number of hours they work than they are with their compensation packages. Two out of every five bankers work more than 70 hours per week. One out of every five works more than 80 hours. One out of every 13 works more than 90.

Many bankers believe that despite Goldman Sachs’ severely damaged reputation, it is still one of, if not the most prestigious investment banks on Wall Street. Many bankers also believe Jamie Dimon to be a “hero” and/or the “leader of the banking world."

Half of bankers believe his/her firm is well positioned to thrive in the next 12 months. Half also have incredible confidence in the leadership at his/her firm.

Four out of every five bankers are required to travel, at most, two days per month. One out of every two bankers is married. One out of every six considers work/life balance to be excellent at his/her firm.

Approximately 25 percent of bankers worked as a summer intern at their firm. Nearly 20 percent of all bankers completed their undergraduate work at an Ivy League School. Georgetown, NYU, Duke, and Michigan are the four most popular non-Ivies.

One-third of all bankers hold an MBA. Of those with MBAs, half received their master’s from NYU (Stern), Columbia, Harvard, Penn (Wharton), or Chicago (Booth).

Note: All of the survey's findings, including the Vault Banking 50 and our Prestige Rankings, are forthcoming later this summer.

Read More:
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Filed Under: Finance | Salary & Benefits | Workplace Issues


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